CASHSPACE Loan App Review Philippines: is Legit or not?

In urgent need of extra cash? Online loan apps like Cashspace promise quick solutions. Before hitting download, it’s vital to dig deeper. This Cashspace Loan App Review Philippines unravels the pros, cons, legitimacy concerns, and whether it’s the right financial choice for you.

Cashspace Loan App Review Philippines

Key Features

• Fast Approval: Cashspace boasts a quick approval process, often within minutes.
• Small Loan Amounts: Loan amounts range from Php 1,000 to Php 10,000, ideal for smaller needs.
• Minimal Documentation: Apply for a loan entirely online with just your basic information and a selfie.

Pros

• Convenient: Easy online application and quick disbursement process.
• Accessible: No collateral required, making it an option for those without assets.
• Potentially Flexible: Cashspace offers loan extensions for a fee (double-check during application).

Cons

• High Interest Rates: Interest rates on Cashspace loans can be significantly higher than traditional bank loans.
• Short Repayment Terms: Short repayment terms can be challenging, especially for those with tight budgets.
• Potential for Aggressive Debt Collection: There have been reports of harassment from debt collectors for late payments (More on this later).

Cashspace Complaints Philippines

Some users have reported issues with Cashspace’s debt collection practices. These complaints mention aggressive tactics for late payments. It’s important to be aware of these potential issues before borrowing.

Is Cashspace Legit?

Cashspace claims to be a legitimate company and operates under the company name Cashspace Technology Philippines Inc. Their registration number can be found on the Securities and Exchange Commission (SEC) Philippines website under their business name. You can search for their business name to verify their legitimacy.

Cashspace Loan Interest Rate Philippines

Cashspace doesn’t explicitly state their interest rates on their app. However, expect Interest rates to be higher than traditional loans. The actual interest rate will depend on your loan amount, creditworthiness, and chosen loan term. Always check the exact interest rate and fees during the application process before finalizing your loan.

How to Apply for a Cashspace Loan

Eligibility Requirements:

• Must be a Philippine citizen or resident.
• At least 18 years old.
• Have a valid ID.
• Possess a stable source of income (though documentation might not always be required).

Step-by-Step Application Guide:

1. Download the Cashspace app from the Google Play Store.
2. Create an account and fill out the application form.
3. Enter your desired loan amount and repayment term.
4. Take a selfie as per the app’s instructions.
5. Wait for loan approval notification.
6. Upon approval, the loan amount will be disbursed to your chosen account (e.g., PayMaya).

Required Documentation:

While Cashspace emphasizes minimal documentation, they may request additional documents like payslips or bank statements during the application process to verify your income.

Who Should Consider Cashspace Loan App?

Cashspace might be an option for those needing a very small, short-term loan and have a reliable way to repay quickly. However, be cautious of the high-interest rates and short repayment terms, and only borrow what you can absolutely afford to repay on time.

Alternatives to Cashspace Loan

• Consider traditional bank loans for potentially lower interest rates and longer repayment terms.
• Explore microfinancing institutions that may offer more flexible terms and lower interest rates.
• Look for government assistance programs if eligible.

Cashspace Harassment Philippines

There have been reports of aggressive debt collection practices from Cashspace. It’s important to borrow responsibly and understand the consequences of late payments. If you encounter any harassment from debt collectors, you have rights under Philippine law.

Conclusion

Cashspace offers a convenient way to access quick cash. However, the high-interest rates, short repayment terms, and potential for harassment can quickly turn a small loan into a significant financial burden. Carefully weigh the pros and cons, explore alternatives, and borrow responsibly before using Cashspace. Remember, avoiding debt collection issues starts with a clear understanding of the loan terms, a solid repayment plan, and borrowing only what you can afford to repay on time.