Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

2.2

Kviku

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About Lender

Kviku, a pioneering online lending institution, stands out for providing swift and hassle-free access to short-term loans. The platform operates with efficiency, offering Filipinos the convenience of securing small loans promptly, especially in times of urgency. This is made possible through the fully automated Kviku online loan service, ensuring a seamless borrowing experience.

One of the notable features of Kviku is its commitment to user-friendly processes. Borrowers benefit from the flexibility of repaying their loans in installments, a feature that significantly aids in managing their financial commitments. Kviku Philippines distinguishes itself by enabling users to complete the entire loan application process online, eliminating the need for extensive paperwork or visits to various banks.

Kviku

Key Features

  1. Simple Procedures. Kviku sets itself apart with straightforward and user-friendly procedures. The platform is dedicated to ensuring that the loan application and approval processes are uncomplicated, allowing users to navigate them with ease. This commitment to simplicity aligns with Kviku's goal of providing a hassle-free borrowing experience.

  2. 24-Hour Approval. Recognizing the urgency often associated with financial needs, Kviku offers a swift 24-hour approval process. This expedited timeline ensures that borrowers receive timely responses to their loan applications, addressing their financial requirements promptly.

  3. No Hidden Fees and Charges. Kviku places a premium on transparency in its financial dealings. Borrowers can trust that the costs associated with Kviku loans are made clear from the outset. There are no hidden fees or charges, allowing users to have a comprehensive understanding of the financial commitment they are undertaking.

  4. 100% Online. In line with the modern demands of a digital era, Kviku provides a fully online lending experience. Borrowers can complete the entire process, from application to approval, without the need for physical paperwork or in-person visits. This online accessibility enhances convenience, enabling users to manage their loan transactions from the comfort of their homes.

Pros and Cons

Pros

Competitive Interest Rates. Kviku distinguishes itself by offering competitive interest rates, set at 0.16% daily. This favorable rate contributes to the overall affordability of loans, making it an attractive option for borrowers.

Simple Application. The application process with Kviku is designed to be user-friendly and straightforward. This simplicity ensures that borrowers can navigate the application with ease, streamlining the loan process.

Terms Up to 180 Days. Borrowers benefit from the flexibility of loan terms, with Kviku allowing repayment periods of up to 180 days. This extended timeframe provides users with the convenience of tailoring the repayment schedule to better suit their individual financial situations.

Cons

Limited Terms for New Borrowers. For new borrowers, there is a limitation on the initial loan terms, set at a maximum of 60 days. While this may be a temporary restriction, it could be a consideration for those seeking longer-term financial arrangements.

Potential 2-Day Loan Disbursement. Kviku acknowledges that cash loan disbursement may take up to 2 days. Despite a swift approval process, the additional time required for funds to be transferred to the borrower's account could be a factor for those in need of immediate financial assistance.

Reliability

Kviku is a reliable online lending platform. The legitimacy of the platform is underscored by its operational entity, Kviku Lending Co. Inc. This company was officially registered with the Securities and Exchange Commission (SEC) on January 9, 2020. Importantly, Kviku Lending Co. Inc. is authorized to operate as a lending company in the Philippines.

The Philippines SEC registration and the authorization to operate as a lending company provides a solid foundation for Kviku's reliability. It indicates that the platform adheres to regulatory standards and operates within the legal framework established by the Philippine government. Borrowers can have confidence in the legitimacy and reliability of Kviku for their financial needs.

How to Apply for a Kviku Loan?

Apply for a Loan

  1. Visit The Website. Start by navigating to the official Kviku website.

  2. Complete the Online Application Form. Fill out the loan application form online on the website. Provide the required information, including your name, date of birth, SSS number, email address, mobile phone number.

  3. Wait for Approval. Once you have submitted the necessary information, await the approval process. Kviku will assess your application based on the provided details.

  4. Approval Notification via SMS. You will receive notification of the application status through SMS. The message will indicate whether your application has been approved or denied.

  5. Sign the Contract. If your loan is approved, proceed to sign the loan contract. This step is crucial for formalizing the agreement.

  6. Prompt Disbursement of Approved Amount. After signing the contract, the approved loan amount will be promptly disbursed. Kviku ensures a swift bank transfer of funds to your specified bank account.

Conditions and Requirements

Conditions

  1. Loan Amount. Borrowers have the flexibility to borrow money from PHP 500 to PHP 25,000. This range accommodates varying financial needs, allowing users to access the amount that suits their requirements.

  2. Daily Interest Rate. Kviku applies a daily interest rate of 0.16%. This rate is a factor in calculating the overall cost of the loan, ensuring transparency in financial transactions.

  3. Maximum Term for First-Time Borrowers. For the first loan, the approval is granted for a maximum repayment period of 60 days. This initial term provides an introductory experience for new users of the Kviku lending platform.

  4. Maximum Term for Repeat Borrowers. Repeat borrowers, who have established a history with Kviku, enjoy increased flexibility with approval for a maximum term of 180 days. This extended period allows for more extended repayment schedules, providing convenience for users familiar with the platform.

Requirements

  1. Citizenship and Age. You must be a Filipino citizen and your age should be between 20 and 55 years old.

  2. Valid Government ID. You are required to have a valid Government ID. This can include but is not limited to, a driver's license, passport, or any other government-issued identification.

  3. Supporting Documents (Optional but Recommended). While only one valid government ID is required, you can present supporting documents to enhance your application. These may include a payslip, certificate of employment (COE), income tax return (ITR), company ID, or DTI (if self-employed or with a business).

  4. Repeat Borrowers. Repeat borrowers may benefit from an automatic approval process, streamlining the application for those who have previously utilized Kviku's services.

  5. Valid Mobile Phone Number. It is essential to have a valid mobile phone number. This number will be used for communication purposes, including receiving notifications about the status of your loan application.

Ways to Receive the Money

Upon loan approval, your funds will be transferred to your designated bank account. The efficiency of this transaction is subject to your bank's processing times, with the transfer generally taking place within an hour. However, the actual duration may vary depending on your specific bank. Typically, funds are disbursed promptly, ensuring that you gain access to the borrowed amount swiftly.

For those opting for Cebuana Cash Pick-ups, the transfer process is expedited further. In such cases, funds are made available within 24 hours, offering a convenient option for those who prefer this mode of disbursement.

Products

Kviku specializes in offering installment loans as its primary financial product. Installment loans provide borrowers with a predetermined amount of money that is repaid in fixed, scheduled installments over a specified period. This structure allows for better financial planning and flexibility in managing repayments.

Other Loans

Reasons for Getting Rejected for a Loan

If you meet the legal age requirement and have consistently made timely credit payments, a loan rejection might be attributed to various factors. Consider the following reasons:

  1. Incomplete Application Form. Ensure that you have filled out the online application form accurately and completely. Providing comprehensive personal data increases the likelihood of approval.

  2. Insufficient Personal Information. The more detailed and accurate personal information you provide, the better the chances of approval. Insufficient details may lead to a rejection.

  3. Credit History. While you have a history of timely credit payments, there could be elements in your credit history that influence the decision. Lenders often assess creditworthiness based on various factors.

  4. Loan Limit Exceeded. Ensure that the loan amount requested aligns with the specified loan limit. Exceeding the set limit might result in a rejection.

  5. Incomplete Supporting Documents. If supporting documents are required, make sure they are complete and accurate. Incomplete documentation could lead to a rejection.

  6. Credit Ratings. Your credit ratings may play a significant role. If there are discrepancies or issues in your credit report, it could impact the approval decision.

  7. Application Error or Glitch. In some cases, a rejection might occur due to an error in the application process or a technical glitch. If you believe this is the case, consider resubmitting the application.

How to Repay a Kviku Loan?

Repay

  1. Bank Deposit. Deposit the repayment amount to the designated Kviku bank account. Ensure that you use the correct account details provided by Kviku.

  2. Profile Payment Information. Log in to your Kviku account and go to your profile. Click on "Payment Information" and select "More Info." A new window will display your Lifetime ID and Loan Agreement details, which you'll need for making payments.

  3. Payment at Nearby Banks. Repayments can be made at any nearby bank. Provide your Lifetime ID and Loan Agreement details during the transaction.

  4. Repaying in Payment Centers. Utilize payment centers for repayments. If using GCash, select DragonLoans and enter your Lifetime ID.

  5. List of Payment Centers. Several payment centers can process payments using your Lifetime ID, including Cebuana Lhuillier, LBC, Bayad Center, Robinsons Department Store, SM Department/Supermarket/Savemore Counter, ECPay, RD Pawnshop, and 7/11 (Dragonloans).

Alternatives

JuanHand

Apply for a Loan

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.

JuanHand

Cashalo

Apply for a Loan

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.

Cashalo

SB Finance

Apply for a Loan

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.

SB Finance

Online Loans Pilipinas

Apply for a Loan

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.

Online Loans Pilipinas

Editorial Opinion

Kviku, an online lending platform, has positioned itself as a convenient solution for those seeking quick access to financial assistance. With its user-friendly Kviku loan app and straightforward online application process, obtaining cash loans, particularly for first-time borrowers, has become more accessible. The platform's commitment to cost transparency and its emphasis on providing instant money bank transfers align with the evolving needs of individuals requiring swift financial solutions. Kviku's automated system and the promise of account approval for repeat borrowers contribute to its reputation as a hassle-free lending institution.

While the convenience of the Kviku service is evident, it's crucial for users to be mindful of the interest rates and repayment periods associated with their loans. Like any lending institution, understanding Kviku's terms and conditions, including loan requirements and repayment expectations, is essential for borrowers to make informed financial decisions. Overall, Kviku appears to cater to the contemporary demand for online loans, emphasizing simplicity and efficiency in its lending processes.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender in the Philippines

  1. Ensure that the lender is registered with the Securities and Exchange Commission (SEC) of the Philippines.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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 Kviku and best practices, check out some of the following resources:

Sources

FAQ

Who owns Kviku?

Kviku is owned by Kviku Group, and it was launched in Russia in 2013 by Nikita Lomakin, the current CEO, and Veniamin Lipskiy, the current CFO. The establishment of Kviku Group marked the beginning of a financial venture aimed at providing accessible and efficient lending services.

What credit score do you need for Kviku?

Kviku, like many online lending platforms, may consider various factors beyond a traditional credit score when evaluating loan applications. While specific credit score requirements may not be explicitly disclosed, Kviku typically assesses an individual's creditworthiness based on factors such as financial history, income, and repayment behavior.

What bank does Kviku use?

Specific information about the bank or banks used by Kviku for transactions and fund transfers is not available. The details of the banking partnerships or arrangements made by financial institutions may change over time.

Does Kviku approve everyone?

Kviku, like any responsible lending institution, does not guarantee approval for every loan application. The approval of a loan application depends on various factors, including the applicant's financial history, creditworthiness, income, and other Kviku loan requirements.

Is Kviku a legitimate company?

Yes, Kviku is a legitimate company. The Kviku online lending platform is operated by Kviku Lending Co. Inc., and it was officially registered with the Securities and Exchange Commission (SEC) on January 9, 2020. The fact that the company is authorized to operate as a lending company in the Philippines further confirms its legitimacy. As a registered entity, Kviku is subject to regulatory oversight and is required to adhere to the legal and operational standards set by the SEC.

Company documents

Terms and Conditions
Privacy Policy

It is the first service that works with customers in online mode, without the help of a human operator! Its operation is fully automated. Any day of the week, regardless of the time, holidays or non-working days, loans are given instantly.

Kviku Lending Co. INC.
Financial products
Kviku
Online Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
500.00 – 25000.00 ₱
Rate
i

Effective interest rate on the product

to 0.16 %
Term
i

Loan term for the financial product

2 months – 6 months
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Kviku loans calculator

Calculate loan payments in Kviku. Loans calculator will allow you to calculate an approximate payment schedule for the loan

Kviku calculator
Interest rates are given in accordance with the rates of the Kviku in Manila as of 24.04.2024
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All Kviku’s reviews by april 2024
Leave feedback
4
Disadvantages
Please address my concerns regarding my loan application and its processing. I am currently in the hospital for my mother, and while I have paid off my previous loan, I have yet to receive my newly approved loan and contract. I urge Kviku company to take appropriate action in this matter as soon as possible.
Complain
1.6
Disadvantages
Warning: This lender is predatory and extremely dangerous. Do not use this app for loans as they will trap you with impossible and maliciously high interest rates. Their lending algorithm is both predatory and harmful. Please be advised and avoid this app at all costs.
Complain
1.4
Disadvantages
I was charged an excessive amount by KVIKU. My last loan was approved on November 25th, 2022 for 5000 pesos. However, I have already paid over 8000 pesos, and now they are demanding an additional payment of 1711.73 pesos on February 23rd, 2023. This level of interest is unreasonable for a loan of only 5000 pesos over a two-month period.
Complain
1.8
Disadvantages
High Interest Rate. They approved my auto loan without discussing repayment options in full. Instead, they sent me a contract with scheduled payments, which is nowhere near the advertised 0.16% interest rate. Currently, the rate is at 2% per day. Although I received a 3k loan, the contract requires me to pay back over 9k within 135 days. Additionally, they refuse to allow early repayment, and even if I pay early, they still demand the full 9k amount. This is a clear scam.
Complain
Overall company rating
2.2
/ 5
4 reviews
Execution of an application
2.0
Support service
2.3
Mobile app
2.5
Service quality
2.0
Your satisfaction level
2.3
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