Hello mga kababayan!

Now, what’s the latest on the online quick cash arena?

Moola Lending has rebranded their business to Online Loans Pilipinas — so what is exciting now? Is there any difference that will benefit the ordinary Filipinos who are most likely to borrow money from them?

Let’s take this an example:

I am trying to borrow 10,000 from them that is payable in 30 days. The interest rate is 1% per day or 30% in 30 days.

Now, that’s 3,000 Pesos.

But, like the old platform (Moola), they will still deduct a handling fee of 10%. That would be 1,000 pesos deducted upfront.

Therefore, I will only receive PhP9,000, and after 30 days, that will become PhP13,000.00

Is that what you call: Helping you make life easy? 

I am not really sure, but a 40% growth in total from the net proceeds is quite disheartening for us ordinary Pinoy.

Well, we have no choice.

There’s a saying take it or leave it.

Are you going to take it or look for an alternative?

Maybe the advantage of going to Moola / Online Loans Pilipinas is they have a much higher approval for the first time loans.

I have applied and my first loan approval was 5k, that is much higher than my first loan with CashWagon which is PhP2,000 or my wife’s first loan with Tala that amounted to PhP1,500.00.

But the burden — you have to shoulder a much bigger interest rate, given your net proceed is already deducted with 1k.

Is that really helping you or just helping them grow bigger each time an ordinary Filipino in need knocks their door for a quick cash loan?

We are not only telling you to go for a loan but…

Here on Self-Help, we are not merely promoting online lending companies we have already tried — but we are also trying to open your eyes with the sad consequences of that action.

Not all of them have the genuine heart of helping — some of them are trying to take the advantage of our current situation — who will agree?

This is a kind of rant, but this is the truth.

We live in a country where the inflation rate is growing. We live in a country where online lending companies seem to be a hero.

How to avoid this high-interest rates?

Look for an alternative or try to avoid it completely, if possible.

If you are working or employed, one good idea is to organize a coop wherein members can easily avail a loan.

We have been doing that for at least 5 years already.

Members will contribute the desired amount on a weekly basis (most of my colleagues receive their salary on a weekly basis)…

And we can set the interest for as low as 5% a month.

Just a comparison, if I will book a loan in advance with our coop for 10,000 Pesos, that will become 10,500 after 30 days… yet I would like to amortize my loan within 3 months, so the total interest would only be 1,500.00.

What are other alternatives?

Are you a member of Home Development Mutual Fund (Pag-IBIG) and Social Security System (SSS)?

They are offering salary loans for a much lower interest rate on a yearly basis.

If you are privately employed, the memberships are mandatory.

Tip: For Pag-IBIG, you can opt to make your contribution higher, but the company is only required to contribute 100 per employee on a monthly basis. In my case, my contribution is 300 per month, that is 400 all in all. If you have an existing loan, you can renew it after 6 months.

For Pag-IBIG salary loan, there is no option to apply online, you have to go to the branch, and the branch will evaluate your application and they will give you a visa card — that is where they are going to disburse the loan proceeds. In my case, I got the money within 5 days.

Good news, for SSS, you don’t have to go to their branch — as you can apply online! Here’s my recent application on October 25. As of the time of writing, I am still waiting for the check. It will be mailed to my employer’s address. I will wait at least 2 weeks.

Click this link for my recent experience applying for SSS salary loan online.

What if you really need a quick cash now?

I think you can go with Tala, so far, Tala has the best feedback I have heard from repeat clients. And with Tala, you can apply for a loan even if you don’t have a bank account.

Recommended reading:

• Tala Philippines: 100% Paperless Loan Application – My Detailed Guide in 2018
• Tala – Real Time Money Transfer tru Coins.ph even on Holidays [Best Online Lending PH]

Let’s understand that not all Pinoys have a bank account.

Quick Tip: Better apply a bank account now, the easiest way is to apply for an EON debit card from Unionbank. I got my EON as early as 2012. The EON has improved already, and you can do online banking on your mobile phone.

As you apply for an EON debit card, it goes with a bank account, as well.

Check EON here.

If you don’t have an existing loan with CashWagon, you can get a quick cash with them for 0% interest for your first 10-day loan. Grab it, my experience here (I already received the money after 5 days)… it was a bit longer due to the holidays. CashWagon does not disburse loan proceeds during the weekends and holidays.

If you need some guidance, I invite you to join our Online Pautang Guide!

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Prime Aque

Prime Aque is the back-end guy of Self-Help. He is a blogger and WordPress front-end designer. Importantly, he is a husband and a father of three wonderful kids. His firstborn are twin girls. He loves writing and sharing.

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