During emergencies and you’re short on cash, Mr. Cash Online Loan is your remaining best option.
Are you struggling financially? Do you lack enough funds to pay your electricity and water bills? Can you not afford your children’s tuition fees?
Kabayan, we feel you!
We know how difficult it is when you can no longer meet both ends despite your extreme hustle.
But Kabayan, don’t lose hope. Today, we’re bringing good news!
If you’re struggling financially, Mr. Cash online loan could be the solution you’ve longed for.
Mr. Cash offers Filipinos fast, non-collateral, and 100% online loans.
Mr. Cash’s online loan requirements are very easy to provide. In fact, only 1 ID is needed.
If you’re financially trapped with no other options, why not tap Mr. Cash?
What is Mr. Cash
Mr. Cash is a SEC-registered online lending app in the Philippines.
Based on the SEC’s website, E-Generation Lending Corporation is the registered owner of Mr. Cash.
Mr. Cash legally operates in the Philippines under SEC Registration Number 2021070020530-12.
According to Mr. Cash’s ads, it offers fast online loans to qualified Filipinos amounting to ₱1,000 to ₱30,000. However, if you’re a first-time borrower, don’t expect your loanable amount to reach as high as ₱30,000. Usually, first-time borrowers get starting loan offers from ₱1,000 to ₱1,500.
Maybe you would ask: Why do first-time borrowers get lower loan offers?
Well, this protocol is just logical, considering that first-time borrowers still need to establish a good reputation using Mr. Cash. Don’t worry; borrowers with good credit histories automatically receive higher loan offers in succeeding loans.
What is Mr. Cash Online Loan?
Mr. Cash online loan is a non-collateral, quick cash loan product for Filipinos.
But why should Filipinos resort to Mr. Cash online loan?
According to a recent World Bank study, the poverty incidence in the Philippines climbed from 16.7% (2018) to 18.1% in 2021. The said poverty rate increase confirmed how the standard of living in the country continues to deteriorate.
What will the Filipino masses do if they need funds during emergencies?
Yes, you can borrow money from your other family members, friends, or colleagues, but what if they also face financial distress?
That’s when Mr. Cash online loan becomes a lifesaver!
Mr. Cash processes online loans in minutes just enough to save your day during emergencies.
As long as you have a smartphone with an internet connection, can present a valid ID, and have a regular source of income, you can apply for a Mr. Cash online loan.
Mr. Cash online loan disbursement is also hassle-free because you can request that the loan proceeds be deposited in your GCash or bank account, depending on your preference.
Mr. Cash Loanable Amount
Although Mr. Cash advertised that it could lend money from ₱1,000 to ₱30,000, this is not a fixed amount. You will only know the actual loanable amount offered to you after Mr. Cash Team evaluates your loan application.
Also, first-time borrowers get lower loan offers and shorter terms.
Mr. Cash Loan Requirements
- Mr. Cash Loan app installed on a smartphone
- 1 Valid ID
- Active mobile phone number
- Valid email address
- Certificate of Employment (COE) or payslip (optional, but it increases loan approval)
Mr. Cash Loan Application Process
- Download and install the Mr. Cash app
- Input your active mobile phone number to register an account
- Click ‘Next’
- Input the verification code Mr. Cash will send to your mobile phone number
- Mr. Cash will ask permission to access your phone’s camera storage, location, and application lists; click the ‘Agreed’ button to proceed
- Mr. Cash’s Privacy Policy will appear on the screen, click ‘Read and Agreed’
- A Feedback interface will appear, asking you how you got to know Mr. Cash. Mark the appropriate circle (containing the specific detail of how did you get to know Mr. Cash) and click ‘Submit’
- That’s it! Mr. Cash dashboard will appear, and you can start applying for Mr. Cash online loan
- If you’re a first-timer, the maximum credit limit Mr. Cash will offer is about ₱12,000. However, don’t think this is the actual amount you can borrow. You will know the amount you can borrow after Mr. Cash evaluates all the requirements you’ve submitted.
- If you’re ready to borrow, click ‘Apply Now’
- Click ‘Get Started’
- Fill out the personal information form which include the following:
- What ID would you like to apply for? (just choose one of the following: SSS Card, Voter’s ID, PRC ID, National ID, Postal ID, UMID, Passport, Driver’s License, or PhilHealth ID)
- First Name (As reflected on your ID)
- Middle Name (As reflected on your ID); but this is optional
- Last Name (As reflected on your ID)
- Date of Birth
- Gender
- Marital Status
- Highest level of education
- Valid email address
- Alternative phone number Mr. Cash will use to contact you if in case you’re out of reach (optional)
- After filling out the personal information sheet, click ‘Save and Continue’
- Input your current address
- Input your specific address (optional)
- Current address type (own, rent, lease, other)
- Click ‘Save and Continue’
- Specify your source of income (BPO Professional, Financial/ Banking, Teacher, Government/ Public Utility, Professional Worker, such as Doctors, Engineers, etc., Private Company Employee, Business Owner, Gaming Industry, Self-employed, Staff/Factory Worker, Unemployed, House Wife, Student, Freelance)
- After indicating the source of your income, you will be asked of the following:
- When did you start doing this? (referring to your job)
- What is your minimum monthly earning
- What is the name of the company you work for? (optional)
- Contact number of your company (optional)
- When is your monthly pay date?
- Upload an Employment Certificate or Pay slip (optional but this could increase the chance of loan approval)
- Click ‘Save and Continue’
- At this point, Mr. Cash will ask you to take photos of the valid ID that you chose earlier. You need to submit front and back pictures of your ID as well as a selfie with you holding the ID. No need to worry; Mr. Cash guarantees 100% confidentiality of all the information reflected in your ID. Also, in your repeat loans, you are no longer required to upload photos of your valid ID since you are already registered in the system
- After uploading images (front and back of the ID and your selfie while holding the ID), click ‘Save and Continue’
- Wait for a few minutes as Mr. Cash will evaluate all of the information that you’ve submitted
- After reviewing your loan application, you will be notified of the actual loanable amount you can borrow from Mr. Cash considering all the credentials you’ve presented
- If you’re a first-time borrower, don’t expect to get the ₱30,000 maximum loan limit of Mr. Cash online loan. First-time borrowers, considering that they have yet to establish a reputable credit history, usually receive loan offers as low as ₱1,000. But don’t worry, as you establish a good credit history on the platform, the loanable amount that will be offered to you will also increase- and the ₱30,000 credit limit is not impossible if you’re deserving
Mr. Cash Loan Interest Rates
0%- first- time borrowers
18% per annum- repeat loans
How Long is Mr. Cash Loan Evaluation?
- New borrowers will receive loan evaluation results within 12 hours of submitting the loan application
- For repeat borrowers, with good credit record, their loan applications will be approved immediately followed by disbursement of loan proceeds
Mr. Cash Loan Fees and Charges
- Interest rates- 0% (first-time borrowers), 18% per annum (repeat borrowers)
- Late payment- 1% daily interest
- Overdue- 0.4% daily interest (as a penalty)
Mr. Cash Pros and Cons
- Easy application process
- Fast loan evaluation
- One valid ID is required
- Unlike other loan apps that only give first-time borrowers a seven-day loan term, Mr. Cash offers a more flexible loan tenure. Usually, new borrowers are given an 18-day loan term on the first loan
- Employs a system- generated reward scheme relevant to the approved loan amount. You can use the reward to offset the service fee
- Available both on Google Play Store and App Store
- Repeat borrowers have fewer requirements (uploading of valid ID may not be required)
- For every step that you accomplish, there is a certain amount that will possibly be added to your approved loan amount. For example, if you completely fill out the personal information form, Mr. Cash may add ₱500 to your loan proceeds as a reward
Cons
- High-interest rate (for repeat borrowers)
- High service fee
- High overdue charge
Takeaway
If you’re an ordinary Filipino who sometimes comes short of your budget, Mr. Cash online loan can help you.
It offers quick cash loans without asking for many requirements. As long as you have one valid ID and a steady source of income, you’re qualified!
But we’re not saying that Mr. Cash is a perfect loan app—it’s definitely not! However, if you weigh its pros and cons, you will surely love Mr. Cash, just like us!
Why do we recommend Mr. Cash? Because we experienced Mr. Cash online loan firsthand!