There are several lenders in the web market and one of the newest fast-rising online loan applications is Cashalo. It’s an Oriente Express venture, a partnership between Oriente (the internet giants behind Skype and LU.com) and Express Holdings Inc., a subsidiary of JG Summit Holdings, Inc.
Cashalo is a mobile application which promises to offer low and affordable interest rates for Filipinos. Indeed, it has the lowest though. It is on the top #2 free finance app in Google Play store with over 500,000 plus downloads.
Dami na rin nag try.
But then, we don’t just go for ratings but the experience. Many have tried but failed. We don’t so much get what we expect, and much more not even their promises. Some have commended their fast approval application, but some did not experience it.
Seamless online transaction without the hassle of paperwork for you to borrow.
You have to download the app and register using your mobile number. Before you could apply for a loan you need to complete your profile first with complete bank account details and work information. They needed your bank, bank account name, and bank account number. The bank account name should match the registered Cashalo user profile.
To apply you got to choose your loan amount and payment terms. And then they will also ask for your loan purpose too.
Along with the information you provided to complete your profile, they needed this requirements such as a government-issued ID, your proof of billing for your personal information, Company ID and or your latest payslip, other cases some customers had been asked for the company number, your bank account details and as well as they would ask for your email too.
You have to wait for their confirmation regarding with the status of your loan. An SMS will be sent to you to let you know if it has been approved or disapproved.
Your money will be deposited to your nominated bank. They have this 30 minutes minimum disbursement time. But still it varies per user, the average time is 1 day funding time.
What’s catchy from the applicants is their promise of a fast and easy loan. But time varies it would take 1 to 3 business days for processing. If you want instant disbursement, might not be the option for you. But some have tried and commended the experience of an easy online loan. However, some customers are disapproved, even the next attempts.
They have the lowest and affordable non-bank interest rates in the market. They promise a monthly interest rate of 4.95% (for 2,000 – 5,000 loan amount). But it ranges from 3.95% to 5.95%. Compared to other online cash lenders that take up to 15% to 40% interest rates per month (or even higher).
This is what attracted most of the customers, that’s why they give it a try.
They have a flexible loan term you can choose from 15 days to 6 months installment. They would even demand you to pay as early as before your due date. As what to some of the customers were saying, their representatives will send you messages reminding you to pay early before the due date.
Up to 4% for a one-time processing fee. But they will not deduct the professing fee upfront. The full amount of your loan proceeds will be deposited to you.
You could pay via Robinsons bank online banking or Robinsons bank over-the-counter. You may opt to other payments available over-the-counter via Dragonpay. Select your source for payment, at any 7Eleven store.
In cases such as your loan payment could be delayed, it is subject to late payment fees which is stated under your loan agreement.
Succeeding Loan Application
To some experience, the first 3 loans are approved without a problem — but for the 4th loan, they got disapproved even the first 3 loans have good repayments.
Their customer service is commendable as what some of the customers are saying. They experienced good service and their representatives are nice to talk to and accommodating. But still, some would say their call agents are rude. They will send a message to ask for the status of their transaction and then don’t even get a single reply from the representatives besides how many follow up messages they sent.
Apply at your own risk. It is recommendable if you wanted lower interest rates. If you want fast approval, it still depends on them.