What is Cashmart?
Cashmart is a financial services company that provides short-term loans to borrowers in the Philippines. They offer loan products like personal loans, salary loans, and OFW loans. They can provide loans to individuals who are unable to get a loan from traditional lenders like banks.
Cashmart loan, how does it work?
Cashmart provides a lending platform that helps people in need of money. It is one of the most reliable and cheap lending platforms in the country. They have equal credit conditions to everyone as long as it is for personal needs and business development.
Personal loan
With Personal loan in Cashmart, it is perfect for anyone’s immediate needs. The borrowing amount can range between PHP 5,000 to PHP 50,000 and the approval period is only 1 day.
Salary loan
The Salary loan of Cashmart allows borrowers to get their money upfront. As what they say, any day can be your pay day. It has a fixed term with 1-day approval period.
Car loan
Cashmart’s car loan is perfect for those who are looking for risk-free car loan that are covered with 7-days guarantee. This loan is only for 21 years old and above with proper and current employment.
OFW loan
OFW can borrow PHP 5,000 to PHP 30,000 with Cashmart’s OFW loan. The interest can vary between 1%-2.5% with 1-day approval period too.
How much does Cashmart loans?
The loans of Cashmart can range between PHP 5,000 to PHP 50,000 depending on the type of loan the borrower avail.
How long does it take for the money to arrive?
The money can go to the borrower’s bank within an hour after approval. Meaning, the process to take money from Cashmart can only last up to 2 days.
Is Cashmart legit?
A lot of people are fond of Cashmart because of the immediate response and approval it gives to borrowers. But unfortunately, Cashmart is not listed in the list of organizations of Security and Exchange Commission so make sure to check their reliability before doing any transactions.
Cashmart benefits
Aside from fast-approval of loans, the number of clients using Cashmart is promising at the moment. This made it beneficial to a lot of people who needs available crediting opportunities. Also, they provide loans to business who needs capital, you can just contact them and provide some necessary documents proving that you need money for your business.
How to apply for Cashmart loan?
Applying for Cashmart is very easy and it only takes 3 steps:
- First, you need to fill out their online form which can be seen on their website and they will get in touch with you in just a day.
- Next step would be Cashmart verifying the loan and reimbursement period of your choice.
- Lastly, signing of the contract and your money will immediately be available on your bank.
Requirements
The requirements of Cashmart varies depending on the loan of your choice. But this is the usual documents they necessitate to the borrower:
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Atleast 21 years’ old
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Filipino Citizen
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Currently Employed
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Government Issued ID
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Latest One-Month Pay-slip/Bank Statement
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Latest Proof of Billing
Interest rate
Cashmart’s loans have different interest rates:
- Their salary and personal loans have an interest rate of 0.8% to 3.5%,
- While the OFW loan can vary between 1.2% to 2.5%, and
- Lastly, the car loan’s interest rates are 1% to 25.
Loan calculator
Loan calculator is available on Cashmart PH’s website. This calculator will help you distinguish the monthly reimbursement fee you need to pay according to your loan amount and interest rate.
Cashmart Re-Loan Steps
Any borrower can apply a re-loan in Cashmart as long as they don’t have an existing loan to the platform and they did not violate the terms and conditions. You can follow these steps to apply for a re-loan:
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Send you latest payment check to their email: reloan@cashmart.ph
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Update your information especially if there are changes on your bank details.
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Login on your account and save the changes on your personal information.
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On your Cashmart account, there’s a “reapply” button that you can click.
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Follow the preceding steps as guided by Cashmart.
How to pay for a Cashmart loan?
You can pay your Cashmart loan through online banking, over-the-counter transactions, and 7/11 branches.
What happens with an unpaid loan?
Just like any other lending platform, Cashmart Philippines charge their borrowers a certain fee in case they weren’t able to pay the monthly reimbursement amount. They can also lock the account of faulty borrowers to avoid them from reapplying again.
Cashmart app
The Cashmart app allows users to access their loan application, manage their loan, and track their repayment status. To login on the app, users need to enter their username and password.
Login steps
To log in on the app:
- Open your browser.
- Go to Cashmart’s website and click “Login to your account” on the upper right corner of the page.
- Enter your username and password.
Cashmart, contact number and customer service
If you have any concern about application or the status of your loan, you can contact Cashmart on the following contact information:
Contact number
- (02) 829 0000
Cashmart, harassment and complaints
Cashmart has received complaints from their borrowers, which they try to address through their complaints management process. This is often because of their high interest rates calculate per day.
Cashmart review
Cashmart is a company that provides loans to individuals. They have a lending process that is quite simple, yet effective. This is why a lot of people are saying how they are able to grow so quickly because Cashmart offers easy-to-understand loans with manageable monthly payments and flexible terms for borrowers who are unable to meet these payments on time.
Have you used the Cashmart loan? Share your experience here.