CASHMUM Loan App Review Philippines: is it Legit? Harassment

Cashmum, a mobile loan app, promises quick and easy cash advances for Filipinos in need. But before you dive in, a thorough review is essential. Here’s a breakdown of Cashmum’s key features, pros, and cons to help you decide if it’s the right fit for you.

Cashmum Loan App Review Philippines

Key Features:

• Loan amounts: ₱1,000 to ₱10,000 (subject to approval)
• Repayment terms: 7 to 30 days
• Online application process
• Fast loan approval (within 24 hours)

Pros:

• Convenient: Apply for loans anytime, anywhere through your smartphone.
• Fast: Receive loan approvals and disbursements quickly.
• Flexible repayment options: Choose a repayment term that suits your needs.

Cons:

• High-interest rates: Expect interest rates to be significantly higher than traditional bank loans.
• Short repayment terms: Repaying within a short timeframe can be challenging.
• Lack of transparency: Limited information available about fees and the overall loan process.

Cashmum Complaints Philippines

Several complaints have surfaced regarding Cashmum’s practices in the Philippines. These include:

• Aggressive debt collection tactics: Some users report experiencing harassment from debt collectors employed by Cashmum or third-party agencies.
• Hidden fees: There might be additional charges not clearly communicated upfront.
• Difficulties with contacting customer service: Reaching customer support for assistance can be problematic.

Is Cashmum Legit?

Cashmum operates under the company name CashMum Lending Investors Corp., with Securities and Exchange Commission (SEC) registration number CS202102336. While this indicates a legitimate business registration, it doesn’t guarantee ethical lending practices.

Cashmum Loan Interest Rate Philippines

Estimated Interest Rate: It’s difficult to pinpoint an exact interest rate due to a lack of transparency on Cashmum’s part. However, expect interest rates to be significantly higher compared to traditional bank loans. They might fall within the range of 1% to 5% daily, translating to an Annual Percentage Rate (APR) exceeding 365%.

How to Apply for a Cashmum Loan

Eligibility Requirements:

• Must be a Philippine citizen
• At least 18 years old
• With a valid Philippine ID
• Have a regular source of income

Step-by-Step Application Guide:

1. Download the Cashmum app from the Google Play Store. (Note: Cashmum is not available on the Apple App Store)
2. Create an account using your mobile number.
3. Fill out the online loan application form, including your personal information, employment details, and desired loan amount.
4. Submit the application and wait for approval (usually within 24 hours).
5. Upon approval, electronically sign the loan agreement and receive the loan amount directly to your bank account or mobile wallet.

Required Documentation:

• Valid government-issued ID (e.g., Philippine Passport, UMID)
• Proof of income (payslips, bank statements, etc.) may be required.

Who Should Consider Cashmum Loan App?

Cashmum might be an option for Filipinos needing a small, short-term loan and have a reliable way to repay it within the short timeframe. However, proceed with caution due to the potential downsides mentioned above.

Alternatives to Cashmum Loan

• Traditional Bank Loans: Explore personal loan options from reputable banks. While the application process might take longer, interest rates are typically lower.
• Credit Unions: Consider credit unions that offer loan products with more favorable terms for their members.
• Peer-to-Peer Lending Platforms: These platforms connect borrowers with lenders, potentially offering lower interest rates than Cashmum.

Cashmum Harassment Philippines

If you experience harassment from Cashmum or any debt collectors they employ, it’s crucial to document the incidents. Report the issue to the Securities and Exchange Commission (SEC) and explore legal options to protect your rights.

Conclusion

Cashmum offers a convenient way to access quick cash, but the high costs and potential for harassment make it a risky option. Before applying, thoroughly research alternative lenders and ensure you can comfortably repay the loan within the short timeframe. Remember, responsible borrowing is key to avoiding a debt trap.