A Quick Cash Loan (QCL) normally consists of a collateral item to secure your loan. This is used in the case the borrower is not able to pay the loan back. The collateralized item of a quick cash loan is usually an item that you can turn into cash in a relatively short period of time. It is also an item that is easy to value and has a stable value over time. Due to the collateralized item a QCL does not require a lot of information from the borrower.
The collateral item can be any of the following:
1. Jewelry
2. Cellphones, Collectable Items & Power Tools
3. Motorcycle or Car
4. House & Lot
In the Philippines there are many financial services companies that offer quick cash loans. The largest and most reputable company is M Lhuillier Financial Services Inc (M Lhuillier). M Lhuillier has the highest appraisal rates with the lowest interest rate for Jewelry, Power Tools, and Car collateral loans. To avail of one of M Lhuillier’s quick cash loans you can walk into any of the 3,000+ branches located all over the Philippines. The transaction should not take more than 15 to 30 minutes depending on the type of collateral you are using for your loan. M Lhuillier also offers different loan terms from 15 days to 3 month loan terms which are extendable for as long as interest is paid on time.
These are the requirements to apply for a quick cash loan
1. Collateral Item
2. Government Issued I.D.
What happens if you don’t pay your interest on time?
Depending on the company you apply for a QCL from, foreclosure time can vary. For example, at M Lhuillier the foreclosure process starts after 6 months of no payment. There are penalties if you don’t pay interest on time, but you are guaranteed to get your item back if you update your payments before the end of the six months. This gives you the flexibility should your income for 1 or 2 months does not allow you to meet interest payment needs. Furthermore, late payments or foreclosure will not affect your credit at any financial institution whether it be a bank or another financial service firm.
Financing companies like M Lhuillier do not require any credit checks for Jewelry or power tool loans. This makes the approval process very fast once the value is agreed on. However, for OR/CR Car Loans M Lhuillier will ask for more requirements to verify the information provided. This is because an OR/CR loan allows you to keep possession of the car or motorcycle. If you would like to learn more about OR/CR loans you can find out more by clicking on this article “What is an OR/CR Loan?”
In developing countries around the world quick cash loans are an easy and efficient way to help you with your finances especially if you don’t have a bank account or a business plan to present to other lenders such as banks or financing companies. It is also a safer and cheaper financing option compared to neighborhood lenders who charge much higher interest rates and can sometimes use illegal ways to collect interest.
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