An online payday loan app Cashalo in the Philippines has recently launched, and it is a boon to Filipino consumers looking to gain more control of their finances. This loan app allows customers to use the money for whatever purpose they need it for, as long as they pay it back on time. According to Cashalo, 75% of the Philippine adult population is unbanked and 90% of them do not have a credit bureau.
Another advantage of Cashalo is its ease of use. There is no tallying to worry about, and the online application is safe and secure. To get the money, you simply fill out a short form and confirm your details. Once approved, you can then wait for your money to be deposited into your bank account. Cashalo is also a great option for first-time home buyers, or those who have been renting their home for some time.
Digital credit lines are available to all Filipinos age 21 and over with a stable income. A Cashalo loan ranges from P2,250 to P19,999 and carries a 0% to 4 percent interest rate. Borrowers enjoy the flexibility of repaying the loan according to their repayment schedules and financial needs. Applicants can be approved within 24 hours. A digital credit line from Cashalo gives customers access to an ever-growing network of 300 merchant partners, including Cherry Mobile, Memoxpress, Robinsons Appliances, Mi Department stores, Uno Factory, and more.
Cashalo is a joint venture between Hong Kong-based financial technology company Oriente and Gokongwei-controlled JG Summit Holdings, Inc. Applicants can avail of digital loans ranging from P500 to P10,000 through its mobile app. Applicants do not need a bank account to avail of the service, which requires the applicant to apply online and submit their digital documents. The company’s mission is to help unbanked Filipinos become financially independent and free.
With an average monthly user base of over 485k, Cashalo is quickly gaining traction with Filipinos who want to make purchases on the internet. This app leverages mobile and next-generation data to evaluate a person’s credit worthiness and approve loans. A person can borrow up to P3,000 and pay it back with four percent interest. Those with bad credit are encouraged to use Cashalo, but borrowers should keep in mind that their credit is impacted by the service.
Cashalo is open to the public and has simplified the loan approval process. Instead of submitting documents like a credit score to a traditional lender, you simply provide the company with your digital documents and email address. The process of approval is quick, transparent, and hassle-free. After the approval process, you’ll receive your funds within three to seven days. In addition, late payments will incur a service fee.
If you’re looking for the best micro-loans in the Philippines, Cashalo is a great place to start. They offer loans with no collateral, and their mobile app makes it easy to apply and receive money. You must be at least 18 years old and employed. You must also have a stable source of income, and they offer a variety of payment plans, including 0% interest. Customers can also apply via their mobile apps 24 hours a day, seven days a week.
The Cashalo app has been downloaded over four million times in the last eighteen months. This shows how popular Cashalo is with Filipinos. The service has already sealed partnerships with major retail players in Cebu, including Robinsons Department Store-Fuente Cebu, SM Department Store-Galleria Cebu, Spyder-SM Cebu, and SM Department Store-Consolacion.
The digital credit company Cashalo, which offers financial services in the Philippines, is currently in the spotlight for a data breach. The company confirmed that an unauthorized hacker had gained access to a database which contained personal information of 3.3 million customers. The data was then sold on cyber forums for a bargain price. However, the company has not disclosed how many customers were affected by the hack. The hacker may have gained access to the database during routine monitoring.
In the wake of this data breach, the Philippine government and the National Privacy Commission are conducting an investigation into Cashalo. The company’s website has over 485k unique visitors per month, which shows that it is popular among Filipinos. The company is competing with other online loan services such as Robocash and Cashwagon, which are also experiencing rapid growth.
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