About Lender
Finbro is an online lending platform that enables you to obtain a loan to pay for unforeseen needs quickly. They assert that they value their clients and that their objective is to deliver your money in a straightforward, quick, and practical manner.
A brand-new microlender in the Philippines called Finbro can help people throughout the nation resolve pressing financial problems in as little as 15 minutes. They provide loans with durations of up to 12 months and amounts ranging from ₱1,000 to ₱50,000. You may apply for a loan using your preferred device and have it approved in minutes. You may apply for a ₱15.000 initial loan.
Finbro is accessible from any computer or mobile device. Apply for a loan online by providing some basic information about yourself. One valid ID and a selfie of yourself are all that is required before you may receive your money and pay for it via their partner channels across the country.
They claim that you may also get your application approved in a matter of minutes, have your money transferred to you the same day, and have your information completely safe with them.
Pros and cons
Even with all the promises and good reviews, every product has its own benefits and disadvantages. Getting a loan is not something one should jump into without much research. Here are some honest pros and cons of Finbro to help you decide if you must go ahead and apply for a loan.
Pros
- The lender offers online application that can be completed within 15 minutes.
- The lender offers transparent conditions with no extra costs
- The lender’s service is available around-the-clock.
- The lender makes sure all user data is protected.
Cons
- The lender’s repeat loans come with a much higher interest rate.
- The lender doesn’t have a mobile app for accessibility.
Loan conditions
Finbro's loan is only meant to be used by those who have good credit and are of legal age to enter into contracts, specifically when using the corporation's website to access its products and services. Also, to get a loan from Finbro, applicants must have at least one valid ID such as SSS, UMID, or a driver's license.
The company says that when applicants apply for a loan, they represent and warrant that they meet at least the eligibility mentioned above. They are requesting services, creating and maintaining an account on the website, and using the service in mind.
Additionally, the applicant permits the corporation to share any personal or non-personal information they have provided with any third-party service provider (whether a controller or personal information), including credit reference bureaus. The company can then use such information to verify its identity and eligibility for the services.
Funding a loan
The online loan financing process offered by Finbro takes about 15 minutes to complete. You must enter specific personal data, like your full name and address, a photo, and your social security number or employee identification number. You must also consent to a significant draw on your personal credit history. Following an automatic online analysis of your data or personal credit history, Finbro will decide whether to accept or reject your application.
A borrowing cap is set for each borrower, who may only take out individual installment loans up to that cap. Loans have a 12-month repayment period. Due to the loans' shorter periods than those of traditional loans, it is easier to fall behind on payments and accrue penalties from month to month.
The minimum loan amount for a first-time borrower is ₱1,000, with ₱15,000 being the maximum. However, for subsequent borrowers, it is different; the minimum is ₱1,000 still, and the maximum is ₱50,000
Depending on the borrower's eligibility, monthly loan fees might range from 0.25% to 3.5% of the total amount owed. The interest rate is 0.6% annually.
For instance, if a first-time client chooses to apply for a ₱15,000 loan, their loan details could be as follows:
- Loan amount - ₱15,000.
- Next payment date - a month after loan disbursement.
- Interest - ₱900
- Processing fee - ₱1,350.
- Loan tenure - 12 months.
- Total loan cost at the end of term - ₱17,250.
