In today’s dynamic economic landscape, unexpected expenses or immediate financial needs can arise at any moment. For many employed individuals, securing quick and accessible funds without complex collateral requirements is a priority. Asia United Bank (AUB) addresses this need through its AUB Salary Loans, popularly known as CasHelp. This guide provides a detailed overview of AUB CasHelp, highlighting how it serves as a rapid cash solution for employees, its key features, benefits, and how it stands out as a reliable financial tool.
What is AUB CasHelp?
AUB CasHelp is a salary-based loan program designed by Asia United Bank specifically for employees of companies accredited with AUB for payroll services or employee benefits. It serves as a convenient and fast way for regular employees to access short-term funds for various personal needs, without requiring traditional collateral like property or vehicles. The loan amount is typically based on a multiple of the borrower’s monthly salary.
Key Characteristics of AUB CasHelp:
- Collateral-Free: A major advantage is that it’s an unsecured loan, meaning you don’t need to pledge any assets.
- Salary-Based: Eligibility and loan amount are primarily determined by your employment status and monthly salary.
- Quick Approval & Disbursement: Designed for speed, aiming to provide funds rapidly to meet urgent needs.
- Automatic Salary Deduction: Repayments are usually facilitated through automatic deductions from your salary, simplifying the repayment process.
- Exclusive to Accredited Companies: Only employees from companies that have a specific partnership or arrangement with AUB (often for payroll) can avail of CasHelp.
How AUB CasHelp Provides Quick Cash Solutions
The “quick cash” aspect of AUB CasHelp stems from its streamlined process and specific design for payroll-accredited employees:
- Pre-qualified Borrowers: Since the loan is offered to employees of AUB’s accredited corporate clients, AUB already has a degree of information and trust regarding the company’s stability and the employee’s regular income. This pre-existing relationship reduces the initial assessment time.
- Minimal Documentation: Compared to traditional collateralized loans or even general personal loans, CasHelp typically requires fewer documents, mainly focusing on proof of employment and income.
- Automated Processes: Many aspects of the application, approval, and disbursement (and especially repayment) can be automated, cutting down manual processing time.
- No Collateral Appraisal: The absence of collateral eliminates the need for property appraisal or evaluation, which can be a time-consuming part of other loan types.
- Direct Disbursement: Approved loan proceeds are often disbursed directly to the borrower’s AUB payroll account, ensuring immediate access to funds.
Key Features and Benefits of AUB CasHelp Salary Loans
AUB CasHelp offers several features that make it a compelling option for employees needing fast financial assistance:
- Purpose Versatility: CasHelp can be used for a variety of purposes, including but not limited to:
- Medical emergencies
- Educational expenses
- Home repairs or improvements
- Debt consolidation (smaller debts)
- Travel expenses
- Other personal urgent needs
- Loan Amount Flexibility:
- The loan amount is typically a multiple of the borrower’s gross monthly salary, ranging from 1x to several multiples (e.g., up to 3x, 5x, or more, depending on bank policy and employee’s tenure/salary).
- Minimum loan amounts can start from as low as Php 10,000 to Php 15,000, making it suitable for smaller, immediate needs.
- Manageable Repayment Terms:
- Repayment periods are usually short to medium term, often ranging from 3 months to 12 months, or even up to 24 months in some cases.
- The shorter terms ensure quick debt clearance, while longer options provide lower monthly payments.
- Convenient Repayment:
- Repayments are hassle-free, automatically deducted from your payroll account on your salary date. This minimizes the risk of missed payments and late charges.
- Competitive Interest Rates:
- While interest rates for unsecured loans are generally higher than secured loans (like home or car loans), AUB aims to keep CasHelp rates competitive within the salary loan market. Rates are typically expressed as an add-on rate per month.
- Illustrative Add-on Rate: For example, an add-on rate might be around 1.5% – 2.5% per month, which translates to an effective annual interest rate that is higher but still manageable for short-term needs.
- No Co-Maker Required (Usually): Unlike some other loan types, AUB CasHelp generally does not require a co-maker or guarantor, simplifying the application process for the individual employee.
Eligibility Criteria for AUB CasHelp Loan
As AUB CasHelp is specifically for accredited companies, eligibility primarily revolves around your employment status with such a company:
- Employment Status:
- Must be a regularized employee of a company that is accredited with AUB for its CasHelp program or payroll services.
- Minimum length of service with the current employer is usually required (e.g., at least 6 months to 1 year of regular employment).
- Minimum Gross Monthly Income:
- Applicants must meet a specific minimum gross monthly income set by AUB (e.g., Php 15,000 – Php 20,000, but this can vary).
- Age Requirement:
- Typically, applicants must be between 21 years old and 60 years old upon loan maturity.
- AUB Payroll Account:
- You must have an active AUB payroll account where your salary is credited. This account will also be used for loan disbursement and automatic deductions.
- Credit Standing:
- While less stringent than collateralized loans, AUB will still assess your credit standing to ensure you have no significant adverse records that would indicate high repayment risk.
AUB CasHelp Loan Application Process
The streamlined nature of CasHelp means a relatively quick and uncomplicated application process:
- Inquire with Your HR/Employer: The first step is to confirm if your company is accredited with AUB for the CasHelp program. Your HR department can provide details on the application process and necessary forms.
- Obtain and Fill Out Application Form: Get the AUB CasHelp Loan Application Form from your HR department or an AUB branch. Fill it out accurately and completely.
- Prepare Required Documents:
- Duly accomplished AUB CasHelp Loan Application Form.
- Photocopy of two (2) valid government-issued IDs with photo and signature (e.g., Passport, Driver’s License, SSS/UMID ID, PRC ID).
- Latest Certificate of Employment with compensation and regularization date.
- Latest 1-3 months’ payslips.
- Photocopy of AUB Passbook/Account Statement (confirming your payroll account).
- Other documents as required by your company’s specific CasHelp agreement with AUB (e.g., duly signed salary deduction authorization).
- Submit Application: Submit your complete application package to your HR department (who will forward it to AUB) or directly to an AUB branch, as advised by your company.
- Loan Processing and Approval: AUB will review your application, verify your employment and income, and conduct a quick credit assessment. Given the nature of salary loans, this phase is typically swift.
- Loan Disbursement: Upon approval, the loan proceeds will be directly credited to your AUB payroll account, often within 24-48 hours (business days) after approval, depending on bank cut-off times.
- Automatic Repayment: On your designated salary dates, the agreed-upon monthly amortization will be automatically deducted from your AUB payroll account.
When is AUB CasHelp the Right Solution for You?
AUB CasHelp is an excellent option for employees when:
- You need immediate cash for urgent, unforeseen expenses.
- You prefer a collateral-free loan.
- You work for an AUB-accredited company and have your salary credited to an AUB account.
- You prefer hassle-free repayments via salary deduction.
- You need a relatively smaller loan amount that can be repaid quickly.
However, for larger, long-term financial goals like buying a house or car, dedicated home loans or auto loans with lower interest rates (due to collateral) would be more suitable. CasHelp is primarily designed for short to medium-term liquidity needs.
Conclusion
AUB Salary Loans, through its CasHelp program, stands as a valuable and convenient financial tool for regular employees seeking quick access to funds. Its streamlined process, collateral-free nature, and direct salary deduction repayment mechanism make it an ideal solution for addressing immediate financial needs without complex hurdles. If your company is accredited with AUB, CasHelp offers a reliable avenue for fast and manageable cash solutions, empowering you to navigate life’s unexpected turns with greater ease.
