About Lender
ÆON Credit Service Philippines Inc., commonly known as AEON, entered the Philippine financial landscape in February 2013 with a mission to empower customers through responsible and accessible financial services. AEON is a leading financing company that initially focused on providing installment loans for the purchase of consumer products such as home appliances, furniture, and gadgets. This initiative aimed to cater to the unbanked population and those with limited access to financial services.
As part of its commitment to enhancing the lives of Filipinos, AEON has consistently expanded its product offerings. This diversification reflects AEON's dedication to offering a comprehensive range of consumer financial services, contributing not only to financial inclusion but also to creating opportunities for sustainable livelihoods among the Filipino people.
Key Features
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Consumer-Focused Loans. AEON Credit specializes in providing installment loans for the purchase of consumer products such as appliances and furniture. Additionally, the company offers personal loans, allowing customers to address various financial requirements, from home improvements to personal expenses.
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Promotional Offers. AEON Credit provides customers with several promotions accessible through its website. These promotions may include special discounts, reduced fees, or other incentives, enhancing the value of financial products and services for its clientele.
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Beneficial Interest Rates. AEON Credit recognizes and rewards responsible financial behaviour. Customers who demonstrate a history of prompt payments and good credit standing are eligible for lower interest rates on their subsequent loan applications. This incentive encourages financial responsibility and loyalty among AEON customers.
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Flexible Repayment Options. AEON Credit understands the importance of flexibility in managing finances. Therefore, the company offers several repayment options to accommodate the varied preferences and financial situations of its customers. This flexibility ensures that individuals can choose a repayment plan that aligns with their unique needs and capabilities.
Pros and Cons
Pros
Cons
Reliability
AEON Credit Philippines is a reliable and legitimate company. It is duly registered with the Securities and Exchange Commission, having obtained its registration on February 14, 2013 (CS201300789). Furthermore, AEON Credit holds a Certificate of Authority to operate as a lending company in the Philippines.
This official recognition and authorization demonstrate that AEON Credit complies with the regulatory requirements set by the government, ensuring that it operates within the legal framework. As a registered and authorized lending company, customers can have confidence in the reliability and legitimacy of AEON Credit when considering its financial services.
How to Apply for an AEON Credit Loan?
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Download the AEON Credit App. To initiate the online application process, download the AEON Credit app from the Google Play Store. Please note that the app is currently available for Android users.
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Application Form. Once the app is installed, you can start the application process. Fill out the required information in the application form. The form typically includes details such as personal information, contact details, and financial specifics.
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Submit Supporting Documents. As part of the application process, you'll need to submit supporting documents. These documents may vary depending on the type of loan you are applying for but commonly include proof of identity, income, and other relevant financial information.
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Review by AEON Credit. After submitting your application and supporting documents, your information will be reviewed by AEON Credit. The company's personal loan officer may contact you for additional details or clarification.
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Loan Options Discussion. Upon a thorough review, an AEON Credit personal loan officer will reach out to discuss your loan options. This step is crucial for ensuring that the loan terms align with your financial needs and capabilities.
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Notification of Approval. If your loan application is approved, you will receive a notification via text or SMS on your registered mobile number. This communication will inform you that your loan has been approved and provide details on how you can receive the approved loan amount.
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Receive Funds. Based on your chosen option, you can then proceed to receive the approved loan amount through the specified channel.
Conditions and Requirements
Conditions for AEON Personal Loans
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Interest Rate. The interest rate for AEON Personal Loan is fixed at 2.25%.
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Loan Terms. AEON Personal Loan offers flexible repayment options with loan terms of 6 months and 12 months.
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Processing Fee. Aside from the Processing Fee, which is PHP 400 or 3% (whichever is higher), there are no other fees involved in processing your AEON Personal Loan Application.
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Loan Amount. For AEON Credit cash loans, borrowers can borrow amounts ranging from PHP 6,000 to PHP 150,000. However, the approved loan amount is based on the borrower's salary.
Conditions for AEON Loans for General Products and Gadgets (Appliance and Furniture Loans)
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Interest Rate. The interest rate for general products is set between 4.55% to 5.75%. For gadgets, the interest rate is fixed at 5.75%.
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Loan Period. The loan period varies depending on the product you want to buy and your capacity to pay. Loan terms range from 6 to 24 months.
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Fees. Applicants are required to pay the processing fee and downpayment (if needed). The amount of these fees varies depending on the loan amount.
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Non-Cash Loan. For non-cash loans, the company approves the price of appliances, gadgets, furniture, or other consumer products. This means that the loan amount is determined based on the value of the selected items.
Requirements
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Filipino Citizenship. Applicants must be Filipino citizens with a valid Philippine address.
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Age Criteria. Applicants must be between 18 to 60 years old to be eligible for a loan.
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Employment Status. Eligibility extends to individuals who are currently employed for at least 6 months, self-employed, or beneficiaries of remittances from a relative.
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Contact Information. Applicants must provide a valid contact number, which can be either a mobile or landline number.
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Email Address. A valid email address is required for communication and documentation purposes during the loan application process.
Ways to Receive the Money
If your loan application with AEON Credit is approved, the borrowed amount will typically be disbursed to you through a method specified by AEON Credit. One common method is through a bank transfer. Once your loan is approved, the money should be credited to your designated bank account within one to two business days. This streamlined process ensures a quick and efficient disbursement of funds, allowing you timely access to the approved loan amount. It's important to provide accurate banking details during the application process to facilitate the smooth transfer of funds.
Products
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Installment Loans for Consumer Products. AEON provides installment loans specifically tailored for the purchase of consumer products such as home appliances, furniture, and gadgets. This enables customers to make essential purchases through a structured installment plan.
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Personal/Cash Loans. AEON offers personal or cash loans, providing individuals with financial support for a wide range of purposes, from home improvements to personal expenses. These loans are designed to be flexible to meet diverse financial needs.
Other Loans
- Online Loans. Quick Financial Solutions
- Personal Loans. Discover Your Ideal Financial Partner in the Philippines
- Cash Loans. Your Choices for Immediate Funds
- Quick Loans. Explore Rapid Financial Solutions
- Fast Approval Loans in the Philippines. Streamlined Financial Assistance
Reasons for Getting Rejected for a Loan
If your loan application with AEON is declined, it's important to note that AEON may not disclose the specific reasons for the rejection. While the company reserves the right not to disclose the details of declined applications, there are common factors across the financial industry that could contribute to loan rejections. Here are some general reasons why a loan application might be declined:
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Insufficient Income. Lenders often assess the applicant's income to ensure they have the financial capacity to repay the loan. If your income is deemed insufficient to cover the loan amount or does not meet the lender's criteria, it could lead to a rejection.
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High Debt-to-Income Ratio. Lenders evaluate the ratio of your debt payments to your income. If your debt obligations are too high in proportion to your income, it may signal financial strain and increase the likelihood of loan rejection.
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Incomplete or Inaccurate Information. Providing incomplete or inaccurate information on your loan application can lead to rejection. It's crucial to provide accurate details about your personal and financial situation to facilitate a thorough assessment.
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Employment Stability. Lenders may consider your employment history and stability. If you have a short employment tenure or frequent job changes, it may be perceived as a risk factor, leading to a declined application.
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Unfavorable Market Conditions. Economic conditions and changes in the financial market can influence lending decisions. During challenging economic periods, lenders may tighten their lending criteria, resulting in a higher likelihood of loan rejections.
How to Repay an AEON Credit Loan?
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Obtain Your AEON Personal Loan Agreement Number. Upon approval of your loan application, you will receive a 10-digit AEON Personal Loan Agreement Number. This number is crucial for initiating the repayment process.
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Payment through Accredited Partners. AEON Credit provides the flexibility to repay your cash loan through various accredited payment partners. Visit these partners to settle your loan amount in person. Ensure you have your AEON Personal Loan Agreement Number on hand for reference.
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Online Payment through GCash and PayMaya. Utilize the convenience of online payments through GCash and PayMaya. To do that download the app relevant to your choice (GCash or PayMaya), navigate to the Bills Payment section within the app, select AEON Credit as the biller, enter your 10-digit AEON Personal Loan Agreement Number and input the amount you wish to pay.
Alternatives
JuanHand
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.
Cashalo
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.
SB Finance
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.
Online Loans Pilipinas
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.
Editorial Opinion
Important
How to Choose a Lender in the Philippines
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Ensure that the lender is registered with the Securities and Exchange Commission (SEC) of the Philippines.
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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.
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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.
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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.
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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.
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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 AEON and best practices, check out some of the following resources:
- Full AEON Account Review
- How to Apply for AEON Loan
- How to PayOff AEON Loan
- AEON Reviews
- All AEON Coupons and Promo for January 2025
Sources
- AEON 19.12.2023
