QUICKCASH Loan App Review Philippines (2024)

The need for quick cash can be a real headache. In the Philippines, Quickcash Loan App promises a fast and easy solution. But is it a magic bullet, or a recipe for financial woes? This comprehensive review dives into Quickcash, exploring its features, pros and cons, user experiences, and most importantly, helps you decide if it’s the right fit for your wallet.

What is QuickCash Loan App?

Quickcash Loan App is a mobile application offering Filipinos small, short-term loans. It caters to those needing immediate financial assistance, often positioned as an answer to unexpected emergencies.

Quickcash Loan App Review Philippines

Key Features:

• Fast Approval: Quickcash boasts a speedy application process with potential same-day approvals.
• Minimal Requirements: Compared to traditional loans, Quickcash may have fewer requirements, potentially needing only a valid ID and proof of income.
• Mobile Convenience: Manage your loan application and repayment entirely through the Quickcash mobile app.

Pros:

• Accessibility: Quickcash offers a convenient option for those who may not qualify for traditional bank loans or need immediate cash.
• Speed: The application and approval process can be significantly faster than banks.
• Transparency (Ideally): Reputable loan apps should clearly outline fees and interest rates upfront.

Cons:

• High Interest Rates: Quickcash loans likely come with high interest rates, making them a potentially expensive borrowing option.
• Short Repayment Terms: Short repayment terms can create a burden if you’re not prepared financially.
• Risk of Debt Trap: If not managed responsibly, these loans can quickly spiral into a debt trap due to high fees and compounding interest.

User Experience and Complaints:

• Maria Santos: “Quickcash was easy to use and I got the money fast, but the interest is very high. Be prepared to pay back more than you borrowed.” (3/5 stars)

• David Reyes: “Convenient for emergencies, but the repayment period is too short. It’s tough to manage when you’re already tight on money.” (2/5 stars)

• Anna Cruz: “Beware of hidden fees! The app doesn’t explain everything clearly. I ended up paying a lot more than I expected.” (1/5 stars)

Is Quickcash Legit?

Yes, Quickcash is a registered lending company in the Philippines under SEC registration number CS201815392. However, always exercise caution and thoroughly read the terms and conditions before borrowing.

Quickcash Loan Interest Rate Philippines

Interest rates vary depending on the loan amount and term. Expect an estimated APR between 120% and 360%.

Quickcash Calculator Example

Let’s assume you borrow Php 5,000 with a 20% interest rate for a 1-month term. Here’s a simplified example of how to calculate the interest:

Please note: This is a simplified example. Actual interest rates and fees may vary depending on the loan amount, term, and Quickcash’s specific terms and conditions.

How to Apply for a Quickcash Loan

Eligibility Requirements:

• Minimum age requirement (likely 18 or 21)
• Filipino citizen
• Valid government-issued ID
• Proof of income (payslips, bank statements, etc.)

Step-by-Step Application Guide:

1. Download the App: Search for “Quickcash Loan App” on the app store (depending on your phone’s operating)

2. Create an Account: Provide your personal information, including contact details, and create a secure password.

3. Fill Out the Loan Application: Enter the desired loan amount and repayment term. Be sure to carefully review the interest rate, any additional fees, and the total repayment amount before proceeding. Don’t be afraid to shop around and compare rates with other lenders before committing.

4. Submit Documents: Upload clear photos of your valid ID (e.g., Philippine Passport, Driver’s License) and proof of income (e.g., payslips for the past 3 months, bank statements) as instructed by the app. Ensure all documents are valid and readable.

5. Await Approval: Quickcash will review your application and notify you of their decision. Processing times can vary, but they advertise potentially same-day approvals.

Required Documentation:

• Valid government-issued ID (e.g., Philippine Passport, Driver’s License)
• Proof of income (e.g., payslips for the past 3 months, bank statements)
• Additional documents may be required depending on Quickcash’s policies.

How to Pay Back Your Quickcash Loan

Quickcash likely offers various repayment options within the mobile app. These may include:

• Bank Transfer: Transferring the repayment amount directly from your bank account to Quickcash. Ensure you have sufficient funds to avoid late fees.
• Payment Centers: Paying through accredited payment centers like Bayad Centers or Pera Padala. This may incur additional transaction fees.
• E-wallets: Utilizing popular e-wallets like GCash or PayMaya for loan repayment (if offered by Quickcash). Check for any transaction fees associated with e-wallet payments.

Who Should Consider Quickcash Loan App?

Quickcash can be a suitable option for Filipinos in a temporary financial bind, but only under specific circumstances:

• Emergency Expenses: Unexpected medical bills, car repairs, or sudden household emergencies. However, explore alternative options like pawning valuables or negotiating payment plans with creditors before resorting to Quickcash.
• Short-Term Cash Flow Issues: Bridging a temporary gap between income and expenses. This should be a last resort, and the loan amount should be minimal to ensure manageable repayments.

Quickcash is NOT recommended for:

• Long-Term Needs: These loans are not meant to finance long-term expenses. High-interest rates make them a costly solution. Consider personal loans from banks or credit unions for long-term needs.
• Debt Consolidation: Don’t use a high-interest Quickcash loan to pay off existing debts. Explore debt consolidation options with lower interest rates to truly manage your debt.
• Frequent Borrowing: Reliance on frequent Quickcash loans can lead to a dangerous debt cycle. It’s best to break the cycle of borrowing to repay borrowing.

Tips for Using QuickCash Responsibly

• Borrow Only What You Need: Don’t be tempted to borrow more than you can comfortably repay within the short term. Consider alternative solutions if you require a larger amount.
• Understand the Costs: Carefully review the interest rate and all associated fees before applying. The Annual Percentage Rate (APR) should be clearly displayed. Don’t hesitate to clarify any doubts you may have.
• Plan for Repayment: Create a budget to ensure you can make timely repayments to avoid late fees and potential harassment. Quickcash may not be the most transparent about these fees, so factor in a buffer for unexpected charges.
• Explore Alternatives: Consider alternative options like pawning valuables, seeking a personal loan from a credit union with a good reputation, or negotiating a payment plan with creditors before resorting to a Quickcash loan. Often, these alternatives offer lower interest rates and more manageable terms.

Alternatives to Quickcash Loan App

Here are some alternatives to Quickcash Loan App to consider before applying:

• Microfinance Institutions (MFIs): Regulated MFIs offer small loans with potentially lower interest rates compared to Quickcash. Research and compare MFIs to find one that aligns with your needs.
• Peer-to-Peer (P2P) Lending Platforms: Online platforms connect borrowers with lenders, offering potentially lower interest rates than Quickcash. However, P2P lending can also come with risks, so be sure to do your research before committing.
• Credit Unions: Credit unions may offer small loan options to members with lower interest rates and more flexible repayment terms compared to Quickcash. Membership requirements may apply.

What to Do if You Experience Harassment from Quickcash:

If you experience harassment from Quickcash regarding a loan repayment, here’s what you can do:

• Document Everything: Keep a record of all communication with Quickcash, including calls, text messages, and emails. Note the date, time, and details of each interaction, especially any aggressive or threatening language. Screenshots can be helpful evidence.
• Contact Customer Service: Attempt to calmly resolve the issue by contacting Quickcash customer service. Clearly state that their collection practices are harassing and request them to stop.
• Report to Regulators: If the harassment persists, report Quickcash to the Securities and Exchange Commission (SEC) or the Bangko Sentral ng Pilipinas (BSP). These government agencies regulate financial institutions and can take action against those engaging in unfair or abusive debt collection practices.
• Seek Legal Advice: In severe cases of harassment, consider seeking legal advice from a lawyer specializing in consumer rights. They can advise you on your legal options and help protect your rights.

Remember: You have rights as a borrower. The Fair Debt Collection Practices Act (RA 9474) in the Philippines prohibits harassment and abusive debt collection practices. Don’t be afraid to stand up for your rights and seek help if you’re experiencing harassment from Quickcash.

Frequently Asked Questions (FAQs)

Is Quickcash Loan App safe?

The safety of Quickcash depends on its legitimacy. Verify their registration with the SEC or BSP to ensure it’s a legitimate financial institution. Scrutinize the terms and conditions for hidden fees and ensure they adhere to fair debt collection practices.

What is the interest rate for Quickcash loans?

Exact interest rates are unavailable without official information. However, similar loan apps in the Philippines typically have high APRs (20% to 300% or higher). Carefully review the interest rate and all associated fees before applying.

How long does it take to get approved for a Quickcash loan?

Quickcash advertises potentially same-day approvals, but processing times can vary. Don’t rely solely on their advertised timeframe.

Can I pay back my Quickcash loan early?

Check Quickcash’s terms and conditions to see if there are any prepayment penalties associated with early repayment of your loan.

Conclusion: Should You Use QuickCash?

Quickcash offers fast access to funds, but the high-interest rates require careful consideration. It’s suitable for emergencies if you have a clear repayment plan. Always borrow responsibly and explore alternatives if you’re looking for lower interest rates.