Traveling is one of life’s greatest pleasures – seeing new cultures, meeting new people, and visiting sights that will leave you in awe.
Unfortunately, it doesn’t come cheap.
Let’s say you’ve already purchased your plane tickets, and you’ve set aside funds for your accommodations, food, and activities.
But what happens when an unexpected expense comes up? Maybe you lost your wallet, or your phone got stolen, or your flight got canceled?
These things happen, and when they do, it’s good to know that there are fast cash loan apps available to help you out.
Why Filipino Travelers Need Quick Cash Loan Options
Let’s talk about why having quick cash loan options is so important.
Unpredictable travel emergencies
All travelers know the unpredictability of travel emergencies all too well.
One minute you’re enjoying the culture and the food, the next, you’re stuck in your Airbnb, getting IV hydration drips to combat food poisoning (Bali belly, anyone?).
Nothing is more important than being prepared for the worst and having a backup plan in place.
Extra expenses not accounted for in the budget
Even if you’ve planned your itinerary to the T, unexpected expenses can still pop up.
Maybe the weather takes a turn for the worse, you missed your flight, or you need to extend your stay.
Taking advantage of unplanned opportunities
Imagine this: you’ve planned out your trip and have budgeted for all your expenses.
But then, you stumble upon a local festival or event that you just can’t miss, or maybe you decide to splurge on a fancy dinner because, hey, you’re on vacation.
These extra expenses can add up quickly and leave you short on funds for the rest of your trip.
Can I get a loan through loan apps while overseas?
Yes, you can get a loan through loan apps while overseas. That said, the application process for the loan app should be fully online.
Additionally, make sure that you can get quick access to funds. It may be transferred to your bank account, or straight to your mobile wallet.
Thankfully, most mobile wallets and loan apps already come with a virtual card that you can use anytime, anywhere – even abroad! You may just incur exchange fees.
Top Fast Cash Loan Apps for Filipino Travelers
We’ve rounded up the best loan apps you can try below.
Tonik App
Tonik is one of the most convenient fast cash loan apps in the country. This digital bank has a ton of options for travelers who are looking for a loan with flexible repayment terms and relatively low interest.
One of the best things about the Tonik Quick Loan and Flex Loan is that you can access your money even if you’re abroad thanks to its free instant virtual card.
If you need a physical card, you can also request one and pay the P300 fee. This card is accepted on any in-store or online merchant that accepts MasterCard.
Features:
- User-friendly app
- Easy application
- Your Tonik account comes with a virtual card
Tonik Quick Loan
Loan amount: P5,000 to P50,000
Interest: 4.26% monthly add-on interest (up to 12 months)
Loan term: 6 to 24 months
A clear standout when it comes to fast approval, Tonik Quick Loan helps you secure the funds you need ASAP. Once approved, you can enjoy real-time disbursement to your Tonik account. However, this loan only has a limited maximum loan amount of P50,000.
Eligibility requirements:
- Filipino citizen
- Must be 23 to 58 years old
- Must be employed/self-employed
- Must be a Philippine resident
- Must present a valid ID
Pros:
- Fast disbursal
- No credit history required
- No collateral needed
- Minimal requirements (1 valid ID)
- No pre-termination or early payment fees
Cons:
- Limited loan amount
Tonik Flex Loan
Loan amount: P20,000 to P250,000
Interest rate: 1.7% monthly add-on interest
Loan term: up to 18 months
If you need a larger loan amount, consider applying for the Tonik Flex Loan. This loan has a lower interest compared to the Quick Loan and you can get approved in just 24 hours.
Eligibility requirements:
- Must be a Filipino citizen
- Must be 23 to 58 years old
- Must be employed/self-employed
- Must be a Philippine resident
- Must meet the minimum monthly income requirement of P15,000
- Must present a valid ID, bank ATM, TIN, Proof of income, and Bank Statement of Account
Pros:
- Easy application
- High maximum loan amount
- Fast disbursal
Cons:
- High minimum amount
- More stringent requirements compared to the Tonik Quick Loan
GLoan
Features:
- Within the GCash platform
- No hidden charges
- Instant access for those who have pre-qualified for the GLoan
Loan amount: up to P125,000
Interest rate: 1.59% monthly add-on interest rate
Loan term: 6 to 24 months
If you have GCash and you’ve built your GScore already, you can qualify for GLoan where you can apply up to P125,000 worth of cash instantly. To apply for this loan, simply open your GCash app, click “borrow,” and select “GLoan.” Once ready, input your desired loan amount and tenure.
Eligibility requirements:
- Must be 21 to 65 years old
- Must be a Filipino citizen
- Must have a fully verified GCash account
- Must have a good credit record with no fraudulent transactions
- Must maintain a good GScore
Pros:
- Instant cash
- Easy approval
- Large maximum loan amount
- Easy virtual card registration (AMEX)
Cons:
- Only available to pre-qualified GCash users
- Only 1 loan at a time
Skyro
Features:
- Tons of repayment channels
- Only one ID needed
Loan amount: up to P250,000
Loan term: 6 to 12 months
Interest rate: 1.5% monthly add-on interest rate
With Skyro, you can make your #travelgoals come to life. This loan with very minimal requirements has one of the lowest interest rates when it comes to fast cash loan apps. Plus, you can enjoy a high maximum loan amount of up to P250,000.
Eligibility requirements:
- Must be 18 to 70 years old
- Must be a Filipino citizen
- Must meet a representative in Metro Manila and in selected provinces
- Must present 1 valid ID
Pros:
- Low interest
- Minimal requirements
Cons:
- Must schedule a meeting with a Skyro representative
- You need to come to the office to sign your loan documents
- Loan term only up to 12 months
- Disbursal may take 1 to 8 days
Home Credit App
Features:
- For existing Home Credit customers
- One minute disbursal
- 90% of loans are completed digitally
Loan amount: P3,000 to P150,000
Interest rate: starts at 1.83% per month
Loan term: 6 to 60 months
Although Home Credit is known for appliance and gadget loans, you can use their Cash Loan offer for your travel funds. This platform approves 90% of its applications and the entire loan process is also completed digitally. Therefore, you can apply even if you’re already abroad and have it sent to your bank account.
If you want to stagger your payments for your loan, this is the best option since you can pay it back in 60 months. This is the best loan term on this list.
Eligibility requirement:
- Must be a Filipino citizen
- Must be 18-68 years old
- Must present 1 valid ID
Pros:
- Minimal requirements
- 1-minute disbursement
- Flexible terms
Cons:
- Interest rate can skyrocket for high-risk individuals
UnaCash
Features:
- P1,000 minimum loan amount (lowest on this list)
- 5 minutes to 24 hours loan approval
- Personal line of credit
Loan amount: P1,000 to P50,000
Interest rate: 194% annual percentage rate
Loan term: 2 to 6 months
Another option worth considering for travelers looking for extra funds is UnaCash. This is perfect for those who are looking for a short-term loan, as well as those who don’t want to overextend themselves thanks to its low minimum loan amount.
With UnaCash, your loan application is entirely online so you don’t need to be in the Philippines to sign any documents or hand in your requirements.
Eligibility requirements:
- Must have 2 valid IDs
- Must present proof of income and financial background
- Must present proof of address
Pros:
- Entirely online loan application
- Fast approval
Cons:
- High interest rate
- Low maximum amount
Tips for Getting Cash Loans While Traveling
To help you get the most out of your cash loan while traveling, here are some tips to keep in mind:
Research ahead of time
Before your trip, take note of the different fast cash loans that you’re eyeing. Check the eligibility requirements, loan application process, and other important details.
Download these apps and sign up for an account in advance.
It’s also recommended to read reviews and feedback from previous borrowers to get an idea of how reliable and efficient the loan provider is.
Understand the interest rates and terms
It’s crucial to fully understand the interest rates and terms of the loan you’re applying for.
Calculate how much you’re expected to pay back and take note of when the payments are due.
If you’re unsure about any of the terms, don’t hesitate to ask for clarification from the loan provider before signing any documents.
Moreover, be wary of scammers and predatory lenders who prey on travelers in need of quick cash.
Always double-check the legitimacy of the loan provider and never give out your personal and financial information to anyone you don’t trust.
Ensure internet connectivity
Since most of these cash loan applications require an online process, make sure you have a reliable internet connection while traveling.
Buy a local SIM or set up your roaming data package.
Additionally, have a backup plan in case your connection goes down, such as visiting a local internet cafe.
Have valid identification and documents
When applying for a cash loan while traveling, have all the necessary identification and documents with you.
Make sure you bring at least one valid IDs, proof of income, proof of address, and other documents required by the loan provider.
Have digital copies of these documents readily available and easily accessible to avoid any delays in the application process.
Limit loan amount to what’s necessary
While it may be tempting to borrow more money, it may result in higher interest payments and longer repayment terms when you’re back home.
Determine the exact amount you need for your travel expenses and stick to it. Interest for fast cash loans does not come cheap so don’t use it for luxuries.
Play for repayment
Consider your budget and income sources to determine how much you can afford to pay back each month.
Set reminders for payments or set up automatic payments to avoid missing due dates and incurring additional fees.
Final Thoughts
Just like you keep band-aids and medicine in your home, having access to fast cash apps when traveling can be a lifesaver in times of unexpected emergencies as this will give you much-needed peace of mind and convenience while on the road.
Taking a vacation doesn’t mean you should be financially stressed. You just need to plan ahead and be wise with your money. When you’re finally on your dream destination, don’t forget to enjoy and immerse yourself in the beautiful experiences that await you.
Take pictures, try new foods, and get to know the local scene. Most of all, create unforgettable memories. After all, that’s what traveling is all about – getting out of your comfort zone and having fun while you’re at it!
Author Bio:
MJ de Castro is the lead personal finance columnist at Grit PH. MJ started her career as a writer for her local government’s City Information Office. Later on, she became a news anchor on PTV Davao del Norte. Now, she juggles writing professionally, her business centering on women’s menstrual health, and surfing.