Facing an urgent need for cash but don’t qualify for a bank loan? Online lending platforms like Cash-Express offer a viable and responsible borrowing alternative for Filipinos.
As an authorized FinTech company, Cash-Express provides quick access to financing even to underserved segments. Their easy loan products strictly follow ethical lending guidelines and regulatory compliance.
This makes Cash-Express loans a safer and more transparent option compared to informal sources like loan sharks or unregulated lenders.
Cash-Express Adheres to Fair Lending Practices
Rising debt levels in the Philippines have raised concerns regarding predatory lending tactics and borrower interests.
As a legal FinTech firm, Cash-Express incorporates best practices to prevent over-indebtedness and ensure responsible borrowing.
Here is how they promote fair and ethical loans:
Reasonable Interest Rates
Instead of inflating rates to maximize profits, Cash-Express caps pricing within single-digit fixed interest rates. The reasonable rates help maintain affordability based on repayment capability.
Borrowers are clearly informed regarding applicable one-time fees and interests before signing the loan contract. There are no hidden charges levied later.
Flexible Loan Tenures
While competing lenders push loans with rigid 2-3 month durations, Cash-Express offers customizable tenures. Borrowers can select feasible timeframes between 2 weeks to a month.
The flexible terms allow aligning monthly EMIs to income cycles making repayments easier to manage.
No Prepayment Penalties
Cash-Express does not lock borrowers with prepayment or foreclosure fines. There are no financial penalties for closing a loan early by making a lump sum payment.
Borrowers have the right to repay outstanding principal and interests ahead of schedule without restrictions. This facility allows significant interest savings on early settlement.
Complete Transparency
The loan application clearly specifies all applicable charges and terms. The signed e-contract captures all-inclusive pricing without hidden costs sprung later.
Borrowers can review detailed amortization schedules, fee breakdown and risk warnings before accepting the loan.
Compliance with Lending Regulations
The FinTech sector in the Philippines operates under the regulatory oversight of the Securities Exchange Commission (SEC). Cash-Express maintains full compliance to applicable lending guidelines.
This includes adherence to provisions under the SEC Memorandum Circular No. 10 Series of 2017 under the heading “Rules and Regulations Governing Lending Companies and Borrowing Transactions.”
Some of the major regulatory guidelines followed by Cash-Express are:
Rigorous Lender Accreditation
Cash-Express is an SEC-accredited lending company authorized to extend credit and financing services. They underwent strict evaluation across governance, systems, processes, and business conduct parameters to obtain registration.
The accreditation is an assurance that Cash-Express has the requisite capabilities and controls to manage lending operations as per regulations.
Stringent Data Privacy
Cash-Express protects sensitive borrower data like personal information, bank details, and financial records as per Data Privacy Act provisions.
Their online systems and processes incorporate stringent security protocols and encryption to prevent leaks and unauthorized access.
Timely Regulatory Reporting
As a registered FinTech lender, Cash-Express adheres to filing timely statements and returns as mandated by the SEC.
Periodic reports on portfolio quality, risk management, and financial position offer insights into the continuing regulatory fitness of operations.
Independent Audits
Annual audits are conducted by external supervision teams to verify Cash-Express’s compliance with prevailing lending guidelines and standards.
These rigorous independent audits showcase regimented governance overseen by the SEC.
Responsible Lending Checklist
Based on the discussion so far, here is a quick checklist recap of fair lending practices embodied by Cash-Express:
- SEC-accredited legal lender
- Fixed reasonable interest rates
- No hidden fees or charges
- Flexible loan repayment tenures
- Prepayment allowed without penalties
- Robust data security provisions
- Timely regulatory reporting
- Annual external compliance audits
Adherence to these positive lending attributes makes Cash-Express loans a prudent borrowing avenue for meeting urgent financing needs.
The transparency and ethical approach help position Cash-Express as a trustworthy alternative vis-à-vis risky informal borrowing options. Responsible borrowing requires finding the right lending partner.
Frequently Asked Questions
Is Cash-Express allowed to operate in the Philippines?
Yes, Cash-Express is an SEC-accredited lending company authorized to provide legal financing services in the Philippines.
Can I settle the Cash-Express loan early?
Yes, you can foreclose the loan anytime without penalties by making a lump sum payment for the pending principal and interest.
What collection practices does Cash-Express follow?
Cash-Express adheres to ethical and non-abusive recovery practices as per regulations. There is no harassment using physical or verbal threats.
Does Cash-Express share borrower data?
No stringent privacy controls are in place to secure confidential personal and financial borrower data as per the Data Privacy Act.
What is the interest rate offered?
Single digit fixed interest rates offered allowing complete transparency on loan pricing to customers.
