Cashwagon Review

Amount ₱ 2,000-₱ 20, 000
Term 30 days
Interest rate: 40%
Documents required:
  • an official ID
  • proof of being a resident of Philippines
  • employment certificate

Life is complicated at times. Nobody is exempt from having financial problems. You count on Cashwagon in Philippines when you need to borrow money. This company is especially helpful if you do not have access to the services of traditional banking. You just need to register on their platform. Cashwagon started operations in the Philippines in June 2007.

Cashwagon has been in operations mainly in South-East Asia. There, they operate a FinTech digital platform. The main goal of this company is the provision of financial products to the people that cannot access them otherwise. Access to financial resources is fast with this company. Your loan can be approved in less than one hour.

Cashwagon develops the technology used on their platform. The platform uses Artificial Intelligence algorithms and Big Data processing. This way, each loan application is assessed precisely and fairly. A local lending entity operates this platform to offer a wide array of financial products to consumers.

Loan features

It is important to mention that the first time you apply for a loan, the maximum amount you can ask for is PHP 6,000. If you repay this loan on time, you will be able to ask for up to PHP 20,000. You need to create first a relationship of trust with the company. Having a good history of debt repayment will allow you to access larger sums of money in each loan.

The term of the requested loan is up to 30 calendar days. There is no interest rate of fees for first-timers. For the next applications, the interest rate is approximately 40% (depending on the loan amount). If you do not pay the debt on time, some economic penalties apply.

Benefits of taking a loan in Cashwagon

Several companies lend money fast in the Philippines. However, Cashwagon offers many benefits that make it one of the best companies on the market. Some of these benefits are:

  • Instantaneous access to the approved loan;
  • Extremely easy application process owing to the efficient Cashwagon application structure;
  • Excellent customer support to respond to any question;
  • You do not have to leave your home or office to apply for a loan. You can apply from any place in the Philippines at the most convenient time for you;
  • The loans provided by Cashwagon do not have any hidden fees. The total cost of your loan is displayed from the moment you request it.

In spite of all these benefits, the maximal amount of PHP 20,000 seems small. Of course, this amount is helpful in emergency cases. However, to have the possibility to request higher amounts of money would be much better.

Who can get a loan?

To apply for a Cashwagon loan, you do not need to fill complicated requirements. To qualify as an applicant, you must be a legal resident in the Philippines. Temporary residents cannot apply for a loan.

To apply for a loan, you must be between 22 and 60 years old. Additionally, you must have a job that provides a steady income of at least PHP 6,000 monthly. Finally, an official government-issued ID is required.

You apply for a loan online. Hence, you need a stable and preferably fast Internet connection. You can apply from any electronic device that can be connected to the Internet to access the company’s website.

How to apply for a loan?

Applying for a loan with Cashwagon is extremely easy. You will not find a quicker and easier way to apply for a loan in the Philippines. You can apply for up to PHP 20,000 if you are a regular and trusted client. Otherwise, if you apply for the first time, you can apply for up to PHP 6,000.

Notice that the maximum amount will not necessarily be approved. Based on the analysis of the data you provide, a smaller amount may be authorized. In any case, you must first register on the platform or download the Cashwagon app. Then, you have to proceed to fill in the application form with all the requested data. Make sure you provide accurate and true information.

The data you need to provide include the requested loan amount and your contact information (including a valid phone number). You need to submit a scanned copy of your ID. It is required that you take a “selfie” holding the ID.  With the information you provide, the company will review your case. This Cashwagon review will not take more than 15 minutes.

Remember that the information you provide is used to assess your eligibility to get a loan. You may think that getting a loan is always the most important thing. But the assessment that Cashwagon does has the goal of protecting both the company’s and your interests. In your case, you will not get a loan if its repayment will be a heavy financial load for you.

Anyway, if your request is approved, a representative of the company will contact you to inform you about the loan. Do not worry. The majority of applications (as much as 96%) are approved. Then, you will sign the contract and within 24 hours you will get the loan money on your bank account. Getting the money may take up to two days, but this happens very rarely.

All the review process is automatically performed. This ensures a short waiting time. Moreover, you can be sure that your case is treated fairly and nobody is given any preference.

How to repay a loan?

Repaying the loan is not complicated. You can return the money through payment at any DragonPay partner. These include a vast number of stores and supermarkets. Pay before the due date. Otherwise, you have to pay economic penalties as well as the fees of the Debt Collection Agency. This is why you should never ask for more money than you need.

If you cannot repay the loan on time, you can ask for the Loan Term Extension option. Contact the customer service to inquire and renegotiate your debt.