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It is the first service that works with customers in online mode, without the help of a human operator! Its operation is fully automated. Any day of the week, regardless of time, holidays or non-working days, loans instantly. The “Robocash” is a new and improved software that can automatically study more than 1800 data of a client, based on the information of your form.

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Short Term loan

Be it life or business, the unpredictability of the future makes the journey exciting. We brace ourselves up against any such uncertainties, especially in finance, through proper planning.

 Even with meticulous planning and efficient financial management, unexpected expenses can push things out of track. For an individual, it could be a broken car or a medical emergency. But for entrepreneurship, it could be pending invoices or a replacement of a faulty machine. Conventional loans with lengthy approval procedures might not be the right choice for such emergencies. Arranging finance within a short term would be an arduous task unless you have supportive friends or family.

Short-term loans with instant cash availability are the best buddies for such short term finance requirements and is a popular choice for millions across the globe.

What is a Short term loan?

A short term loan offers you instant financial support for a short span, from days to months, with minimal formalities. These loans are intended for emergency management and hence the loan amount is often much lower in comparison with traditional mortgages.

Such loans usually don’t require collateral securities or an impressive credit score. You can avail short term loans for any purpose, such as to renew your car insurance, fund a vacation, or settle the hospital bills. Conventionally short-term loans demand a one-time settlement with interest. But some lenders permit extension of the duration by charging additional fees.

In the Philippines, short term loans are provided through banks, lenders, or micro-finance agencies.  The majority of loan providers use online portals for loan approval and privileges the users to avail loans anytime, from anywhere. It eliminates the need for frequent travels and avoids loss of workdays as well.

Short term loans in Robocash

Robocash Finance Corporation, a state-licensed, legit finance institution with a combined portfolio of PHP 850M in transaction volume with many branches, is the most popular destination for the Filipinos to finance their short term requirements. This company understands the life and financial requirements of average Filipino much better than anyone else. Fully-fledged online lending system privileges them for instant access to fast, easy, and reliable short term sources of finance around the clock every day.

Robocash Loan conditions, terms, amounts

Robocash offers a wide range of short term loans with high levels of flexibility. The loans are open for all Filipino citizens within the age group of 21-70 years. The other prerequisites are a valid government ID and a working mobile phone number. Loan applications can be processed through our website, mobile app, or by visiting our branches.

The maximum loan term for first-time borrowers is 15 days. However, if you are a repeat buyer with a history of complete payment of previous loans, you can opt for installment loan repayments of 30 days.

A picture of Robocash loans and interest rate is given below:

Borrower category Amount (PHP) Duration Payment Type Interest
First Time 1,000 – 10,000 5-15 days One Time 0% daily
Repeat 10,000 -25000 7-30 days One Time 1.5% Daily

Requirements for Robocash Borrower

Only one government valid ID is essential to apply for short term finance from Robocash. If you could present supporting documents such as payslip, COE, ITR, company ID, DTI (if self-employed or with business), that would be more beneficial for improving your creditworthiness. Unless there is a need for further validation, repeat buyers need not present any documents.

Once the loan approval is complete, the system will automatically transfer the amount to your account within a few minutes.

All operations are performed online - you don't have to leave your house
In only 4 minutes you can receive up to 5000 pesos in your bank account
We don't require guarantors representation, documentation, or guarantee deposits.
The service is fully automated

Why Choose Robocash

Robocash is the pioneer in short term finance across the Philippines with an excellent loan approval rate of 95%. Its short term loans don’t require guarantor’s representation or guarantee deposits.

Robocash provides you the option to set your preferences for loan amount and period as well. The interest is applicable only for the remaining amount in the loan account. Ability to extend the loan period and multiple ways for repayment are some of the salient features of Robocash short term loan packages.

Eligibility Criteria of Short term loans

Short term loans typically target those who are unable to secure a conventional bank loan. The reasons could be many, such as bad credit or lack of regular income or lack of time. The primary eligibility criteria for a short term in the Philippines are:

– You must be a Filipino citizen

– The minimum age for the applicant is 20-21 years.

– Your age shouldn’t exceed 65-70 upon the maturity of the loan. The exact age requirements need to be known in each specific company.

– The applicant should be a resident of the Philippines with an active mobile connection.

Each bank and lender use different parameters to assess your eligibility for a loan. For some, credit scores may be a leading star; your income source might be the decision-maker for some. However, most lenders provide short-term loans at higher interest rates than banks. However, many more people can get such fast loans.

Types of Short term loans in the Philippines

Short term loans are an unavoidable part of each Filipino’s life. Some of the examples of short term loans are:

Credit lines

The bank or lender approves a loan amount for you, but unlike traditional loans, the entire amount will not be transferred to your account.

You can withdraw money from the account whenever required within the loan limit. As you use only a portion of the loan amount, the interest is applicable only for the availed loan, not for the full amount.  The interest rates for such schemes tend to be on the higher side. But one can maintain their credit limit and avoid penalties by timely repayment of the amount withdrawn.  Even though collateral security is not essential, your credit score has a crucial role in the approval of your loan. Credit Cards are excellent examples of the line of credit loans.

PayDay Loans

A payday loan is an ultra-short-term loan to overcome your immediate financial crisis until the arrival of your next paycheck. The maximum loan duration would be a couple of days or your next payday.

Usually, the credits will get approval without any document verifications or collateral securities. But the interest rates would be very high. The lenders cover their risk of such loans by demanding post-dated checks or access to your salary account.

The targeted market for such loans is low-income, vulnerable groups of small-time traders or individuals with a poor credit score and irregular income. However, such loans are also in demand among ordinary workers or office employees, because they are easy to obtain and have a high level of approval. Payday loans, unless used diligently, can end one to debt traps. However, if debts are repaid on time, there is nothing dangerous about such loans, on the contrary, they can help in difficult life situations.

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Installment Loans

Typically EMIs are a feature of long term loans that often runs years or decades. But you can get such an installment feature for your short term loans too.

Almost every major financial institution in the Philippines facilitates a user to convert his short term loans to installment loans. It enables the borrower to have a clear picture of his monthly financial obligations and helps him to plan his economic activities accordingly. There can be additional charges such as the processing fee, penalties for missing installments, or pre-closure for early settlement of the loan.

Merchant Cash Advances

Merchant Cash Advance loans or MCA are popular among merchants who are reeling under severe financial stress. Here, the lender infuses funds to the merchant’s capital, and in return, he gets entitlement over a portion of the sales through credit cards for a specified period.

Even though such a loan could bail out a merchant from a short term financial crisis, continuous loss of your sales revenue can pose a threat to your cash flow. However, for many small businesses, such a loan can be a salvation.

FAQ

  • Are Online Loans Legit?
    Yes, many companies in the Philippines issue loans legally and have a registration number in the government registry. For example, Roboсаsh has SEC Registration No. CS201730459 and Certificate of Authority No. 1150.
  • What is the short term loan?
    Short-term loans are issued for short periods of time, ranging from a few days to several months, and provide financial assistance to those who need money urgently.
  • Which is better long term or short term loan?
    Usually, long-term loans are more profitable than short-term loans, but they are more difficult to obtain and take longer to process.

Advantages of Short term loans

The most striking attribute of the short term loan is instant loan availability. Traditional loans might be cheaper, but one has to wait for weeks to get the money.

The eligibility requirements for short term loans are quite minimal, and people with a bad credit history also have a chance of availing the loan. The lender does not bother about your purpose of the loan. You can spend it on your child’s school fees or for dinner with your girlfriend. But traditional loans such as car loans, can’t be diverted for other expenses.

How much money do you need?
10 000
Min: ₱ 1 000
Max: ₱ 10 000
You return: 10 000
All your data is under secure protection!

Disadvantages of Short term loans

The primary problem of short term loans is high-interest rates. Late fees for missing a payment would be quite expensive. So the borrower will try hard to avoid any such instances by adopting a frugal lifestyle, affecting the quality of his life.

Short term loan amounts are small and are not sufficient to meet your long term financial requirements. For instance, you can utilize a short term loan to replace your car tires but can’t use it to purchase a car. Some loan providers perform a hard inquiry to get your credit history, and it will reduce your credit score. So if you repeatedly use such loans for your regular financial needs, your credit scores go down further, making you ineligible for better loans in the future.

When will the Short term loan help?

Short term loans are a feasible option only if you have a foreseeable source of income for repayment.

Suppose you own a baking house. You have received a bulk order for the next weekend. But you have some pending invoices with your supplier, and it needs payment before procuring materials for the order. You know that you will get a lump sum payment within a few days. So spending some extra on interest would be a viable option than losing the order altogether. In short, a short term loan should be capable of revenue generation or mitigation of an impending loss.

Any short-term loan is an option only when there are no other short term sources of finance. For instance, your car requires an immediate repair, and you badly need it to go to work. But you don’t have money to spend on the repairs. If you stop working, there won’t be any paychecks. Your bills will accumulate, and it will have severe ramifications in the future. A short term loan will fetch you the money to fix the car and to evade all these unnecessary complications.

Therefore, we advise you to carefully weigh all the pros and cons before making a quick loan, be sure to decide from which funds you will return it. And then the quick loan will be your assistant in business and personal life.

Can I get a short-term loan with bad credit?

Bad credit is a solid reason for banks to reject your loan application. Still, you may have a chance with Micro-finances and online lenders. But they may exploit your situation by jacking up the interest rates or service charges. As long term strategy, always try to avoid loans until the full repayment of your existing loans.

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How to apply Short term loan?

All major lenders, such as Robocash, follow a simple online system for loan approval. You can create a user account in the portal and submit your documents to fulfill the eligibility criteria. The system will check the details and give a loan offer indicating the possible loan amount, term, and interest rate. If you agree, you can accept the loan, and the fund will reach your account within a few minutes.

How to repay Short term loan?

You can make the loan payments through a variety of methods such as Dragonpay payment systems, bank transfers, online payment systems, ATM-based payments, or direct remittance at the bank branches.

Before taking out the loan, be sure to specify how you can repay it. Choose a convenient way to repay in advance. And remember about the repayment date to pay back the debt on time. We recommend that you put a reminder on your smartphone or write down the repayment date in your notebook.

Difference between Long and Short term loans

The significant differences between long-term and short-term loans are loan amount, loan processing time, interest rates, and loan duration.

  1. Long-term loans offer large amounts with a repaying window of years or even decades. You can achieve your financial milestones through these loans.
  2. Short term loans are small and are not capable of making long term possessions.
  3. The interest rates for long term loans are much lower than short term loans.
  4. Long term loans undergo strict scrutiny of your documents to ensure your eligibility, increasing the processing time. In contrast, loan approval for short-term loans is quite instantaneous.
  5. Long term loans with regular EMI instill better financial discipline and help you achieve financial independence in the long run.

So, we see that long-term loans are more profitable and short-term loans are faster and more affordable. The choice is yours.

Conclusion

Not all loans are bad loans. It is the purpose of the loan that makes the difference. A payday loan can be dangerous if it is not repaid. However, it would be the right credit if you used it to pay your emergency hospital bills to save your child’s life. Or it would fix a car that brings you income and feeds your family. In this case, a short-term loan becomes a useful financial instrument for you. It is up to the borrower to set the priorities and choose the right loan to suit his or her requirements.

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Robocash Reviews

  • Ryan
    Robocash is one of a kind. They are true to their commitment that once u pass d review they will credit the loaned amount right away! In less than 5 mins we got the money transfered to my gf bank account. Amazing! Two thumbs up ROBOCASH!!!
  • Erica
    I tried Robocash out of curiosity. To cut to the chase, Robocash is ideal for "petsa de peligro" days where it's almost payday but also your bills is on due date because they have short payment terms (I was given 7 days term for my first loan). You can get approved as fast as 30mins and the loan will reflect immediately.
  • Sam
    I loved RoboCash not just the app but for the whole experienced that I had in applying for a loan. Hassle free and loan disbursement is as quick counting 1-2-3.

Download the Robocash mobile app and get loan instantly!

  • Borrowing 24/7
  • Approval rate over 90%
  • 1 Valid ID

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Sean Martin D. Plantado

Author pages:
Sean Martin Plantado is the head of Customer Care Dept. and Online Sales Dept. of Robocash Finance Corp. creating articles, blogs, and other learning mediums that helps Filipinos struggling on their financial literacy. Sean also loves Cycling, Photography, Cinematography, Online gaming, Fine Arts, and dreams of becoming a Doctor of Veterinary Medicine.