Lender
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

24 Pera Review

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About company

24pera is a financial company that provides consumer loans to Filipino citizens, emphasizing accessibility and convenience. With a quick loan application process, individuals can apply for loans online and receive a prompt solution through SMS in as little as 3 minutes. The lending institution caters to borrowers with varying credit histories, offering the possibility of obtaining a first loan of up to ₱100,000 at a 0% interest rate if repaid within the stipulated time frame.

The company operates within the framework set by appropriate regulatory bodies, such as the Securities and Exchange Commission. Adhering to borrower requirements, 24pera requires Filipino citizenship, a minimum age of 18 years old, and a consideration of the applicant's credit history. Additionally, the lender notifies borrowers of payment terms via SMS or email, providing timely reminders to facilitate on-time repayments. The consequences of non-payment include penalties for late payments, potential transfer to a debtor registry, and the involvement of collection agencies, underlining the importance of meeting loan obligations to maintain a positive credit history and rating.

24pera

Key Features

  1. Loan Options. 24pera offers consumer loans ranging from ₱10,000 to ₱100,000, with varying repayment periods extending from 61 to 365 days.

  2. Quick Application Process. Applicants can conveniently apply for loans online, receiving a solution through SMS within 3 minutes.

  3. First Loan Promotion. For first-time borrowers, the company provides an introductory offer of up to ₱100,000 at a 0% interest rate, encouraging timely repayment.

  4. Inclusive Eligibility. 24pera considers applicants with any credit history, emphasizing accessibility to a broad spectrum of borrowers.

  5. Transparent Interest Rates. The annual interest rates on loans range from 30% to 360%, with consumer loans and credit cards carrying rates between 17% and 31% per annum.

  6. Payment Notifications. Borrowers receive timely SMS or email reminders for payment terms, enhancing awareness and facilitating on-time repayments.

  7. Penalties for Late Payments. In the event of late payments, 24pera imposes penalties, including 0.10% of the delay amount per day, not exceeding 10% of the loan amount.

  8. Regulatory Compliance. 24pera operates under the regulatory framework of the Securities and Exchange Commission, ensuring a legal and secure lending process.

  9. Debt Consequences. Failure to repay loans on time may result in penalties, transfer to a debtor registry, and involvement of collection agencies, underscoring the importance of meeting financial obligations.

Pros and Cons

Pros

Accessibility. 24pera provides quick and convenient online loan applications, ensuring accessibility for individuals seeking immediate financial assistance.

Inclusive Eligibility. The lender caters to a diverse range of borrowers, considering applicants with varying credit histories.

Loan Extension Option. 24pera allows borrowers to extend their loans by timely communication with the lender, providing flexibility in managing financial obligations.

Cons

High-Interest Rates. While the interest rates are transparent, the range from 30% to 360% per annum may be considered relatively high, potentially leading to significant differences in the full cost of repayment amounts.

Penalties for Late Payments. Late payment penalties, including 0.10% of the delay amount per day, can accumulate quickly, making timely repayments crucial to avoid additional costs.

Limited Loan Amount for First-Timers. While the first loan promotion is attractive, the maximum amount of ₱100,000 may be limiting for those with larger financial needs.

Reliability

24pera positions itself as a reliable financial service provider, offering quick and accessible loans to Filipino citizens. The company's commitment to inclusivity, considering applicants with various credit histories, contributes to its reputation for providing financial solutions to a broad spectrum of individuals. The transparent nature of its interest rates, prominently displayed and ranging from 30% to 360% per annum, adds a layer of trust for borrowers, allowing them to make informed decisions regarding their financial commitments.

Moreover, 24pera's adherence to regulatory standards, operating under the oversight of the Securities and Exchange Commission, underscores its commitment to legal and secure lending practices.

How to Apply for a 24pera Loan?

Apply for a Loan

  1. Apply for a Loan. Visit the official website of 24pera to access the online loan application platform. The website is designed to be user-friendly, ensuring a smooth application process.

  2. Registration. Create an account on the platform by providing the necessary information. This typically includes personal details such as your name, contact information, and email address. Ensure the accuracy of the information provided to expedite the application process.

  3. Verification of Identity. As part of the registration process, you may need to undergo identity verification. This step helps ensure the security of the lending process and protects both the borrower and the lender.

  4. Loan Amount and Terms. Specify the loan amount you are requesting and choose the repayment terms that align with your financial preferences and capabilities. 24pera typically offers loans ranging from ₱10,000 to ₱100,000 with varying repayment periods.

  5. Submit Necessary Documents. Depending on the lender's requirements, you may need to submit certain documents to support your loan application. These could include proof of identity, income verification, or other relevant documentation. Ensure that all required documents are uploaded accurately.

  6. Review Terms and Conditions. Before finalizing your application, carefully review the terms and conditions of the loan. Pay attention to interest rates, repayment terms, and any associated fees or penalties. Understanding these details is crucial for responsible borrowing.

  7. Confirmation and Approval. Once your application is submitted, you will receive a confirmation. The approval process is designed to be swift, with many applicants receiving a solution via SMS within 3 minutes.

  8. Receiving Funds. If your loan application is approved, the funds will be disbursed to your provided bank account. Ensure that your banking information is accurate to facilitate a smooth transfer.

Conditions and Requirements

Conditions

  1. Loan Amount and Terms. 24pera provides consumer loans ranging from ₱10,000 to ₱100,000, with flexible repayment terms extending from 61 to 365 days. Borrowers can choose the loan amount and duration that best suits their financial needs.

  2. Quick Approval Process. The lending institution boasts a swift application process, with applicants receiving a solution via SMS within 3 minutes. This quick turnaround time adds to the accessibility and convenience of obtaining a loan.

  3. First Loan Promotion. For first-time borrowers, 24pera offers an attractive promotion, providing the opportunity to secure a loan of up to ₱100,000 at a 0% interest rate, provided the repayment is made within the stipulated time frame.

  4. Transparent Interest Rates. The company maintains transparency in its interest rates, which range from 30% to 360% per annum. Consumer loans and credit cards carry interest rates between 17% and 31% per annum, ensuring borrowers have a clear understanding of the cost of borrowing.

  5. Loan Extension Option. Prolongation of the loan terms is possible in case of timely reporting to the lender (in advance of the loan repayment due). Besides, borrower needs to pay interest for the initial loan term. No other commissions for extending the loan are applicable.

Requirements

  1. Filipino Citizenship. To be eligible for a 24pera loan, applicants must be Filipino citizens, emphasizing the company's commitment to serving the local population.

  2. Age Criteria. Borrowers need to be at least 18 years old to qualify for a loan with 24pera. This age requirement ensures that applicants are legally eligible for financial transactions.

  3. Credit History Consideration. While 24pera accommodates borrowers with varying credit histories, there is a consideration of the applicant's credit history as part of the eligibility criteria.

  4. Valid Government ID. Borrowers are required to possess a valid Government ID, serving as a means of identity verification during the application process.

Ways to Receive the Money

  1. Bank Transfer. The most common and widely used method is through a bank transfer. Once the loan application is approved, the funds are directly transferred to the bank account provided by the borrower. It is essential for borrowers to ensure that the banking information provided is accurate to facilitate a smooth and timely transfer.

  2. Electronic Wallets. Depending on the lending platform's capabilities, borrowers may have the option to receive the loan amount in their electronic wallets or mobile money accounts. This method is particularly convenient for those who prefer to manage their finances digitally.

Products

Consumer Loans. 24pera offers consumer loans with loan amount is ranging from ₱10,000 to ₱100,000. Flexible repayment periods from 61 to 365 days. Transparent annual interest rates ranging from 30% to 360%. Initial loans of up to ₱100,000 at a 0% interest rate if repaid within the specified time frame. Swift application process with borrowers receiving a solution via SMS within 3 minutes.

Other Loans

Reasons for Getting Rejected for a 24pera Loan

  1. Incomplete or Inaccurate Information. Providing inaccurate or incomplete information during the application process can lead to rejection. It is essential to ensure that all details, including personal information, contact details, and financial information, are accurate and up-to-date.

  2. Insufficient Eligibility Criteria. Failure to meet the minimum eligibility criteria, such as being at least 18 years old, holding Filipino citizenship, and possessing a valid government ID, can result in rejection.

  3. Unsatisfactory Credit History. While 24pera accommodates borrowers with varying credit histories, a severely unfavorable credit history may impact the approval decision. Applicants with a history of late payments, defaults, or outstanding debts may face rejection.

  4. Inability to Verify Identity. Identity verification is a crucial step in the loan application process. If there are issues with verifying the applicant's identity, the loan may be rejected to maintain the security and integrity of the lending process.

  5. Excessive Existing Debt. Having a high level of existing debt relative to income may be a red flag for lenders. It indicates a potential strain on the borrower's financial capacity to repay additional loans, leading to rejection.

  6. Unstable Income. Lenders assess the stability of an applicant's income to ensure their ability to repay the loan. Irregular or unreliable income sources may lead to rejection.

  7. Failure to Comply with Previous Loan Terms. If the applicant has a history of not adhering to the terms of previous loans with 24pera, it may impact the approval of subsequent loan applications.

How to Repay a 24pera Loan?

  1. Payment Notification. After obtaining a loan from 24pera, borrowers will receive payment notifications via SMS or email. These notifications will include information such as the due date, the total amount due, and any other relevant details.

  2. Prepare Sufficient Funds. Ensure that there are sufficient funds in your designated bank account or payment method to cover the loan repayment on the specified due date. This proactive approach helps avoid late payment penalties and ensures a smooth transaction.

  3. Automatic Debit Authorization. Some lenders, including 24pera, may offer the option of setting up automatic debits from your bank account. This automated process deducts the repayment amount on the agreed-upon date, reducing the risk of late payments.

  4. Timely Repayment. It is crucial to repay the loan amount on or before the agreed-upon due date to avoid late payment penalties and maintain a positive credit history with the lending institution.

  5. Loan Extension Option. If circumstances arise that make it challenging to meet the original repayment date, borrowers should proactively communicate with 24pera. In certain cases, lenders may offer an option to extend the loan term, but this usually involves paying additional interest.

Alternatives

JuanHand

Apply for a Loan

JuanHand offers online loans in the Philippines, providing individuals with access to up to ₱15,000 for a repayment period of up to 3 months. The lending platform stands out with competitive interest rates ranging from 9% to 12%. With a focus on simplicity and convenience, JuanHand aims to meet the short-term financial needs of borrowers through a streamlined application process and timely disbursement of funds.

JuanHand

Cashalo

Apply for a Loan

Cashalo is a prominent player in the online lending landscape in the Philippines, offering loan amounts ranging from ₱1,000 to ₱7,000 with repayment terms extending up to 90 days. Known for its accessibility, Cashalo provides borrowers with a starting interest rate of 3.95%. The platform's commitment to financial inclusion is evident in its user-friendly app, quick approval processes, and the flexibility it provides to individuals seeking smaller loan amounts for various purposes.

Cashalo

SB Finance

Apply for a Loan

SB Finance stands as a significant financial institution in the Philippines, providing substantial loan amounts ranging from ₱30,000 to ₱2 million. With flexible repayment periods spanning 2 to 48 months, borrowers can tailor their loan terms to fit their financial goals. SB Finance boasts competitive interest rates, starting at 1.2% and going up to 3.5%. This lending institution combines the strength of its parent company with a commitment to offering diverse loan products to meet the evolving needs of Filipino borrowers.

SB Finance

Online Loans Pilipinas

Apply for a Loan

Online Loans Pilipinas caters to a range of borrowing needs with initial loan amounts of ₱1,000 to ₱7,000 for first-time borrowers. Repeat borrowers can access higher loan amounts, reaching up to ₱30,000. This lending platform emphasizes a quick turnaround, with loan terms starting at 10 days. Notably, Online Loans Pilipinas distinguishes itself by not imposing any processing fees for first-time borrowers, providing an incentive for those exploring online lending options for the first time.

Online Loans Pilipinas

Editorial Opinion

In evaluating 24pera as a lending institution, it is evident that the company prioritizes accessibility and convenience in providing financial solutions to a diverse range of borrowers. The quick loan application process, inclusive eligibility criteria, and transparent terms contribute to its appeal. However, the relatively high-interest rates, though transparently presented, may be a point of consideration for potential borrowers. The commitment to regulatory compliance, quick approval times, and the option for loan extensions showcase a willingness to accommodate varying financial circumstances. Prospective borrowers are encouraged to thoroughly review the terms and conditions, assess their financial capacity, and consider alternatives before engaging with any lending institution, including 24pera.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender in the Philippines

  1. Ensure that the lender is registered with the Securities and Exchange Commission (SEC) of the Philippines.

  2. Investigate if the lender is a member of recognized industry associations in the Philippines, such as the Chamber of Thrift Banks or the Philippines Finance Association.

  3. Carefully examine all terms and conditions of your loan contract. This includes understanding the repayment schedule, fees, and any penalties for late or missed payments.

  4. Payday loans can have high-interest rates. Make sure the contract clearly outlines the interest rate and total cost of the loan, including any processing fees or additional charges.

  5. Familiarize yourself with your rights regarding cancellation. In the Philippines, consumers may have the right to rescind the loan within a specific period after signing the agreement.

  6. Research the lender's reputation through customer reviews, complaints, and feedback available online.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 50 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

We carefully considered the most critical factors in selecting a lender in each category. These factors include interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

To learn more about TALA and best practices, check out some of the following resources:

Sources

FAQ

Who owns 24pera?

24pera is a standalone company, it operates independently and is not part of a larger corporate group or conglomerate. Standalone companies are entities that function autonomously without being subsidiaries or divisions of other organizations.

What credit score do you need for 24pera?

Specific details about the minimum credit score required for obtaining a loan from 24pera is not available. Microfinance companies like 24pera, may have different criteria for evaluating loan applications compared to traditional banks.

These types of lenders often consider various factors beyond just credit scores when assessing an applicant's eligibility, such as income, employment status, and overall financial stability. 24pera has been known to cater to a diverse range of borrowers, including those with varying credit histories.

For the most accurate and current information regarding the credit score requirements of 24pera, it is recommended to contact the company directly or refer to its official website.

What bank does 24pera use?

The choice of banking partners can vary among credit companies and may be subject to change based on business agreements and strategic decisions. Online lending platforms like 24pera typically collaborate with established banks for processes such as loan disbursements, repayments, and other financial transactions. To obtain the most accurate and up-to-date information regarding 24pera's banking partnerships, individuals are advised to contact 24pera directly through its customer service channels or refer to official communications on the company's website.

Does 24pera approve everyone?

While 24pera aims to provide financial solutions to a broad range of individuals, it's important to note that approval for a loan is not guaranteed for everyone. Like any responsible lending institution, 24pera evaluates loan applications based on various factors, including credit history, income, and other eligibility criteria. Approval is typically contingent on meeting the lender's requirements.

Is 24pera a legitimate company?

24pera is recognized as a legitimate online lending company providing consumer loans in the Philippines. The company has established a digital platform that allows individuals to apply for quick loans online, emphasizing accessibility and convenience. 24pera has been known to cater to a diverse range of borrowers, including those with varying credit histories, and it operates within the regulatory framework set by authorities such as the Securities and Exchange Commission. The company's commitment to providing transparent information about its loan products, including interest rates and repayment terms, contributes to its legitimacy in the online lending space.

Company documents

Privacy Policy
Terms and conditions
Financial products
24 Pera
24 hours loan to card
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
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1000.00 – 100000.00 ₱
Rate
i

Effective interest rate on the product

to 1.28 %
Term
i

Loan term for the financial product

2 months – 12 months
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