megacash financing corporation reviews and complaints

An Overview of Megacash Financing Corporation

Megacash Financing Corporation is a Philippines-based non-bank financial institution that provides consumer loans and financing options to both individuals and businesses. Founded in 1993, Megacash has grown to become one of the largest and most trusted lending companies in the country, with over 150 branches nationwide.

In this blog post, we will take a deeper look at Megacash – its history, loan products and services offered, eligibility criteria, application process, as well as some reviews from actual customers. By the end, you should have a good understanding of what Megacash is all about and how you can leverage their financing solutions for your needs.

The Origins of Megacash

Megacash was established in 1993 by a group of experienced banking and finance professionals. They saw an opportunity to cater to consumers who did not have access to adequate credit from traditional banks. In the early years, Megacash focused on providing small personal loans to salary workers in major cities.

Through reliable service, competitive interest rates, and robust underwriting processes, Megacash steadily grew its brand reputation and customer base. By 2000, it had over 50 branches nationwide and was becoming a household name recognized for delivering fast, convenient and responsible financing alternatives.

Today owned by publicly listed businessman Roberto V. Ongpin, Megacash has a workforce of over 2000 employees. It continues expanding through strategic acquisitions such as taking over the assets of Universal Leasing and Finance Company in 2015. Megacash remains committed to financial inclusion by bringing credit to even remote communities across the Philippines.

Megacash Loan Products

Megacash offers a wide selection of loan products suitable for different personal needs such as education, house repairs, emergencies, medical expenses and more. Here are some of their popular lending options:

  • Personal Loans: Salary-based personal unsecured loans for individual borrowers ranging from ₱5,000 to ₱500,000 over flexible repayment tenors.

  • Car Loans: Auto financing solutions to purchase new/used vehicles from select dealerships with up to 90% financing.

  • Education Loans: Low-interest student loans covering tuition and other academic fees for college/vocational degrees.

  • Home Improvement Loans: Housing renovation/repair loans up to ₱300,000 with tenors up to 5 years.

  • Business Loans: Working capital and asset acquisition financing for small businesses through business secured/unsecured loans.

All Megacash loans come with attractive interest rates starting from 1.50% per month and convenient repayment channels like bank debit,TouchPay or cash payments through over-the-counter tellering nationwide.

Megacash Eligibility Criteria

To be eligible for any Megacash loan, applicants need to fulfill basic criteria evaluating their creditworthiness such as:

  • Age 18-65 years

  • Resident/working in Philippines for at least 1 year

  • Proof of stable employment/business (payslips, BIR etc.)

  • Valid ID documents (Passport, Driver’s License etc.)

  • For secured loans, sufficient collateral value

  • Bureau of Treasury clearance

Additional requirements may apply depending on loan type like vehicle ownership, business registration, educational enrollments etc. Pre-approval checks help determine the maximum loanable amount upfront.

For salaried employees, a monthly salary of ₱10,000+ makes one eligible for most unsecured individual loans of ₱50,000-₱100,000 typically. Business owners must submit financial statements to prove business viability.

Applying for a Megacash Loan

The entire loan application process at Megacash is designed to be quick, easy and hassle-free for customers:

  • Visit the nearest Megacash branch with basic documents or use the mobile app.

  • Loan officers will evaluate pre-qualification and guide on choosing the best loan package.

  • Submit requirements like payslips, IDs, proof of assets etc. either in-person or online.

  • Real-time credit checks are done through CICs like CIB,NBCR.

  • Subject to approval, receive an approval advice instantly on-site or via email.

  • Sign legal agreements including promissory note, collateral documents etc.

  • Funds are disbursed preferably within 48 hours via bank transfer or check.

For pre-approved borrowers, securing a loan takes only a single visit and the whole process can be done digitally without stepping into a branch at all.

Customer Reviews & Ratings

Based on reviews from various forums and third-party sites like Trustpilot, it seems most Megacash customers have positive things to say about their experiences:

  • Praise their fast approval times, generally within a single day. Quick disbursals too.

  • Staff are described as polite, professional and helpful in guiding through processes.

  • Interest rates are deemed reasonable or even lower than some other players.

  • Repayment options via debit arrangements or multiple cash payment points are convenient.

  • Late fees are waived for first-time delays subject to fair usage, earning them trust.

  • Overall customer service through branches, call centers gets high ratings.

Of course, there will always be some unsatisfied reviews as well but Megacash seems to resolve issues supportively based on follow-up comments. With a average rating of 4.3/5, they seem well-regarded amongst loyal customers.

Important Tips for Megacash Borrowers

Here are some best practices for those taking loans from Megacash:

  • Check all documents thoroughly before signing to avoid mistakes.

  • Set SMS/email reminders for on-time payments to avoid penalties.

  • Inform promptly in case of repayment difficulties to find solutions.

  • Borrow only what is needed, preferably less than pre-approved amounts to ensure timely payback.

  • Use loans judiciously for intended needs, not unnecessary spending to reduce obligations.

  • Maintain a good repayment track record for access to better subsequent loans.

  • Still compare options even if pre-approved to get the most competitive package.

Adhering to these prudent money habits helps borrowers stay in control of their finances, retain access to affordable credit, build good CIC scores and get the best overall value from Megacash long-term.


In summary, Megacash Financing Corporation has established itself as a premier and prolific non-bank lender over nearly three decades of operations. With an extensive branch network covering urban and rural areas alike, they bring easy access to customized financing solutions.

Backed by a skilled team and digitally advanced processes, Megacash offers quick approvals and disbursals along with high service standards as validated through public reviews. Their wide assortment of personal and business loan products cater to diverse funding needs affordably.

Borrowers seeking a reputed provider for sources like educations loans, home improvements, vehicles, business capital and more can seriously consider the portfolio and prudent terms from Megacash. With responsible financial management practices, customers stand to gain a trusted financing partner in Megacash long-term.

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