CashCano Loan App Review: Is it Legit or Scam [BEWARE]

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  • Post published:February 12, 2024
  • Post category:Reviews

CashCano has emerged as one of the Philippines’ most popular and trusted digital lending platforms. With its commitment to providing fast, convenient, and transparent loan services, CashCano has helped millions of Filipinos overcome financial emergencies.

In this comprehensive CashCano loan app review, we look in-depth at its features, benefits, eligibility criteria, fees, and more. Read on to learn everything you need to know about CashCano to decide if it’s the right lending platform for your needs.

CashCano Loan App Review: Overview

CashCano is a leading fintech company that provides online cash loans to individuals in the Philippines. It was founded in 2020 and is registered with the Securities and Exchange Commission (SEC) with the registration number CS 202000182.

CashCano is dedicated to financial inclusion and aims to provide access to credit to underserved Filipinos through its innovative digital lending platform. It offers personal loans ranging from ₱2,000 to ₱120,000 that can be availed completely online.

Some key highlights of CashCano:

  • Instant approvals: Get approved for a loan in minutes and receive funds in as fast as 24 hours
  • Competitive rates: Interest rates starting at 1% per month
  • Flexible terms: Loan terms from 3 to 12 months
  • 100% online: Fully digitized loan application and approval process
  • Top-notch security: Robust data encryption and security protocols

CashCano is committed to responsible lending and upholds transparency, privacy, and security principles. It aims to provide a smooth borrowing experience with minimal fees and no hidden charges.

Features and Benefits of CashCano Loan App

CashCano’s fully online platform offers several useful features that set it apart from traditional lenders and make the borrowing process seamless for customers. Here are some of its major features and benefits:

Convenient Online Application

The entire loan application process at CashCano takes place digitally through its website or mobile app. Customers can apply for a loan in three simple steps – sign up, complete the application form, and upload documents.

The online process is quick, paperless, and can be completed anytime in less than 10 minutes. It saves you the hassle of visiting a physical branch or submitting piles of paperwork.

Quick Approvals

CashCano features an automated approval system that can approve loans in mere minutes. When you submit your application, its algorithm assesses your profile and makes an instant decision.

If approved, you receive the loan agreement immediately on the app and just need to digitally sign it to disburse your funds. This rapid underwriting allows you to get funds credited in your account within 24 hours of applying.

Flexible Loan Amounts

You can borrow between ₱2,000 to ₱120,000 based on your financial requirements. CashCano does not impose rigid loan amount restrictions.

Its risk-based pricing model evaluates multiple factors to customize the loan amount offered to you. So you get approved for the specific amount you need.

Multiple Loan Terms

CashCano offers the flexibility to choose a suitable repayment tenor ranging from 3 to 12 months. You can select a shorter 3 or 6-month term for smaller loans or a longer 12-month term for bigger amounts.

The fixed EMIs and longer tenor help ensure the loan is affordable for your budget.

Zero Paperwork

As an online lender, CashCano does not require submitting any physical documents or paperwork. All documents, like ID proof, income proof, etc., can be uploaded online through the app.

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This allows for a completely paperless loan process. You also save on document retrieval and logistical costs.

Fast Disbursal

Once approved, you can disburse your loan amount into your bank account within 24 hours.

CashCano provides multiple convenient options to receive funds – direct bank transfer, e-wallet transfer to GCash or PayMaya, or over-the-counter cash pickup at payout partners like Cebuana Lhuillier.

Pre-Approved Offers

Loyal customers who repay their loans on time are rewarded with pre-approved offers for their next loan. This allows you to get repeat loans faster without going through the full underwriting process.

The limit is incrementally increased with each successful loan to offer larger credit amounts to reliable borrowers.

No Prepayment Penalties

CashCano does not levy any charges for prepaying your loan ahead of tenure. You have the flexibility to pay back part or full amount ahead of schedule without incurring penalties.

This helps reduce the total interest paid on the loan.

24/7 Accessibility

You can access your CashCano account 24/7 through the mobile app or website. It allows you to apply for loans or make repayments around the clock at your convenience.

You can also check loan details, repayment schedule, outstanding balance, etc., anytime to stay updated.

Credit Scoring and Reporting

CashCano collaborates with licensed credit bureaus like CIBI and TransUnion to contribute data for building customer credit profiles. Responsible repayment can help improve your credit score, enhancing future borrowing eligibility.

CashCano Loan App Review: Eligibility Criteria

CashCano maintains straightforward eligibility norms that are easy to meet for most borrowers. Here are the basic requirements to qualify for a CashCano loan:

  • Philippine citizenship
  • Age between 22 to 60 years
  • Have a valid ID and bank account
  • Proof of income source
  • Good credit history

You stand a high chance of getting approved if you meet the above criteria. CashCano does not necessitate collateral or guarantors like traditional lenders.

It also uses alternative data like mobile top-up history, social media footprint, etc., to enable lending for new-to-credit individuals who lack extensive credit history.

Loan Amounts Offered

You can avail loans between ₱2,000 to ₱120,000 from CashCano. The maximum amount extended depends on your CashCano credit limit, which is determined based on your:

  • Income levels
  • Credit score
  • Existing debt obligations
  • Repayment of previous CashCano loans

For first-time borrowers, the credit limit usually ranges from ₱2,000 to ₱10,000. But it can go up to ₱120,000 for repeat customers with a sound repayment track record.

Loan Terms Offered

CashCano offers personalized loan terms tailored to your financial needs and repayment capability.

You can choose a tenor between 3 to 12 months. The standard term options are:

  • 3 months
  • 6 months
  • 9 months
  • 12 months

Longer 12-month tenors are available for larger loan amounts exceeding ₱50,000. The term directly impacts your EMIs – the longer the duration, the lower the EMI amount.

Interest Rates and Fees of CashCano Loan App

CashCano charges simple flat interest rates starting at 1% per month. It translates to 12% per annum.

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The actual rate applicable is dependent on your:

  • Loan amount
  • Tenor
  • Credit score

Interest is calculated on a reducing balance method on the loan outstanding. There are no hidden fees or charges. The only one-time fee is a processing fee of 5% of the loan amount or a maximum ₱600.

Let’s understand this with an example:

  • You avail of a ₱20,000 loan from CashCano for six-month tenure.
  • The interest rate applicable is 1.2% per month, i.e. 14.4% annualized percentage rate (APR)
  • One-time processing fee is ₱600 (5% of 20,000)
  • The total interest payable will be ₱20,000 x 14.4% x 6/12 = ₱1,728
  • You will pay a total of ₱20,000 (principal) + ₱1,728 (interest) + ₱600 (fee) = ₱22,328

This means your 6 monthly EMIs will be ₱22,328/6 = ₱3,721

This example shows that CashCano’s flat interest model and minimal fees ensure complete transparency in loan costs.

How to Apply for a Loan on CashCano?

Applying for a CashCano loan is simple, quick, and can be completed in three steps:

Step 1: Download the CashCano app and sign up for an account by entering basic personal and contact details.

Step 2: Fill out the online application form providing your employment, income, and identity details.

Step 3: Upload soft copies of your ID proof, income proof, and a recent selfie for verification.

And you’re done! CashCano will run credit checks and evaluate your profile to make an instant decision. You can digitally sign the agreement and get funds in 24 hours if approved.

The entire process takes less than 10 minutes. With minimal documentation and no physical presence required, the convenience and ease of availing a loan through CashCano’s app is unparalleled.

CashCano Loan App Customer Reviews

With over 300,000 delighted customers, CashCano enjoys glowing feedback and 5-star ratings on TrustPilot and Google Play Store. Here are some CashCano customer reviews:

Marianne C. ★★★★★

“CaskCano has really helped me manage my expenses during emergencies. The online process is very fast and convenient. Low interest rates and flexible repayment period makes it easy to borrow. I always repay on time so I have a higher loan limit now. Great service overall!”

John T. ★★★★★

“I lost my job last month and had to take a CashCano loan to cover my bills. The approval was instant and requirements minimal. The repayment structure is also tailored to my income flow. Happy with their reasonable rates compared to other lenders. Would recommend CashCano for quick cash loans.”

John S. ★★★★☆

“Had a good first experience with CashCano but would prefer more transparency on eligibility criteria. Got rejected the second time despite good credit score. Approval seems subjective at times. But the loan amount I got really helped fund my sister’s education so I appreciate their services.”

As evident from the reviews, most customers have a seamless experience availing and repaying loans from CashCano. They highlight the major benefits of quick approval, reasonable rates, professional service, and flexibility offered.

How to Pay a CashCano Loan?

CashCano offers the utmost flexibility and convenience for loan repayments. You can choose from multiple online and offline modes at your fingertips:

  • Bank transfer – Through Instapay or Pesonet directly to CashCano’s bank account
  • Over the counter – In cash at any Bayad Center, Cebuana Lhuillier, M Lhuillier branch nationwide
  • Online banking – Via internet banking through BDO or BPI
  • E-wallets – Instant repayments using GCash, PayMaya, GrabPay
  • Credit/Debit card – Visa, MasterCard, JCB cards accepted
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CashCano also has tie-ups with leading retail chains like 7/11, Robinson’s Supermarket, and SM for over-the-counter repayments.

You can repay the entire EMI amount on the due date or make part prepayments. There are no hidden charges or penalties for early repayments.

Flexible options and integration with popular payment platforms make it convenient for customers to service their loans without hassles.

How Does CashCano Manage Security?

CashCano employs industry-leading security protocols and data privacy measures to protect customer information and prevent fraud. Some of its security best practices include:

  • End-to-end 256-bit SSL encryption of all data
  • Tie-ups with Singapore servers to store data offshore
  • Two-factor authentication for account logins
  • NPCI-certified platform with bank-grade security
  • Automated threat monitoring systems 24/7
  • Rigorous internal data access controls
  • Partnerships with SEC-certified fraud check companies
  • NPCI-certified platform with bank-grade security protocols

CashCano’s security management certifications include ISO 27001, SOC 2 Type 2, and PCI-DSS Level 1, which validate its defense-grade cybersecurity standards.

CashCano Customer Support

CashCano offers 24/7 customer assistance via the following channels:

  • Call support at +63 2 8658 1738
  • In-app chat support on the website and app
  • Email at [email protected]
  • Social media on Facebook & Instagram

The customer service team is well-trained to resolve loan-related queries and address grievances promptly. Customers can also visit the FAQ section on https://cashcano.com/faq/ to find answers to commonly asked questions.

CashCano also sends regular EMI payments and loan information reminders via email and SMS. Overall, it offers extensive customer support on par with the top lenders.

The Bottom Line: Is CashCano Legit?

CashCano has quickly emerged as the #1 choice for instant online loans in the Philippines. It ticks all the right boxes regarding convenience, speed, service, transparency, and security.

With its end-to-end digital processes, quick approvals, flexibility, and reasonable rates – CashCano stands strongly recommended for urgent borrowing needs.

It provides access to credit seamlessly within minutes. For salaried individuals facing month-end cash crunches or financial emergencies, CashCano offers a reliable way out with minimal fuss.

The CashCano Android app makes it even more convenient by enabling lending access right from your phone, anytime, anywhere.

While people with poor credit history may face rejections, CashCano is still among the most inclusive lenders considering alternative data for better approval odds.

Overall, CashCano scores a 4.8/5 rating in our review based on the stellar in-app borrowing experience it delivers. We highly recommend using CashCano for urgent borrowing needs for a hassle-free, speedy, and transparent loan experience.

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