“Awarded as Singapore’s leading Moneylender, Cash Mart is the most reasonable lending option to meet your money needs.” From their introduction in 1998, when they received their license from the Monetary Fund of Singapore, to their current status as one of the biggest and most reputable online financial services provider in Asia, Cash Mart has been a constant thorn in the side of fraudsters and scammers who pose as online loan providers. How, then, did they come to be known as one of Singapore’s pre-eminent moneylenders? And how do they remain so despite the constant competition from other online loan providers? In this article, we take a look at the background of Cash Mart and how they operate today.
The early days of cashmere paparazzi were plagued by many problems. Some of them were related to the growth of the company, which occurred at a rapid pace, resulting in strained infrastructure. Others were related to the licensing regulations governing online loan providers in Singapore. These considerations delayed the launch of cash mart paparazzi, but eventually the service was introduced. To facilitate the process of approving loans to Filipinos, cashmere paparazzi used a standard set of criteria to evaluate applicants.
First, the requirements for becoming a cash mart Filipino borrower were that an applicant should be a Permanent lending company in cavite Residence visa holder, a Singaporean citizen, and have a job that pays at least one thousand dollars every month. Another requirement was that the seafarer needed to have sufficient income from other sources besides his regular job. A third requirement was that the seafarer should not be married and not have any dependents. Other requirements included proof of three months old of age, registration in the country, and the receipt of all the relevant passport and visa stamps.
Once the application was submitted, it would take about six months to receive a response, but this was made subject to the fact that the response received would be an informed decision based on the information provided. In case of failure to get approval, a Filipino seafarer could apply again until all the documents are duly presented and approved. Each application would be checked and analyzed by the cashmere company, and then the appropriate offers would be given to the applicant if he accepted the offer. Upon accepting the offer, the cashmere company would issue the cash without requiring any further processing.
The process was very straightforward, yet surprisingly quick. The applicant’s application was normally processed within a few weeks and the necessary documents given promptly. In just a few months, the seafarers are entitled to obtain their new Employer’s Employment Contract (EEC) once the approval duration has been met. During this period, they are entitled to receive a one-time fixed salary loan that would cover their basic expenses, minus their Expenses Liability Insurance premium. The loan repayment is done on a monthly basis.
The implementation of Cash Mart Philippines has been met with both positive and negative reactions from Filipino employees and foreign investors. Some businesses in the Philippines have expressed apprehension due to the increased number of job losses that have resulted from this policy. According to one survey conducted, nearly half of the respondents stated that they were dissatisfied with the Cash Mart Philippines scheme. However, a majority of them indicated that they would still continue to patronize their favorite convenience store simply because of the laid down rules and regulation.
The application procedure has been clarified to ensure customer satisfaction. Foreigners applying for a Cash Mart Philippines business id card are required to follow certain steps which include submission of application form, submission of documents, inspection and verification of documents, and finally the issuance of Philippine Business ID card. The issuance process of the Philippine business id card may take up to 15 days depending on the approved processing time. Once your application has been approved, you will receive a Philippine Business ID card which will serve as your proof of employment. As part of the approval procedure, the card holder is required to pay an upfront registration fee which is payable after you have received your card.
The application procedure is quite easy. For foreign applicants who may not be familiar with the application procedure, all they need to do is visit the website of Cash Mart which offers complete assistance in processing your application. To make your shopping experience more enjoyable, you can also avail of the special offers. Customers who have applied for a Cash Mart Philippines business id card can choose between two interest rates: Premium Interest and Regular Interest. The High Interest rate is applicable to customers who have an outstanding balance of over $1000, while the Regular interest rate is applicable to clients who have an outstanding balance less than $1000.