Cashbus, a popular loan app in the Philippines, promises fast and convenient access to cash. But before you download the app, a critical review is essential. Here, we explore Cashbus’ features, advantages and disadvantages, and help you decide if it’s the right loan option for you.
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Contents
Cashbus Loan App Review Philippines
Key Features:
- Fast and Easy Application: Apply for loans through the Cashbus app, with approvals typically within minutes.
- Minimal Requirements: Compared to traditional banks, Cashbus focuses on an app-based creditworthiness assessment, potentially making it easier to qualify.
- Loan Amounts: Cashbus offers loans ranging from ₱3,000 to ₱10,000, catering to smaller financial needs.
Pros:
- Convenient: Apply for a loan anytime, anywhere through your smartphone.
- Potentially Faster Approval: You might receive a loan approval decision quicker than traditional lenders.
- Easier Access: Even those with limited credit history may be eligible for a Cashbus Loan.
Cons:
- Limited Transparency on Interest Rates: While Cashbus claims competitive rates, readily available information is scarce. Customer reviews suggest interest rates might be higher than some competitors.
- Cashbus Complaints Philippines: Online reviews mention concerns about hidden fees, aggressive collection practices, and difficulty contacting customer service.
Is Cashbus Legit?
Yes, Cashbus appears to be a legitimate company. They claim to be registered with the Securities and Exchange Commission (SEC) under business name Cash Bus Philippines Lending Corp. (Registration Number CS201815301). However, it’s advisable to double-check the registration details on the SEC website (https://www.sec.gov.ph/).
Cashbus Loan Interest Rate Philippines
Unfortunately, Cashbus’ website and app lack transparency regarding specific interest rates. However, based on customer reviews, expect interest rates to range from 1.5% to 3.5% monthly, translating to an Annual Percentage Rate (APR) of 18% to 42%. It’s crucial to confirm the exact rate during the application process.
How to Apply for a Cashbus Loan
Eligibility Requirements:
- Filipino citizen, 18 years old and above.
- Valid Philippine ID (e.g., SSS ID, Voter’s ID, Passport).
- Proof of income (payslips, bank statements, etc.).
- Mobile phone number registered in the Philippines.
Step-by-Step Application Guide:
- Download the Cashbus app from the Google Play Store or App Store.
- Create an account and fill out the online application form.
- Provide the required documents, including proof of income and valid ID.
- Wait for Cashbus’ decision on your application.
- If approved, review and electronically sign the loan agreement.
- The loan amount may be deposited into your nominated bank account.
Required Documentation:
- Proof of income (payslips, bank statements, tax returns, etc.)
- Valid Philippine ID (SSS ID, Voter’s ID, Passport)
- Selfie
Who Should Consider Cashbus Loan App?
Cashbus might be suitable for Filipinos who:
- Need a small loan amount between ₱3,000 and ₱10,000.
- Value the convenience of a mobile app for loan application and management.
- Have limited credit history and might struggle with traditional bank loan approvals.
Alternatives to Cashbus Loan
Before committing to Cashbus, consider exploring other options like:
- PeraFast
- Digido Philippines
- LendUp
- Pag-IBIG Salary Loan (for Pag-IBIG members)
- SSS Salary Loan (for SSS members)
Cashbus Harassment Philippines
Some online reviews express concerns regarding aggressive collection practices. Remember to borrow responsibly and understand the repayment terms before applying. If you encounter harassment from Cashbus, report it to the SEC or seek assistance from legal counsel.
Conclusion
Cashbus offers a convenient loan option for smaller needs. However, limited transparency on interest rates and potential for aggressive collection practices require caution. Research thoroughly, compare options, and borrow responsibly to make an informed decision. Consider exploring alternatives that might offer lower interest rates or more user-friendly experiences. Remember, responsible borrowing is key to managing your finances effectively.
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