Savii — how to apply for an online loan, review of the loan company, customer reviews, hotline, support service

Detailed information

Legal name

NEW CROSS GATE PHILIPPINES INC.

Short name

Savii

Business number

№ CS201628816 | CA number 1288

Legal address

Level 10-1, One Global Place, 5th Ave. Cor. 25th St., BGC, Taguig, Philippines, 1632

About Lender

Savii.io is a financial services platform in the Philippines offering a range of products designed to meet various financial needs. Their product lineup includes salary loans, free insurance, savings accounts, and time deposits.

At SAVii Philippines, the concept of a salary extends beyond mere take-home pay; it serves as a crucial means for fostering financial empowerment. The company caters to the needs of over 500,000 employees, offering a range of services such as safe and affordable loans, advances, mental health support, financial education, and COVID insurance. What sets SAVii apart is its commitment to providing these services without imposing any risk or obligation on employers.

With a network of more than 100 corporate employer partners, SAVii goes beyond the traditional role of a salary provider. It empowers employers with valuable data insights that contribute to effective attrition management and cultivating an engaged and productive workforce. The symbiotic relationship between SAVii and its corporate partners not only addresses the financial well-being of individual employees but also supports businesses in optimizing their human resources.

SAVii

Key Features

Diverse Product Portfolio. SAVii provides a comprehensive suite of financial products, including loans, free insurance, and savings accounts. This holistic approach aims to address various aspects of an individual's financial needs.
Salary-Linked Loans. The loans offered by SAVii are intricately linked to an individual's salary. This ensures a streamlined and convenient borrowing process, aligning with the income structure of the borrowers.
Generous Loan Amounts. SAVii stands out by offering substantial loan amounts, with individuals having the opportunity to secure loans of up to PHP 500,000. This flexibility caters to a diverse range of financial requirements.
Inclusive Application Process. One notable feature of SAVii's loan offerings is the absence of a requirement for a prior credit score. This inclusive approach enables a broader range of individuals to apply for and access financial assistance without the traditional barriers associated with credit scores.

Pros and Cons

Pros

Flexible Loan Terms. SAVii offers loan terms of up to 60 months, providing borrowers with flexibility in choosing a repayment period that aligns with their financial capabilities.

No Prior Credit Score Requirement. One of the advantages of SAVii is its inclusive approach, allowing individuals to apply for loans without the need for a prior credit score. This opens up opportunities for those who may not have an established credit history.

Competitive Interest Rates. SAVii provides competitive interest rates, with rates starting from as low as 0.5%. This can lead to cost savings for borrowers over the life of the loan compared to higher-interest alternatives.

Cons

Not Suitable for Short-Term Small Loans. SAVii may not be the ideal choice for borrowers seeking short-term small loans. The focus on terms up to 60 months suggests that the platform is geared more towards individuals with mid to long-term financial needs.

Processing Fee. A drawback of SAVii is the presence of a processing fee, set at 7%. While the interest rates may be competitive, borrowers need to consider this additional cost when evaluating the overall affordability of the loan.

Reliability

SAVii demonstrates reliability through its ISO/IEC 27001:2013 certification, emphasizing a commitment to information security. The certification indicates that SAVii adheres to international standards for managing and securing sensitive information. The certification is a significant assurance of the company's dedication to maintaining robust information security practices.

Furthermore, the mention of the Certificate of Authority No. 1288 and SEC Company Reg. No. CS201628816 adds an additional layer of credibility. These registrations indicate that SAVii is recognized and authorized by relevant authorities, further reinforcing its reliability as a financial services provider.

How to Apply for a SAVii Loan?

Apply for a Loan

Create an Account. Visit the SAVii website or mobile app to initiate the application process. Fill in your name and contact details as prompted. Enter the received SMS OTP and verify your email address to activate your account. For a smoother experience, if you have a Gmail address, use it to create your SAVii account. Select your current employer from the provided options (as instructed during the Onboarding process with SAVii and your employer).
Upload the Requirements. After completing the application form, proceed to upload the necessary documents, including a selfie photo; a valid Government ID (Passport, Driver’s License, PRC ID, SSS ID, UMID Card, Voter’s ID, National ID, or Philsys-ID) with both front and back views, or two secondary government IDs and documents; company ID or, if unavailable, submit a clear photo of your Certificate of Employment (COE) with 30 days validity; two latest payslips.
Submit Your Application. Agree and accept the terms of your loan, as outlined in your Authorization of Voluntary Payroll Deduction and Promissory Note, and the Terms and Conditions. Once the required documents are uploaded and terms accepted, submit your loan application. After submission, you will receive an email notification providing an update on the status of your loan. Monitor the status of your application on your employee dashboard for real-time updates.

Conditions and Requirements

Conditions

Loan Amounts. SAVii provides flexibility in loan amounts, offering a range from PHP 5,000 to PHP 500,000. This accommodates diverse financial needs, allowing borrowers to select an amount that suits their requirements.
Interest Rates. Enjoy competitive interest rates when applying for a SAVii loan. Interest rates start from a minimal 0.5% and can go up to 3.5%. The variation in rates provides options for borrowers to choose terms that align with their financial preferences.
Flexible Tenure. Repayment terms with SAVii are designed to be accommodating and adaptable. Borrowers can opt for a flexible tenure of up to 60 months, enabling them to tailor the repayment schedule to their financial capacity and preferences.
No Prior Credit Score Requirement. SAVii stands out as a financial partner that welcomes individuals without the need for a prior credit score. This inclusive approach allows a broader range of applicants to access financial assistance, emphasizing accessibility and fairness.

Requirements

Philippine Citizenship. Applicants must be Philippine citizens to be eligible for a SAVii loan. This ensures that the financial services are tailored to the legal and regulatory framework of the Philippines.
Age Criteria. Individuals applying for a SAVii loan must be at least 18 years old and up to 60 years old. This age requirement aligns with legal standards and ensures that borrowers are of legal age to enter into financial agreements.
Bank Account and Mobile Phone. A prerequisite for loan approval is the possession of a bank account and a mobile phone. This facilitates seamless transactions and communication throughout the loan application and repayment processes.
Regular Source of Income. Applicants need to demonstrate a regular and verifiable source of income. This ensures that borrowers have the means to meet repayment obligations and contributes to responsible lending practices.

Ways to Receive the Money

When completing your loan application with SAVii, you'll need to select your preferred disbursement method to receive your funds. It's essential to provide accurate details to ensure a smooth transaction. SAVii offers the following disbursement options.

Any Bank Account. Opt for this option if you prefer to receive your loan amount directly into any valid bank account of your choice.
GCash. Choose GCash for a digital disbursement method. Note that the maximum disbursement amount for GCash is up to PHP 10,000.
Maya. Select Maya for another digital disbursement method, allowing for larger disbursement amounts, with a maximum of up to PHP 100,000.

Products

Salary Loans. SAVii provides salary loans, allowing individuals to access funds based on their income. These loans are structured to offer financial flexibility with competitive terms.
Free Insurance. As part of its offerings, SAVii includes free insurance coverage. This feature provides additional financial security to individuals, ensuring protection against unforeseen circumstances.
Savings Account and Time Deposit. SAVii extends its services to encompass savings solutions, offering a savings account for individuals looking to build a financial cushion. Additionally, including Time Deposit options allows for strategic wealth management and growth.

Other Loans

Reasons for Getting Rejected for a Loan

Insufficient Income. If the applicant's income does not meet the minimum requirements or is deemed insufficient to cover the requested loan amount, the application may be rejected.
Incomplete Documentation. Failure to provide the required documentation or submitting incomplete information can lead to the rejection of a loan application. It is essential to ensure all necessary documents are accurately provided.
Unverifiable Information. Inaccurate or unverifiable details provided during the application process can result in rejection. It is crucial to provide accurate personal and financial information.
Employment Verification. SAVii typically requires applicants to have a regular source of income. If employment details cannot be verified or if there are inconsistencies, it may lead to rejection.
Age Requirement. Applicants must be at least 18 years old to qualify for a SAVii loan. Failing to meet this age requirement can result in rejection.
Previous Loan Default. If an applicant has a history of defaulting on previous loans, it may negatively impact the approval of a new loan application.
Changes in Employment Status. Any significant changes in employment status or stability may affect the approval process. This includes recent job changes or being on probation.

How to Repay a SAVii Loan?

Repay

Repaying your SAVii loan is a straightforward and convenient process designed to minimize manual intervention. The repayment structure is built around automatic payroll deductions, aligning with your scheduled payroll dates. This automated system ensures that the repayment amounts are automatically deducted from your salary, making the process seamless and hassle-free.

With repayments scheduled for every payroll date, you don't need to engage in manual transactions or remember specific due dates. The predetermined repayment amounts are transparently reflected in your salary statements, providing a clear record of each installment. This transparency allows you to easily track your loan repayment progress.

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

SAVii has emerged as a notable player in the financial services sector, offering a range of products aimed at enhancing the financial well-being of individuals. The inclusion of features like salary loans, free insurance, and savings accounts showcases a commitment to providing a holistic approach to financial empowerment. The emphasis on convenience, with automatic payroll deductions for loan repayments, adds a layer of user-friendly functionality, simplifying the repayment process for users.

While SAVii's offerings appear comprehensive and tailored to the needs of its users, it's essential for individuals to carefully review the terms and conditions, including interest rates and repayment schedules. As with any financial service, the suitability of SAVii depends on the unique financial circumstances of the individual. The platform's ISO/IEC 27001:2013 certification and regulatory registrations contribute to establishing a sense of reliability, but users are encouraged to conduct thorough research and consider customer reviews for a well-rounded understanding of their experiences with SAVii.

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

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