Payday Loan

An online payday loan is a small loan that is issued by a financial institution through the Internet. This type of loan differs from banking loans in that it is disbursed quickly and is more likely to be approved for different segments of the population. The online loan system is designed for those who know the value of their time and do not like the process of long document collection. Payday loan companies do not issue mortgages or car loans. It is also impossible to obtain a large loan to open or expand a business here. The system provides small amounts up to wages for consumer needs: payment for utilities, purchase of equipment, celebration, recreation and other needs.

When a 24 hour payday loan in the Philippines is taken out, the expectation from the lender is that it will be paid on the next date when the borrower’s salary is available. The borrower is to visit the lender and pay the borrowed amount plus whatever interest rate was added to the principal amount.

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When are Payday Loans Needed?

The need to procure payday loans in the Philippines is typically brought about by low salaries or when there is an emergency that needs to be funded. In some cases, when enrollment for students begins, additional money is needed to pay for tuition fees.

Another type of scenario is when an employee’s salary isn’t paid on time. This is definitely a situation that calls for short payday loans that are going to be needed, particularly for those who barely have any savings.

24-hour payday loans are issued for various consumer purposes:

  • repairs of housing, equipment, cars;
  • purchase of a computer, refrigerator, any home appliances;
  • vacation in the country;
  • celebration (wedding, anniversary, etc.);
  • emergency treatment or surgery;
  • refinancing of debts to banks;
  • payment for utility services.

Of course, this is just an indicative list of the most popular goals, but it really doesn’t matter what you want to spend the money on. The main thing in cooperation with the online system is to pay off your debt on time.

The Cons of a Payday Loan

As great as the arrival of payday loans the same day, these things typically come with high-interest rates. The unfortunate truth for many borrowers is that a lot of them fail to pay back what they owe for whatever reason. Couple this with the high-interest rates and it’s easy to go into a debt spiral. The usual solution for many borrowers is to take out another loan to pay the original one.

Payday Loans in Robocash

Robocash is an online money lender, established, licensed, and operating legally. It is a provider of a variety of loans like payday ones.

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Advantages of Robocash Payday Loans

  1. Fully Automated. Since Robocash issues fast payday loans, the borrower can expect the money to be there like an instant payday. Borrowers don’t have to fall in line for hours too, the transaction is also more accurate, being that all the financial transactions are calculated on computers which are really overpowered.
  2. High Approval Rate. Fast 1 hour payday loans are expected to be given within an hour especially at times when the money is needed as soon as possible. So with Robocash, potential borrowers can be assured that they can be issued their small payday loan with ease and with little hassle.
  3. Online Application. How small is the hassle? Payday loans online come at the advantage that borrowers don’t need to provide too many documents. One of the requirements for taking out a loan is some document that proves your employment. Other documents that can be added are proof of billing or an employee ID, payslip, etc. There’s no way that an employee can still miss any important document for filing for a loan. Another advantage of taking fast payday loans online is that borrowers don’t have to go to the bank, everything can now be done from a PC, laptop, or even a smartphone.

Robocash Loan Terms

  1. Loan Terms
    The loan terms for Robocash is pretty straight forward: those who are going to borrow for the first time are allotted 15 days to pay back whatever amount is owed. This is just about the same length of time between paychecks. In this scenario, it sounds perfect. For those who will be borrowing for their second time or more, they can take out a loan with a term anywhere between 5 and 30 days.
  2. Loan Amount
    Unfortunately, first-time borrowers can’t borrow a large amount at only PHP 1,000.00 maximum. But if the first loan has been paid, the borrower is now open for a loan increase. Those, who borrow for the second time, can go as high as PHP 25,000.00 which should be enough for most simple emergency situations.
  3. Borrower Requirements
    The requirements necessary for borrowing a payday loan from Robocash is minimal. All customers are expected to have 1 government valid ID. The following documents may be provided in addition: a copy of their payslips or employee ID or a Certificate of Employment (COE). For the self-employed like those who are running a business, it is necessary to present their Department of Trade and Industry (DTI) or Bureau of Internal Revenue (BIR) certificates.

Benefits of Payday Loans 24 Hour

  1. Fast
    Is it difficult to get a loan? Payday loans online on the same day are like a dream come true. An employee who wants to borrow money will only have to provide the necessary information and scans or pictures of the documents. When all the necessary documents are provided, the loan should be available in minutes. The only catch here is that delays can happen when the bank will transfer money to your account.
  2. Easy
    When applying for a payday loan, gone are the days of queuing at the bank just to get a loan. You better make sure that you have all the necessary documents, because if you miss one you may return empty-handed.
    Thankfully, many online lenders offer a robust and easy way to obtain a loan for those days you need them most. In times of crisis, it is always good to know that there is a handy one-stop-shop place on the Internet where loans can be obtained.
    In a situation when bank details have been entered incorrectly, the loan will not push through but you can always reapply for another. A decisive cancellation of a loan can be done before the signing of the agreement. The borrower, however, will still have to pay but at least at a smaller interest rate.
  3. For Any Purpose
    Whatever the reason may be, loans are very useful for days when salary is delayed or when it is simply not enough to cover an unexpected situation or emergency. But the loan can go beyond just covering for an emergency, it can also be used for something more festive like a wedding or when trying to buy a new piece of electronic equipment. Since we don’t typically perform major repairs to our houses every month, this is the kind of emergency that a payday loan can be used for.
  4. Minimum of Documents
    The number of required documents for getting a payday loan is, fortunately, minimal. A typical borrower would have some of these documents already such as a government ID. So there is not really that much needed unless the lender will still require some more documents for further verification. But at least the borrowers don’t have to go around to procure the documents and they can receive their 24 hour loans fast and easy.

How to Choose a Payday Loan

  1. Determine how much you need and for how long.
    Even though the ability to get a payday loan has been made easy through online transactions, it is always a good practice for anyone not to abuse this ability. So before borrowing a loan, it is important to determine how much is really necessary and for how long. It is crucial to remember that the longer the term, the more you have to pay in the long run because of the interest. And remember that payday loans tend to have a higher interest rate than your usual loan that you can get from the bank. Some online lenders have built-in calculators on their websites that will allow potential borrowers to do the math so before borrowing make sure to use them. Play around with those calculators and experiment until you find the right parameters (amount and term) for the loan.
  2. Compare several online lenders.
    Once you have determined the amount you need to borrow and the amount of time you think you have before paying it back, now comes the next step of comparing different lenders. Payday loans with no credit check from different providers come in different flavors. Some can offer a low amount and others can be more generous at the cost of a higher interest rate.
    Read reviews about the online lender. Just like when deciding to buy a product or subscribe to a service, it is important to read and find out what others have to say about a particular bank or financial institution. Never skip this step. A first-hand account from previous customers holds a lot of value when it comes to decision making. Depending on how detailed the reviews are you can pretty much get an idea of how the lender operates.
  3. Check the license of the selected company.
    Look for a certificate. By certificate we mean something akin to a business license issued by the government or a Department of Trade and Industry (DTI) number. A lot of big-time companies in the Philippines, especially when money is involved, are likely to have their DTI numbers posted on their websites or in their commercials on TV or pretty much anywhere even on Youtube. By having this number, you can be assured that the company is at least legally allowed to operate. If you are still not satisfied you can call the DTI branch at your area to get further verification. For example, the SEC number CS201730459 is listed at the bottom of the Robocash web pages.
  4. Read loan repayment terms.
    This is the step where you can’t rush your decisions just to get to that instant payday. Read the loan repayment terms and make sure you understand them correctly. One piece of advice when reading agreements is to read everything, even those words printed in very small letters. The devil is in the details, as the saying goes. Despite reading positive reviews about the company you chose, who knows if it operates differently now than it used to? If there are certain financial terms you don’t understand, ask a colleague down at accounting or call up the company to get further clarification. Go back to those reviews and ask the people who have borrowed in the past how about their experience. One of the things to look out for are hidden fees: make sure to study everything when it comes to those repayment terms as you won’t be surprised with some unforeseen payments.
  5. Take a loan and get the money.
    Once you have read the reviews and the loan repayment terms, it’s time to get that loan. Gather all the necessary documents, scan them, or take pictures of them so they are ready to upload upon filing. Stick to the amount and term you have decided upon and never allow yourself to be tempted to go beyond the amount and term you decided on earlier.

Conclusion

Since getting payday loans online has been made easy and faster, what is left for the borrower is to make sure that he or she makes use of these kinds of services wisely and avoids spiraling into debt. These kinds of services are here to provide small payday loans and rescue those who need financial help. What is also great about these kinds of services is their feature of no credit check required. This means they don’t look into your banking history, and there is no need to put collateral on the line. If you miss a payment, your credit score is protected. In case of borrowing a loan that is to be paid in installments, a longer time frame is given to the borrower that can be between 1 to 2 years.

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