About Blend
Blend PH, operated by Inclusive Financial Technologies, Inc., stands as a secure and reliable online peer-to-peer funding platform, providing tailored loan products to meet the diverse financial needs of Filipinos nationwide. As a facilitator of lending services, Blend PH offers a range of consumer loans, including personal loans, business loans, franchise loans, and specialized options such as seafarer loans and auto sangla loans. The platform is designed to deepen customer relationships by offering a seamless online lending experience, making dreams achievable through hassle-free lending.
The platform operates within a framework that adheres to the Data Privacy Act of the Philippines, ensuring the safety of stakeholders' information. Blend PH, a Securities and Exchange Commission (SEC)-registered entity with the registration number CS201908028, caters to both borrowers seeking financial assistance and lenders looking for investment opportunities.
Key Features
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Diverse Loan Products. Blend PH offers a variety of consumer loans tailored to meet individual needs, including personal loans, business loans, franchise loans, fast loans, seafarer loans, auto sangla loans, educational loans, and salary loans.
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Flexible Terms. With repayment periods ranging from 1 to 36 months and interest rates varying between 1.5% and 8% per month, Blend PH provides flexibility to borrowers, accommodating a wide range of financial situations.
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Online Application Process. Blend PH streamlines the lending experience with a user-friendly online application process. Borrowers can easily check eligibility, submit required documents, and complete the application from the comfort of their homes.
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Peer-to-Peer Funding Platform. Serving as a bridge between borrowers and lenders, Blend PH operates as a peer-to-peer funding platform. Lenders can invest their funds intelligently, while borrowers can access quick and easy cash loans.
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Efficient Credit Evaluation. Blend PH employs a systematic credit evaluation and endorsement process, ensuring that loan applications are thoroughly assessed before being presented to partner investors.
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Blend Wallet. For lenders, Blend PH offers a secure wallet system, allowing them to easily credit their funds and commence funding online loan applications that align with their investment preferences.
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Transparent Loan Calculations. Borrowers can utilize the loan calculator to check their eligibility and gain transparency into the terms and conditions of their desired loans, promoting informed decision-making.
Pros and Cons
Pros
Cons
Reliability
Blend PH underscores its commitment to reliability as a prominent feature of its peer-to-peer lending platform. By operating as an online facilitator of financial services, Blend PH aims to connect borrowers and lenders efficiently, fostering a reliable channel for individuals seeking loans and investors looking to deploy their funds intelligently.
The security measures implemented by Blend PH contribute significantly to its reputation for reliability. Strict adherence to the Data Privacy Act of the Philippines ensures that stakeholders' sensitive information is handled with the utmost confidentiality, bolstering the trust of users. Blend PH's status as a registered business entity with the Securities and Exchange Commission (SEC) further solidifies its commitment to reliability and transparency, providing users with assurance regarding the legitimacy and regulatory compliance of the platform.
How to Apply for a Blend Loan?
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Check Eligibility. Log in or create an account on the Blend PH website to assess your eligibility for a loan. Utilize the Loan Calculator to get an estimate of the loan amount and terms that align with your financial needs.
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Submit Application. Fill out the loan application by uploading all necessary documents and responding to credit-related questions. Upon submission, Blend PH's underwriting team will evaluate your application and requirements for endorsement to partner lenders.
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Credit Evaluation and Endorsement. Blend PH conducts a thorough credit evaluation, validating and verifying the information and documents submitted. Once verified, your loan application will be endorsed to partner lenders for funding.
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Loan Approval. Expect a call from the partner investor upon successful approval of your loan application. Once approved, the disbursement process begins, and your funds will be made available immediately.
The processing time for evaluation can vary from 24 to 48 hours, depending on the completeness of your submitted requirements and the accuracy of the information provided.
Conditions and Requirements
Conditions
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Flexible Repayment Terms. Blend PH provides borrowers with the flexibility to choose repayment periods ranging from 1 to 36 months, allowing them to tailor the loan term according to their financial capabilities.
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Competitive Interest Rates. Borrowers can benefit from competitive interest rates ranging from 1.5% to 8% per month, depending on the specific loan product and risk type, ensuring reasonable and transparent financing costs.
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Diverse Loan Products. Blend PH offers a variety of loan products, including personal loans, business loans, franchise loans, fast loans, seafarer loans, auto sangla loans, educational loans, and salary loans, catering to diverse financial needs.
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Transparent Loan Calculations. Borrowers have access to a transparent loan calculator to check eligibility and understand the terms and conditions before committing to a loan, promoting informed decision-making.
Requirements
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Document Submission. Upload all necessary documents as part of the loan application process. The underwriting team will evaluate your application based on the information and documents provided.
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Timely Response to Queries. Respond promptly to any queries or additional information requests from Blend PH's underwriting team. Timely responses contribute to a smoother evaluation process.
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Verification of Information. Ensure that all information provided during the application is accurate and verifiable. Blend PH conducts a thorough credit evaluation, and discrepancies may impact the application process.
Ways to Receive the Money
Once your loan application is approved, Blend PH facilitates a secure electronic fund transfer directly to the bank account you provided during the application process. This method ensures a swift and hassle-free transfer of funds.
Products
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Personal Loan (₱50,000 to ₱2,000,000). A versatile loan option designed to address individual financial needs, with interest rates based on risk type ranging from 1.5% to 3% per month, and flexible repayment terms varying from 12 to 36 months.
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Franchise Loan (₱50,000 to ₱2,000,000). Specifically crafted for those interested in franchising opportunities, this loan offers a fixed interest rate of 2% per month and a repayment period of 12 to 36 months.
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Business Loan (₱100,000 to ₱2,000,000). Tailored for entrepreneurs, this loan provides a range of interest rates from 1.5% to 3% per month based on risk type, accommodating diverse business financing needs with terms ranging from 6 to 36 months.
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Fast Loan (₱10,000 to ₱40,000). Ideal for those in need of quick and smaller amounts, the Fast Loan offers a fixed interest rate of 8% per month and short-term repayment options ranging from 3 to 6 months.
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Seafarer Loan (₱50,000 to ₱500,000). Catering to the unique needs of seafarers, this loan comes with a fixed interest rate of 3.5% per month and a repayment term spanning 2/3 of the contract period.
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Auto Sangla Loan (₱10,000 to ₱3,000,000). Geared towards individuals looking to leverage their vehicle assets, this loan offers a competitive interest rate of 1.5% per month and flexible repayment terms ranging from 6 to 24 months.
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Educational Loan (₱20,000 to ₱25,000). Specifically crafted for educational expenses, this loan provides a fixed interest rate of 3% per month and short-term repayment options ranging from 1 to 6 months.
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Salary Loan (1 Month Salary). Tailored to address immediate financial needs, this loan offers a fixed interest rate of 3% per month and short-term repayment options ranging from 1 to 6 months.
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 Blend Loan
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Risk Type Assessment. Blend PH categorizes applicants into different risk types (A, B, or C) based on their creditworthiness. Those falling into higher-risk categories may experience rejection or be offered loans with less favorable terms.
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Minimum Risk Acceptance Criteria (MRAC). The MRAC system assesses the eligibility of borrowers during registration, automatically rejecting those who do not meet the criteria. Common reasons for rejection may include being a minor, non-regular employee, or having a salary below the minimum wage.
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Credit Score Evaluation. Blend PH utilizes an Internal Credit Score, employing a binary logistic regression model. Rejection may occur if the credit model indicates a high probability of default based on the borrower's provided information.
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Credit Report Check. Blend PH cross-verifies information by checking credit reports from trusted third-party credit bureaus. If an applicant has existing loans with other financial institutions, it may impact their eligibility for a Blend loan.
How to Repay a Blend Loan?
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Loan Agreement and Terms. Familiarize yourself with the loan agreement and the terms associated with your specific Blend loan. Understand the repayment schedule, including the due dates and the total amount to be repaid.
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Payment Methods. Blend PH provides multiple payment methods for borrowers' convenience. These methods may include online payments, bank transfers, Blend Wallet.
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Timely Payments. Ensure that you make payments on or before the due date. Timely payments are crucial for maintaining a positive credit history and avoiding any potential late fees or penalties.
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Loan Account Monitoring. Regularly monitor your Blend PH loan account for updates on your repayment status. The online platform typically provides a dashboard where borrowers can track their payment history and remaining balance.
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Customer Support. If you encounter any issues or have questions regarding the repayment process, don't hesitate to reach out to Blend PH's customer support. They can provide assistance and clarification on any concerns related to loan repayment.
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Regular Communication. Stay informed about any changes in loan terms or payment requirements. Blend PH may communicate important updates or changes to borrowers via the online platform or through email notifications.
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 Blend and best practices, check out some of the following resources:
- Full Blend Account Review
- How to Apply for Blend Loan
- How to PayOff Blend Loan
- Blend Reviews
- All Blend Coupons and Promo for January 2025
Sources
- Blend 18.12.2023
