About Lender
LoanChamp, a prominent player in the Philippine financial landscape, is an online lending platform operated under Y Finance Inc., a financing company established in 2017. This platform is dedicated to providing essential financial services, with a primary focus on fostering financial inclusion for all Filipino customers.
Under the umbrella of Y Finance Inc., LoanChamp stands out as a prominent credit lending company in the Philippines. Committed to breaking down barriers and expanding access to Financial Technology, the platform strives to enhance the overall financial experience for Filipinos, ultimately easing their financial burdens.
Key Features
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Loan Options. LoanChamp provides users with several flexible loan options, including FlexLoan, salary loan, and seafarer loan. This diverse range of loan products allows individuals to choose the option that best suits their specific financial requirements.
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Competitive Interest Rates. One of the standout features of LoanChamp is its competitive interest rates, starting from as low as 0.35% per day. This ensures that borrowers can access funds at rates that are favorable and aligned with their financial goals.
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Mobile Accessibility. LoanChamp enhances user convenience by offering a free mobile application for Android users. This app provides a user-friendly interface, allowing customers to manage their loans and financial activities with ease, directly from their mobile devices.
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Generous Loan Amounts. Borrowers can access substantial loan amounts through LoanChamp, with loans extending up to PHP 500,000. This flexibility in loan amounts ensures that individuals can secure the financial support they need, whether for specific expenses or more significant financial endeavors.
Pros and Cons
Pros
Cons
Reliability
LoanChamp is a reliable financial lending company with a legitimate and registered status. The company has undergone the proper regulatory processes and is officially registered with the Securities and Exchange Commission (SEC). LoanChamp operates under the legal entity of Y Finance Inc., with a registered company number CS201800494 and a Certificate of Authority No. 1163.
How to Apply for a LoanChamp Loan?
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Visit the Website or Download the App. Begin the loan application process by either visiting the LoanChamp website or downloading the app from Google Play for Android users.
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Click "Apply for a Loan". Once on the platform, locate and click on the "Apply for a Loan" option. This will initiate the loan application process.
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Provide Phone Number. Enter your phone number into the designated field. You will receive a verification code on the provided number.
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Receive Verification Code. Check your phone for the verification code. Enter this code on the platform to verify your identity.
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Create a Password and Click "Apply Now". After verification, create a password for your account. Once the password is set, click on "Apply Now" to proceed with the loan application.
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Fill Out the Loan Application. Complete the loan application form with the required information. This may include personal details, financial information, and specific details related to the type of loan you are applying for.
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Wait for Approval. After submitting your application, patiently wait for LoanChamp to review and process your request. The platform will assess your eligibility and determine the loan amount based on your provided information.
Conditions and Requirements
Conditions
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FlexLoan. FlexLoan offers amounts ranging from PHP 3,000 to PHP 20,000, with terms extending from 61 to 180 days. The interest rate for FlexLoan varies from 0.35% to 0.5% per day. Additionally, a processing fee of 5% is applied, deducted from the loan amount upon disbursement.
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Salary Loan. For salary loans, users can access amounts between PHP 10,000 and PHP 50,000, with terms spanning from 2 to 6 months. The loan conditions include a processing fee of 7%, and the interest is set at 7.8% per month.
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Seafarer Loan. LoanChamp's seafarer loan provides a broader financial scope, offering loan amounts from PHP 10,000 to PHP 500,000. The terms for this loan range from 2 to 12 months, with an associated interest rate of 5.4% per month. A processing fee of 10% is applicable to the Seafarer Loan.
LoanChamp includes additional fees to ensure transparency in its lending process. Here are the details of the supplementary fees:
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Loan Disbursement Fee. The Loan Disbursement Fee ranges from PHP 0 to PHP 65, varying based on the channel you choose for disbursement. This fee is deducted from the loan amount at the time of disbursement.
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Payment Handling Fee. A Payment Handling Fee is applicable, ranging from PHP 0 to PHP 25. This fee varies based on the channel you choose for making payments. You will be charged the handling fee when you initiate the payment.
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Late Fee and Penalty Rate. Late fees and penalty rates are only incurred when a borrower misses a payment. For specific details regarding late fees and penalty rates, it is advised to refer to the loan agreement that you e-sign during the loan disbursement process.
Requirements
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Age Requirement. Applicants must be 20 years of age and above to be eligible to apply for a loan with LoanChamp.
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Identification. One valid government ID is required for the application process. This could include a driver's license, passport, or any other government-issued identification.
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Contact Information. Applicants need to provide their mobile number. Additionally, having an active social media account, such as Facebook, X (Twitter), or Instagram, is also required.
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Proof of Income. Employed individuals are required to submit at least one month's payslip or a Certificate of Employment as proof of income.
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For Self-Employed Individuals. If the applicant is self-employed, they need to provide either their Income Tax Return (ITR) or Business Permit as part of the application requirements.
Ways to Receive the Money
LoanChamp offers various channels for disbursement, each designed for convenience, although different channels may require specific information. Among the available options is an immediate transfer to borrowers' bank accounts, ensuring they receive the loan amount promptly. It's important to note that a third-party payment distribution gateway charges a servicing fee for this service. For a comprehensive overview of all available disbursement channels, you can navigate to the loan disbursement section within the LoanChamp App. This provides you with detailed information, allowing you to make an informed choice based on your needs.
Products
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FlexLoan. This product offers loan amounts ranging from PHP 3,000 to PHP 20,000 with terms spanning from 61 to 180 days. The interest rate for FlexLoan varies between 0.35% and 0.5% per day. A processing fee of 5% is charged, and deducted from the loan amount upon disbursement.
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Salary Loan. Designed for employed individuals, a salary loan provides amounts between PHP 10,000 and PHP 50,000. The terms range from 2 to 6 months, with a processing fee of 7% and an interest rate of 7.8% per month.
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Seafarer Loan. Offering broader financial support, the seafarer loan provides amounts from PHP 10,000 to PHP 500,000. The terms range from 2 to 12 months, with an interest rate of 5.4% per month. A processing fee of 10% is applicable to the seafarer loan.
Other Loans
- Online Loans. Quick Financial Solutions
- Personal Loans. Discover Your Ideal Financial Partner in the Philippines
- Cash Loans. Your Choices for Immediate Funds
- Quick Loans. Explore Rapid Financial Solutions
- Fast Approval Loans in the Philippines. Streamlined Financial Assistance
Reasons for Getting Rejected for a Loan
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Serious Negative Credit Records Before. Previous instances of serious negative credit records may contribute to the rejection of a loan application. Lenders often assess an applicant's credit history to gauge their creditworthiness.
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Not Meeting Basic Eligibility Requirements. Failure to meet basic eligibility requirements, such as age, employment status, or location, can result in a loan refusal. Meeting these criteria is fundamental to the approval process.
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Negative Findings During Verification. If negative findings arise during the verification process, it may lead to the rejection of the loan application. This verification aims to ensure the accuracy of the information provided by the applicant.
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Providing Fraudulent Information. Submission of fraudulent information is a serious offense and can be grounds for immediate rejection. Lenders prioritize transparency and accuracy in the information provided.
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Insufficient Income to Support the Loan. If the applicant's income is deemed insufficient to support the requested loan amount, the application may be refused. Lenders assess the ability of the borrower to repay the loan based on their income.
How to Repay a LoanChamp Loan?
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Over-the-Counter Payments at Banks. LoanChamp facilitates over-the-counter payments at various banks, such as BDO, PNB, Union Bank, and more, providing borrowers with the flexibility to make payments through traditional banking channels.
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Over-the-Counter Payments at Non-Banks. For added convenience, LoanChamp accepts over-the-counter payments at non-bank locations, including Cebuana Lhuillier, M Lhuillier, ECPAY, 7Eleven, and Robinsons Department Store.
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Online Banking Payments. Borrowers preferring online banking can easily make payments through platforms like Union Bank, BDO, BPI, Metrobank, and others, streamlining the repayment process through digital channels.
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E-Wallet Payments. Tech-savvy users can opt for e-wallet payments, with LoanChamp accepting transactions through popular platforms such as Coins.ph and GCash, offering a modern and efficient payment option.
Alternatives
JuanHand
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.
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.
Additional resources
To learn more about LoanChamp and best practices, check out some of the following resources:
Sources
- LoanChamp 20.12.2023
