About Lender
JuanHand, owned by WeFund Lending Corporation, is a notable player in the financial technology sector. This company provides online loan products tailored for Filipinos, especially those who may be underserved but are creditworthy. The platform is easily accessible through a smartphone, with the JuanHand cash loan app conveniently downloadable from Google Play and the App Store. This mobile application facilitates a user-friendly experience for individuals seeking financial assistance.
The company's commitment to financial inclusivity is evident in its focus on reaching out to those traditionally overlooked by mainstream financial institutions. Through its user-friendly mobile app, JuanHand aims to make the loan process seamless and accessible to a wider audience. This aligns with the company's mission to provide financial solutions to creditworthy individuals who may face challenges in obtaining loans through traditional channels.
Key Features
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Loan Amounts up to PHP 15,000. Users have the flexibility to borrow amounts up to PHP 15,000, allowing them to address a variety of financial needs.
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Online Application. JuanHand provides a convenient online application process, eliminating the need for traditional paperwork. Through its user-friendly interface, individuals can easily apply for a loan using the mobile app.
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Fast Approval. One of the standout features of JuanHand is its commitment to instant approval. The online platform leverages technology to streamline the approval process, ensuring that users receive quick responses to their loan applications.
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Up to 3 Months Loan Term. Borrowers have the flexibility to choose loan terms of up to 3 months. This allows users to tailor their repayment schedules according to their financial circumstances and preferences.
Pros and Cons
Pros
Cons
Reliability
JuanHand is a reliable financial service provider in the Philippines, operating under the legally established WeFund Lending Corporation. The mother company is registered with the Securities and Exchange Commission (SEC) under Registration Number CS201825672.
To further enhance its reliability, JuanHand has formed strategic partnerships with various entities, including government organizations and private companies. These collaborations contribute to the platform's credibility and commitment to regulatory standards. Notable partners include the National Privacy Commission (NPC), Bureau of Internal Revenue (BIR), Credit Information Corporation, UnionBank, Lazada, Sun Life Grepa, and Multisys.
These partnerships reflect JuanHand's dedication to user privacy, regulatory compliance, and responsible financial practices. The platform's association with established institutions and companies adds to its reliability in providing financial services to users in the Philippines.
How to Apply for a JuanHand Loan?
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Download the JuanHand App. Begin by downloading the JuanHand online cash loan app from the App Store or Google Play, depending on your mobile device.
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Launch the App. Open the JuanHand lending app and initiate the application process. Provide your mobile number and click "Let’s Go" to proceed.
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Verification Code. Input the verification code sent to your mobile number on the next page. Click "Sign Up" to continue.
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Privacy Policy and Service Agreement. Read and agree to JuanHand’s Privacy Policy and Service Agreement.
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Set Your Password. Set up a secure password for your personal account to ensure the confidentiality of your information.
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Borrow Now. On your homepage, locate and click on the "Borrow Now" option.
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Provide Required Information. On the next page, furnish the necessary information as requested.
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Facial Verification. Undergo facial verification to enhance the security and authenticity of your application.
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ID Details. Provide your ID details on the following page. You may also be prompted to take a picture of your ID for verification purposes.
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Select Withdrawal Method. While waiting for JuanHand’s assessment, select your preferred withdrawal method and set it up within the app.
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Initial Credit Limit. After JuanHand’s assessment, your initial credit limit will be displayed. If you are satisfied with the provided limit, click "Click to Get Cash."
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Wait for Approval. Wait for the approval process. If your application is approved, the loan proceeds will be credited to your e-wallet. You also have the option to withdraw the funds over the counter.
Conditions and Requirements
Conditions
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Minimum Loan Amount. The minimum loan amount offered by JuanHand is PHP 2,000, providing users with flexibility for smaller financial needs.
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Maximum Loan Amount. JuanHand offers a maximum loan amount of PHP 15,000, allowing users to access a higher sum for more significant financial requirements.
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Initial Loan Amount. Similar to other loan apps, the initial loan amount with JuanHand may start small for first-time users. However, consistent and timely repayments can lead to an increase in the loan amount over subsequent applications.
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Loan Interest Rate. The JuanHand loan interest rate ranges from 9% to 12%. It's important to note that demonstrating good repayment habits may result in a lower interest rate, providing an incentive for responsible borrowing and repayment.
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Loan Term. The JuanHand loan term extends up to 90 days or 3 months. This timeframe allows borrowers a reasonable period to repay the borrowed funds, aligning with their financial capabilities.
Requirements
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Filipino Citizen. Applicants must be Filipino citizens to qualify for a JuanHand loan.
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Age Range. Borrowers should be between 20 and 60 years old to meet the eligibility criteria.
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Stable Source of Income. Having a stable source of income is a requirement for potential borrowers. This ensures that applicants have the means to repay the loan.
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Government-Issued ID. A crucial requirement is possessing at least one government-issued valid ID. This helps verify the identity and legal status of the applicant.
Ways to Receive the Money
Once your JuanHand loan is approved, the funds will be deposited into your e-wallet. Alternatively, you have the option to withdraw the approved amount over the counter. This flexibility in loan disbursement methods ensures that users can access their funds conveniently, either digitally through the e-wallet or through traditional over-the-counter transactions.
Products
JuanHand presents a variety of financial products to cater to the unique needs of its users. Among these offerings are JuanHand loans, allowing users to access amounts between PHP 2,000 and PHP 15,000 for their specific financial needs. The platform also provides E-Wallet services, offering a secure digital space for the deposit of approved loan funds. Additionally, the user-friendly mobile loan app simplifies the application and management processes. The disbursement options are flexible, with approved funds either deposited into the user's e-wallet or made available for over-the-counter withdrawal.
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- Fast Approval Loans in the Philippines. Streamlined Financial Assistance
Reasons for Getting Rejected for a Loan
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Insufficient Income. If your income is deemed insufficient to cover the loan amount, it could result in refusal.
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Incomplete or Inaccurate Information. Providing incomplete or inaccurate information during the application process may lead to refusal.
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Failure to Meet Eligibility Criteria. Not meeting the specified age range, citizenship, or other JuanHand loan requirements can result in refusal.
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Unsatisfactory Repayment History. If you have a history of late loan repayments, for example, if you had an unpaid JuanHand loan or other lenders loans, your application may be refused.
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Issues with Verification. Problems with verifying your identity or other details provided in the application may lead to refusal.
How to Repay a JuanHand Loan?
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Choose a Convenient Repayment Channel. Select a repayment channel that is most convenient for you to pay JuanHand loan. Options include 7-Eleven, GCash, RD Pawnshop, and M. Lhuillier.
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Obtain Repayment Code. Use the provided repayment code associated with your loan.
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Prepare a Valid ID. Ensure you have a valid ID with you.
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Visit the Selected Repayment Channel. Go to the chosen repayment channel (7-Eleven, GCash, RD Pawnshop, or M. Lhuillier).
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Provide Repayment Code and Valid ID. Present your repayment code and valid ID to the service provider to initiate the repayment process.
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Complete the Repayment. Follow the instructions provided by the service provider to complete the repayment transaction.
Alternatives
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.
Sources
- JuanHand 26.12.2023
