Lender
Rating by Finanso®
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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.

TendoPay

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About Lender

TendoPay, a recently launched and free service changing the way online purchases are made. With TendoPay, users can conveniently pay for their online shopping using their financial institution's account, eliminating concerns about forgetting wallets or the risk of losing cash. The company is committed to providing a safe and user-friendly online payment solution, managing all the intricacies to ensure a seamless experience.

TendoPay

Key Features

  1. Loan Ranges. TendoPay provides a flexible loan range from PHP 2000 to PHP 30,000, accommodating various financial requirements.

  2. Loan Terms. Users can choose from a selection of loan terms, spanning from 2 to 24 months, allowing for personalized repayment plans.

  3. Monthly Interest Rate. Enjoy competitive and customizable monthly interest rates, starting from 2%.

  4. Late Charge. TendoPay stands out with a user-friendly approach by not imposing any late charges, offering peace of mind to users.

  5. Installment Payments. One of the distinctive features of TendoPay is the ability to pay for your purchases in convenient installments. This empowers users to manage their expenses efficiently and make larger transactions more accessible.

  6. Buy Now, Pay Later. TendoPay operates on a "Buy Now, Pay Later" model, allowing users to shop online and repay the borrowed amount over time

Pros and Cons

Pros

Quick Loan Disbursement. TendoPay stands out for its swift loan disbursement process, providing users with timely access to the funds they need.

No Collateral or Credit History Required. Unlike traditional lending institutions, TendoPay offers a convenient option for users without the need for collateral or an extensive credit history, making it more inclusive.

Flexible Repayment Terms. TendoPay understands the varying financial situations of its users, offering flexible repayment terms that can be tailored to individual preferences and capabilities.

Cons

Limited Eligibility. TendoPay is currently accessible only to employed individuals with a regular income, limiting its availability to a specific demographic.

Interest Rates. While TendoPay provides customizable interest rates, users should be mindful of the potential cost of borrowing, especially if higher interest rates are applied based on individual circumstances.

Account Blockage for Non-Repayment. A significant drawback is that if a user fails to repay, their TendoPay account may be blocked, emphasizing the importance of meeting repayment obligations to maintain access to the service.

Reliability

TendoPay is considered reliable. Templetech Finance Corp., the company behind the TendoPay brand, holds a license as a financing company issued by the Securities and Exchange Commission (SEC). This accreditation signifies that TendoPay operates within the regulatory framework established by the SEC, providing an additional layer of credibility and assurance to users. Being licensed by a regulatory body reflects a commitment to transparency, adherence to financial regulations, and responsible financial practices. As such, users can have confidence in the reliability and legitimacy of TendoPay for their financial transactions and installment payment needs.

How to Apply for a TendoPay Loan?

Apply for a Loan

  1. Sign Up. Visit the TendoPay registration website and create an account. You can use your Facebook account or Gmail address for a quick and convenient sign-up process.

  2. Identification. Provide a clear picture of a valid ID document as part of the application process.

  3. Address Verification. Submit a clear picture of a document verifying your address. It's crucial that the address on this document matches the one you use for online orders.

  4. Selfie Verification. Take a selfie with the ID you provided to further authenticate your identity.

  5. Income Proof. Upload a clear snapshot of your income proof, showcasing your financial capacity.

  6. Security Questions. Respond to the security questions posed during the application process, enhancing the security of your account.

  7. Application Status. After completing these steps, TendoPay will review your application and send you an email within one day with the status of your application. If your application is accepted, you can immediately start making online purchases using TendoPay's installment payment option.

Conditions and Requirements

Conditions

  1. Loan Ranges. TendoPay offers a flexible loan range, allowing users to borrow from PHP 2000 to PHP 30,000, accommodating various financial needs.

  2. Loan Terms. Users can choose from a range of loan terms, spanning from 2 to 24 months, providing flexibility in designing a repayment plan that suits individual preferences and capabilities.

  3. Interest Rate. TendoPay starts with a competitive interest rate of 2% per month. This interest rate is included in the monthly installment, ensuring transparency in pricing.

  4. Upfront Fees. TendoPay operates on a transparent and fair model. There are no hidden fees for using the service. Users will only be charged the agreed-upon interest rate, which is clearly outlined in the monthly installment.

  5. Account Blocking. In the event that there is insufficient repayment from your salary to cover the due amount, TendoPay reserves the right to block your account. This measure is implemented to ensure responsible use and repayment practices.

  6. Employment Status. If you cease to be employed by the company that offers TendoPay, your outstanding balance becomes immediately due. You will be required to settle it through one of the regular repayment channels provided by TendoPay.

Requirements

  1. Age. Be at least 18 years old.

  2. Accepted IDs. Possess one of the accepted government-issued IDs for identification purposes.

  3. Address. Have a valid email address to facilitate account communication and updates.

  4. Company Email Address. Provide your company email address if requested during the account setup process.

  5. Mobile Number. Have a valid Philippines phone number for account verification and communication.

  6. Employee Number. Provide your Employee Number if it is requested during the account setup.

TendoPay accepts the following government-issued IDs:

  • Driver’s License

  • SSS ID (Social Security System)

  • PRC (Professional Regulation Commission) ID

  • UMID (Unified Multi-Purpose ID)

  • Philippine National ID

  • Postal ID

  • Voter's ID

  • PhilHealth ID

  • TIN ID (Taxpayer Identification Number)

In addition to these requirements, you will also need to submit the following documentation.

  1. Selfie. Provide a clear selfie as part of the identity verification process.

  2. Government ID. Submit a clear photo of your government-issued ID for further identification.

  3. Proof of Income. Include a photo of your proof of income to complete the account setup process.

Ways to Receive the Money

Upon approval of your loan application with TendoPay, the borrowed amount will be readily accessible in your TendoPay account. To access the approved funds, simply login to your TendoPay account using the login credentials you provided during the application process. Once logged in, navigate to the relevant section where loan details are displayed. Here, you will find the approved amount, repayment terms, and any additional information pertinent to your loan.

The borrowed amount, once reflected in your TendoPay account, becomes available for use. Whether you intend to make online purchases or transactions with TendoPay's partner merchants, the approved funds provide a flexible financial solution. It's essential to review the terms and conditions associated with the borrowed amount and adhere to the agreed-upon repayment schedule. By responsibly managing your TendoPay account, you can ensure a seamless and effective utilization of the provided financial resources.

Products

TendoPay primarily offers a convenient installment payment option for online purchases. Users can leverage TendoPay's services to make purchases from a variety of online merchants and stores and pay for them in manageable installments. The flexibility in repayment terms and the absence of the need for collateral or a credit history make it an accessible option for a wide range of users.

While TendoPay itself doesn't sell physical products or services directly, it collaborates with merchants across various industries, allowing users to use the TendoPay payment option for a diverse array of products and services. This includes but is not limited to electronics, gadgets, fashion items, home goods, and more, depending on the merchants participating in the TendoPay program.

Other Loans

Reasons for Getting Rejected for a Loan

  1. Insufficient Income. If your income is not deemed sufficient to cover the loan amount or if it doesn't meet TendoPay's eligibility criteria, your application may be rejected.

  2. Incomplete Documentation. Failing to provide the required documentation, such as a clear selfie, government ID, or proof of income, can result in the rejection of your loan application.

  3. Inaccurate Information. Providing incorrect or inconsistent information during the application process may lead to rejection. Ensure that all details, including personal and financial information, are accurate.

  4. Employment Status. TendoPay is typically available to employed individuals with a regular income. If your employment status doesn't meet their criteria, your application may be rejected.

  5. Age Requirement. If you are below the minimum age requirement of 18 years, your application may not be accepted.

  6. Issues with Verification. TendoPay may have difficulty verifying your identity or employment details, leading to rejection. Ensure that the information provided is accurate and verifiable.

  7. Additional Information Requests. TendoPay reserves the right to request further information from the Applicant/User/Active User at any time. Failure to provide such information within the required time may result in the rejection of the loan application. All information requested is subject to Templetech’s Privacy Policy.

  8. Identity Verification. Failure to provide evidence of identity may be considered by TendoPay as a possible fraudulent attempt to access the TendoPay Platform and/or the Services.

How to Repay a TendoPay Loan?

Repay

If your TendoPay account is linked with your employer, the repayment process is automated:

  1. Automatic Payroll Deduction. All repayments are automatically deducted from your salary on the payday corresponding to your chosen repayment terms. Please note that the repayment might not reflect immediately, as TendoPay receives the payroll report from your company HR at least 2-3 business days after each payday.

  2. Early Repayment. If you wish to unlock your credit limit before your payday, you have the option to repay your scheduled installments in advance using the available repayment methods. Ensure that you don't repay close to your payday to avoid being charged twice for your due repayments.

If you are signed up with TendoPay as an individual, you can repay your installments at the following partner outlets:

  1. GCash

  2. GrabPay

  3. PayMaya

  4. BPI (Bank of the Philippine Islands)

  5. UnionBank

  6. 7-Eleven

  7. Cebuana Lhuillier

  8. LBC

  9. Bayad Center

  10. Robinsons Department Store

  11. SM Department/Supermarket/Savemore Counter

  12. ECPay

Choose the most convenient outlet for you and make your repayments accordingly. This flexibility in repayment options allows you to manage your installments efficiently.

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

TendoPay, emerging as a notable player in the financial services sector, presents a promising solution for individuals seeking flexibility in managing their online purchases. The platform's innovative approach to installment payments allows users to spread the cost of their transactions over time, offering a convenient alternative to traditional payment methods. TendoPay's commitment to simplicity and security is evident in its streamlined application process and emphasis on user-friendly interfaces. This focus on accessibility, coupled with the absence of the need for collateral or a stringent credit history, positions TendoPay as a viable option for a diverse range of consumers.

While TendoPay's model introduces convenience, it's essential for users to carefully consider the terms and conditions associated with installment payments. As with any financial service, responsible use and a clear understanding of the repayment structure are crucial. TendoPay's emergence adds to the evolving landscape of financial technology, providing individuals with another avenue to navigate their online transactions efficiently.

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

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

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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 TendoPay and best practices, check out some of the following resources:

Sources

FAQ

Who owns TendoPay?

TendoPay is owned by Templetech Finance Corp. Templetech Finance Corp. is the entity behind the TendoPay brand, providing financial services and solutions, particularly in the area of installment payments for online purchases.

What credit score do you need for TendoPay?

TendoPay does not specifically require a credit score or a traditional credit history for users to utilize its services. One of the key advantages of TendoPay is its inclusive approach, making it accessible to individuals without a bank account or an established credit history. Instead, TendoPay may assess eligibility based on other factors, such as income and employment status. This approach aims to cater to a broader audience, including those who may not have access to traditional banking services or credit facilities.

What bank does TendoPay use?

All loans under TendoPay are financed by Templetech Finance Corp. TendoPay operates under the umbrella of Templetech Finance Corp, which handles the financial aspects of the installment payment services provided by TendoPay. The financing and processing of loans, including the disbursement of funds, are managed by Templetech Finance Corp, ensuring a streamlined and secure financial process for TendoPay users.

Does TendoPay approve everyone?

While TendoPay aims to provide accessible financial solutions, approval is not guaranteed for everyone. The approval of TendoPay applications depends on various factors, including but not limited to income, employment status, and other eligibility criteria. TendoPay may have specific requirements that individuals need to meet to be approved for their services.

Is TendoPay a legitimate company?

TendoPay is a legitimate company. It operates as a financial service provider, offering installment payment solutions for online purchases. TendoPay is owned by Templetech Finance Corp., and it provides users with a convenient and flexible way to make purchases and repay them over time.

It's important to note that, as with any financial service, users should exercise caution and adhere to responsible financial practices. It's advisable to review the terms and conditions of TendoPay, understand the repayment structure, and use the service in a manner that aligns with their financial capabilities.

Company documents

Privacy Policy
Terms and Conditions

TendoPay lets you buy now and pay later at your favorite stores at a schedule that’s convenient for you. An easy and transparent way to shop, we’ll show you your repayment schedule before you complete any purchase.

© Templetech Finance Corp
Financial products
TendoPay
Installment 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
2000.00 – 30000.00 ₱
Term
i

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1 days – 24 days
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TendoPay loans calculator

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

TendoPay calculator
Interest rates are given in accordance with the rates of the TendoPay in Manila as of 29.05.2024
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