Detailed information
About lender
Radiowealth Finance Corp. is a financial company that was founded in 1964 to provide loans to Filipinos who intend to buy a vehicle, a home, or household goods. For over 50 years, it has been one of the leaders in the world of consumer lending.
Radiowealth Finance Corp. offers various financing products, ranging from personal loans to home and car loans, giving Filipinos access to money and the chance to improve their lives. It has been in the business of consumer lending for over 50 years. The Philippines is home to more than 100 Radiowealth Finance Corporations, ready to provide credit to the rich and poor. A special algorithm determines whether a borrower can pay off the debt before issuing a loan to a client.
Pros and cons
Before applying for a loan at any financial institution, it is always advisable to check its pros and cons and compare it with other financial institutions as this will help you make reasonable decisions. These are the pros and cons of applying for a loan at Radiowealth Finance Corp.
Pros
- They provide a loan with many uses.
- They collaborate with a few financial institutions to make loan repayment simple.
- Loan applications are approved quickly.
- The online application process is easy.
- They also provide loans to Filipinos working abroad (OFWs).
Cons
- Customer service is subpar.
- Cash distribution after loan approval might take some time.
Loan conditions
To be eligible for a loan at RFC, you must have passed the following credit requirements, depending on your selected loan.
For working applicants
For self-employed applicants
For companies
For overseas Filipino workers (OFWs)
These are basic RFC loan requirements; the company may require more documents depending on the type of loan and the applicant's credit requirements.
SME business loan. Firstly, they need your details, like name, date of birth, educational qualifications, etc., then your source of income, and the above-listed documents.
Financing loans. They help you finance the purchase of appliances, motorcycles, cars, vans, trucks, heavy equipment, business, or farm equipment. To qualify for this loan, you need the above data and some extra data like two 2x2 ID photos, photos of your business store locations, notarized GIS, and a business permit.
Funding a loan
RFC offers two types of loans: cash loans and financing loans.
Cash loans
- SME business loans. You can get the additional cash you need to expand your store or buy more goods to grow your business. They support businesses like laundry, sari-sari stores, and wet markets. To apply for a loan, visit the company's website and provide your personal and business details. If successful, you'll get the loan amount in your bank account.
- Personal loans. You can get the additional cash you need for tuition, medical bills, home renovations, medical bills, or even to pay off existing loans. In the case of home renovations, the house will be used as collateral and transferred back to you when you're done with the loan payment. You must visit their website, provide your data and collateral documents, and wait for approval to apply. You'll get your loan amount in your bank account if you're successful.
Acceptable collaterals for a cash loan are real estate property, motor vehicles, selected appliances, sea vessels, motorized Banca, and livestock.
Financing loans
With the RFC financing loan, you can get the vehicle, appliance, or equipment you need for your personal or business needs. To apply, you must first visit their website and submit an inquiry form. If it is approved, you will now proceed to the application proper, submit the required documents, and wait to be approved. You get your loan amount in your bank account if you are successful.
The minimum loan amount for any RFC loan is ₱10,000, and the maximum is ₱3,000,000; the loan term offered is between 1 and 36 months with a monthly interest rate of 1.4%.
