About lender
Blend Philippines is a virtual peer-to-peer lending funding platform managed by Inclusive Financial Technologies, Inc.
Blend is a genuine online peer-to-peer lending platform where borrowers can access short-term loans. The platform offers loan consumers quick loans after a hassle-free loaning process that fits the needs of most online lenders. The company is registered as a financial lending platform to help borrowers access quick cash loans and improve their financial well-being. Blend offers fast loans with a flexible payment plan, enabling borrowers to plan their loans accordingly. Because it provides quick loans, Blend allows borrowers to consider these consumer loans when they need quick cash or for emergencies. Besides, the platform encourages borrowers to invest and build up their money while raising the lives of others on the platform. As a peer-to-peer platform, Blend ascertains convenience, helping borrowers get quick cash loans and investors make money through lending. Blend’s p2p platform enables borrowers to benefit from interest rates of as low as 0.03% per day.
Pros and cons
Blend loans are unique because of the p2p platform that enables borrowers to meet investors. Blend strives to build customer relationships to ensure that borrowers and investors find the platform meaningful to use when borrowing an online loan service or investing their money. Borrowers can quickly get online loans from the peer-to-peer funding platform because it offers different loan products.
Pros
- You can apply fast through an online system.
- The platform is safe to use
- Interest rates are relatively low and depend on your creditworthiness.
- Flexible loan terms of up to 36 months.
- Easy repayment schedules
- Quick approval time
Cons
- High penalties for defaulting
- High late payment fees
Loan conditions
Blend offers different loan products, ranging from fast personal loans to salary and franchise loans. New customers can access the loans by first registering online through the peer-to-peer platform and choosing the suitable loan they would like to take. For example, a new customer applying for a personal loan can access a minimum of ₱50,000 at an interest of between 1% and 3% per month. Meanwhile, a new customer interested in a fast loan can access at least ₱10,000 with an interest of between 5% and 8% per month, depending on their creditworthiness. Customers can also access seafarer loans of ₱50,000 to ₱500,000 with an interest rate of 2.5% per month upon fulfilling all required terms of the loan. Existing customers can access higher amounts of up to ₱2,000,000 personal loans with an extended payment period and lower interest rates. Regular borrowers can also access higher limits of salary and franchise loans depending on their records and creditworthiness.
Methods of a loan funding
Borrowers enjoy fast loan approvals depending on the type and amount of loans they require. For example, fast loans can take about 5 minutes to be approved, while franchise loans can take up to 48 hours, which is still a quicker turnaround than a conventional bank. The loaning process is simple and easy to follow, and approval notifications always follow within 1 to 2 business days for most types of loans after application.
