Cash Mart Loan Review
Cash Mart is a prominent player in the lending industry, renowned for its financial products and services. CashMart has carved a niche in the market, offering tailored solutions that resonate with a diverse clientele. From quick cash loans to more structured financial assistance, Cash Mart promises to cater to various financial scenarios easily and reliably. This review aims to dissect the nuances of Cash Mart’s offerings, evaluate their service quality, and provide insights into their customer satisfaction levels.
What is Cash Mart?
Cash Mart, a distinguished online lending company, has been a trusted financial partner since its establishment in 1969. Originating from Singapore, it boasts over 50 years of experience and a robust reputation for providing secure and efficient lending solutions. In 2008, Cash Mart expanded its operations to the Philippines, bringing its wealth of experience and commitment to financial excellence.
Key Points
- Establishment: Founded in 1969, Cash Mart has evolved into a leading lending institution with a rich history.
- Singapore Roots: With its origins in Singapore, Cash Mart brings international expertise to its operations in the Philippines.
- Experience: With over five decades of experience, Cash Mart has garnered clients’ trust in both Singapore and the Philippines.
- Diversified Loan Solutions: Cash Mart offers a range of loan options, including Salary Loans, Personal Loans, Car Loans, and OFW Loans, catering to diverse financial needs.
- Online Accessibility: In tune with the digital age, Cash Mart provides a seamless online platform for quick and secure loan applications.
Cash Mart stands out as a reputable financial institution committed to serving the diverse needs of its clients, providing accessible and reliable financial solutions.
Is Cash Mart Legal?
Cash Mart’s legal standing is paramount for individuals seeking financial assistance. In lending, legitimacy is crucial to ensure the security and reliability of financial transactions. In the case of Cash Mart, clients can rest assured of its legality, backed by the following key points:
- SEC Registration: Cash Mart operates within the bounds of the law, holding a registration with the Securities and Exchange Commission (SEC). This regulatory oversight ensures that the company complies with established standards and protocols.
- Certification of Authority: Cash Mart’s commitment to legal operations is further underscored by its possession of a Certificate of Authority (COA) from the SEC. This certification verifies the company’s adherence to regulatory requirements.
- Listed Online Lending Platform: Cash Mart is officially listed in the SEC’s “List of Recorded Online Lending Platforms,” reinforcing its legal status. This list is a reliable reference for individuals seeking trustworthy online lending options.
- Transparent Compliance: Cash Mart is transparent about its legal standing, encouraging potential borrowers to verify its registration and certification on the official SEC website. This commitment to transparency builds trust with clients.
Cash Mart’s legal standing is firmly established through SEC registration, possession of a Certificate of Authority, and inclusion in the official list of online lending platforms. Clients can confidently engage with Cash Mart, knowing that it operates within the legal framework set by regulatory authorities.
Key Features
| Features | Details |
| Min. Financing Amount | PHP 5000 |
| Max. Financing Amount | PHP 30000 |
| Loan Tenure | Up to 1-day |
| Approval Duration | 2 to 12 hours |
| Processing Fee | No one-time fee is charged during loan processing |
| Stamp Duty | Not provided |
| Annual Fee | Ranges from 180% to 365%, depending on the percentage under which borrowed |
| Other Fees | Not listed on the site; may include optional services (consult with representatives) |
| Early Settlement Penalty | No extra fees for early debt settlement |
| Late Payment Charges | 6% of the overdue amount |
| Additional Requirements | There is no need to bind a bank account; payment on the loan occurs through a bank card |
Advantages and Disadvantages of Cash Mart
Advantages
- Cash Mart boasts a swift approval process, often within 24 hours, allowing borrowers to access funds quickly.
- With a diverse range of loan options, including Salary Loans, Personal Loans, Car Loans, and OFW Loans, Cash Mart caters to various financial needs.
- Cash Mart’s eligibility criteria are relatively inclusive, requiring only official employment, citizenship, and an age range of 21 to 50 years.
- The company maintains transparency regarding its fees, enabling borrowers to make informed decisions.
- Cash Mart stands out by not charging a one-time processing fee during loan application, making it cost-effective for borrowers.
Disadvantages
- The annual fee, ranging from 180% to 365%, can be relatively high, depending on the specific percentage under which the loan is borrowed.
- While the site does not list additional fees, borrowers are advised to consult with representatives to comprehensively understand potential charges.
- Cash Mart’s age restriction (21 to 50 years) might limit accessibility for individuals outside this range.
- While the online application process is convenient, individuals with limited internet access may find it less accessible.
- Information on debt consolidation is not provided on the site, necessitating contact with representatives for clarification.
Loans provided by Cash Mart
Cash Mart offers diverse loan solutions to address various financial needs. Each loan type caters to specific requirements, providing borrowers with flexibility and convenience. Here’s a short description of each loan provided by Cash Mart:
Salary Loan
Cash Mart’s Salary Loan is tailored for individuals in need of immediate funds for various purposes. Whether it’s unexpected expenses, urgent payments, or any financial need, the Salary Loan ensures quick access to cash with minimal eligibility requirements.
- Loan Limit: PHP 5,000 to PHP 30,000
- Interest Rate: 0.8% to 3.5% per month
Personal Loan
The Personal Loan by Cash Mart provides a versatile financing solution for urgent financial needs, including educational expenses, home repairs, or gifts. With competitive interest rates, it caters to individuals seeking a straightforward and accessible borrowing option.
- Loan Limit: PHP 5,000 to PHP 50,000
- Interest Rate: 0.8% to 3.5% per month
OFW Loan
Cash Mart’s OFW Loan is designed to assist Overseas Filipino Workers in meeting various financial obligations. Whether it’s supporting family needs, paying for educational expenses, or handling emergencies, this loan offers a reliable solution.
- Loan Limit: PHP 5,000 to PHP 30,000
- Interest Rate: 1.2% to 2.5% per month
Car Loan
For those looking to purchase a vehicle, Cash Mart’s Car Loan provides an opportunity to acquire a car without strict scrutiny of credit history. This loan is suitable for individuals with varying financial backgrounds who wish to own a vehicle.
- Loan Limit: PHP 5,000 to PHP 30,000
- Interest Rate: 0.8% to 3.5% per month
Travel Loan
Cash Mart’s Travel Loan is crafted for individuals seeking financial support for travel-related expenses. Whether it’s a family vacation or personal exploration, this loan allows borrowers to enjoy their journeys without compromising their budget.
- Loan Limit: PHP 5,000 to PHP 30,000
- Interest Rate: 1.2% to 2.5% per month
Reloan
Cash Mart’s Reloan option enables clients to reapply for cash loans after the full repayment of previous debts. This feature provides flexibility for borrowers, allowing them to access larger loan amounts after fulfilling their existing financial obligations.
Best Online Loans Similar to CashMart
The table will introduce a carefully selected array of leading online loan platforms for Filipinos, offering services comparable to CashMart.
| Company | Loan Amount (PHP) | Interest Rate | Loan Term |
|---|---|---|---|
| Digido | 1,000 – 25,000 | From 0% to 11.9% | Up to 30 days |
| MoneyCat | 500 – 20,000 | Up to 11.9% per month | Up to 180 days |
| Kviku | 500 – 25,000 | 1.2% per month | Up to 180 days |
| Cashspace | 1000 – 25,000 | 1.3% per month | 2 – 4 months |
Cash Mart Requirements
| Loan Type | Age Requirement | Citizenship | Documents Required |
| Salary Loan | At least 21 years old | Filipino citizen |
|
| Personal Loan | At least 21 years old | Filipino citizen |
|
| OFW Loan | At least 21 years old | Filipino citizen |
|
| Car Loan | No specific age range | Filipino citizen |
|
| Travel Loan | No specific age range | Filipino citizen |
|
| Reloan | Full repayment of previous loans | Filipino citizen |
|
How Do You Get Approved for Cash Mart?
Getting approved for a loan with Cash Mart involves a straightforward process designed to provide borrowers quick access to the funds they need. Here’s a step-by-step guide on how to secure approval:
Step 1: Loan Application
- Visit the official Cash Mart website or access the online loan application platform.
- Fill out the application form with accurate and complete information about yourself.
- Specify the loan program, desired amount, and repayment conditions.
Step 2: Document Verification
- After submitting the application, a loan officer from Cash Mart will verify the provided documents.
- Ensure that all required documents, such as government-issued ID, proof of employment, and other specified documents, are accurate and up-to-date.
Step 3: Contract Signing
- Once the documents are verified, borrowers will be required to sign the loan contract.
- The contract outlines the terms and conditions of the loan, including the repayment schedule and any applicable fees.
Step 4: Credit Disbursement
- Upon signing the contract, the approved loan amount will be disbursed.
- Cash Mart aims to disburse funds within a few hours after completing the online application, providing quick access to the approved amount.
Repayment Instructions
Cash Mart will send an email with instructions on how to repay the loan.
The email will include a reference number to easily identify the loan account.
Payment Channels
Borrowers can choose from various payment channels, including 7-11, LBC, Cebuana Lhuillier, Bayad Center, Robinson Payment Center, EC pay, SM Payment Center, and M Lhuillier (with a P20 transaction charge).
By following these steps and adhering to the specified requirements, borrowers can streamline the approval process with Cash Mart and swiftly access the financial assistance they need. It’s a user-friendly and efficient system designed to provide convenience to individuals in various financial situations.
Customer Support
Cash Mart prioritizes a customer-centric approach, recognizing the importance of providing reliable and responsive support to its clients. Here’s an overview of the customer support services offered by Cash Mart:
Contact Channels:
- Phone: Clients can reach out to Cash Mart’s customer support team via phone at (02) 829 0000.
- Email: For written inquiries and assistance, individuals can send an email to [email protected].
Physical Address:
Cash Mart’s physical address is 53 Bayani Rd, Taguig City, Metro Manila, Philippines 1630. Clients can visit the office during working hours for face-to-face assistance.
Working Hours:
Customer support is available during regular working hours, from Mondays to Fridays, 8 am to 6 pm.
Frequently Asked Questions about Cash Mart Loan App
1. Who can get a Cash Mart loan?
Cash Mart extends its loan services to Filipino citizens aged 21 to 50 who currently reside in the Philippines. Official employment is a key eligibility criterion.
2. What is the loan limit offered by Cash Mart?
- Loan limits vary depending on the type of loan:
- Salary Loan: PHP 5,000 to PHP 30,000
- Personal Loan: PHP 5,000 to PHP 50,000
- OFW Loan: PHP 5,000 to PHP 30,000
- Car Loan: PHP 5,000 to PHP 30,000
- Travel Loan: PHP 5,000 to PHP 30,000
3. What is the interest rate for Cash Mart loans?
The interest rates differ based on the loan type:
- Salary Loan & Personal Loan: 0.8% to 3.5% per month
- OFW Loan: 1.2% to 2.5% per month
4. Is Cash Mart a legitimate lending company?
Yes, Cash Mart is a legal lending company. It is registered with the Securities and Exchange Commission (SEC) and holds a Certificate of Authority.
5. Can I make late payments on my Cash Mart loan?
Yes, late payment charges apply, which amount to 6% of the overdue amount. It is advisable to adhere to the repayment schedule to avoid additional fees.
Cash Mart Competitors
| Company | Loan Amount (PHP) | Interest Rate | Loan Term | Our Review |
|---|---|---|---|---|
| Digido | 1,000 – 25,000 | From 0% to 11.9% | Up to 30 days | Read Digido Review |
| MoneyCat | 500 – 20,000 | Up to 11.9% per month | Up to 180 days | Read MoneyCat Review |
| EasyCash | 5,000 – 25,000 | 0,33%-1% | From 1 to 300 days | Read EasyCash Review |
| Crezu | 1,000 – 25,000 | From 1.5% per month to 30% per year | From 3 to 12 months | Read Crezu Review |
| CashMe | 2,000 – 20,000 | 0,08% per day | Up to 3 months | Read CashMe Review |
| Blend | 50000 – 2 million | From 1,5% to 3% monthly | Up to 36 months | Read Blend Review |
| Binixo | 2000 – 30000 | 1% per day | From 7 days to 30 days | Read Binixo Review |
| Asteria Lending Inc | 2000 – 50000 | 0.2% per day | From 30 days to 120 days | Read Asteria Review |
| Loanmoto | 1,000 – 12,000 | 4% – 6% per month | Read Loanmoto Review | |
| Finbro | 1,000 – 50,000 | 0.5% – 1.25% per day | Up to 12 months | Read Finbro Review |
| Kviku | 500 – 25,000 | 1.2% per month | Up to 180 days | Read Kviku Review |
| Binixo | 2000 – 30000 | 1% per day | From 7 days to 30 days | Read Binixo Review |
| PesoQ | 5,000 – 20,000 | 4% – 6% per month | 91 – 365 days | Read PesoQ Review |
| GCash | 5,000 – 25,000 | From 3% to 15% | From 15 to 90 days | Read GCash Review |
| CashBee | 2,000 – 20,000 | 0,3% daily | From 30 to 120 days | Read CashBee Review |
| Revi Credit Philippines | 1000 – 250,000 | 1% – 5% | From 6 to 36 months | Read Revi Credit Review |
| Tala | 1,000 – 25,000 | 15% – 15.7% | From 15 to 61 days | Read Tala Review |
| OKPeso | Up to 24% | From 96 to 365 days | Read OKPeso Review | |
| Vamo | 1,000 – 30,000 | From 1,3% | From 10 to 3000 days | Read Vamo Review |
| Flexi Finance | Up to 25,000 | From 365 to 1460 days | Read Flexi Finance Review | |
| JuanHand | Up to 50,000 | 14.7% per month | From 14 to 90 days | Read JuanHand Review |
| Moca Moca | 2,000 – 35,000 | 0.83% per month | From 180 to 365 days | Read Moca Moca Review |
| RoboCash | 1,000 – 25,000 | From 0% to 11.9% | Up to 30 days | Read RoboCash Review |
