Don't let your money getdelayed in lending red tape!
Is Cashnow legal?
Any financial company that wants to work in the Philippines is required by law to receive the appropriate permission. The SEC (Securities and Exchange Commission) is responsible for this. On the official website sec.gov.ph you can find lists of companies that have been tested and are trustworthy:
- LIST OF LENDING COMPANIES WITH CERTIFICATE OF AUTHORITY;
- LIST OF FINANCING COMPANIES WITH CERTIFICATE OF AUTHORITY.
We DID NOT find the company Cashnow in the list of registered organizations on the SEC website, if you decide to contact them for services, carefully check all documents, it may not be safe!
|Min amount||Max amount||Min terms||Max terms||Rate|
|5000 PHP||15000 PHP||90||150||0.3 per day|
2. Time to review
3. Other conditions
Example of calculating interest and loan payments
|TERM||10 days||20 days||30 days|
|LOAN AMOUNT||10000 PHP||10000 PHP||10000 PHP|
|INTEREST AMOUNT||3000 PHP||6000 PHP||9000 PHP|
|TOTAL REPAYMENT||13000 PHP||16000 PHP||19000 PHP|
What banks does the company work with?
Only customers of the following banks can get a loan at CashNow.ph: BDO, BPI, Metrobank, Unionbank, Robinsons and RCBC.
The company cannot serve customers who do not have a bank account in one of these 6 banks.
In addition, they report that you should not open an account with one of them in order to receive a loan, since they require at least 4 months of bank statements and history for our loans.
How fast can you get money?
It basically depends on you. How fast can you get the right documents? After you have entered your documents, the company checks your contract. Each bank must complete an ADA (auto debit) agreement. But usually it is done within 2 business days.
What happens if you make a payment?
All payments are automatically debited for most banks. In this case, if the company tries to debit your account, and you do not have the necessary funds in your account, you will be charged 50 pesos. This covers the fee the bank charges for withdrawing funds from your account. So it will be every day until you can write off your account.
In banks where Cashnow.ph does not have an automatic debit function, payments made after 3 days from the date of payment will be withheld at the rate of P20 pesos per day as an overdue payment. This fee starts on the 4th day after your payment date. You will not pay this fee for a 3-day grace period.
Can I make my payments at any time during my loan?
Not. Each payment is due on the date specified in your contract. A 5-month loan agreement does not mean that you are allowed to pay when you wish, if the entire loan is repaid within 5 months. Each payment must be made at a certain time. If you do not make 2 payments in a row, the company will begin the collection procedure.
What if I want to pay off a loan earlier?
All loans – at least 3 months. After 3 months you can repay the loan.
Please note that the company has certain difficulties. On the official Facebook page they reported the following:
We regret to inform you that we haven’t fixed the error yet in submitting registration. For now there is nothing we can do. Our web developers are trying their best to fix the issue. We will keep you posted here once it’s fixed.
We are also NOT processing loans OUTSIDE DAVAO as we have reached the maximum limit of loan approvals in Luzon and Visayas.
Thank you for your patience and understanding, have a happy friday everyone!
HOW IT WORKS
1. Fill in the form
2. Wait 20 minutes
3. Get money
- Phone: +63 998 959 9656
- Email: [email protected]
Written by Mikka Montero | Modified date: September 16, 2019