What is a Fast Cash Loan and Where to Apply for One?

Published: August 10, 2021 | Updated: August 11, 2021 | Posted by: Moneymax | Personal Loan


fast cash loan | Moneymax

Emergencies do happen. Sudden hospitalization of a loved one, unexpected school expenses of your kid, job loss, and even unforeseen car repairs will catch you off guard. But if you’re lucky enough to have an emergency fund, chances are you’ll be able to get past these financial snags.

Not all of us, however, have a robust and steady reserve of money on standby. There may come an occasion where your emergency fund will not suffice. In which case, the only option that you have is to turn to a fast cash loan provider.

If this is your first time navigating this side of finances, don’t worry—we got you covered. We’ve pulled together a comprehensive guide that will teach you the basics of fast cash loans in the Philippines. We’ve also included a list of reliable lenders that you may want to consider.

What is a Fast Cash Loan?

Fast cash loans are salary loans and personal loans that can be approved in as fast as 10 minutes to just a few days. This particular type of loan is offered by a variety of lenders, ranging from local cooperatives to large consumer banks.

Because this type of loan is granted fast, you can have immediate access to funds exactly when you want or need it. This makes it the ideal financial support for your emergencies.

Is a Fast Cash Loan Legit?

This question can only be answered by looking at your lender. Sketchy lenders usually have high interest rates (which actually make them loan sharks). Dealing with this type of people or companies can get you into deep water, as paying high interest on top of your principal may exhaust your financial resources.

But if you’re working with a reputable bank or organization, you have the assurance that its product is legitimate. For your peace of mind, check out this list of BSP-supervised banks.[1]

For the list of SEC-regulated lending companies, you can take a look at this list.[2]

How Do Fast Cash Loan Applications Work?

fast cash loan - how it works

To ensure that the fast cash loan will be granted to the applicant as quickly as possible, the lender may employ a streamlined procedure like this:

  1. The borrower fills out a registration form at the lender’s office or via the lender’s website.
  2. The borrower supplies the requirements of the lender. If you’re applying online, you’ll be required to upload the photographed or scanned copy of the requirements.
  3. If your application is approved, you may receive the cash on the spot. Otherwise, you’ll have to wait within one to three days. Expect a longer wait time if you’re borrowing a large amount of money, as expensive loans need more careful validation.
  4. You can either pick up the cash at the lender’s office or have it deposited into your nominated bank account.

Note that the process may vary from one organization to another, so we recommend that you check with your potential lender.

The repayment of loan will depend on the terms of the agreement or nature of the loan. For instance, if you have applied for a payday/salary loan, you’re expected to return the borrowed money on the next payday.

Where Can I Borrow Money Fast in the Philippines?

Always stay on the safe side, so deal only with reputable banks or lending companies. Here are some legit fast cash loan providers that you may want to include in your list.

✔️ Citi Personal Loan

Citibank’s personal loan is often considered one of the best in the market. Not only does it have a high loan amount, but it also has flexible repayment terms.

  • Loan amount: PHP 20,000 – PHP 2 million
  • Interest rate: 1.26% per month
  • Approval time: As fast as 24 hours
  • Payment terms: Up to five years
  • Features: No collateral needed; ideal for major emergencies, such as hospitalization, opening a new business, or funding vacations
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✔️ EasyRFC Multi-Purpose Loan

If you’re just dealing with a minor financial inconvenience that doesn’t require a huge amount of cash, Radiowealth Finance Corporation’s EasyRFC Multi-Purpose Loan may be the right fast cash loan for you. Nevertheless, this loan may also help you with critical emergencies.

  • Loan amount: PHP 10,000 to PHP 150,000
  • Interest rate: 4% per month
  • Approval time: As fast as 24 hours
  • Payment terms: Up to 12 months
  • Features: No collateral needed; ideal for kids’ tuition needs, car repairs, gadget acquisition, and travel funding
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✔️ Tala Cash Loan

On-the-go cash assistance has never been more convenient with Tala Cash Loan. This is because you can apply for the loan by just using your Android smartphone. Plus, the requirements are not that complicated. This loan is ideal for unexpected yet small financial problems.

  • Loan amount: PHP 1,000 – PHP 15,000
  • Interest rate: 11% for payment within 21 days; 15% interest rate for payment within 30 days
  • Approval time: As fast as 24 hours
  • Payment terms: 21-30 days
  • Features: Apply for a loan anytime, anywhere (24/7); no collateral needed; ideal for quick cash needs, such, as groceries and tuition
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✔️ SB Finance Personal Loan

The SB Finance Personal Loan can help you fund emergencies and expenses that require a larger amount of cash. While the approval may take a few days, you’ll get a flexible payment term in case your application has been approved.

  • Loan amount: PHP 30,000 to PHP 2 million
  • Interest rate: 1.39% per month
  • Approval time: Within five banking days
  • Payment terms: Up to three years
  • Features: No credit card needed (compared to other banks); no collateral needed; ideal for hospitalization, major car repairs, and new business
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✔️ BPI Personal Loan

Another high-amount loan that you can apply for comes from BPI. This is an attractive deal, as it offers the lowest interest rate in this list. Furthermore, the payment terms are flexible.

  • Loan amount: PHP 20,000 to PHP 2 million
  • Interest rate: 1.20% per month
  • Approval time: Within five to seven banking days
  • Payment terms: Up to three years
  • Features: No collateral needed; ideal for major emergencies, such as hospitalization, car repairs, new business, and even travels

Read more: Your Easy Guide to BPI Personal Loan Application

How to Qualify for a Fast Cash Loan

fast cash loan requirements
Photo from Freepik

The requirements of major banks and lending institutions are straightforward so that they can facilitate quick approval and release of cash.

Fast Cash Loan Requirements

Here are the usual required documents for a quick cash loan.

  • Filipino citizen
  • At least 21 years old and not more than 60 years old at the maturity of loan
  • Have a stable source of income
  • Must be able to present the following:
    • Valid government-issued ID(s) with picture
    • Proof income (payslips, ITR, among others)
    • Certificate of Employment (for employees)
    • Business Registration Documents, such as DTI and SEC Certificates (for business owners)

Note that the number of requirements will depend on your lender, so get in touch with them to learn more.

Some Reminders Before Applying for a Fast Cash Loan

If you want your fast cash loan application to be successful, you’ve got to take note of the following tips.

1. Compare Your Options

Not all fast cash loans are created equal. Each is created for specific purposes, so make sure to weigh your options carefully. That way, you’ll be able to get the loan that suits your budget and lifestyle.

If you’re having a hard time listing down and comparing different offers, you can use Moneymax’s loan comparison tool. What makes this procedure much more convenient is that you can apply for a personal loan online as soon as you find the loan that’s best for you.

2. Borrow Only What You Can Pay

fast cash loan - loan calculation

Some borrowers have struggles on how to repay a fast cash loan. This is because they didn’t accurately calculate the amount they actually need and plan how to pay it on time. Be realistic about the amount of money you’re borrowing, so you’ll not be burdened with high interest in the end. Give yourself a solid idea of the costs that you’re going to cover by using your lender’s loan calculator.

3. Check the Fees That Come with the Loan

Other than fast loan interest rates, you may pay other fees at the start or in the midst of the loan term. For instance, some banks will require you to cover processing fees and documentary stamp taxes. These are normally deducted from the loan proceeds.

Other fees to take note of are disbursement fees, late charges, returned check fees, and even judicial and attorney’s fees just in case you default on your loans.

4. Check Your Credit Score

Some banks and lenders may run a credit score check. This is because they want to determine if you’re capable of handling the borrowed money responsibly. Remember that that interest rate and repayment terms may also be based on this particular score alone.

Good credit scores may reward you with lower interest rates and lenient payment terms. Not-so-favorable credit scores may lead to the rejection of your application. However, if your application has been approved despite the score, expect that you’ll pay a higher interest rate.

Final Thoughts

A fast cash loan may save your day, especially if you have already exhausted your financial resources. But don’t just go for the first lender that comes your way. It’s important to be discerning with your options, as it will help you save a lot of money in the long run.

Find the Best Loan for You Today

If you want to learn more about cash loans and some money-saving techniques, feel free to browse our articles. You may also check out other legit loan options in the Philippines below.

Personal Loan ProviderFeatures
Citibank Personal Loan
Get a Citibank Personal Loan with Moneymax
  • Fast approval time in as fast as 24 hours
  • Loan amount of up to P2 million
  • Flexible payment terms of up to five (5) years
EasyRFC Multi-Purpose Loan
Get EasyRFC Multi-Purpose Loan with Moneymax
  • Fast approval time in as fast as 24 hours
  • High loan amount of up to P150,000
  • Payment term of up to 12 months
SB Finance Personal Loan
Get SB Finance Personal Loan with Moneymax
  • Get approved within five banking days
  • High loan amount of up to P2 million
  • Flexible payment terms of up to 36 months
TALA Personal Loan
Get TALA Personal Loan with Moneymax


  • Fast approval time in as fast as 24 hours
  • Quick cash loan up to P15,000
  • 24/7 application using an Android phone

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