About Lender
CashBee, an emerging online loans app, distinguishes itself by offering personal loan services designed with the Filipino market in mind. The company operates with a commitment to providing a quick online loan experience for its users. With loan amounts ranging from ₱2,000 to ₱20,000 and a flexible repayment period of 90 to 120 days, CashBee caters to diverse financial needs while adhering to a maximum Annual Percentage Rate (APR) of 15-20%.
Committed to user privacy, CashBee strictly complies with the Data Privacy Law, ensuring a safe and secure application process. The company prides itself on a straightforward loan application process through its user-friendly app, allowing individuals to borrow money instantly without the need for collateral or co-guarantors. With a dedicated customer service team, CashBee stands out in its effort to assist users professionally, emphasizing a seamless experience from application to loan disbursement.
Key Features
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Simple Application Process. CashBee lending services provide a hassle-free application process, allowing users to complete their loan information profile within the app, ensuring a quick and straightforward experience.
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Data Privacy Compliance. Strict adherence to the Data Privacy Law underscores CashBee's commitment to protecting user information, reinforcing trust in the security of the lending process.
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Loan Amount and Term Flexibility. Offering loan amounts ranging from ₱2,000 to ₱20,000 with a flexible repayment period of 90 to 120 days, CashBee caters to a diverse range of financial needs.
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Transparent Fee Structure. CashBee maintains transparency in its fee structure, with detailed information on loan fees, service charges, and related costs provided in the "Disclosure statement on loan."
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Fast Approval and Disbursement. With a commitment to speed, CashBee ensures that eligible users may receive their cash loans in as little as five minutes through various disbursement channels, including bank accounts, GCash, Coins.ph, RD Pawnshop, or M Lhuillier Pawnshop.
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Credit Limit Increase. Users have the opportunity to increase their credit limit up to Php 20,000 by making loan payments earlier or on time, providing a rewarding and incentivized borrowing experience.
Pros and Cons
Pros
Cons
Reliability
CashBee positions itself as a reliable player in the online lending sphere, aiming to provide Filipinos with a dependable and swift loan experience. With a focus on quick approval and disbursement processes, users can access funds promptly, addressing immediate financial needs.
While CashBee strives to establish itself as a reliable lending institution, the available information about the company is somewhat limited. For example, the lack of the Securities and Exchange Commission registration number proveded. As with any financial decision, prospective borrowers should exercise due diligence and carefully review the disclosed terms and conditions before engaging with CashBee.
How to Apply for a CashBee Loan?
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Download the CashBee Ph App. Begin by downloading the CashBee mobile app from the App Store or Google Play Store, depending on your device.
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Create Your Account. Once the app is installed, create your account by providing the necessary information. This typically includes personal details and contact information.
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Complete Your Loan Information Profile. Fill out your loan information profile within the app. This step involves providing essential details that CashBee will use to verify and validate if you meet all the CashBee loan requirements.
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Wait for Verification Call & Approval. Keep your communication lines open as CashBee may contact you for verification purposes. Once your information is verified, the approval process will commence. Make sure the process of calculating interest is fully clear to you.
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Receive Your Cash. Upon approval, you can choose your preferred disbursement channel. Cash disbursement options include your bank account, GCash, Coins.ph, RD Pawnshop, or M Lhuillier Pawnshop.
Conditions and Requirements
Conditions
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Loan Amount Range. CashBee provides a flexible loan amount ranging from ₱2,000 to ₱20,000, allowing borrowers to choose an amount that suits their specific financial requirements.
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Loan Term Flexibility. Borrowers can select a repayment period that aligns with their financial capabilities, with loan terms ranging from 90 days to 120 days (3 to 4 months).
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Maximum Annual Percentage Rate (APR). CashBee maintains a competitive APR, ranging from 15% to 20%, ensuring transparency in the interest rates applied to the loans.
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Transaction Fee. The transaction fee with CashBee can vary from ₱0 to ₱150, offering users flexibility in managing the associated costs of their loans.
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Credit Limit Increase. CashBee provides an opportunity for users to increase their credit limit up to ₱20,000 by making timely loan payments, rewarding responsible borrowing behavior.
Requirements
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CashBee Ph App. Ensure that you have downloaded and installed the CashBee Ph mobile application on your device. This app serves as the platform for loan application and management.
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Valid ID. Present one valid identification document as part of the application process. This may include a government-issued ID for verification purposes.
Ways to Receive the Money
Opt for a direct transfer to your bank account, allowing for seamless access to your funds. This method is ideal for those who prefer the convenience of digital banking.
Products
CashBee specializes in providing personal loans to individuals, offering a range of loan amounts from ₱2,000 to ₱20,000. These loans are designed to address diverse financial requirements, providing borrowers with the flexibility to choose an amount that suits their needs.
Other Loans
- Online Loans. Quick Financial Solutions
- Personal Loans. Discover Your Ideal Financial Partner in the Philippines
- Cash Loans. Your Choices for Immediate Funds
- Quick Loans. Explore Rapid Financial Solutions
- Fast Approval Loans in the Philippines. Streamlined Financial Assistance
Reasons for Getting Rejected for a CashBee Loan
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Incomplete Information. If the information provided during the application process is incomplete or inaccurate, it may hinder the verification process and result in a rejection. It's crucial to ensure that all required fields are filled out accurately.
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Exceeding Maximum Loan Limit. Applying for a cash loan amount that exceeds the maximum limit set by CashBee may result in rejection. It's essential to review and adhere to the specified loan amount range.
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Failure to Fulfill Documentation Requirements. If the required documentation, such as a valid ID, is not provided or does not meet the specified criteria, the loan application may be rejected.
How to Repay a CashBee Loan?
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Note Your Contract Number. Always take note of your unique contract number provided during the loan application process. This number is crucial for identifying your loan account.
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Online Repayment via GCash. Select 'Pay Bills' in your GCash app. Choose 'SKYPAY' as the biller. Enter your contract number and the amount to repay. Confirm the transaction to complete the online repayment.
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In-Person Repayment. Visit any 7-Eleven, RD Pawnshop, or M Lhuillier Pawnshop branch. Provide your contract number and the repayment amount to the cashier. Complete the transaction to repay your CashBee loan in person.
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Ensure Timely Repayment. Always be mindful of your repayment schedule to avoid late fees or penalties. The timely repayment of your loan contributes to a positive credit history and may increase your credit limit for future loans.
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Monitor Repayment Details. Regularly check your loan information within the CashBee Ph app to monitor your repayment details. Ensure that each repayment is accurately reflected in your account.
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Retain Payment Confirmation. Keep a record of payment confirmations, whether through online transactions or in-person repayments, for your reference and future verification.
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Contact Customer Service for Assistance. If you encounter any issues or have questions regarding the repayment process, don't hesitate to contact CashBee's dedicated customer service. You can find their contact information on the official website or within the mobile app.
Alternatives
JuanHand
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.
Cashalo
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.
SB Finance
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.
Online Loans Pilipinas
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.
Editorial Opinion
Important
How to Choose a Lender in the Philippines
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Ensure that the lender is registered with the Securities and Exchange Commission (SEC) of the Philippines.
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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.
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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.
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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.
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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.
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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 TALA and best practices, check out some of the following resources:
Sources
- CashBee 19.12.2023