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.
