Financial emergencies can strike at any time, and when they do, the Mabilis Cash Loan App promises fast access to cash in the Philippines. But before you rush to download the app, it’s essential to dig deeper into its features, legitimacy, and user feedback. In this detailed review, we will examine the app’s offerings, the pros and cons, and some of the complaints users have raised, helping you make an informed decision about whether this service is right for you.
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 |
Mabilis Cash Loan App Overview
Mabilis Cash offers an online loan service with a focus on fast approvals and flexible loan amounts. Whether you need to cover unexpected medical expenses, pay bills, or address other urgent financial needs, Mabilis Cash promises to provide a quick solution. However, as with all online lending platforms, it’s crucial to evaluate the full picture before committing.
Key Features of the Mabilis Cash Loan App
- Fast Approval Process: One of the primary selling points of the Mabilis Cash Loan App is its streamlined application process. Once you submit your application, you can expect quick approval, which is ideal for those in urgent need of funds.
- Flexible Loan Amounts: Mabilis Cash allows borrowers to take out loans ranging from Php 2,000 to Php 25,000. This flexibility means the app can cater to a wide variety of financial needs, from smaller emergency expenses to larger, more pressing ones.
- Multiple Repayment Options: The app offers several repayment methods, making it easier for borrowers to settle their loan based on their convenience.
Pros of Using Mabilis Cash
- Quick Access to Cash: For urgent financial needs, Mabilis Cash provides the potential for rapid loan approval and disbursement, offering a fast and easy way to get money when needed most.
- User-Friendly Process: Applying for a loan is simple. With just a few steps on your smartphone, you can complete the application without the hassle of long paperwork or physical visits to a branch.
Cons of Mabilis Cash
- High-Interest Rates: As is common with many online lending apps, Mabilis Cash has a reputation for high interest rates, which may be significantly higher than those offered by traditional banks or credit unions. This can make the loan more expensive over time.
- Strict Eligibility Requirements: While many Filipinos may be eligible, Mabilis Cash may not be accessible to everyone. Strict eligibility criteria mean that some users may find it difficult to qualify for a loan.
- Mixed Reviews: While some users have reported positive experiences, there are also negative reviews regarding unclear charges and unexpected fees, which can leave borrowers feeling frustrated.
Mabilis Cash Complaints in the Philippines
Despite its promises, Mabilis Cash has received several complaints, with users citing the following issues:
- Unclear Interest Rates and Fees: One of the biggest concerns is the lack of transparent information regarding interest rates and additional fees. Many users have pointed out that they were unsure about the exact costs of borrowing until after they received the loan.
- Hidden Charges: Some users have reported facing unexpected fees that were not clearly disclosed at the time of application. These hidden charges can add up quickly, increasing the total cost of borrowing.
- Aggressive Debt Collection Practices: There have been complaints about the app’s debt collection methods, with some borrowers claiming that Mabilis Cash or third-party collectors have used aggressive tactics. It is important to note that under Philippine law, harassment for debt collection is illegal, and such practices should be reported.
Is Mabilis Cash Legit?
Yes, Mabilis Cash is a legitimate business. The company is officially registered with the Securities and Exchange Commission (SEC) under Registration Number CS20160601. You can verify this information by checking the SEC website. However, as with any financial service, it’s important to exercise caution and be aware of the potential risks involved in borrowing from online lenders.
Mabilis Cash Loan Interest Rates in the Philippines
The exact interest rate for loans taken through the Mabilis Cash app is not immediately clear, as the company does not provide upfront information on its website or app. However, based on user reviews and comparisons with other similar lending apps, it’s estimated that the Annual Percentage Rate (APR) could range from 36% to 50%. This is on the higher end compared to traditional financial institutions, so it’s important to fully understand the terms before committing to a loan.
How to Apply for a Mabilis Cash Loan
Eligibility Requirements
To apply for a loan through the Mabilis Cash app, you need to meet the following basic criteria:
- Legal age (21 years and above)
- Filipino citizen or permanent resident
- A verifiable source of income (such as payslips or bank statements)
Step-by-Step Application Guide
Here’s how you can apply for a loan through the Mabilis Cash app:
- Download the Mabilis Cash app: Start by downloading the app from the Google Play Store or Apple App Store.
- Create an account: Sign up using your personal details.
- Submit your application: Fill in the required information, including your financial details.
- Submit the necessary documents: Upload valid identification and proof of income, along with any additional documents requested.
Required Documentation
When applying for a loan, be prepared to provide the following documents:
- A valid government-issued ID (e.g., driver’s license, passport, or postal ID)
- Proof of income (such as payslips, bank statements, or other relevant documents)
- Any other documentation that may be requested by Mabilis Cash to process your application.
Mabilis Cash Payment Terms
Repayment terms for Mabilis Cash loans are outlined in the app, and you can expect to pay via several methods such as bank transfers or over-the-counter payments. Be mindful of late payment penalties, which can include fees and the possibility of escalating debt collection efforts.
Who Should Consider the Mabilis Cash Loan App?
Given the potential high costs and the reports of aggressive debt collection, Mabilis Cash is best considered as a last resort for those facing immediate financial difficulties. Before applying, make sure you explore all your options, such as borrowing from family and friends, or investigating other loan providers with better terms.
Alternatives to Mabilis Cash Loan
If you’re looking for more affordable or ethical alternatives, here are some options to consider:
- Traditional Banks: Banks may offer secured or unsecured loans with more favorable interest rates and terms.
- Credit Unions: If you are a member of a credit union, you may have access to lower-interest loans with more flexible terms.
- Reputable Online Lenders: Do your research to find other online lending apps that may offer better rates, transparency, and customer service.
Mabilis Cash Harassment in the Philippines
If you experience harassment or illegal debt collection practices from Mabilis Cash or any other lender, you have the right to report them. In the Philippines, you can file complaints with the National Privacy Commission (NPC) and the Securities and Exchange Commission (SEC). Remember, debt collection should be conducted professionally and respectfully under the law.
Conclusion: Is Mabilis Cash Right for You?
The Mabilis Cash Loan App can provide fast financial relief, but it comes with several risks. While the app is legitimate and offers a quick loan process, the high-interest rates, lack of transparency, and reports of aggressive debt collection practices should make you think twice. Always weigh the costs and risks, and explore other options before deciding whether this app is the right choice for your financial needs. Prioritize your financial well-being and make sure you fully understand the terms of any loan before borrowing.