CASH MART Loan App Philippines Review: is Legit? Complaints

In today’s fast-paced world, Filipinos sometimes need a quick financial boost. The Cash Mart Loan App offers an easy solution, but is it the right fit for you? This review dives deep into the app’s features, pros, cons, and potential alternatives to help you make an informed decision.

Cash Mart Loan App Philippines Review

Key Features:

• Fast and Convenient: Download the app, create an account, and apply for a loan within minutes.
• Minimal Requirements: Cash Mart advertises a streamlined application process with fewer requirements compared to traditional banks.
• Flexible Loan Amounts: Loan amounts can range from Php 1,000 to Php 50,000 depending on your eligibility.
• Multiple Repayment Options: Choose from various repayment terms to fit your financial situation.

Pros:

• Accessibility: A convenient option for those who might not have easy access to traditional banks.
• Potentially Faster Approval: Compared to banks, the loan application and approval process might be quicker through the app.
• Variety of Loan Amounts: Caters to a wider range of financial needs with loan amounts exceeding microloan limitations.
• Flexible Repayment Options: Provides some flexibility in managing your repayments.

Cons:

• Potentially High Interest Rates: Interest rates on Cash Mart loans can be significantly higher than traditional bank loans.
• Short Repayment Terms: Repayment periods tend to be short, which can strain your budget if not managed carefully.
• Limited Transparency on Fees: Information on processing fees, late payment fees, and other charges might not be readily available.
• Cash Mart Loan App Complaints: There have been reports of aggressive debt collection practices from Cash Mart according to user reviews.

Is Cash Mart Legit?

Yes, Cash Mart is a registered company in the Philippines. They operate under Cash Mart Philippines Lending Corporation with Registration Number CS201315241 issued by the Securities and Exchange Commission (SEC).

Cash Mart Loan Interest Rate Philippines

Estimated Interest Rate: Interest rates on the Cash Mart Loan App can vary depending on the loan amount, repayment term, and your creditworthiness. It’s best to consult the app or directly contact Cash Mart for the most accurate interest rate applicable to you.

Here’s a general estimate: Expect interest rates to range from 1% to 5% per day. This translates to a very high Annual Percentage Rate (APR) which can significantly increase your loan amount if not repaid within the term.

How to Apply for a Cash Mart Loan

Eligibility Requirements:

• Must be a Filipino citizen.
• At least 18 years old.
• Valid government-issued ID (e.g., Passport, UMID)
• Proof of income (payslip, bank statement, etc.) might be required.

Step-by-Step Application Guide:

1. Download the Cash Mart Loan App on your smartphone.
2. Create an account and fill out the online application form.
3. Provide your desired loan amount and repayment term.
4. Upload any required documents.
5. Submit your application and wait for notification.
6. If approved, you can claim your loan through designated channels or bank transfers.

Required Documentation:

• Valid government-issued ID
• Proof of income (requirements might vary)

Always double-check the app or Cash Mart’s website for the latest application requirements.

Who Should Consider Cash Mart Loan App?

The Cash Mart Loan App might be suitable for:

• Individuals Needing Emergency Cash: For unforeseen expenses where traditional channels are inaccessible, the app can provide quick access to funds.
• Those with Limited Credit History: The app might be an option for those who are building credit or have limited access to traditional bank loans.

However, proceed with caution and consider alternatives before applying.

Alternatives to Cash Mart Loan

• Personal Loans from Banks or Cooperatives: Explore personal loan options from banks or reputable cooperatives. While qualification might be stricter, interest rates are typically lower than cash loan apps.
• Borrow from Family or Friends: Consider borrowing from close relationships with clear repayment terms to avoid straining the bond.
• Negotiate Payment Plans with Creditors: If facing temporary financial hardship, communicate with creditors about potential payment plans or extensions.

Cash Mart Loan App Harassment Philippines

There have been reports of aggressive debt collection practices from Cash Mart according to user reviews. These can include:

• Excessive Calls and Text Messages: Borrowers may receive numerous calls and texts throughout the day demanding repayment.
• Public Shaming: There have been allegations of debt collectors contacting friends, family, or employers of borrowers to pressure repayment. This is unethical and illegal according to Philippine regulations.
• Intimidation: Some users reported debt collectors using threatening language or intimidation tactics to collect repayments.

If you experience any form of harassment from Cash Mart Loan App or its debt collection partners, document everything (calls, texts, messages) and report the incident to the Securities and Exchange Commission (SEC) or your nearest Bangko Sentral ng Pilipinas (BSP) office.

Conclusion

The Cash Mart Loan App offers fast access to cash, but proceed with caution. The high-interest rates, short repayment terms, potential lack of transparency on fees, and reports of aggressive debt collection practices can create a financial burden.

Explore alternative solutions like personal loans, negotiating payment plans, or borrowing from trusted individuals.

Remember, responsible borrowing is key. Only borrow what you can realistically repay within the term to avoid a debt spiral.

If you consider using the Cash Mart Loan App, thoroughly understand the terms, fees, potential risks involved, and prioritize transparency from the lender throughout the process.