About lender
Cashalo is a loan platform in the Philippines that offers a simple-to-use, no-collateral cash-lending service online that provides financial inclusion services to its users.
Cashalo is a microlending platform registered under Paloo Financing, Inc. by the SEC in 2018 and is located in Bonifacio Global City, Metro Manila. The company launched its mobile app on October 23, 2018. Cashalo attracts many loan applicants due to its short 15-minute application process. The company launched Cashacart, a service for clients who do not have access to a bank card, in January 2019. It offers a digital loan ranging from ₱500 to ₱10,000 for "offline-to-online" consumer basket finance.
Pros and cons
Cashalo's product and service offerings reflect the company's mission for economic growth in the Philippines. The company controls a big community of Lazada loan users. However, before joining the Lazada loan users, you should check some benefits and drawbacks of associating with the company.
Pros
- Simple and quick process of a loan application
- Cashalo provides payments of zero-interest installments for Lazada loan users
- The Cashalo mobile app is simple to use, and if you follow the instructions, you can get your loan approved in as little as a day.
Cons
- Some Cashalo customers have expressed discontent with being constantly phoned for payments despite making on-time payments and being penalized with high-interest rates.
- The company maintains the right to reject or downgrade the credit offering for any subsequent loans without providing any explanation.
Loan conditions
The first cash loan offered by this fintech company can be for ₱1,500, with the term of no more than 45 days at a rate of 10% per month. Only one ID is required to obtain your financial access through this digital credit.
Lazada loan is another Cashalo product with a maximum loan amount of ₱4,500, a 5% processing fee for up to 90 days, and a processing cost of 5% for Lazada loan users. After your loan is approved, the funds are transferred to their Lazada loan user's wallet within 1-3 days.
The fintech company also has a PayLater program to entice Lazada loan users. This is a flexible credit line that you can use to purchase your daily needs with zero interest installment. This digital credit line can be used when buying items from the Cashalo e-store or partnered merchants offline. It can unlock financial access to partner merchants and offer a higher digital credit limit of ₱ 2,000. Cashalo PayLater features a monthly interest rate of 4.5% at 0% interest if the loan is paid on or before the due date or within 30 days from the start of the billing cycle. The processing fee is 4%, and changes in credit limit may be possible after a month or every billing cycle.
At any given time, you can only utilize one Cashalo product. If you want to apply for the PayLater program, you must not have an existing debt with the company to be eligible.
Cashalo accepts loan applications from those above the age of 18, but they must be working or have a steady source of income. The sum of the following cash loans ranges from ₱500 to ₱10,000.
Funding a loan
To register for a loan at Cashalo, download the Cashalo app and sign up with all the requirements. Once the documents are verified and approved, the funds will be deposited digitally. You will receive the loan approval/rejection intimation within 20 minutes after submitting your information. On approval, the cash is disbursed in less than 24 hours. Repaying the required payment is as simple as taking out a loan. You will be able to make recurring payments using the mobile app, which saves you time.
