About Lender
Mr. Cash is a financial service provider committed to offering affordable solutions to individuals and diverse social groups with financial service needs. The platform caters to various segments, including SMEs, peasants, and low-income groups, ensuring that its services are accessible to a wide range of users facing financial difficulties.
One of the standout features of Mr. Cash is its commitment to providing financial assistance at an affordable cost. The platform understands the diverse financial needs of its users, and its services are designed to be inclusive, serving individuals from various social classes.
Key Features
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Accessibility. Mr. Cash places a strong emphasis on ensuring its financial services are easily accessible. The platform's user-friendly design caters to individuals from diverse social classes, including SMEs, peasants, and those in low-income segments, making financial assistance readily available.
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Secured Information. Security takes precedence at Mr. Cash, with the platform implementing robust measures to protect user information. This commitment ensures that sensitive data, including personal and financial details, is handled with the utmost confidentiality and care.
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Competitive Interest Rates. Mr. Cash stands out by offering financial assistance with competitive interest rates. This ensures that users can access the funds they need without incurring excessive costs, making Mr. Cash an appealing choice for those seeking affordable and reasonable quick loan solutions.
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Swift Pay-Out Process. Acknowledging the urgency often associated with financial needs, Mr. Cash facilitates a quick pay-out process. Users can expect a prompt disbursement of funds, providing timely financial support. This feature distinguishes Mr. Cash as a responsive and efficient financial service provider.
Pros and Cons
Pros
Cons
Reliability
Mr. Cash demonstrates reliability through its official registrations and certifications. The Securities and Exchange Commission (SEC) company registration number, NO.2021070020523-12, and the Certificate of Authority number, NO.L-21-0036-70, add a layer of credibility to the platform. These registrations indicate that Mr. Cash operates within the regulatory framework set by the SEC.
Customers can take confidence in Mr. Cash's commitment to legal and regulatory standards, as reflected in its SEC registration and Certificate of Authority. These credentials provide assurance that the company is recognized and authorized by relevant authorities, contributing to the overall reliability of Mr. Cash as a financial service provider.
How to Apply for a Mr. Cash Loan?
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Download the App. Begin by downloading the Mr. Cash app from the respective app stores for iOS and Android.
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Sign Up for an Account. After downloading the app, sign up for an account. Provide the required information to create your account.
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Fill in Your Information. Use the app to input your basic personal details and work information in the application form. You will also be prompted to upload necessary documents for further validation and evaluation.
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Provide Payout Information. Fill in the payout information, specifying the account where you want the funds to be disbursed.
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Choose Loan Terms. Select the loan term and amount that best suits your financial needs. Take a moment to review the associated fees and loan information.
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Confirm and Apply. Once you've chosen the loan terms and confirmed the relevant details, click the "APPLY NOW" button to submit your loan application.
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Application Approval Notification. Wait for the application approval notification. In most cases, you will be notified within 12 hours of submission.
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Disbursement of Funds. If your application is approved, the funds will be disbursed into your payout account within 24 hours, excluding weekends and holidays.
Conditions and Requirements
Conditions
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Loan Amount. Borrowers can apply for loans ranging from PHP 1,500 with the loan limit of PHP 23,000.
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Loan Term. The loan term varies from 91 to 120 days, inclusive of any renewal time.
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Monthly Effective Interest Rate (EIR). The monthly EIR (Effective Interest Rate) falls within the range of 14.81% to 15%.
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Maximum Annual Percentage Rate (APR). The maximum APR (Annual Percentage Rate) is capped at 182.5%.
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Service Fee. The service fee for Mr. Cash loans is variable, ranging from a minimum of 10% to a maximum of 20%.
Requirements
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Be a Philippine National. Applicants must be citizens of the Philippines.
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Be at least 18 years old. Borrowers should be at least 18 years of age to be eligible for a Mr. Cash loan.
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Have at least one primary ID. Users are required to possess at least one primary identification document. Acceptable primary IDs include SSS (Social Security System), UMID (Unified Multi-Purpose ID), TIN (Tax Identification Number), driver's license, or passport.
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Be Employed or Self-Employed. Applicants should be either employed or self-employed to qualify for a Mr. Cash loan.
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Mobile Phone Number. Borrowers should have a valid phone number to be approved by Mr. Cash.
Ways to Receive the Money
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E-wallet Payout. Mr. Cash facilitates E-wallet payouts, and one of the supported options is GCash. If you have a GCash account, you can choose this method for a convenient and digital transfer of funds.
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Major Bank Payout. Mr. Cash supports payouts to your bank account, including but not limited to AUB (Asia United Bank), BPI (Bank of the Philippine Islands), BDO (Banco de Oro), and PNB (Philippine National Bank). You can select your preferred bank for the fund disbursement.
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Cash Pick-Up. Another option is the cash pick-up method, available through partners like M. Lhuillier and RD Pawnshop. This allows you to receive the required amount in cash from a convenient location.
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Other Methods. Mr. Cash may offer additional payout methods to cater to diverse user preferences. Be sure to check the available options during the loan application process.
Products
Mr. Cash primarily offers cash loan products to meet the financial needs of its users. The key product provided by Mr. Cash is the cash online loan service, allowing eligible individuals to borrow amounts ranging from PHP 1,500 to PHP 23,000. This loan product is designed to offer flexibility in terms of loan amounts and repayment options to cater to a diverse range of financial requirements.
The focus on cash loans reflects Mr. Cash's commitment to providing accessible and timely financial assistance to its users. Whether it's addressing urgent financial needs, managing unexpected expenses, or covering other monetary requirements, the cash loan product is at the core of the services offered by Mr. Cash.
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 Loan
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Insufficient Income. If the applicant's income is deemed insufficient to cover the loan amount or if it doesn't meet the minimum income requirements set by Mr. Cash, the loan application may be declined.
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Incomplete or Inaccurate Information. Providing incomplete or inaccurate information in the loan application can lead to rejection. It's essential to ensure that all required details and documentation are accurate and up-to-date.
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Unstable Employment. Lenders may consider employment stability. If an applicant has a history of frequent job changes or is currently unemployed, it could be a factor in the loan refusal.
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Failure to Meet Eligibility Criteria. If an applicant does not meet the specific loan requirements set by Mr. Cash, such as age, citizenship, or employment status, the loan application may be declined.
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Incomplete Documentation. Failing to provide all required documentation or meeting document verification standards may result in the rejection of the loan application.
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Previous Loan Issues. If the applicant has a history of defaulting on previous loans or has a problematic repayment record, it may contribute to the refusal of a new loan application.
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Changes in Financial Circumstances. Significant changes in an applicant's financial circumstances, such as recent bankruptcy or a sudden decrease in income, may lead to loan refusal.
How to Repay a Mr. Cash Loan?
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Access the Repayment Section. Open the Mr. Cash loan app and navigate to the "Repayment" section.
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Choose Repayment Method. Click the "Repayment" button within the app and choose your preferred payment options. Mr. Cash supports various options such as 7-11, GCash, RD Pawnshop, and M. Lhuillier.
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Input Contract Number. Complete the repayment process by inputting the relevant contract number in the monthly payment instructions. This ensures that the repayment is correctly associated with your loan account.
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Bring Valid ID. When making the repayment, bring a valid ID for verification purposes. This step helps ensure the security and accuracy of the transaction.
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Save Payment Receipt. After completing the repayment, make sure to save the payment receipt. This receipt serves as validation for the payment made. Keep it for your records and as proof of payment.
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App-Only Payment Method. Note that Mr. Cash accepts loan payments exclusively through its app. Ensure that the repayment is conducted within the app to adhere to the accepted payment methods.
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.
Sources
- Mr. Cash 26.12.2023
