It’s important to be financially ready for medical emergencies, no matter what the cost. Prepare for the worst because you’ll never know when a life-threatening condition would strike. Having the resources will make it easier for you to react to the situation.

But there will be times when your funds will be insufficient, even if you’ve saved a fortune. In the Philippines, treatment for stroke, heart disease, and fourth-stage lung cancer can reach up to PHP 1-2 million. These include rehabilitation (up to 10 years) and therapy, which costs up to PHP 600,000.

The government can lower the cost of healthcare through its two insurance programs: Social Security System (SSS) and the Government Service Insurance System (GSIS).

SSS has a daily cash allowance for the number of days the member cannot work because of a sickness or injury. It requires the member to have contributed at least three months “within the 12-month period immediately before the semester of sickness or injury.” It can be granted up to 120 days per year and dependent upon the member’s gross monthly salary.

GSIS’s Employees Compensation (EC) benefit is given to the member and his/her beneficiary in the event of a work-related injury, sickness, disability or death. The benefit is also given daily, equivalent to “90% of the member’s average daily salary credit.” It will not be paid for more than 240 days on account of the same illness. If it exceeds 240 days, it will become a disability claim.

It’s good that the government has an insurance system with sickness benefits. However, these require the member to be employed and have three-years worth of contributions. Robocash simplifies the requirements in order to qualify for a medical loan. It’s convenient, quick, and hassle-free — qualities one would look for during times of distress, such as the following:

Expensive medical treatment

Stroke is the leading cause of death in the Philippines, killing six out of every 10,000 Filipinos. It is a brain attack caused by reduced or interrupted blood supply to the brain.

To lower casualties, the Department of Health (DOH) made Alteplase or tissue plasminogen activator free in 26 government hospitals. Alteplase is the cure for ischemic stroke, the most common type of stroke, which is administered three hours after the onset of its symptoms. However, the cure for hemorrhagic stroke, another type of stroke, isn’t free.

Heart disease is the leading cause of death worldwide. Coronary heart disease was responsible for 16.86% of deaths in the Philippines in 2014. It is also called cardiovascular disease, a condition wherein the blood vessels become narrow or blocked. This causes chest pain, stroke, and heart attack.

Cardiovascular exercise can greatly reduce the risk of heart disease. Physical exercise and activities that reduce stress will largely improve one’s physical and mental health. But failure to take care of one’s cardiovascular health is costly: diagnosis, treatment, and rehabilitation may reach almost PHP 1M.

Chemotherapy is the most common term associated with cancer. For lung cancer, treatment can be carried out in four ways: surgery, chemotherapy, radiation therapy, and targeted therapy. But for the higher stages of lung cancer, the latter two are usually employed.

Lung cancer has complementary and alternative medicine that may work for some cases. They’re also cheaper and, if all the factors work out, the key to treating lung cancer without radiation and drugs.

SSS and GSIS can lower the hospital bill for the aforementioned illnesses. However, their sickness benefit may not be granted immediately because they require some time to be approved.

Health insurance is also a viable option because it has various sickness benefits. But applying for one may take a few days since the insurance company will verify the applicant’s financial capacity and background.

Medical loans are there for the borrower almost immediately. It reduces financial burden and stress because the loan can be approved and deposited in the borrower’s bank account in less than 10 minutes. No need to be physically present in the office of the lender to file for one. Just submit the requirements together with one valid government Identification Card (ID) online.

BPI
(5/5) 1 voice
PHP 100000 - 1000000
from 6 to 24 days
Interest rate
for 0.5% per day
Robocash
(4.6/5) 5 voice
PHP 1000 - 25000
from 0 to 1 days
Interest rate
for 1.65% per day
Cashwagon
(5/5) 1 voice
PHP 2000 - 20000
from 0 to 1 days
Interest rate
for 2% per day
Quickpera
(5/5) 1 voice
PHP 5000 - 15000
from 0 to 6 days
Interest rate
for 1% per day

BPI

Why take here

Loan Amount Loan Term Annual Effective Interest Rate Monthly Add on Rate Loan availability Payment method
PHP 20,000 to PHP 1M 12, 18, 24, and 36 months 25.03 – 25.74% Constant 1.20% BPI-nominated account BPI deposit account

There’s a lot to rave about Bank of the Philippine Islands (BPI) when it comes to loans. The bank is accessible with over 800 branches and nearly 3,000 automated teller machines and cash deposit machines in the Philippines, Hong Kong, and Europe.

Every city in the Philippines has one. There’s bound to be more than one BPI branch in every mall. BPI is the oldest bank in the Philippines with PHP 1,142,807,930,000 worth of receivables. This makes the bank capable of granting huge loans to eligible individuals.

BPI also has top-notch security tools to protect its servers, account details, and information systems. All BPI systems are secured by DigiCert’s Security Certificate and employ multiple biometric methods for accessing an account. They have facial recognition and fingerprint ID. In case the two are unavailable, or if the user accesses the account online, BPI has a One-Time PIN authenticator. BPI even emails your transactions to make it more private and easily accessible.

Each deposit is also insured by the Philippine Deposit Insurance Commission (PDIC). Maximum deposit insurance is PHP 500,000 per depositor. The government has your back in case something happens to your deposit.

To pay insured deposits, the PDIC builds up the Deposit Insurance Fund primarily through assessments of member-banks at an annual flat rate of 1/5 of 1% of their total deposit liabilities.

Since BPI is protected by the PDIC, your loan is in good hands. That is if you already have an existing BPI account. If you don’t, it’ll take some time before you can avail their loan program. Having this extra layer of security will greatly help in the long run.

What are the interest rates on loans and loans

interest rata on BPI

BPI keeps its interest rate constant at 1.20% and an annual effective interest rate of 25.03 to 25.74%. They can afford to keep it low because of its reach in the Philippines and other parts of the world. It can risk granting up to thrice their client’s gross monthly income because of its reach and security features to protect its user’s money and information.

If the loan takes a year to repay, BPI will add up to 26% to the total loaned amount. BPI makes it easy for the borrower to loan a large amount and worry about interest less because it won’t hurt as much. Even if it’s PHP 1M, BPI gives a lot of room for its borrower to settle their account.

The client can pay up to a maximum of 36 months and not worry about the total amount skyrocketing because of interest. The current amount and interest rate, among other information, may be tracked through BPI mobile, online, and phone banking.

The client may also call 89-100 BPI Express Phone to track the loan. BPI has an app that lets the client view their balance and see previous payments. These ensure payments are credited to BPI on time.

How to get a loan

BPI only has two requirements when opening an account:

  • Valid, unexpired ID with the applicant’s picture
  • Signature as well as the initial deposit.

You need to have a BPI deposit account. It is where BPI automatically debits its client’s monthly payment. Without one, you cannot apply for a loan because BPI does not accept other modes of payment, unlike the other lenders on this list.

Once you have an account, you need to be physically present in their branch nearest your residence or office. If you don’t have one near the office, your house must be proximate one or else it may affect the approval of your application and vice versa.

Things become more complicated because BPI does not just have one type of account. They have five because not all people are financially equal: Peso Savings, Pamana Savings (with life insurance), Peso Checking, Dollar, and Third Currency. Some may just want the lowest initial deposit, while others want the maximum benefits they can get from their bank account. BPI gives them options to maximize their initial deposit.

These five accounts are subdivided further into different types, which vary according to the required initial deposit, minimum monthly, minimum monthly average daily balance or ADB, daily balance, and interest rate. The only thing that remains constant — most of the time — is the bank’s interest rate for the deposit. Each subtype is different from one another.

For example, the Jumpstart Savings and Passbook Savings under Peso Savings accounts have different required initial deposits (PHP 100 for the first and PHP 10,000 for the latter) but they have the same interest rate.

Some subtypes may have varying interest rates, but the interest rate of their entry-level account will still be the same as the account’s general interest rate. BPI Save-Up High Automatic Savings account, under the Pamana Savings Account (with life insurance), can have a 0.250 or 0.500 interest rate depending upon the type.

What documents are needed for a loan

BPI’s interest rate is more competitive than Quickpera, Cashwagon, and Robocash, who has a daily interest rate. But what BPI doesn’t offer is ease of requirements, which the other three focus on.

BPI accommodates the privately employed, self-employed, overseas workers, and direct-hire Overseas Filipino Workers (OFWs) and allottees. Unlike other companies, BPI will not entertain unemployed individuals, even if they have a BPI deposit account, because of BPI’s employment requirements.

For privately employed individuals and professionals, they must have a government-issued ID (Passport, Driver’s License, SSS, PRC, etc.) that has their photo. BPI will also ask for their three latest monthly payslips and/or latest ITR with BIR or bank stamp, also known as BIR Form 2316. Being unemployed for more than three months may affect your application.

Self-employed individuals need to have audited financial statements for the last three years and their Income Tax Return or BIR Form 1700/1701. They must be legitimate freelancers because BPI also needs their DTI Business Permit or SEC Registration.

OFWs must have a government-issued ID with photo, such as passport, driver’s license, Social Security System (SSS), and Philippine Regulatory Commission (PRC). Agency-based OFWs must have a Philippine Overseas Employment Association (POEA) contract or employment contract that shows their boarding date.

If hired directly, the OFW must have the latest and unexpired POEA-validated or Overseas Employment Certificate (OEC) and latest Employment Contract and three months-proof of remittance. If there is no OEC printout, an OEC Exemption screenshot with OEC BM Online Profile or consularized COE will suffice (if the remitter is a permanent Philippine resident).

While BPI’s requirements are pretty simple, it requires you to be present in a BPI branch that is near your residence. It will be inconvenient if you’re on watch duty at the hospital or running errands for the patient. BPI is not the establishment to approach when in dire need of cash because you need to have a bank account with them. BPI requiring an initial deposit is understandable because it is a business. This ensures the bank can run continuously. Though the bank only has two requirements — a valid, unexpired ID with the applicant’s picture and signature as well as the initial deposit — not all borrowers can open an account. As of 2018, 52.8 million Filipinos ages 15 up don’t have a bank account. They cite it’s unnecessary to have one and the cost of opening one is high.

The best overall may not be the best for you

BPI has numerous deposit accounts that may be confusing for the first-time borrower. Which one is most suitable for your needs? It will require some research — time some people may not have because they’re worried about their loved one in the hospital.

For a faster and more convenient way of getting a medical loan, Robocash does not require an initial amount to file a loan. The borrower just has to go to Robocash’s website, fill out an application form, and enter their personal data and employment details. Everything is done online, so there’s no need to leave the house to submit them nor be present in Robocash’s office for the loan to be approved.

Approval is fairly quick as well. It takes at least four minutes for Robocash to deposit PHP 5,000 in the client’s provided bank account. Robocash isn’t tied to any bank, and will not exceed one working day to deposit its highest loanable amount.

Unlike banks, Robocash is unhindered by cutoffs. It responds even on weekends, which is a big relief for people who need money fast. All you need is a device that can connect to the internet to file for a loan and you’re set. Just wait for Robocash’s SMS approval.

Cashwagon

Loanable amount Terms Interest rate Age limit Gross monthly income Requirements
PHP 2,000 to PHP 20,000

First loan worth PHP 7,000 is free

10 days for first-time borrowers and up to 30 days for repeat borrowers 1.30% per day our up to 40% of approved total loaned amount 20 to 60 years old
  • The borrower must have a stable job or a minimum monthly income of PHP 6,000
  • Signed application form
  • One valid government-issued ID
  • Valid bank account

Why take here

Cashwagon’s most prominent feature is its interest-free first loan. Though limited initially at PHP 7,000, the borrower will get the loan in full. However, it must be repaid in 10 days or else it will incur interest. It will incur additional interest on the 11th day, making it convenient and hassle-free for people who may be short.

The Repeat Loan feature may not be free for the first time, but at least it won’t be as heavy on the pocket because the initial loan didn’t have interest. Lending up to PHP 20,000 the second time won’t be daunting because Cashwagon made them confident to take a loan.

Not all lenders waive interest because it is what keeps their business alive. Cashwagon risks a little bit to give their clients the premium experience, enticing first-time lenders to loan with them. It gives them their first glimpse of quick and easy loans, made more comfortable by. With over three million happy borrowers, Cashwagon proves its formula is working. It serves as a cushion for people who want to borrow more than once since its overall interest rate, if it’s not stretched, will be lower. But not all people are financially capable to repay within 30 days.

Unlike BPI, Cashwagon has multiple payment options. The borrower can settle their account via 7-Eleven, Bayad Center, SM Payment Counters (Department Store, Supermarket, Savemore, Hypermarket), Robinsons Department Store and Supermarket, Cebuana Lhuillier, LBC and Landbank ATM.

The client can pay Cashwagon at their most convenient time because nearly all of its partner merchants operate beyond banking hours. If 7-Eleven’s servers are down, the customer may pay somewhere else. SM has 50 branches all over the Philippines and the Philippine Seven Corporation is aiming for 10,000 7-11 branches in the Philippines in 2023.

What are the interest rates on loans and loans

Cashwagon may have nearly 3 million satisfied clients, but the borrower may move on to select someone else if their interest is too high. To lower interest, Robocash reduced loan tenure to only one month. Its first loan may not be free, but it won’t be hard to pay back succeeding loans. But the maximum interest rate of Cashwagon may be detrimental for borrowers short on cash stretching repayment to 30 days will incur their maximum interest rate of 40%. Using their online calculator may give an overview of their daily interest rate, but they may never be prepared for the full 40%. Robocash makes it easier for clients to repay their loans with lower interest rates. It won’t reach 40%, giving clients more time for repayment. Unlike Cashwagon, prior to application, Robocash will ask your most comfortable method of repaying them so you don’t have to adjust to the lender’s provided channels. It’s better and allows you to pay at your most convenient time. Robocash works with major financial institutions to ensure your payment is secure and always on time.

How to get a loan

You can apply for a loan on their website or smartphone app. Cashwagon will ask for your mobile number, where it will send a link to access the online application form. The application form shall ask for your personal and employment details, including one valid government ID with your photo and a bank account.

Take note that your average monthly salary must be above PHP 6,000 to qualify for a loan, employed and have a stable source of income. Freelancers, professionals, and other self-employed applicants are welcome to try Cashwagon. All applications are subject to Cashwagon’s approval. Cashwagon shall call you after submitting your application. Once it’s approved, Cashwagon will deposit your loan in your bank account in 24 hours. Unlike banks, you can apply for a loan anytime and expect the amount to reflect your account one day after. Cashwagon adjusts to you and not the other way around. Filing a loan via their website may be easy. But Cashwagon says it’s easier using their app. It promises faster application approval and cash disbursement, special offers, and better rates for repeat loans. This is advantageous for people who may have a hard time accessing a desktop-class browser using their mobile device. The perks are a must-grab as well.

The app works on smartphones, tablets, and other mobile devices. It’s easier to track loans as well because of how sleek it presents data. The loan calculator is simpler to use and easier to access than its browser counterpart. It is also the first thing the user sees after opening the app. Cashwagon also makes it simpler for the borrower to know if his/her loan has been approved with a built-in timer. It counts down in real-time to know how much time there is left for Cashwagon to approve the loan. Bonus points for the app looking so clean and sleek.

What documents are needed for a loan

The borrower must have an accomplished application form with his/her signature, one valid government-issued ID, and a bank account. These documents will be sent online to Cashwagon — all transactions with the Cashwagon are done online or over the phone in case the borrower needs to talk to customer service.

These documents must be submitted again for succeeding loan applications. It’s the same process all over again because Cashwagon will use the documents to update the borrower’s record.

Unlike other non-bank lenders, Cashwagon makes it convenient to file a loan. The borrower does not need to go to Cashwagon’s office to file for a loan. All transactions are done over the internet to make things more convenient.

A simpler, more diverse option

Upon loan application, Robocash will ask the borrower his/her most convenient payment channel. This eliminates limitations as to where to pay Robocash because it’s been tweaked to favor the borrower. A simple arrangement such as this makes each payment more personal because the borrower knows the lender is listening and constantly adjusting.

Robocash works with leading partners in ensuring their borrower’s loans are remitted to them on time, anytime. They can arrange a setup that is most advantageous for the borrower to pay Robocash.

Although Robocash doesn’t have a free initial loan, its interest rate is not as staggering as Cashwagon’s 40%. The first loan may be free, but if the second loan encounters repayment problems, interest may plunge the borrower into insurmountable debt.

Robocash even shows the time left for it to approve the borrower’s loan, which usually takes less than four minutes. This includes depositing the loan in the borrower’s provided bank account. It may be a small detail, but compared to Quickpera’s 20-minute approval time, the difference is stark. Again, Robocash believes in speed because it doesn’t want to waste the time of its customers.

Quickpera

Loan Amount Loan Term Interest Rate Requirements
PHP 3,000 to PHP 15,000 1-2 months 1%
  • Latest COE with Compensation (validity should be 30 days)
  • Latest two (2) months payslip
  • Photo of two (2) primary government IDs with three (3) specimen  signatures
  • Company ID (front and back)
  • Photo of yourself holding one (1) Primary ID (from the provided ID’s above)
  • Bank Statement with three (3) months transaction history (should show the name and account number)
  • Proof of address under your name with current address
  • Barangay Clearance,
  • Additional three (3) references with contact numbers (must be related/family members)

Why take here

Quickpera adjusts to the payment terms of the borrower by offering a variety of loans, such as Post-dated Cheque (PDC), quick, personal, term, and payday. It’s more convenient on the part of the borrower who now has options on what will work best.

PDC loans

These are paid either monthly or semi-monthly, with a minimum and max tenure of 15 days and six months respectively. Maximum tenure applies to loans worth PHP 10,000 and above, which is great for one-time, big-time medicine purchases and additional hospital payments because the amount is spread out and can be paid at a much later date.

Quick loans

Quick loans is great for small, important purchases because it has the least requirements out of all the options. With a maximum tenure of 15 days, it can be used for a variety of purposes, such as paying bills, consolidating credit card debt, and miscellaneous medical costs.

Personal loans are multifunctional. It can be used to buy additional medicine, consolidate hospital bills, and purchase get-well-soon flowers. It has two categories: payday loans and term loans.

Payday loans and term loans

A one-time payment arrangement with a minimum tenure of seven days and a maximum tenure of 35 days. The second can be paid monthly or semi-monthly. Minimum tenure is one month, while the maximum is two.

Having various payment arrangements ease the life of the average consumer. It gives them options on what works best for them. They will think less about interest and more on what would work best for them because their loan is tailor-fit to their needs.

What are the interest rates on loans and loans

Interest is the lifeblood of all lending companies, the additional amount paid to the lender for using their money. It varies upon the lender, tenure, and the total amount loaned, calculated as a percentage of the loan and paid to the lender.

Quickpera keeps its interest rate at 1% daily. It didn’t increase its interest rate because of its low maximum loan amount at PHP 15,000. It’s perfectly balanced and lighter on the pocket than its competitors.

Quickpera has the lowest interest rate among the three lenders mentioned. At 1%, it’s one of the easiest and most comfortable lenders to approach because of their low rates. However, the number of requirements they are asking from the borrower maybe too much.

It may not even be worth it for those who want the best value out of their loan. Medical emergencies are the second top reason why people take a loan, next to education. These are used for medicine, post-surgery treatments, and maternity care. These are urgent expenses that must be given no further financial thought.

The total amount will increase if the loan tenure is extended, but it won’t be that large compared to other providers. Minimize interest by selecting the option with the shortest tenure. Monthly payment will increase a little, but it will decrease the number of months needed to pay back the loan.

Quickpera has a lower interest rate than Robocash, who has a 1.65% daily interest rate. But with a lower maximum amount (PHP 15,000 compared to Robocash’s PHP 25,000), it becomes less competitive. It’s not that far off and the requirements Robocash has are not too outlandish.

It may not even be worth it for those who want the best value out of their loan. Medical emergencies are the second top reason why people take a loan, next to education. These are used for medicine, post-surgery treatments, and maternity care. These are urgent expenses that must be given no further financial thought.

Robocash can address these concerns in as fast as four minutes. Once approved, Robocash will deposit the amount straight to the borrower’s requested bank account. Quickpera may have different loan options, but they are still limited to the number of requirements.

How to get a loan

It’s easy to file a Quickpera loan with these three easy steps: create an account, wait for Quickpera’s approval, and receive the cash in your bank account.

In step one, Quickpera will ask how much you want to loan and the number of days you will need to repay them, or tenure. There will be fields for employment and other financial requirements in the application form.

Step two and three involves a lot of waiting. It will take 24 hours after application for Quickpera to approve your loan and an x number of hours to deposit the loan in your bank account. You may not get it on the weekends because some banks have limited banking hours.

What documents are needed for a loan

Quickpera boasts of convenience, but it has a number of requirements that the borrower may not be able to produce in time. The COEs and bank statements need to be two to three months old and may not be given by some employers right away.

Affixing three specimen signatures and producing a bank statement that shows transactions in the last three months consume time. This is a resource the borrower may not have — something Robocash understands and addresses in its requirements.

Robocash requires only a tenth of the financial documents being asked by Quickpera because it knows urgent their customer’s needs are. It doesn’t want to overcomplicate its requirements to avoid consuming its clients’ time.

Robocash just needs the following: complete application form, a valid government ID, and an unblocked mobile number. Currently Robocash only accepts Filipino citizens 22 to 60 years old. Other documents, such as payslip, company ID, and COE may be presented as well.

You also get way more from Robocash. Repeat borrowers can loan up to PHP 25,000 with Robocash, which is significantly higher than Quickpera. Robocash is also faster at approving loans — a PHP 5,000 loan takes less than 5 minutes to be deposited in the borrower’s bank account.

The quicker and more competitive choice

The quickness in Quickpera is only found in its name. Its requirements, maximum loan amount, and the types of loans it has can slow you down. Not all people can produce the documents in such short notice, nor settle for a measly amount after all the effort in procuring numerous requirements.

Robocash simplifies things by just needing the following: complete application form, a valid government ID, and an unblocked mobile number. Currently, Robocash only accepts Filipino citizens 22 to 60 years old. Other documents, such as payslip, company ID, and COE may be presented as well.

You also get way more with Robocash. Repeat borrowers can loan up to PHP 25,000, which is significantly higher than Quickpera. Robocash is also faster at approving loans — a PHP 5,000 loan takes less than 5 minutes to be deposited in the borrower’s bank account, unlike Quickpera which takes 24 hours.

Robocash: full of advantages

Cashwagon may have the most competitive loan for first-time borrowers. BPI may have a more secure, widely known system. And Quickpera the lowest interest rate. But Robocash proves to be the most convenient lender among the three.

Robocash’s mobile app sets it apart from the competition. People can become impatient if they don’t receive updates on their loan immediately. Robocash sets the standard for real-time monitoring by having a timer in its app that counts down to its loan approval. It has an SMS alert as well for people who cannot access the app.

Robocash doesn’t waste the time of its customers by demanding too many requirements. BPI is the ultimate dealbreaker, since it requires the borrower to have a BPI deposit account, among other financial requirements, and a personal appearance to file a loan. Cashwagon is on par with the number of requirements needed by Robocash but has a higher interest rate. Quickpera asks too many requirements for a loan that’s almost half as the maximum loan amount set by Robocash.

With one of the fastest approval times — It takes five minutes for Robocash to deposit the loan in the requested bank account of the borrower after approval — Robocash’s act becomes tough to defeat. Along with its convenience factor, Robocash it is the lender to approach when a medical emergency arises.