Cash Mart Loan Review: Should You Borrow from Online Lender?
Cash Mart Loan Review
Cash Mart Loan Review: It would be wise for you to always budget for unforeseen costs. There are times when deadlines, unforeseen school fees for your child, and other situations might sneak up on you.
It’s comforting to have someone to turn to in these situations. Through its loans, online lender Cash Mart assists.
But is this business legitimate? What characteristics do their products have? How do you go about applying?
To find out more, read this thorough Cash Mart loan review.
Also Read: List Of Loan Companies: 13 Best Reasons To Get A Personal Loan
Cash Mart: What is it?
Cash Mart is an online lender that was founded in Singapore and provides loan solutions to Filipinos who are struggling financially. According to the company, it is the best online lender in Singapore.[1]
Right now, Huawei AppGallery, Google Play, and the App Store provide the Cash Mart lending app.
❓ Does Cash Mart Exist?
Indeed. Cash Mart functions lawfully within the Philippines. It is filed under SEC Registration No. CS201610084 with the Securities and Exchange Commission.[2]
In addition, Cash Mart has 47 years of financing experience having been in business since 1969.
A Cash Mart Loan: What Is It?
One type of loan product available to customers who are low on cash is the Cash Mart loan. Cash Mart provides a range of lending options based on the requirements of the customer. Here are a few of them:
- Salary loan: This loan option will help you cover unforeseen expenses if your payday is just a few days away.
- Personal loan: This type of loan covers more than just unforeseen costs. Other uses for it include a trip, a wedding, home improvement projects, debt relief, buying gadgets, and more.
- Car loan: Purchasing a vehicle? Applying for a Cash Mart auto loan online will help you obtain additional funds.
What is the loan amount from Cash Mart? The maximum amount you can borrow is ₱150,000. Depending on the accepted loan period, this lender offers a competitive interest rate ranging from 0.06% to 1% every day.
Review of Cash Mart Loan: Benefits and Drawbacks of Taking Out Credit From This Lender
You can get the following advantages by using the Cash Mart loan app for your urgent financial needs:
👍Numerous Loan Options to Select From
Cash Mart provides a range of lending products to address different kinds of needs and emergencies. Do you need money for groceries? Request a salary loan. Considering a vacation to El Nido? Use a personal loan instead. You understand the gist.
👍Decreased Interest Rates
As previously noted, Cash Mart provides low interest rates, with daily rates ranging from 0.06% to 1%. Since these are some of the most competitive on the market, you will have to make manageable repayments.
👍Simple prerequisites and a speedy application procedure
It’s easy to apply for a loan from Cash Mart. The company says you only need one ID to get accepted. Additionally, the application process is conducted entirely online. You can submit your application without physically visiting the branch.
On the other side, cash disbursement happens 24 hours after your contract is signed.
👍 Modest Loan Conditions
With Cash Mart’s adjustable loan terms, you can pay off your debt by your ability to repay it. You have three options for loan repayment: weekly, biweekly, and monthly. Additionally, borrowers are permitted to pay back their debts before the deadline.
Nevertheless, there are certain disadvantages to the Cash Mart lending app as well, such as these:
👎 Minimal First Loan Amount
The initial loan amount is limited to ₱3,000. Every loan can have its amount increased. That application must, however, be approved.
👎 Maximum Age of Applicant
In contrast to most lenders, Cash Mart has quite stringent age requirements for loan applicants. The borrower’s age is limited to fifty years old.
👎Bank Account Necessity
Since the lender deposits the cash proceeds into the borrower’s bank account, Cash Mart requires its borrowers to have one. You will not be able to use Cash Mart’s loans if you do not have one.
👎 Late Payment Penalties
Fees are assessed by the lender for overdue payments. This implies that you will have to pay money in addition to the principal and interest. For this reason, Cash Mart urges debtors to make on-time payments.
Review of Cash Mart Loans: What Customers Have to Say
Many of Cash Mart’s previous customers are quite complimentary of the lender’s services. The fastest aspect of utilizing the lending app, according to one customer highlighted on Cash Mart’s website, is the prompt disbursement—she received the loan funds the same day.
One of the clients mentioned on Cash Mart’s website admitted to not always being able to make his payments on time. Cash Mart nevertheless let him take advantage of early renewal. In addition, he says that speaking with the agent is simple and the application procedure is fast.
A third borrower says she values Cash Mart’s prompt notifications about deadlines. She praises the lender’s reloan function as well.
But Cash Mart also has its share of unhappy customers. The Cash Mart loan app now has 2.2 ratings in the Google Play Store and App Store.
A Google Play reviewer complained that Cash Mart processed her application slowly. She added that she never got a notification telling her whether or not her application was accepted.
The Cash Mart team’s failure to address the problems raised by the other two reviewers was another grievance.
Two users, meanwhile, expressed dissatisfaction with the app’s usability and the lender’s tardy response in the App Store. While the other person bemoaned that it took them a week to hear back from Cash Mart, the first claimed that she was constantly receiving the “Error wrong pin” warning.
What Conditions Must Be Met for a Cash Mart Loan?
You might be considering asking for a loan after reading our evaluation of the Cash Mart loan app. Note the following prerequisites:
📌Eligibility Conditions
- Age requirements: 21 to 50 years old
- Must be a citizen of the Philippines who resides there at the moment
- Need to be self-employed or employed right now
📋Documentary prerequisites
The following categories comprise the prerequisites for the wage loan:
For candidates who are paid salaries or commissions
- A document from the government
- The most recent invoice proof
- Most recent payslip for a month (for both auto and personal loans)
- Most recent account statement for a month (for a car loan)
The Drivers of Taxis and Grab
- A document from the government
- The most recent account statement for one month
- Most recent invoice proof (for a personal loan)
For Independent Contractors and Entrepreneurs
- A document from the government
- The most recent invoice proof
- SEC or DTI certification
- The previous three months’ worth of bank statements
- The most recent ITR form or three pages of audited financial statements
How to Apply for a Loan from Cash Mart
Applying for a loan at Cash Mart is simple. Take a look at these:
- Get the Cash Mart lending app via Huawei AppGallery, the App Store, or Google Play Store.
- Complete the form on your app and provide the necessary information.
- Await a call from the loan officers at Cash Mart.
- Within a day of sending in your loan contract, you will receive the loan proceeds.
FAQs for Cash Mart Loans
Do you still have inquiries regarding Cash Mart PH? Take a look at this section:
1. How can I pay back my loan from Cash Mart?
The stages to pay off your debt are as follows:
- Visit any of the payment locations listed below:
- Bayad
- Robinsons Mall
- LBC
- ECPay
- M. Lhuillier
- Cebuana Lhuillier
- The Palawan Express
- Pawnshop RD
- Assign DragonPay as the biller/receiver on a payment form.
- Provide the reference number, account number, or control number that Cash Mart supplied to your email.
Repayments can also be made using the following channels:
- GCash
- The CliQQ app for 7-Eleven
- UnionBank Mobile Apps and Online
- UnionBank counter services
2. How can I submit a loan application?
To borrow from Cash Mart once more, simply do the following:
- Open the Cash Mart app on your phone.
- Click “Get Loan.”
As an alternative, you can email Cash Mart Philippines a request for a refinance. Reply to reloan@cashmart.ph with your request.
3. Can I speak with the Collection Department at Cash Mart Loan Review?
Indeed. The number to reach Cash Mart is 09176363298.
4. The Cash Mart Loan Review does not allow me to execute my contract. How should I proceed?
To report an issue with the Cash Mart lending app, simply email care@cashmart.ph a screenshot or a screen capture of the issue.
Last Words
You discovered from reading our in-depth Cash Mart loan review that this lender is a decent choice when things are hard or you just need a little extra cash.
Are you prepared to give it a try? Install the application and observe how things function for you.
You can always turn to Moneymax if you’re seeking more individualized choices. The firms on our comparison site are respectable, legal businesses that provide loans at affordable interest rates. To locate the ideal lender for you, click the banner below!
