Cashalo Review

In a world where financial needs are as dynamic as they are urgent, Cashalo emerges as a beacon of hope for those seeking quick and easy access to funds. This 2024 review aims to provide you with an all-encompassing look at what Cashalo offers, delving into the nuances of its loan products, the simplicity of its application process, and the flexibility of its repayment terms.

What is a Cashalo Loan?

Cashalo Logo

Cashalo represents a paradigm shift in the Philippine financial sector, providing digital credit solutions to those needing funds. Operating as a fintech platform, it simplifies borrowing through its mobile app, accessible on major platforms like Google Play, Huawei AppGallery, and the App Store. The name ‘Cashalo’—a blend of ‘cash’ and ‘kasalo’ (meaning partner in Filipino)—aptly symbolizes its role as a financial ally.

Legitimacy and Trustworthiness

Concerns about legitimacy are common with digital lending platforms. Cashalo stands out with its official registration and certification (SEC Registration No. CSC201800209 and Certificate of Authority No. 1162), ensuring compliance with regulatory standards and fostering user trust.

Key Points

Aspect Details
Nature of Cashalo Fintech platform offering digital credit in the Philippines.
Accessibility Available on Google Play, Huawei AppGallery, and the App Store.
Legitimacy Registered and certified (SEC Registration No. CSC201800209 and Certificate of Authority No. 1162).
Loan Products Cash Loan, Lazada Loan, Buy Now, Pay Later.
Loan Uses School fees, groceries, gadgets, online purchases, business, emergencies.
Application Process Digital, via the Cashalo app. Easy and quick with minimal requirements.
Disbursement Quick, within one to three days. Funds can be credited to bank or mobile wallets.
User Base Over four million users, indicating trust and reliability.
Collateral No collateral required for loan approval.
Loan Amounts Varies by product: Cash Loan (₱1,000 to ₱7,000), Lazada Loan (up to ₱5,000).
Interest Rates Starts at 3.95% for Cash Loans; varies for other products.
Repayment Channels Over-the-counter (7-Eleven, SM Business Centers, etc.), online (GCash, Maya, etc.).
Final Advice Use responsibly and only for necessary financial emergencies.

Pros of Cashalo Loan

Cons of Cashalo Loan

Loans provided by Cashalo

Each product is designed with specific user needs, from general cash requirements to specific shopping needs. The variety in their loan products makes Cashalo a versatile option for different types of borrowers. However, it’s important for users to carefully consider the terms and conditions, interest rates, and their ability to repay before taking out any loan.

Cash Loan

Purpose This is a general-purpose short-term personal loan. It can be used for various needs like paying bills, covering emergency expenses, or purchasing groceries.
Loan Amount The amount ranges from ₱1,000 to ₱7,000
Interest Rate Starts at 3.95%
Features It’s designed for quick access to cash, especially for small, urgent financial needs.

Lazada Loan

Purpose Specifically tailored for Lazada users, this loan allows borrowers to load up their Lazada Wallet.
Loan Amount Up to ₱5,000
Usage The loan proceeds are restricted to purchases made on Lazada only.
Features It’s beneficial for those who frequently shop on Lazada and need short-term financing.

Buy Now, Pay Later

Purpose This product is for shoppers who want to purchase and pay for items over time.
Interest Rate As low as 0% at select partner merchants.
Partner Stores Include a wide range of stores like The SM Store, Robinsons Department Store, and others.
Features Offers a flexible shopping experience, allowing users to make purchases in installments, often with favorable interest rates.

cashalo pay early to enjoy no interest

Cashalo Cash Loan Requirements

To apply for a Cashalo Cash Loan, applicants need to meet certain requirements. These requirements are designed to ensure that borrowers can repay the loan and comply with regulatory standards. Here are the key requirements for a Cashalo Cash Loan:

  • Applicants must be at least 21 years old. This age requirement ensures that borrowers are legally adults and can be held accountable for financial agreements.
  • Applicants should be employed or have a steady source of income. This criterion is crucial as it demonstrates the borrower’s ability to repay the loan. Proof of income helps Cashalo assess the financial stability of the applicant.
  • A valid government-issued ID is required for identity verification. This could include IDs such as a driver’s license, passport, or any other government-recognized ID. The ID not only serves as proof of identity but also helps verify other details like age and nationality.
  • Applicants must have a mobile number that will be registered with the Cashalo app. This is important for communication purposes and for the management of the loan account.
  • Since Cashalo operates digitally, applicants need to download the Cashalo app and create an account. The loan application and management are done through this app, making it a necessary step in the process.
  • The service is primarily targeted at Filipino citizens, so applicants should be citizens of the Philippines.
  • To disburse the loan, applicants should have a bank account or a mobile wallet where the loan amount can be credited. Popular options include GCash and Maya.

How Do You Get Approved for Cashalo Loan?

Getting approved for a Cashalo loan involves a combination of meeting the basic eligibility criteria, providing accurate information, and ensuring you have a stable financial background. Here are steps and tips to increase your chances of getting approved for a Cashalo loan:

  1. Meet the Basic Eligibility Criteria
    1. Be at least 21 years old.
    2. Have a steady source of income, either from employment or a business.
    3. Possess a valid government-issued ID.
    4. Be a Filipino citizen.
  2. Download and Register on the Cashalo App
    1. Download the Cashalo app from Google Play Store, Huawei AppGallery, or the App Store.
    2. Register with your mobile number and create a profile.
  3. Complete Your Profile Accurately
    1. Fill in all required information accurately. This includes personal details, employment information, and income details.
    2. Ensure that the information provided matches the details in your government-issued ID.
  4. Provide Necessary Documentation
    1. Upload a clear photo of your valid government ID.
    2. If required, provide proof of income such as payslips, income tax returns, or bank statements.
  5. Apply for the Appropriate Loan Product
    1. Choose a loan product that suits your needs and repayment ability. Overborrowing can lead to financial strain and affect your ability to repay.
  6. Maintain a Good Credit History
    1. If you have existing loans or credit cards, ensure that you have a history of timely payments.
    2. A good credit score can significantly increase your chances of loan approval.
  7. Request a Reasonable Loan Amount
    1. Apply for a realistic loan amount that aligns with your income level. High loan amounts with low income might raise concerns about repayment.
  8. Review Your Application
    1. Before submitting, review your application for any errors or missing information.
  9. Wait for Approval
    1. Once submitted, wait for the loan approval. Cashalo typically processes loans quickly, often within a few days.
  10. Respond Promptly to Any Queries
    1. If Cashalo contacts you for additional information or clarification, respond promptly and accurately.

IDs accepted by Cashalo

Cashalo, like most financial institutions, require valid identification for processing loan applications. This is a standard practice to verify applicants’ identity and comply with regulatory requirements. Here are the types of IDs typically accepted by Cashalo:

  • A valid Philippine passport is widely accepted as it contains personal details, including full name, date of birth, and photograph.
  • A current driver’s license issued by the Land Transportation Office (LTO) is also accepted and used for identification purposes.
  • Issued by the Social Security System (SSS) or the Government Service Insurance System (GSIS), the UMID (Unified Multi-Purpose ID) serves as a valid ID.
  • A Social Security System (SSS) ID card is acceptable, especially for employed individuals contributing to the SSS.
  • Issued by the Philippine Health Insurance Corporation, this ID is recognized for identification.
  • The TIN ID (Tax Identification Number) issued by the Bureau of Internal Revenue is another valid form of identification.
  • Voter’s ID
  • A modern, digitized Postal ID issued by the Philippine Postal Corporation is also accepted.
  • For professionals, an ID issued by the Professional Regulation Commission (PRC) is a valid form of identification.
  • Philippine National ID (PhilSys ID): If available, the new national ID is also a valid form of identification.

How Can You Repay a Loan in Cashalo?

Repaying a loan in Cashalo is designed to be convenient, with multiple channels available to suit different preferences. Here’s how you can repay a Cashalo loan:

Through the Cashalo App

You can make payments directly through the Cashalo app. This method is straightforward and can be done anywhere as long as you have internet access.

Over-the-Counter Channels

  • ECPay: Available at various outlets, including 7-Eleven, RD Pawnshop, and more.
  • TouchPay: Accessible at TouchPay kiosks.
  • 7-Eleven: Using the CLiQQ kiosk machines or CLiQQ mobile app.
  • SM Business Centers: Located in SM malls.
  • Bayad Center: Available at Bayad Center branches and other partner outlets.
  • Robinsons Bank Bills Payment: Accessible at Robinsons Bank branches.
  • Robinsons Business Center: Located within Robinsons Department Stores.
  • Digipay: Available at Digipay partner outlets.
  • DA5 (authorized agent of Western Union): For making payments through Western Union branches.

Remittance and Payment Centers (via Dragonpay)

  • LBC: Available at LBC branches nationwide.
  • Cebuana Lhuillier Bills Payment: Accessible at Cebuana Lhuillier branches.

Online Payment Options

  • GCash: Pay through the GCash mobile app.
  • Maya (formerly PayMaya): Use the Maya app for payments.
  • ShopeePay: Available for users of the Shopee mobile app.
  • Robinsons Bills Payment (online banking): If you have an account with Robinsons Bank, you can use its online banking facility.

Steps for Repayment

Checking Your Due Date:

Understanding and keeping track of your loan’s due date is critical to financial management. This awareness is key to avoiding late payment fees and additional interest charges, which can accumulate and significantly increase the total amount you owe. Late payments might also adversely affect your credit score, making future borrowing more difficult or expensive. To manage this effectively, you should regularly review your loan details through the Cashalo app or any official communication from Cashalo, such as emails or statements. Setting up reminders a few days before the due date can be a helpful strategy to ensure that you get all the payments.

Choosing a Payment Channel:

The choice of a payment channel should align with your convenience and accessibility. Cashalo offers a variety of payment options, including digital methods like online banking and mobile wallets, as well as physical over-the-counter options. When selecting a payment method, consider factors such as the proximity of physical payment locations, the operating hours of these centers, and the ease of use of digital platforms. Your lifestyle, daily routine, and access to digital services can significantly influence this decision. It’s about balancing convenience with reliability to ensure your payments are made smoothly and efficiently.

Providing Necessary Details:

Accuracy in providing your payment details is non-negotiable. When you pay for your loan, providing the correct details, such as your loan reference number and possibly other identifying information, is crucial. This precision ensures that your payment is correctly applied to your loan without delays. Any error in these details can lead to misapplied payments or administrative hassles that might delay the processing of your payment. Therefore, double-checking the information you submit during payment is always a good practice.

Making the Payment:

The actual process of making the payment will vary depending on the chosen method. Opting for digital payments typically involves logging into an online platform or using a mobile app. For physical payments, it might mean visiting a payment center. Regardless of the method, following through with all the required steps is important until you receive a transaction confirmation. For online payments, this might be an instant notification or email confirmation. Ensuring the transaction is complete and successful is crucial to avoid issues with unrecognized or incomplete payments.

Keeping the Receipt:

Maintaining a record of your payments is fundamental. A copy of the transaction receipt or confirmation email is your proof of payment. This documentation is vital in case there are any discrepancies or disputes with Cashalo regarding your loan repayment. Organizing these receipts or confirmation emails, either in a physical file or digitally, is advisable for easy future access. This practice helps resolve potential disputes but also aids in personal financial tracking and management.

Tips for Smooth Repayment

Paying Before the Due Date

To avoid the pitfalls of late payments, such as penalties and increased interest, you should make your loan payments before the due date. This proactive approach not only helps in maintaining a good credit history but also instills financial discipline. For those who might find it challenging to keep track of due dates, setting up automatic payments (if available) can be a lifesaver. Alternatively, planning your monthly budget to allocate funds for loan repayment well in advance can ensure that you always have the necessary amount ready when the due date approaches.

Checking for Additional Fees

It’s important to know that some payment channels might impose additional transaction fees. Although these fees might seem small per transaction, they can accumulate over time, especially if you’re making frequent payments. Therefore, it’s wise to compare different payment channels to identify those that offer lower or no transaction fees. This comparison can help reduce the overall cost of your loan and can be a crucial factor in your financial planning.

Monitoring Your Loan Balance

Regularly monitoring your loan balance is essential to managing your loan effectively. Keeping an eye on your remaining debt and any interest that is accruing helps you stay informed about your financial obligations. The Cashalo app is a useful tool for this purpose, as it allows you to check your balance, view your payment history, and stay updated on any changes to your loan status. This regular monitoring helps in planning for future payments and gives you a clear picture of your progress towards becoming debt-free.

Exclusive Features of Cashalo Loan

Cashalo, as a fintech platform, offers several exclusive features that make it stand out in digital lending, particularly in the Philippines. These features are designed to cater to the unique needs of its users, providing convenience, accessibility, and flexibility. Here are some of the exclusive features of Cashalo loans:

Mobile-First Approach

Cashalo’s platform is primarily mobile-based, making it highly accessible for users who rely on smartphones for their financial transactions. This approach aligns with the increasing trend of mobile usage, especially in the Philippines, where a significant portion of the population accesses the internet via mobile devices. The Cashalo app is user-friendly, allowing for a seamless loan application process from your phone.

Variety of Loan Products

Cashalo offers a range of loan products, including Cash Loan, Lazada Loan, and Buy Now, Pay Later options. This variety caters to different financial needs, whether for emergency cash, online shopping, or installment purchases. Each product is tailored to fit specific consumer requirements, making it a versatile choice for borrowers.

Rapid Loan Processing and Disbursement

One of the key features of Cashalo is the speed of its loan processing and disbursement. Loans are typically processed within a short period, and funds are disbursed quickly, often within one to three days. This rapid turnaround is particularly beneficial for those needing urgent financial assistance.

No Collateral Required

Cashalo loans do not require any collateral, which is a significant advantage for individuals who do not have assets to pledge or those who prefer not to risk their assets. This feature opens up access to credit for a broader population segment.

Flexible Repayment Options

The platform offers flexible repayment terms, allowing borrowers to choose a repayment schedule that best fits their financial situation. This flexibility helps manage loan repayment more effectively, reducing the financial strain on borrowers.

Digital KYC and Documentation

Cashalo employs a digital Know Your Customer (KYC) process, simplifying the documentation and verification process. This digital approach streamlines the application process, making it faster and more convenient for users.

Partnership with Major Retailers and Online Platforms

The Buy Now, Pay Later option and Lazada Loan feature partnerships with major retailers and online platforms. This integration lets users directly finance their purchases at partner stores or on Lazada, enhancing the shopping experience.

Accessible to a Wide Range of Borrowers

Cashalo is designed to be accessible to a wide range of borrowers, including those who might not have access to traditional banking services. This inclusivity is crucial in a country like the Philippines, where a significant portion of the population is unbanked or underbanked.

Transparent Fee Structure

The app provides a clear and transparent fee structure with no hidden charges. Borrowers can see the interest rates, fees, and total amount to be repaid, which aids in making informed financial decisions.

Customer Support and Financial Education

Cashalo offers customer support to assist users with their queries and concerns. Additionally, the platform provides financial education resources, helping users better understand credit management and financial planning.

Whom Cashalo Loan Suits Better?

Cashalo’s loan offerings are designed to cater to a specific segment of the market, primarily targeting individuals who require quick, convenient, and relatively small-scale financial assistance. The platform is particularly well-suited for certain groups of people based on their financial needs and circumstances. Here’s an overview of who might find Cashalo loans most beneficial:

Individuals Needing Quick Emergency Funds

Cashalo is ideal for those who suddenly need cash, such as for medical emergencies, unexpected bills, or urgent repairs. The quick processing and disbursement of loans make it suitable for addressing immediate financial needs.

People with Limited Access to Traditional Banking

For individuals who may not have easy access to traditional banking services or those who find the conventional banking process daunting and time-consuming, Cashalo offers a more accessible alternative. Its digital platform simplifies the loan application process, making it more approachable for a broader audience.

Online Shoppers and E-commerce Customers

With products like the Lazada Loan and Buy Now, Pay Later options, Cashalo caters to avid online shoppers. These loans are particularly useful for those who wish to make online purchases but prefer to spread the cost over time, making it easier to manage their budget.

Young Professionals and Millennials

Young professionals and millennials who are comfortable with digital platforms and are looking for quick and easy loan options may find Cashalo appealing. This demographic often seeks convenience and speed in financial transactions, which Cashalo provides through its mobile app.

Small Business Owners and Entrepreneurs

Small business owners or entrepreneurs who need quick capital to invest in their business, whether for inventory, supplies, or other business-related expenses, can benefit from Cashalo’s quick loan disbursement. This can be particularly helpful for those who may not qualify for larger, traditional business loans.

Individuals with Steady Income but No Credit History

Cashalo can be a good option for individuals with a steady income but who lack a substantial credit history, which is often required for traditional bank loans. Cashalo’s application process does not solely focus on credit history, making it more accessible.

People Seeking Short-Term Loans

Those needing short-term financial assistance, confident in their ability to repay the loan quickly, will find Cashalo’s loan products suitable. The platform’s structure is geared towards short-term lending, making it a practical choice for short-duration borrowing.

Conclusion about Cashalo

Cashalo’s loan services are particularly beneficial for individuals seeking quick, short-term loans with minimal hassle and those comfortable with digital platforms. It’s an excellent option for emergency funds, online shopping financing, and for those who may need more extensive credit histories or access to traditional banking services. However, as with any financial product, potential borrowers must consider their ability to repay the loan carefully and understand the terms and conditions before committing.

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