If you need quick cash during emergencies, the Digido loan app will save the day!
Rich or poor resort to loans in times of financial constraints. Whether you need funds to construct your dream house, start a business, buy a car, continue your studies, or just want to survive, you can always find a loan product that suits your needs.
Unfortunately, since millions of Filipinos are still unbanked, many ‘Juans’ cannot avail of the loan services offered by banks and other financial institutions.
What can we expect if even the mere proof of showing a good credit standing seems impossible to ordinary citizens?
But Filipinos as we are, we don’t easily give up on challenges. In times of financial woes, we opt to grab the offers of online lending apps in the Philippines.
Why not?
Loan apps in the Philippines lend money without evaluating credit standing and asking for too many documentary requirements.
If you have a smartphone (or other smart device or computer), you can immediately start applying for an online loan.
Digido is one of the online lending platforms in the Philippines that can help you in financial emergencies. It lends money 100% digitally, asks for simple requirements, and requires 1 valid ID only.
To all Filipinos who badly need cash but are not qualified for bank loans, this Digido honest review is for you. Discover how the Digido lending platform can help a resilient Filipino like you!
What is Digido?
Digido, formerly named Robocash, is a legitimate online lending platform in the Philippines.
Digido Finance Corp. owns Digido, which operates under SEC Registration Number CS202003056 and Certificate of Authority No. 1272.
The fact that Digido is SEC- registered means it met the requirements set by the government of the Philippines to operate legally as an online lending platform.
Unlike other online lending platforms that run transactions entirely on an app, Digido offers three options for prospect borrowers. You can apply for a loan via Digido’s app, directly to its website, or by visiting its physical office.
What is Digido Online Loan?
Digido online loan is a lifesaver in times of financial emergencies.
It’s a quick cash loan product that doesn’t require collateral, and the requirements are also easy.
If you’re financially trapped and not qualified to avail of bank loans, Digido loan app is the best option.
But like other loan apps, Digido imposes a higher interest rate for its loan products. Moreover, if you’re a first-time borrower, expect a smaller loanable amount and shorter loan term.
Is Digido Loan App Safe and Legit?
Digido is SEC-registered; hence, its online loan services are safe and legitimate. However, just like other loan apps, don’t expect Digido’s loan products to bear the same interest rates as mainstream banks and financial institutions. Of course, it charges higher!
According to Digido, it implements a 1.5% daily interest rate with a maximum loan term of 30 days. But here’s a catch! Digido offers an absolutely 0% INTEREST RATE for first-time borrowers!
Frankly speaking, Digido’s interest rate is high, but its intention to provide Filipinos with a safe platform for borrowing money online outweighs all odds.
If you’re facing financial problems and can’t borrow money from banks, loved ones, or friends, Digido is just a tap away. Just grab your smartphone, download the Digido app, or visit its website, and you’re all set to receive Digido’s helping hand.
Digido Loanable Amount and Term
- ₱1,000 to ₱10,000- First-time borrowers (0% interest); loan term is seven days
- Up to ₱25,000- Repeat borrowers (1.5% daily interest rate); maximum loan term is 30 days
Digido Loan Requirements
- Filipino citizen
- 21- 70 years old
- With a regular income
- Active mobile phone number
- 1 government-issued valid ID, choose any of the following:
- Driver’s license
- SSS ID
- Passport
The following supporting documents can also increase the approval rate of your application:
- Certificate of Employment
- Payslips
- Company ID
- ITR
Digido Loan Application Process
Digido’s loan application process is one of the easiest in the Philippines.
Since it’s a quick cash loan, you don’t need to present any collateral. Just as the need arises, get your mobile phone, download Digido’s app/ visit its website and you can immediately apply for a loan.
Below are details of the Digido online loan application process:
- Open the Digido app/ visit its website
- Select a loan amount (₱1,000- ₱25,000). But if you’re a first-time borrower, expect a smaller starting loan amount, usually ₱1,000 only, with 7-day term
- After choosing a loan amount, input your active mobile phone number
- Click ‘Apply Now’
- Provide your personal information, including gender and email address
- Choose a specific valid ID that you can provide (choose one of the following: TIN ID, Driver’s License, SSS ID, and other government-issued valid IDs. Make sure the valid ID that you’ll present is not expired)
- Then, select ‘Loan Purpose’
- Input your current address
- Put your employment details
- You also need to provide contact references. For a higher approval rate, include at least three contact references
- Lastly, choose your preferred disbursement method. You can receive the loan proceed via GCash or a bank account.
- Just wait for a few minutes to know whether your loan is approved or not
Digido Online Loan Interest Rates
- 0% interest rate (First- time borrowers)
- 1.5% daily interest rate (Repeat borrowers)
Digido Online Loan Fees and Charges
- Processing fee- 0
- Payment Extension Fee- Depends on the loan amount. For instance, if you borrow ₱3,000 with seven days loan term, the extension fee is ₱525.00
Digido Loan Pros and Cons
Pros
- Easy loan application
- Fast loan approval
- No processing fee
- No hidden charges
- 24/7 open; accepts and approves loans, even holidays
- Multiple modes of applications: through the app, website, or office
- With a 90% loan approval rate
- You can apply for a loan for any purpose
- No collateral
- It does not require a bank account
- Loan disbursement via Gcash or bank
- Flexible repayment options (7-Eleven, Dragonpay, remittance center, bank transfer)
Cons
- High-interest rate
- Small loanable amount
- Shorter loan terms
Reminders to Borrowers
No doubt, Digido is one of the most reliable quick cash loan platforms that can help you in times of financial emergencies. If you’re in the worst situation that requires immediate cash, borrowing money from Digido is an intelligent decision.
But because we want to be honest and fair as much as possible, we will also share some of the best advice for quick cash loan borrowers like you!
- Be secure- Digido’s loan products are available via its loan app and website (or in-person) but we highly recommend you apply directly on the website. If you apply on Digido’s website, you no longer need to grant third-party access to your device. This means all of your personal information are safe, unlike applying for a loan using an app
- Be aware of higher interest rates- Since Digido offers a quick cash loan without checking your credit record and does not require collateral, expect to shoulder higher interest rates. But no need to worry; Digido will not ask for a very high-interest rate as it adheres to the ceiling set by the SEC
- 0% for first-timers ONLY- Be aware that Digido’s 0% interest offering is good for first-time borrowers only. Moreover, this promo is good for a smaller amount, usually ₱1,000 for a 7-day loan term
- Short-term- As a prospect borrower, you should understand that quick cash loans have a shorter repayment period than bank loans. Generally, first-time borrowers are approved for a loan good for seven days only. Yes, you need quick cash but you also need to consider the very short period given to you to pay the amount you borrowed. Take loan terms as a crucial aspect in borrowing money online because the payment extension charges balloon over time. If left unchecked, you may wake up one morning completely overwhelmed by your loan obligations
Takeaway
Now you know what Digido is. You read the loanable amount you can borrow. You are aware now of the interest rates it implements for borrowers. At this point, I’m sure you also understand the cons of Digido.
Honestly speaking, Digido, just like other loan apps, will not completely solve your financial woes. It charges higher interest rates and the repayment period is not flexible. But then again, if you need quick cash, I can’t blame you for borrowing from Digido.
Let us put it this way: It’s okay to borrow money from Digido if you’re left with no other option. However, if you can still find other remedies, consider Digido the last resort!