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Cashalo Review

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About Lender

Cashalo is a prominent lending service platform operating in the Philippines, with a primary focus on providing accessible financial solutions to users. Launched in the country, Cashalo stands out for its user-friendly and no-collateral online cash-lending services, addressing the common challenge of financial constraints. This fintech company is dedicated to unlocking financial access for individuals, offering a straightforward process for obtaining cash loans.

Cashalo

Key Features

  1. Diverse Loan Options. Cashalo prides itself on offering users a range of loan options. This flexibility ensures that individuals can choose the loan type that best fits their specific financial needs. Whether it's a small cash loan or a larger amount, Cashalo provides solutions tailored to diverse requirements.

  2. Buy Now, Pay Later Option. Among its offerings, Cashalo provides a buy now, pay later option through Lazada Loans. This feature allows users to make immediate purchases and defer the payment to a later date, providing a convenient solution for those who need to address urgent needs or unexpected expenses.

  3. Easy Application Process. Cashalo understands the importance of a user-friendly experience. The platform is designed to facilitate an easy and hassle-free application process. Users can navigate the application with simplicity, ensuring that obtaining a loan is a straightforward and efficient process.

  4. Quick Disbursement of Loan Proceeds. Recognizing the urgency often associated with financial needs, Cashalo ensures a swift disbursement of loan proceeds. Once approved, users can expect timely access to the funds, allowing them to address their financial requirements promptly.

  5. No Collateral Required. A standout feature of Cashalo is its commitment to providing financial solutions without the need for collateral. This approach eliminates barriers for users who may not have assets to pledge, promoting financial inclusion and accessibility.

Pros and Cons

Pros

Versatile Use of Loans. One of the significant advantages of Cashalo is the versatility it offers in loan utilization. Borrowers have the flexibility to use the loans for various purposes, whether it's covering unexpected expenses, addressing urgent needs, or fulfilling other financial requirements.

Minimum Approval Terms. Cashalo stands out for its efficient and swift approval process. The platform minimizes the waiting time for applicants, ensuring that users can access the funds they need promptly. This quick turnaround is beneficial for those facing time-sensitive financial situations.

No Collateral Required. Unlike traditional loan providers, Cashalo eliminates the need for collateral. This feature makes the borrowing process more accessible, especially for individuals who may not have assets to secure the loan. It promotes financial inclusion by removing barriers related to collateral.

Cons

Maximum Loan Amount Limit. One limitation of Cashalo is the capped maximum loan amount, set at PHP 7,000. While this may be suitable for addressing smaller financial needs, individuals requiring a larger sum may find this restrictive.

Employment or Steady Income Requirement. Another consideration is the eligibility requirement for borrowers. Cashalo mandates that individuals must be employed or have a steady income to qualify for loans. This requirement may exclude those without a regular income source, limiting access for certain segments of the population.

Reliability

Cashalo is considered a reliable lending platform. All Cashalo online loans are financed by Paloo Financing, Inc., a company with SEC Registration No. CSC201800209 and Certificate of Authority No. 1162. The fact that Paloo Financing, Inc. is registered with the Securities and Exchange Commission (SEC) provides users with an added layer of assurance regarding the legitimacy and reliability of Cashalo's financial services. This registration signifies that Cashalo operates within the regulatory framework established by the SEC, contributing to the platform's credibility and trustworthiness in providing financial solutions to its users.

How to Apply for a Cashalo Loan?

Apply for a Loan

  1. Visit Cashalo’s Official Website or Download the App. Access Cashalo's services by visiting their official website or by downloading the Cashalo application from the Google Play Store for Android devices or the Apple App Store for iOS devices.

  2. Register with Your Mobile Number. Begin the application process by registering with your mobile number. This step initiates your account setup and provides a means for communication throughout the loan application process.

  3. Click the "Apply Now" Button. Once registered, navigate to the application section and click on the "Apply Now" button to start your loan application.

  4. Fill Up Your Profile Information. Complete your profile by providing the necessary information. This may include personal details, contact information, and other relevant data required for the loan application.

  5. Choose Your Preferred Loan Amount and Terms. Specify the amount you wish to borrow and select the preferred terms of your loan. Cashalo typically offers flexibility in loan options to cater to various financial needs.

  6. Select Cash-Out Preference. Choose your preferred cash-out option. Cashalo provides multiple options, including Bank transfer, GCash, or PayMaya. Select the option that aligns with your preferences.

  7. Wait for Approval. After submitting your application, patiently wait for the approval process to be completed. Cashalo aims to provide a quick turnaround, and you will receive notification of your application status.

Conditions and Requirements

Conditions

  • Loan Amount. Borrowers can avail themselves of loans ranging from PHP 1,000 to PHP 7,000. For Lazada loans, the maximum loan amount is up to PHP 5,000. This provides flexibility for individuals with varying financial needs, allowing them to select an amount that aligns with their specific requirements.

  • Interest Rate. Cashalo offers competitive interest rates, with rates starting at 3.95%. This ensures that borrowers can access funds with reasonable interest charges, contributing to the affordability of the loan.

  • Terms of Up to 90 Days. Borrowers have the flexibility to choose the repayment terms that best suit their financial situation. Cashalo provides terms of up to 90 days, allowing for a manageable repayment period and accommodating different financial scenarios.

  • No Fees. One notable feature is the absence of fees. Cashalo does not impose additional processing fees on the borrowers, contributing to a transparent and straightforward borrowing experience. This means that users can focus on repaying the borrowed amount without worrying about hidden charges.

Requirements

  • Age. Applicants must be 21 years old and above to be eligible for a Cashalo loan. This age requirement ensures that individuals applying for loans are legally considered adults.

  • Employment or Steady Income. Cashalo loan applicants should either be employed or have a steady income source. This requirement ensures that borrowers have the means to repay the loan, contributing to responsible lending practices.

  • Valid Government ID. To complete the application process, applicants must possess a valid government ID. This serves as a form of identification and is a standard requirement for verifying the applicant's identity.

Ways to Receive the Money

Once your loan application with Cashalo is approved, the loan amount will be directly deposited into your nominated cash-out option. Cashalo offers flexibility in choosing your preferred cash-out method, allowing you to opt for your bank account, GCash, or PayMaya account. If you select your bank account, the approved loan amount will be transferred seamlessly into your account. Choosing GCash or PayMaya provides digital alternatives, allowing for convenient and efficient access to your funds. This straightforward process ensures that once your loan is approved, you can quickly and easily receive the funds through the cash-out option that best suits your preferences.

Products

  1. Cash Loans. Cashalo offers cash loans to individuals seeking financial assistance. These loans provide users with secure access to immediate funds for various purposes, including addressing urgent needs, covering unexpected expenses, or managing short-term financial requirements. With flexible terms and a straightforward application process, Cashalo's cash loans cater to the dynamic financial needs of its users.

  2. Lazada Loans. In collaboration with Lazada, Cashalo extends specific loan offerings tailored for Lazada users. These loans are designed to enhance the shopping experience on the Lazada platform, providing users with the option to finance their purchases through Lazada loans. This strategic partnership aims to entice Lazada loan users with attractive terms and benefits. Cashalo offers an exclusive financial solution, providing users with a zero-interest and zero-processing fee Lazada Loan. This offering is specifically designed for new users who register on Cashalo's website and make purchases in select Cashalo partner stores.

Other Loans

Reasons for Getting Rejected for a Loan

  1. Insufficient Income. If the applicant's income does not meet the minimum requirements set by Cashalo, the application may be rejected. Having a steady and sufficient income is crucial for demonstrating the ability to repay the loan.

  2. Incomplete or Inaccurate Information. Providing incomplete or inaccurate information during the application process can lead to rejection. It's essential to ensure that all details, including personal and financial information, are accurate and up-to-date.

  3. Age Limitations. Cashalo typically requires applicants to be 21 years old and above. If an applicant does not meet the age requirement, their loan application may be rejected.

  4. Employment Status. Cashalo often requires applicants to be employed or have a steady source of income. If an applicant is unemployed or lacks a stable income, their application may be declined.

  5. Failure to Meet Specific Criteria. Cashalo may have specific criteria or eligibility requirements that applicants must meet. Failure to meet these criteria, such as having a valid government ID, may lead to rejection.

  6. Multiple Outstanding Loans. If an applicant already has outstanding loans with Cashalo or other financial institutions, it may affect their eligibility. Cashalo may consider an applicant's existing financial obligations when evaluating their capacity to repay.

How to Repay a Cashalo Loan?

Repay

  1. Online Payment via E-Wallet. Cashalo facilitates online payment option through e-wallets such as Gcash or PayMaya. Users can link their e-wallet accounts to the Cashalo app and make repayments seamlessly through the digital platform.

  2. Over-The-Counter Payments. Borrowers can opt for over-the-counter payments at designated payment centers. Cashalo typically partners with various payment centers where users can visit in person to settle their loan repayments.

  3. Remittance Centers. Repayments can also be made through remittance centers that have partnered with Cashalo. Users can visit these centers and follow the provided procedures to remit the loan amount.

  4. Payment Centers. Cashalo provides multiple payment centers where borrowers can settle their loan payments. These centers may include physical locations or online platforms, ensuring flexibility in the repayment process.

Alternatives

JuanHand

Apply for a Loan

JuanHand offers online loans in the Philippines, providing individuals with access to up to ₱15,000 for a repayment period of up to 3 months. The lending platform stands out with competitive interest rates ranging from 9% to 12%. With a focus on simplicity and convenience, JuanHand aims to meet the short-term financial needs of borrowers through a streamlined application process and timely disbursement of funds.

JuanHand

Cashalo

Apply for a Loan

Cashalo is a prominent player in the online lending landscape in the Philippines, offering loan amounts ranging from ₱1,000 to ₱7,000 with repayment terms extending up to 90 days. Known for its accessibility, Cashalo provides borrowers with a starting interest rate of 3.95%. The platform's commitment to financial inclusion is evident in its user-friendly app, quick approval processes, and the flexibility it provides to individuals seeking smaller loan amounts for various purposes.

Cashalo

SB Finance

Apply for a Loan

SB Finance stands as a significant financial institution in the Philippines, providing substantial loan amounts ranging from ₱30,000 to ₱2 million. With flexible repayment periods spanning 2 to 48 months, borrowers can tailor their loan terms to fit their financial goals. SB Finance boasts competitive interest rates, starting at 1.2% and going up to 3.5%. This lending institution combines the strength of its parent company with a commitment to offering diverse loan products to meet the evolving needs of Filipino borrowers.

SB Finance

Online Loans Pilipinas

Apply for a Loan

Online Loans Pilipinas caters to a range of borrowing needs with initial loan amounts of ₱1,000 to ₱7,000 for first-time borrowers. Repeat borrowers can access higher loan amounts, reaching up to ₱30,000. This lending platform emphasizes a quick turnaround, with loan terms starting at 10 days. Notably, Online Loans Pilipinas distinguishes itself by not imposing any processing fees for first-time borrowers, providing an incentive for those exploring online lending options for the first time.

Online Loans Pilipinas

Editorial Opinion

Cashalo, as a lending service platform in the Philippines, has garnered attention for its efforts in addressing financial inclusion. The platform's commitment to offering easy-access, no-collateral cash loans aligns with the goal of unlocking financial access for a broader segment of the population. This approach is particularly noteworthy, considering the diverse financial needs of individuals in the Philippines and the importance of providing inclusive solutions.

While the platform introduces innovative features like Lazada loans, it is essential for users to carefully assess their financial needs and obligations before engaging in any loan agreements. As with any financial service, understanding the terms, interest rates, and repayment conditions is crucial to making informed decisions. Cashalo's strategic partnerships and commitment to financial well-being contribute to its significance in the fintech landscape, yet users should exercise prudence in utilizing such services to ensure financial stability and positive outcomes.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender in the Philippines

  1. Ensure that the lender is registered with the Securities and Exchange Commission (SEC) of the Philippines.

  2. Investigate if the lender is a member of recognized industry associations in the Philippines, such as the Chamber of Thrift Banks or the Philippines Finance Association.

  3. Carefully examine all terms and conditions of your loan contract. This includes understanding the repayment schedule, fees, and any penalties for late or missed payments.

  4. Payday loans can have high-interest rates. Make sure the contract clearly outlines the interest rate and total cost of the loan, including any processing fees or additional charges.

  5. Familiarize yourself with your rights regarding cancellation. In the Philippines, consumers may have the right to rescind the loan within a specific period after signing the agreement.

  6. Research the lender's reputation through customer reviews, complaints, and feedback available online.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 50 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

We carefully considered the most critical factors in selecting a lender in each category. These factors include interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

To learn more about Cashalo and best practices, check out some of the following resources:

Sources

FAQ

Who owns the company?

Cashalo, is a mobile-first lender, built with a strategic partnership between JG Summit Subsidiary Express Holdings Inc. and Oriente.

How do you qualify for Cashalo?

To access the platform by this fintech company, you need the following: personal information that includes a valid government-issued ID and proof of billing address; employment information with a valid work ID and latest payslip; and your bank account information.

How much can you borrow from the Cashalo platform?

The loan amount ranges from 500 to 10,000.

Is Cashalo a legitimate company?

Cashalo is a registered firm on the SEC website under Paloo Financing Inc. This means that it is operating lawfully in the Philippines. The Cashalo platform has also passed all supervisory authority inspections and is a trusted loan provider. They are also authorised to offer zero interest installment.

Company documents

Privacy Policy
Terms of Service

Cashalo is a fintech platform that delivers digital credit to Filipinos – helping them elevate their financial well-being.

© PALOO FINANCING, INC.
Financial products
Cashalo
Shop Now and Pay Later
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
to 15000.00 ₱
Rate
i

Effective interest rate on the product

to 3.99 %
Term
i

Loan term for the financial product

2 months – 9 months
Cashalo
Lazada loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
to 4500.00 ₱
Term
i

Loan term for the financial product

to 3 months
Cashalo
Cashloan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
500.00 – 10000.00 ₱
Rate
i

Effective interest rate on the product

0.30 – 0.50 %
Term
i

Loan term for the financial product

1 days – 3 months
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Effective interest rate on the product

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Recommended FinScore™
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500.00 – 25000.00 ₱
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Cashalo loans calculator

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