COVID-19 has brought the world’s economy to its knees. Every state is fighting to keep its citizens safe to reduce the rate of infection. This has seen the governments imposing curfews, lockdowns, and even close their boards to keep the infections low. However, these policies have led to businesses closing, an increase in unemployment, and reduced income. That is not all; countries are now faced with an economic recession if things don’t change.
According to a recent study, the Philippines might be heading to the deepest economic recession. This is due to the reduction of economic activity during the epidemic. Furthermore, the Gross Domestic Product (GDP) is expected to shrink to 5.9% in 2020. Which begs the question, how will you survive during and after the pandemic? This is why you need a loan from RoboCash.ph The funds help keep your business afloat or even cater for certain bills. The loan is approved within minutes and at flexible rates. In this article, we are going to discuss how the platform works.
What is RoboCash?
It’s a lending platform that offers consumer loans. The online platform was established in February 2017 and has proven to be beneficial to the Filipinos. The firm has approved over 95% of loans since its conception. Therefore, it is the best online lending company you can get your loan from.
The firm offers short-term loans to consumers and has a tenure of six months maximum. However, this depends with the payment plan you choose from 3,4, 5 to 6 months. For a new client you can apply for funds as low as PHP 10,000. This amount later increases to PHP 25,000 if you repay the loan on time.
Is Robocash legit? Yes, it is. The platform belongs to RoboCash Group, which has been in existence since 2013. The Group originated from Russia and now provides financial aid to eight countries in Asia and Europe.
The Group focuses on short-term and installment online loans. However, when it comes to RoboCash, in the Philippines the installment loans are not being offered yet. Though things might change in the future, who knows?
How does RoboCash work?
The platform works by offering short-term loans to individuals at an affordable interest rate. All you need to do is create an account on RoboCash, which requires one to verify their ID. Immediately the verification is done your account will be up and running. This means you can request for credit and it will be approved within minutes after your application being approved. The money is then sent directly within 24 hours. However, this depends on your bank.
RoboCash offers various types of loans that one can opt for. Each of the loan packages comes with a tenure that varies from 7 to 30 days. The maximum time you can take to repay the loan is 30 days, depending on the agreement. Additionally, you can request another loan if you haven’t reached your limit. However, the second loan is approved if you don’t have a history of delayed payments or outstanding credits. Therefore, you can request a loan between PHP 10,000 to PHP 25,000, and it will be approved within 15 minutes.
The loan comes with an interest rate of 1.5% per day. Loan for new customers can be obtained without interest. Thus, it is essential to know how much you’re expected to repay monthly and interest accrued. The best way your monthly payment is through a loan calculator. This will give you the actual amount you’re expected to pay and the total loan cost.
Who can get a loan from RoboCash?
Accessing loans from RoboCash requires one to meet certain conditions for the credit to be approved. Some of the parameters that you need to meet:
- One must be between the ages of 21-70 and a Filipino citizen.
- You must provide your government issued ID card and upload your passport.
- Provide your current mobile number which is functional
- One must be self-employed or employed. The platform requires your PaySlip, company ID or bank statement, DTI, COE, and ITR to prove this.
- One must set up a RoboCash account.
Terms and conditions of RoboCash loan
It’s vital to understand what are the terms and conditions before requesting a loan. This helps you to know what you’re getting into to avoid surprises. Some of the policies, you need to have in mind are:
- A person applying for a loan must be of Filipino nationally and above 18 years. The applicant must also have a permanent address.
- The approved loan application shall be credited to the lender’s account within 1 day.
- The Prolongation service granted to the lender allows one to extend the Loan Term after payment of the fee charged.
- The lender shall be liable for the interest rate charged and must pay it in full.
- The lender has the right to review and revise the Terms and Conditions at any time.
- For any default payments after the maturity date, the borrower will incur a fee.
Advantages of RoboCash
Using the platform has some benefits that make it worthwhile. Here are the advantages
- You won’t be required to attach collateral for your loan to be approved.
- There is minimal documentation required when applying for the loan, unlike in the banks.
- Once the loan has been approved, you can access the funds through cash or via card.
- RoboCash provides you with a 24/7 service. This makes it reliable as you can apply for the loan anytime.
- There is an extension offered if you are unable to meet the loan repayment deadline.
- After repaying your loan on time, the amount increases to PHP 25,000.
Though RoboCash is new, it belongs to the parent company RoboCash Group. The firm has been in existence for over nine years, and it is registered under the Security and Exchange Commission.
This proves it is legit and you can acquire fast loans anytime. These led many Filipinos to seek loans from the platforms, which improves their livelihoods. This, in turn, builds the Philippine’s economy decreasing the unemployment rate. Therefore if you are looking for an online platform to apply for short term loans, RoboCash is the answer.