24-hour payday loans in the Philippines
Who can get a Digido loan?
- A payday loan is a small loan issued by a financial institution over the Internet.
- The need for a payday loan in the Philippines usually comes due to low wages or in case of an emergency.
- We recommend a quick short-term loan from Digido for between 7 and 30 days.
- Always keep repayment deadlines in mind to pay back your debt on time.
An online payday loan is issued by a private lender through the Internet. These are typically unsecured, are short-term, and can be granted quickly. These do not require collateral, but interest rates can be low or high depending on the lender.
Payday loans are supposed to be repaid upon the next payday. Therefore, in most cases, you must have a stable source of income.
These loans are designed for those who need quick funds for any urgencies, such as hospitalizations, home repairs, utilities, food and others. Hence, they are available 24/7 online through apps or websites. However, it cannot be used to cover mortgages, nor be used as capital for starting a business.
When a payday loan is taken out, the expectation from the lender is that it will be paid on the next date when the borrower’s salary is available. The borrower will pay the principal amount plus whatever interest rate was added to the principal amount.
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When are Payday Loans Needed?
People turn to these sources of credit when their salaries are not enough to cover expenses or if their salaries are delayed. Some situations in which quick 24/7 payday loans online can apply include:
– School expenses
– Everyday expenses
– Rent and utilities
– Quick travels
– Debt refinancingApply now
Payday loan requirements
Payday loan companies in the Philippines have different requirements than ordinary lenders or other avenues of credit, but the most common are government-issued IDs, proof of billing, and proof of income such as payslips.
Lenders also reserve the right to request for additional requirements on a case to case basis. For example, a lending app may ask for a borrower or co-maker while another may ask for a collateral like a bank account. There are also instances where a lender will ask for access to a borrower’s contact list and social media accounts.
The latter is especially risky considering the privacy concerns associated with this practice. If a borrower fails to repay a loan, unscrupulous lenders will contact the borrower and their associates in order to force a repayment.
These lenders will not hesitate to use harassing and threatening messages in order to get their money back. Some have gone as far as posting on the borrower’s social media account without consent, adding to the shame and desperation that the borrower is already facing.
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Are payday loans legit?
24-hour payday loans in the Philippines are legitimate and can be availed from legitimate lenders. Answering the need of Filipinos for quick and hassle-free credit, online lending apps offer personal loans that can be disbursed under five minutes with minimal interest rates and flexible payment terms.
In order to avail of legitimate 24/7 payday loans online in the Philippines, you can do a quick Google search on online lending apps that offer this service. There are also lots of credit companies in the Philippines that have their own mobile apps, so be sure to check them out as well.
Compare and contrast amounts, interest rates, terms, requirements, fees and other charges, and others. Comparison sites usually provide a loan calculator which you can use to determine the best amount for you considering your circumstances.
The Cons of a Payday Personal Loan
This service may be easy to acquire and is available almost anywhere 24/7, but just like any other loans, they also have their downsides.
Borrowers have the responsibility to pay their loans on time. This can be a challenge especially for those who are not earning enough, are already neck-deep in debt, or are facing high interest rates and hefty charges.
In addition, it can also be predatory. It is no longer unheard of for predatory lenders in the Philippines to use payday loans to lure in borrowers who are in dire need of cash but have either an unpleasant credit history or have no means to repay in the first place.
Predatory lending practices include hefty interest rates and other charges, short repayment periods, no contracts, and harassment. Due to these predatory lenders, borrowers often fall into a debt trap, taking on loans over and over again to cover existing debts. In the event that a borrower fails to repay on time, these apps would then contact people on the borrower’s phone or social media account and send threatening messages to force the borrower to repay.
Before borrowing, you must make sure that the company is legal and check its presence in the lists on the www.sec.gov.ph
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Payday Loans in Digido
Digido is an online money lender, established, licensed, and operating legally. Many financial organizations offer unemployment loans, but not every one offers such loyal conditions as Digido. Digido is an automated credit system that issues loans quickly and hassle-free with minimal interests and favorable terms.
If you need cash immediately for the purchase of equipment, vacation, celebration, surgery or payment of utilities – do not waste time on banks, sign up for a Digido account now!
Advantages of Digido 24 hour Payday Loans
1. Fully Automated
Since Digido issues 24/7 cash loans online, the borrower can expect the money to be there like an instant payday. Borrowers don’t have to fall in line for hours too, the transaction is also more accurate, being that all the financial transactions are calculated on computers which are really overpowered.
2. High Approval Rate
These loans can be disbursed within an hour, which is helpful if you need money urgently. With Digido, potential borrowers can be assured that they will receive their payday credit with ease and with little hassle.
3. Online Application
You just need to prepare an ID and proof of employment. Other requirements include proof of billing, payslips, etc. There’s no way that an employee can still miss any important document.
Borrowers don’t have to go to the bank! Application can be done and completed from the comfort of your own home using your preferred gadget.
4. Open for everybody!
Anyone who has reached the age of majority and is a citizen of the Philippines can apply for a fast and easy online loan 24/7. Your marital status nor your salary will not affect your probability of getting accepted.
Also an undoubted advantage is the ability to cash out funds in the offline point. The borrower receives the 24/7 loan approval of the application on the web-site, and then cashes out a loan in one of our offices. Such points are located throughout the Philippines. The loan is drawn up 24 hours a day and quite simple. You need to choose the amount and maturity of the debt, then fill in a short form with your passport data.
The application is sent for consideration. Within a few minutes, the borrower receives a reply from the company to which the electronic contract is attached. It is necessary to read the points of the contract and confirm the financial deal with a single click of the mouse. Money will be available within 1 hour maximum. On average, the waiting time does not last more than half an hour.
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Digido Loan Terms
The terms set by Digido are pretty straight forward: those who are going to borrow for the first time are allowed 15 days to pay back whatever amount is owed. This is just about the same length of time between paychecks.
For those who will be borrowing for their second time or more, they can take out a loan with a term anywhere between 5 and 30 days.
Unfortunately, first-time borrowers can’t borrow a large amount; they can only borrow at PHP 1,000.00 maximum. But if the first loan has been paid, the borrower can borrow a higher amount. Succeeding amounts can go as high as PHP 25,000.00 which should be enough for most simple emergency situations.
- Borrower Requirements
The requirements necessary for borrowing a payday 24/7 loan from Digido is minimal. All customers are expected to have 1 government valid ID. The following documents may be provided in addition: a copy of their payslips or employee ID or a Certificate of Employment (COE). For the self-employed like those who are running a business, it is necessary to present their Department of Trade and Industry (1) or Bureau of Internal Revenue (2) certificates.Apply now
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Digido is a financial system that does not require the provision of supporting documentation, except the passport. The customer will not have to experience:
- waste time on standing in queues at banks;
- waste time on waiting for an approving result;
- need to collect a package of documents;
- extra overpayments, commissions and other cash deductions.