PRE-LOAN QUESTIONS

What is the interest rate?

We charge a low rate of 10% for our loan services. There are no other hidden fees, charges, etc. When you apply for P5000 or P10000, you will actually receive.

How much can I get?

All borrows start with a P5,000 loan. After successfully completing that, you can get a P5,000 loan. After that a P10,000 and then finally a P15,000.

Do you require collateral?

We do not not require collateral. No ATM cards, no phones to pawn, nothing.

What are the qualifications?

Please refer here for the list of qualifications

What banks do you work with?

We are proud to have partnerships with the following banks: BDO, BPI, Metrobank, Unionbank, Robinsons and RCBC

BDO, BPI, Metrobank, Unionbank, Robinsons, and RCBC

We are not able to cater to customers who do not have a bank account with one of these 6 banks.

In addition, please do not open an account with one of these for the purposes of getting a loan, we require at least 4 months of bank statements and history for our loans.

How fast can I have my money?

This is mostly up to you. How quickly can you get the correct documents submitted? Once you have submitted the necessary documents and we have verified them, you can have your money within 24 hours of signing your contract. The only item outside of your and our control is how long each bank takes to process the ADA (auto debit) agreement. But this is usually done within 2 business days.

We check each bank multiple times per day for any new approved ADA agreements. As soon as a the bank approves it, we will know but we have no control over how fast they will approve it.

After approval, when will I receive the money?

All transfers are performed automatically by our banking partners. These usually happen at 3PM each day. So if your loan is approved in the morning, the money will be transferred to your account that same day around 3PM. This time is controlled by the banks and not by us.

Why do I need to upload my items? Can I email them instead?

Email is a very insecure method of data transfer and puts your data at great risk. Email travels from server to server along its path to its destination. At each point, those servers are able to make copies of the data. Basically anyone between you and us would be able to see your data.

Our system uses 128 bit SSL encryption to encrypt the data as you upload it to us. Once in our server, the data is again encrypted in our database. Once it leaves your computer, at no point is your data ever unencrypted with us.

In addition, for the sake of clear communication and transparency, we want all information you submit to be in one place in your profile. Its too easy for email to be misplaced or deleted.

What is the purpose of the Skype interview?

We like to get to know our customers and be able to answer their questions about their loan directly. The interview does exactly that. It lets us quickly clear up and issues or concerns with any of the documentation you have submitted and allows us to address any questions you may have.

EXISTING LOAN QUESTIONS

What if I miss a payment?

All payments are auto debited for the majority of our banks. For these, if we attempt to debit your account and your account doesn't have the necessary funds, then you will be charged a 50 peso fee. This is to cover the fee the bank charges us to debit your account. We will attempt each day until we are successful in debiting your account.

For the banks that we don't yet have auto debit functioning, payments made after 3 days of your due date will be charged P20 pesos per day as a late fee. This fee starts on the 4th day after your due date. You will not be charged this fee for the 3 day grace period.

Can I make my payments any time during my loan?

No. Each payment is due on the due date in your contract. A 5 month loan contract doesn't mean that you are allowed to pay whenever you wish as long as the whole loan is paid off within the 5 months. Each payment is due on its specific due date. If you fail to make 2 payments in a row, we will initiate collection proceedings.

What if I want to pay of my loan early?

All of our loans are a minimum of 3 months. After 3 months, you may pay off your loan in its entirety.

How do I make my payments?

Your payment will be auto debited from your account each month on the date specified in your contract. You don't need to do anything and we will pay for the fees for the auto debit.

If I chose to make my loan payment early, will you still auto debit my account?

No, our system will see that your payment has been made and it will not auto debit your account for that payment only.

What is the reason for the auto debit feature?

We have received many reports from our customers that their banks were charging them for making payments to us. We find this an unnecessary fee that we don't want our customers to shoulder. With the auto debit, you don't have to make a separate trip down to your bank and no longer have to shoulder the fee. We will pay the fees associated with the auto debit. We feel that this is a huge time saver and convenience to our customers.

How do I full out the auto debit form?

Below are sample forms to guide you in filling out your form.

When will you auto debit my account?

Your account will only be debited on the day your payment is due. This will be either the 10th or the 25th of each month. We will not debit your account any other time. However, if you miss your payment, we will continue to debit your account each day until successful. For each unsuccessful debit, you will be charged 50 pesos.

Can you debit my account now for payments?

We can only debit your account once you have filled out and returned your ADA agreement to your bank and your bank has confirmed it with us. Only then can we debit your account.

Why do I need to re-upload my documents if my previous loan was rejected?

Once your loan is denied or cancelled, your information is deleted from our system. Your profile data remains but all submitted data is deleted. This is for your protection. We are serious about safe guarding your data and this allows you to know your data is secure.

Do I need to re-upload my information for renewal loan?

Yes, each loan requires updated information. In the time from your last loan, you could have changed addresses, employers, etc. We must verify this information for each loan. However, for those that paid their loans on time each month, we put all renewals on the fast track for renewal.

If I pay off my loan earlier than the contract, how quickly can I re-loan again?

If you have a 5 month loan, you need to make 3 months of payments (the third payment can be the pay off) before paying it off. These payments must be on time every month. If not, you will need to wait for 3 weeks before re-loaning again.

For three months, you must make two payments before paying it off (the second payment can be the pay off). The purpose of this is that we want to build a payment history with you as this is a character loan without collateral. Building a solid history with us that you are a good payer, will allow for larger loans in the future.

How can I request larger loans?

All first time loans are P5,000. As these are character loans with no collateral, we want you to build a good payment history with us. This means no late or missed payments. If you complete your loan as contracted, then your credit limit will raise from P5,000 to P10,000. Eventually you can move to P15,000. But if you miss or are late one a payment, you will remain at your current level until you have a loan with good standing (all payments made on time).

If I delete information from my profile, can you still view it?

Yes, our system maintains backups for all active loans to prevent customers from deleting their information in an effort to prevent us in locating them. Deleting any information for an active loan will not prevent us from seeing it.

What if I don't pay my loan?

For the 99.2% of our customers who pay their bills and honor their obligations, this won't apply to you. You can stop reading now.

But for the 0.8% that choose not to make their payments -

  • For all loans, once you have missed 2 payments, we will initiate legal proceedings by filing in Small Claims Court in Davao City. This will initiate a fee of 1000 pesos for loan delinquency. In addition, you will be responsible for all court and related legal fees. This amount varies from 3000-25000 pesos, depending on court fees. The court will hear the case here in Davao city and all defendants will be required to attend. Not attending is a default victory and judgement for the plaintiffs (us).
  • Once the judge has decided against the defendant, we will initiate execution of the judgement. The court will direct the employer to begin garnishing wages directly until the judgement has been satisfied.
  • If the defendant is unemployed, then the sheriff will seize property from the defendant equal to the value of the judgement.

We are very happy to help those in need and work with those that have real, legitimate issues. However, for those who don't honor their obligations, rest assured, we will chase them regardless of the expenses. All expenses will be added to the judgement by the court against the non-paying customer.

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