Cashbus is a rising star among loan apps in the Philippines, known for providing quick and accessible loans to Filipinos. But is it the right choice for you? Before downloading the app, it’s essential to weigh its features, pros and cons, and user feedback. This comprehensive review dives deep into the legitimacy of Cashbus, interest rates, application process, and customer complaints to help you make an informed decision.
Top 10 Fast Online Loans in Philippines – A Valid ID is All You Need Updated in December 2024
| Rank | Lender Name & Application Link | Loan Amount | Loan Term | Interest Rate | Repayment | ID Required | Age Range | Special Feature |
|---|---|---|---|---|---|---|---|---|
| #1 |
SOSCREDIT |
₱1,000 – ₱25,000 | 3 – 12 months | 0% for first loan | Monthly or End of term | Only ID Card required | 20 – 70 | Receive money in 15 mins |
| #2 |
CREDIFY |
₱1,000 – ₱25,000 | 3 – 12 months | 0% for first loan | Monthly or End of term | Only National ID required | 20 – 70 | Receive money in 15 mins |
| #3 |
CREZU |
₱1,000 – ₱25,000 | 2 – 4 months | 0% for first loan | Monthly or End of term | Only ID Card required | 18 – 70 | Easy loan approval |
| #4 |
FINBRO |
₱1,000 – ₱50,000 | 1 – 12 months | 0% for first loan | Monthly or End of term | Only ID Card required | 20 – 65 | Receive money in 10 mins |
| #5 | CREDITIFY Apply Now |
₱1,000 – ₱25,000 | 1 – 180 days | 0.1% | Monthly or End of term | Only ID Card required | All accepted | Approve Bad credit |
| #6 | CASHSPACE Apply Now |
₱1,000 – ₱25,000 | 2 – 4 months | 0% for first loan | Monthly or End of term | Only ID Card required | 18 – 70 | Easy loan approval |
| #7 | DIGIDO Apply Now |
₱1,000 – ₱25,000 | 3 – 6 months | 0% for 7 days | Monthly or End of term | Only ID Card required | 21 – 70 | Receive money in 4 mins |
| #8 | KVIKU Apply Now |
₱500 – ₱25,000 | 60 – 180 days | 1.2% per month | Monthly or End of term | Only ID Card required | 18 – 65 | Receive money in 5 mins |
| #9 | CASHEXPRESS Apply Now |
₱1,000 – ₱20,000 | 7 – 30 days | 0% for first loan | End of term | Only ID Card required | 21 – 70 | Receive money in 5 mins |
| #10 | MONEYCAT Apply Now |
₱500 – ₱20,000 | 7 – 180 days | 0% for first loan | End of term | Only ID Card required | 22 – 65 | Easy loan approval |
What is Cashbus Loan App?
Cashbus is a mobile-based lending platform that caters to small financial needs, offering personal loans with minimal requirements. It’s designed for convenience, particularly for individuals who may not qualify for traditional bank loans.
Key Features of Cashbus
- Fast and Easy Application
Complete your loan application in just a few minutes using the Cashbus app. Approvals are often processed quickly. - Minimal Requirements
Unlike banks, Cashbus primarily evaluates applicants through app-based assessments, making it easier for those with limited credit history to qualify. - Loan Amounts
Borrow from ₱3,000 to ₱10,000, tailored for short-term and smaller financial needs.
Advantages of Cashbus Loans
- Convenience: Apply anytime, anywhere via your smartphone.
- Speed: Faster approvals compared to traditional lenders.
- Accessibility: Open to individuals with limited or no formal credit history.
Disadvantages of Cashbus Loans
- Limited Transparency on Interest Rates: While Cashbus advertises competitive rates, exact figures are often unclear until you apply. Customer feedback suggests the rates may be higher than competitors.
- Customer Complaints: Online reviews cite hidden fees, aggressive collection tactics, and difficulty reaching customer support.
Is Cashbus Legit?
Yes, Cashbus is a legitimate lending company registered with the Securities and Exchange Commission (SEC) under the name Cash Bus Philippines Lending Corp. (SEC Registration Number: CS201815301). To verify, visit the SEC’s official website.
Cashbus Loan Interest Rates in the Philippines
Cashbus’ interest rates are not clearly disclosed on their app or website, but customer feedback suggests rates between 1.5% to 3.5% monthly, translating to an Annual Percentage Rate (APR) of 18% to 42%. Always confirm the specific rate during the application process to avoid surprises.
How to Apply for a Cashbus Loan
Eligibility Requirements
- Filipino citizen, aged 18 and above.
- Valid government-issued ID (e.g., SSS ID, Passport, Voter’s ID).
- Proof of income (e.g., payslips, bank statements).
- Registered mobile number in the Philippines.
Step-by-Step Guide
- Download the Cashbus app from the Google Play Store or Apple App Store.
- Create an account and fill out the online application form.
- Upload required documents, including a valid ID and proof of income.
- Submit your application and wait for the decision.
- Upon approval, review and electronically sign the loan agreement.
- Receive the loan amount in your bank account.
Required Documents
- Valid Philippine ID (SSS ID, Voter’s ID, Passport).
- Proof of income (payslips, bank statements, tax returns, etc.).
- A selfie for identity verification.
Who Should Use Cashbus?
Cashbus is ideal for:
- Filipinos needing small loans between ₱3,000 and ₱10,000.
- Those seeking a convenient, app-based loan application process.
- Individuals with limited credit history who struggle to get approved by banks.
Alternatives to Cashbus Loan
Before committing, explore other reputable loan providers:
- PeraFast: Known for competitive rates and quick approvals.
- Digido Philippines: Offers loans up to ₱25,000.
- LendUp: Transparent rates and flexible terms.
- Pag-IBIG Salary Loan: For Pag-IBIG members with competitive interest rates.
- SSS Salary Loan: A reliable option for SSS members.
Cashbus Complaints and Harassment Issues
Many online reviews highlight concerns over Cashbus’ aggressive collection practices. Borrowers have reported:
- Persistent and intimidating communication.
- Hidden fees that inflate loan repayment amounts.
If you experience harassment, report the issue to the SEC or consult a lawyer for guidance.
Final Thoughts: Is Cashbus Worth It?
Cashbus offers a quick and accessible loan solution for Filipinos, especially for those in need of smaller amounts and with limited credit options. However, the lack of transparency around interest rates and reports of aggressive debt collection are significant red flags.
Our advice:
- Compare Cashbus with alternative lenders.
- Always confirm interest rates, fees, and repayment terms before signing a loan agreement.
- Borrow responsibly to avoid financial strain.
Key Takeaway: While Cashbus can be a helpful tool in emergencies, it’s crucial to explore other options and read the fine print to ensure it aligns with your financial needs and goals.