Salary loans are loans that are provided to borrowers that they must pay in full or through instalments when they receive their next salary or paycheck. The amounts of these loans are usually small and are based on the borrower’s salary.
These loans have high interest rates, and if the borrower fails to pay on time, then the interest rate goes higher. Salary loans often help during emergency situations like; medical expenses, family expenses, or when your car needs repair, but you don’t have the cash to repair it.
The following are the best salary loans in Manila;
- Tala
Tala is a California-based mobile tech that offers financial access to people who are in need of finances worldwide. Tala was among the Forbes’ top 50 fintech companies. It currently operates in four developing countries, which includes; Philippines, Mexico, Kenya, and Tanzania. Tala offers instant loans to the citizens of the Philippines through a mobile app for the loan application, status tracking, and customer support services.
The following are advantages of Tala
- There are a few requirements, your valid ID only.
- It is very convenient because the process is precise
- The loan is approved faster; just under 5 minutes
- It offers secure transactions which require a four-digit PIN code to access the app
- Easy loan repayment
Filipinos who have smartphones and a Facebook account can apply for a Tala loan.
The requirements for Tala loan requires one to have a Facebook account and a valid ID [passport, voter’s ID, PRC card etc.]
- Cash Mart Salary Loan
Cash Mart Philippines is owned by a Singaporean online lending company which has been providing salary loan services for over 50 years. It provides quick loan processing, approval, and disbursement of its loan products which includes Cash Mart Salary Loan.
The advantages
- It has a low-interest rate of about 0.8% with the weekly loan term
- It offers secure online transactions
- It has convenient and secure access to funds
- It has many loan repayment methods to choose from
The requirements of Cash Mart Loan includes;
- You have to be 21-50 years
- You must be a regular employee or self employed
- Must be living in areas like Metro Manila, Pampanga, Batangas, Cavite, Laguna, Rizal, Bulacan etc.
- Loan Ranger Cash Loan
This company is owned by SEC-licensed First Digital Finance Corporation. It claims to be the first company to provide salary loans in the Philippines. It has great reviews because its loan application process is easy, cash disbursement is fast, and it has repayment channels which are convenient.
The advantages
- The cash is disbursed faster
- It has convenient loan repayment channels
- Their interest loan is low, about 3.5%
For you to apply for Loan Ranger Cash Loan, you have to be 18 years and above and have a stable income, whether employed or self-employed.
Its requirements include;
- One valid government ID
- A Facebook account
- Any of these proof of income for the last three months;
- Bank statements
- Payslips
- Online banking screenshots [You should not share any of your private information.]