Fast Loan up to PHP5,000
Published: August 18, 2020. Last updated: June 22, 2022
- A loan is a financial necessity for many Filipino citizens.
- There are several options for getting a loan – banks, online companies, private lenders.
- We recommend a loan of 5000 pesos or more from Digido.
- Digido gives automated loans online within 24 hours, without an office visit.
When you urgently need money before your salary, you can always contact a financial institution. So, in the Philippines the system of online lending is gaining popularity, where you can quickly take an online loan in the amount of PHP 5,000. Such services quickly issue loans, without any reference to work or proof of solvency and with the ability to get cash without a bank account. The loan approval guarantee is usually 80-90%. Most of the time, the term for a payday loan is only two weeks or a few days. This always depends on the date your loan was approved. If your loan was approved on the 10th of the month, you are expected to pay it on the 15th. You can pay the whole amount, or just pay it partially. There are many such companies because people in the Philippines need a 5,000 loan with low interest. We will give you some tips on how to choose a good company.
Where to take PHP 5 000 at interest?
Now, how do you choose PHP 5,000 cash loans on the same day? What are the good qualities of a company that offers a payday loan?
Below are some of our recommendations when looking for quick 5,000 loan in the Philippines:
- You should only borrow money that you can afford to pay, and money that you need. Why? Because it does not make sense paying high interest for money that you do not really need.
- Compare several companies. There are many companies that offer personal loan up to 5,000 pesos. Check, how much interest they charge, what payment methods they accept, and how they will transfer money to you.
- Check the license of the selected company. All financial companies in the Philippines must be registered in the Securities and Exchange Commission. This license must be found in the company’s offices or website. If the company is not registered, it is operating illegally.
- Make sure you know how much you owe in total, as this prevents surprises. Read the fine print, and see if there are hidden charges.
So far, these are the steps on how you need to choose a lending company, specifically, a payday loan. Do your due diligence, and then apply for a 5,000 loan online. To get money quickly, people often turn to lending companies or pawnshops (Villarica pawnshop, Сebuana pawnshop, Palawan, etc.)
Quick 5000 loan in Digido
Everyone who urgently needs money wants to get a loan for PHP 5,000 quickly and easily. Digido is one of the largest lending companies and is ready to lend to any Filipino citizen.Apply now
Who can get a loan of PHP 5,000?
You must be a Filipino citizen. Digido issues loans only to those people who are between 21 and 70 years of age. You need to be able to prove your citizenship, plus you must have a phone number that they can call. If you are self-employed or if you are operating a business, you have to present your document from the Department of Trade and Industry.
You can also present your Income Tax Return documents from the Bureau of Internal Revenue. If you are employed, you have to ask your current employer for a Certificate of Employment.
Interest Rate Calculation
New customers may get a loan PHP 5,000 without interest. A repeat customer can also borrow this amount at 1.5% per day.
|Borrower category||Amount (PHP)||Duration||Payment Type||Interest|
|First Time||1,000 – 10,000||5-15 days||One Time||0% daily|
|Repeat||10,000 –25000||7-30 days||One Time||1.5% Daily|
→ Useful information about Student loan pay after graduations
How can I get a PHP 5,000 loan?
You can get a loan in a bank account or in cash, of your choice. The speed of receipt of money depends on your bank and is from 1 to 2 days. For Cebuana Cash Pick-up and G-cash transfer does not exceed 24 hours in working days.
How can I repay a loan?
You can pay your debt in two ways: by bank card or in cash. To pay by bank card, go to your personal account at Digido.ph. In the list “Active Loans” select the one you want to repay. Click on the “Bank Card” button and proceed to payment.
To pay your debt in cash, print a formalized payment order from Digido.ph. With this document you can make payment in any bank. You need to comply with Digido payment terms. The most important of these is to pay the loan on time, on the date specified in the loan agreement.
6 easy steps for a loan in Digido
It is very easy to get a loan on the Digido website:
- select the amount and payment term on the Digido loan calculator, for example, PHP 5,000 loan;
- click “Get a loan” and fill out a short online application;
- submit the application for consideration;
- wait for a reply to your email;
- sign the loan agreement using the code from the text message (you should read its clauses);
- you’ll get a PHP 5,000 cash loan.
Digido gives out loans even to those whose credit rating leaves much to be desired. The rating is downgraded due to past late payments, bad credit histories and conflicts with banking institutions.
→ Learn more about Personal Loans loan without credit check
Why do People Take Quick Loans?
Usually, people take quick loans when the out of the pocket expenses exceed their regular savings. For instance, if you had to spend a substantial amount on your pet dog’s treatment, your financial reserves for credit card payments will become inadequate, at least for the month. Similarly, purchasing an expensive product that you have earmarked for offer periods or an additional payment of taxes, etc. can topple your financial plans for the month.
These are the most common reasons for the Filipinos to arrange a Salary loan:
1. Wedding Expenses
A wedding is one of the most important events in a person’s life! But it is also one of the most expensive. You can borrow for your wedding to pay for the banquet, food, wedding clothes, and honeymoon with a wedding loan.
2. Vacation Expenses
Go on the vacation of your dreams! Choose a beautiful place and relax in a luxury hotel. A vacation loan will allow you to rest properly and start work with fresh energy.
6. Debt consolidation
You can use a personal loan to consolidate major loans, credit card or other types of debt. Debt consolidation loan is one of the most popular loan purposes among Filipinos.
4. Appliance purchases
Allow yourself the appliances you’ve always dreamed of! You can get a phone loan or a TV loan, buy the best refrigerator, air conditioner, or tablet. Upgrade your gadgets and devices!
Whatever the reasons are, if you default the credit card payment, it will reduce your credit scores. A low credit score and a blemished credit history will make you ineligible for any other loans.
→ Also read all about Gadget Loan credit check?
It is important for any customer to understand that the assessment of a potential client is based on certain parameters. One of them is the credit history. Bad credit history appears when a person has overdue past loans or has not yet closed them. It is risky for lenders to work with such customers. If they give a loan of 5,000 or 10,000 pesos, they have no guarantee of repayment. For this reason, Digido does a minimum check on the customer and does not lend to a person with large debts. All actions are carried out in accordance with the Philippine law, since Digido is an officially registered financial company. However, if you have minor credit history irregularities, we advise you to apply to Digido for a PHP 5,000 urgent loan . You have a chance, because the approval rate here is very high and the company trusts its customers.
When you take a loan with a bad credit history with quick approval, it is also important to repay it. It is advisable for the lender to tell a specialized office how you pay the fees. This will help you improve your credit score.
→ Do you know how to get online loan without valid ID?Apply now
JakoEfficient, Seamless and Reasonable transaction. First time user. Well done. 😉5
EfrenI give 5 star in this app. Nice app, very fast approval and they are very professional and the agent is very good. I recommend this app to my friend and family.4
ErikDigido is very efficient. The approval is quick as long as you accomplish the requirement. I am totally satisfied, thank you Digido for the prompt assistance.5
ArnoldIt was a very good transaction, fast disbursement and no interest for first time loan. Thank you Digido!5
MarieIt's my first time. It took just about 5 minutes and I was approved in an instant. Very helpful.4