Best short-term lending providers

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Frequently asked questions

Q: What is a short-term cash loan?

Do you need money for an emergency? Then, a short-term cash loan can solve your financial dilemma! A short-term cash loan lets you borrow a certain amount of money which you can pay in 30 days or less.

Q: What’s the difference between a short-term cash loan and a personal loan?

While a short-term cash loan has a shorter repayment period, which is 30 days or less, a personal loan can be repaid over a longer term of up to 36 months. The approval for a short-term cash loan only takes a few hours while a personal loan can take up to 5 business days.

It’s much easier to apply for a short-term cash loan since there are fewer requirements than a personal loan which may require a credit card and a good credit standing.

Q: How much can I borrow?

The amount depends on the lender, but you can borrow as much as ₱20,000. Returning borrowers who have a good record of repaying their loans on time can borrow a higher amount in their next loan.

Q: What are the requirements for a short-term cash loan?

Like the amount you’re allowed to borrow, the requirements for a short-term cash loan application varies per lender. But you can have these basic documents ready just in case:

  • Valid government-issued ID with photo and signature 
  • Bank statements (for the last 3 months, at least)
  • Pay slips (for the last 3 months, at least)
  • Proof of billing 

Q: Do I need a credit card to apply for a loan?

No, short-term cash lenders don’t require you to show any proof that you own a credit card.

Q: Do I need to have a good credit standing to apply for a loan?

It’s a plus if you have a good credit standing, but short-term cash lenders won’t turn you down if you’re still establishing your credit history. Their decision¾whether approved or not¾is based on the information and documents you provide them during your application, so make sure that they are accurate.

Q: How do I apply for a loan?

Don’t worry, we’ve made things easier for you! You can use the GoBear search tool, which you can find above, to compare the short-term cash loans offered by different lending partners. All you have to do is follow the instructions on their website and you’re all set to apply for a loan.

Q: How will I know if my loan application is approved?

After reviewing your application, the lender may get in touch with you through one or more of the following channels:

  • SMS
  • Phone call
  • Email
  • Mobile application notification (if possible)

Q: What happens after I am approved for a loan?

The lender will advise you how you can receive the amount. Some lenders have the approved loan amount deposited to the borrower’s bank account while there are those that let the borrower withdraw the amount via payment centers.

Q: How do I repay the loan?

Treat it as if you’re paying your utility bills. You can repay the loan via payment centers and online and over-the-counter banking.

Q: What happens if I miss a payment?

A short-term cash loan is still a financial obligation. If you fail to meet your payment deadline, then you will be charged a late payment fee. A late payment will also affect your credit history which can lower your chance of borrowing in the future.

Q: Can I reloan?

Yes. You can apply for another loan once you have completely repaid your existing loan. Check with the lending provider if they can let you borrow a bigger amount on your next loan.