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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.

LoanLoad

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About lender

LoanLoad is a Philippine-based lender aggregation platform that provides short-term online microloans to individual borrowers from various lenders. The company has its headquarters located in Makati, Metro Manila.

LoanLoad is a unique modern-aged loan aggregator platform that provides normal borrowers and even people with bad credit history with a way to get loans. The company is formerly called H Lending, owned by Hovono Inc.

The company connects the applicant with a list of lenders capable of financially supporting individuals with a bad credit history like students, people from black banking lists, and even pensioners. The company offers decent interest rates, which are competitive if you consider the risk of lending to individuals with bad credit history. They also offer the first loan of up to ₱100,000 with 0% interest if the repayment is made within the given timeline.

The company also has a loan calculator on its website that makes it easier for the borrower to know all the details about their loan. They must enter the loan amount they want to borrow and the loan term. After this, the calculator automatically tells you the fee and total repayment amount. This is very convenient for an applicant to evaluate the cost and apply for a loan based on their repayment capacity.

Borrowers who apply for loans from the company receive them directly on their linked card. Furthermore, LoanLoad provides individuals with loans without any required guarantors or references. All loans are given out without any additional commission charged to the borrowers.

Pros and cons

It is critical to understand all aspects before borrowing money from any lender. Here are some pros and cons related to LoanLoad and their lending services.

Pros

  • Loans are granted without references and guarantors.
  • The loan amount is directly credited to the borrower’s card.
  • According to their website, first loans up to ₱100,000 are given at a 0% interest rate. However, since using the site, you can only take ₱50000, contact the support to discuss whether it is possible to take more.

Cons

  • The actual interest rate is higher compared to its competitors.
  • The loan processing time is more than 1-2 days.

Loan conditions

To be eligible for the loan, the applicant should be a Filipino citizen with a valid government ID proving that they are a Filipino. Apart from that, the minimum age to be eligible for a loan is 18 years. However, the applicant cannot be more than 65 years to apply for a loan. The borrower must have a credit history. Even if it’s bad, the company tries to match them with suitable lenders. The applicant must also submit a duly signed copy of a valid government-issued ID.

Funding a Loan

LoanLoad is a microloan company providing short-term loans to individuals with a minimum loanable amount of ₱5,000. Applicants can apply for a maximum loan of up to ₱50,000. The loan tenure is flexible because the loan term ranges from 61 days to 365 days. In the case of timely repayment, the initial loan of up to ₱100,000 is granted at a rate of 0%. Interest rates on loans range from 30% to 360% each year, depending on your loan amount and repayment tenure.

Borrowers are required to complete the payments according to the stipulated timeline. In the event of a deadline breach, the penalty is 0.10% of the delay amount, which is calculated per day. However, the penalty cannot exceed 10% of the loan amount.

The company also offers loan extensions that are feasible with timely notification to the lender and interest payment for the initial loan period. There are no additional fees associated with extending the loan. An online calculator on the official website allows you to determine the total loan payment and the monthly payment. To apply for the loan on the website, you must fill out a form with personal information such as your name, phone number, and email address. The request will then be prepared and forwarded for processing. Once the application is processed, the loans are disbursed, and the time required to complete the payment ranges between 15 minutes and a few hours before the loan confirmation.

Loanload

FAQ

What is LoanLoad?

LoanLoan is an online lender aggregation platform. It offers individuals a list of available lenders who can provide suitable loans based on their entered details.

Who owns LoanLoad?

LoanLoad’s formal name is H Lending, which Hovono Inc. fully owns.

How do you qualify for LoanLoad?

To be eligible for the loan, the applicant should be a Filipino citizen of at least 18 years old and a maximum of 65 years. They must have a credit history and valid government-issued ID.

Is LoanLoad a legitimate company?

Yes, LoanLoad is a legit company. It has a Certificate of Authority granted by the Securities and Exchange Commission, making it a registered platform.

What is the maximum microloan amount?

The company offers a maximum loan of up to ₱50,000 according to their website calculator. To apply for more, please, contact the support.

For what period can I take out a microloan?

LoanLoad offers housing loans for up to 365 days.

What are the requirements for microloans?

The applicant must have a credit history and a valid government-issued ID. The company demands only a passport and code while applying for the loan.

What is the longest microloan term?

The company offers microloans for the longest term of 365 days.

What is the duration of microloan processing?

The approval time of the microloan is 1-7 banking days, and payments are processed within 15 minutes to a few hours after approval.

Financial products

LoanLoad
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
5 000 - 50 000 ₱
Rate
i

Effective interest rate on the product

up to 0.99% per day
Term
i

Loan term for the financial product

61 - 365 days

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LoanLoad loan calculator

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

LoanLoad calculator
Interest rates are given in accordance with the rates of the LoanLoad in Manila as of 04.12.2022
Loan amount
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Specify the desired loan amount

PHP
PHP
5000 ₱
50000 ₱
Loan term
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Specify the loan term for the calculation

days
months
61
365
City

What to pay attention to when applying for a loan at LoanLoad?

Recommendations

What distinguishes LoanLoad from a bank:

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