Weloan Review

About Lender

Weloan, powered by Armorak Lending Inc., is a fully digitized personal online loan app. The app facilitates quick and convenient access to personal finance, allowing users to meet their financial needs with ease.

With Weloan, users can secure a high credit limit swiftly by simply using their smartphone and providing basic personal information. Notably, the app operates without charging any service fees or additional costs, ensuring a transparent and user-friendly borrowing experience.

Key Features

1. Loan Amounts. Weloan offers flexible loan limit up to PHP 60,000 - 65,000, providing users with options that suit their specific financial needs.

2. Convenient Loan Process. The entire loan process occurs seamlessly on your smartphone, eliminating the need for physical travel or in-person meetings. Weloan leverages digital technology to streamline the borrowing experience.

3. Flexible Repayment Terms. Users can enjoy loan terms of up to 12 months, providing them with the flexibility to choose a repayment schedule that aligns with their financial capabilities.

4. Fast Approval. Weloan prides itself on its swift approval process. Users can expect to receive approval within minutes, and once approved, the loan amount is directly deposited into their bank account without delay.

Pros and Cons

Pros

Cons

Reliability

Weloan's reliability is supported by its affiliation with Armorak Lending Inc. Armorak is the operating entity behind Weloan, and it is registered with the Securities and Exchange Commission (SEC) under the registration number CS201908271. This registration provides a level of legitimacy and oversight, indicating that Armorak and, by extension, Weloan, operate within the regulatory framework set by the SEC.

How to Apply for a Weloan Loan?

Apply for a Loan

1. Download the App. Begin the loan application process by downloading the Weloan app from your smartphone's app store.

2. Register. After installing the app, complete the registration process by providing the necessary information as prompted by the application.

3. Tap "Borrow Now." Access the loan application section within the app by tapping on the "Borrow Now" option.

4. Enter Personal Information and Required Documents. Input essential details such as your name, date of birth, gender, and any other information requested. Additionally, be prepared to submit the required documents for verification.

5. Download Credit Scanner. To streamline the verification process, download the credit scanner app suggested by Weloan.

6. Submit Contact Number, ID Card, and Verify Device. In the credit scanner app, submit your contact number, ID card, and complete the device verification process.

7. Review Your Data. Take a moment to review the information you've provided to ensure accuracy and completeness.

8. Wait for Approval. Once you've submitted your application and documents, patiently wait for the approval process to be completed. Weloan is known for its quick approval turnaround.

9. Get Approved and Receive Amount. Upon approval, you will receive the loan amount directly into your designated bank account, providing you with the financial assistance you need.

Conditions and Requirements

Conditions

1. Loan Amounts. Weloan offers loan amounts ranging from up to PHP 60,000 - 65,000, providing users with a range of options to meet their specific financial needs.

2. Loan Terms. Borrowers can enjoy flexible loan terms of up to 12 months, allowing them to choose a repayment period that aligns with their financial capacity.

3. Interest Rates. Weloan, however, does not disclose specific interest rates. It's crucial for borrowers to carefully review the terms and conditions to understand the cost implications of the loan.

4. Other Fees. While interest rates may not be explicitly stated, borrowers should be aware of the possibility of other fees. It's advisable to thoroughly review the terms and conditions to identify any additional costs associated with the loan.

Requirements

1. Age. Applicants must be at least 20 years old to qualify for a Weloan.

2. Valid Identification. Provide one of the following valid identification documents for verification: UMID (Unified Multi-Purpose ID); TIN (Tax Identification Number) ID; driver's license; SSS (Social Security System) ID; passport; postal ID; PRC (Professional Regulation Commission) ID; GSIS (Government Service Insurance System) ID; voter's ID; PhilHealth ID or NBI (National Bureau of Investigation) Clearance.

Additionally, applicants may be required to demonstrate:

• Steady Income. Proof of a consistent source of income.

• Employment. Information about current employment status.

• Bank Account. Possession of a valid bank account.

Ways to Receive the Money

Once your Weloan application is approved, you can receive the loan amount through the following methods:

• Via Coins/GCash Wallet. If you don't have the app, download and log in to either the Coins or GCash app on your smartphone. Follow the instructions provided in the app on how to cash out funds from your Coins/GCash account. This may involve linking your bank account or selecting a withdrawal method.

• Via M Lhuillier/RD Pawnshop. On the loan page, choose your desired Remittance Center (M Lhuillier or RD Pawnshop). Double-check and accurately fill in your name. Once submitted, modifications may not be possible. After the loan has been confirmed, check the billing detail for the withdrawal code. You can claim the loan amount at any nearby M Lhuillier or RD Pawnshop store by providing the withdrawal code.

Products

Weloan's primary product is personal loans of PHP 60,000 - 65,000, providing individuals with access to quick and convenient financial assistance. Personal loans are versatile, allowing borrowers to use the funds for various purposes, such as emergencies, debt consolidation, or other personal financial needs. The entire loan application and approval process with Weloan is conducted online, offering users the convenience of accessing financial assistance without the need for physical visits. Weloan provides borrowers with the option to choose repayment terms of up to 12 months, allowing them to tailor the loan duration to their financial capabilities.

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Reasons for Getting Rejected for a Loan

1. Unstable Employment History. An inconsistent or unstable employment history can be a reason for loan refusal. Lenders often prefer applicants with a steady and reliable source of income.

2. Incomplete Documentation. Failure to provide all required documentation or submitting incomplete information during the application process may result in a refusal.

3. Existing Debt. If the applicant has a high level of existing debt, lenders may consider it a risk factor and choose to refuse the loan to prevent potential financial strain on the borrower.

4. Inconsistencies in Information. Discrepancies or inconsistencies in the information provided by the applicant may raise concerns and lead to a refusal.

5. Legal or Regulatory Issues. Issues such as legal disputes, pending court cases, or failure to meet regulatory requirements can contribute to the refusal of a loan.

6. Failure to Meet Eligibility Criteria. If an applicant does not meet the specific eligibility criteria outlined by Weloan, their loan application may be refused.

7. Excessive Loan Requests. Multiple loan applications within a short period may raise concerns about the applicant's financial stability and result in a refusal.

How to Repay a Weloan Loan?

1. Navigate to the Homepage or Billing Page. Access the repayment options by visiting either the homepage or the billing page on the Weloan platform.

2. Click "Repay Now". Look for the "Repay Now" option and click on it to initiate the repayment process.

3. Choose the Repayment Method. Follow the instructions provided and choose your preferred repayment method. Weloan offers both online and offline options. Online options are ECPay, GCash, BDO, Unionbank, PNB, Coins.ph and DA5. Offline options are 7-11 and MLhuillier

4. Confirm Information. Review the information related to your repayment, ensuring accuracy and completeness.

5. Proceed to the Repayment Process. Once you have confirmed the details, proceed with the repayment process as instructed by Weloan. This may involve entering payment details, confirming the transaction, or completing any necessary authentication steps.

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.

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.

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.

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.

Editorial Opinion

Important

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.

Sources

• Weloan 20.12.2023