Sumisho Loan Philippines is a financial product tailored to help Filipinos finance their motorbike purchases. Available 24/7 to individuals aged 21 and above, this loan offers up to ₱180,000 with low interest rates starting at just 0.02% per day. Let’s explore all the essential details of Sumisho Loan Philippines, as compiled by utangonline.com, to help you make an informed decision.
Top 10 Fast Online Loans in Philippines – A Valid ID is All You Need Updated in November 2024
| Rank | Lender Name & Application Link | Loan Amount | Loan Term | Interest Rate | Repayment | ID Required | Age Range | Special Feature |
|---|---|---|---|---|---|---|---|---|
| #1 |
SOSCREDIT |
₱1,000 – ₱25,000 | 3 – 12 months | 0% for first loan | Monthly or End of term | Only ID Card required | 20 – 70 | Receive money in 15 mins |
| #2 |
CREDIFY |
₱1,000 – ₱25,000 | 3 – 12 months | 0% for first loan | Monthly or End of term | Only National ID required | 20 – 70 | Receive money in 15 mins |
| #3 |
CREZU |
₱1,000 – ₱25,000 | 2 – 4 months | 0% for first loan | Monthly or End of term | Only ID Card required | 18 – 70 | Easy loan approval |
| #4 |
FINBRO |
₱1,000 – ₱50,000 | 1 – 12 months | 0% for first loan | Monthly or End of term | Only ID Card required | 20 – 65 | Receive money in 10 mins |
| #5 | CREDITIFY Apply Now |
₱1,000 – ₱25,000 | 1 – 180 days | 0.1% | Monthly or End of term | Only ID Card required | All accepted | Approve Bad credit |
| #6 | CASHSPACE Apply Now |
₱1,000 – ₱25,000 | 2 – 4 months | 0% for first loan | Monthly or End of term | Only ID Card required | 18 – 70 | Easy loan approval |
| #7 | DIGIDO Apply Now |
₱1,000 – ₱25,000 | 3 – 6 months | 0% for 7 days | Monthly or End of term | Only ID Card required | 21 – 70 | Receive money in 4 mins |
| #8 | KVIKU Apply Now |
₱500 – ₱25,000 | 60 – 180 days | 1.2% per month | Monthly or End of term | Only ID Card required | 18 – 65 | Receive money in 5 mins |
| #9 | CASHEXPRESS Apply Now |
₱1,000 – ₱20,000 | 7 – 30 days | 0% for first loan | End of term | Only ID Card required | 21 – 70 | Receive money in 5 mins |
| #10 | MONEYCAT Apply Now |
₱500 – ₱20,000 | 7 – 180 days | 0% for first loan | End of term | Only ID Card required | 22 – 65 | Easy loan approval |
What is Sumisho Loan Philippines?
Sumisho Loan Philippines is a credit product offered by Sumisho Motor Finance Corporation, a company that has been operating since 2009. It is fully licensed by the Securities and Exchange Commission (SEC), making it a legitimate and trustworthy financial service provider in the Philippines. The loan is specifically designed for purchasing motorbikes, with loan amounts ranging from ₱20,000 to ₱180,000. Borrowers have the flexibility to repay their loans in installments over a period of 12 to 48 months, depending on the loan amount and terms.
Pros of Sumisho Loan
Sumisho Loan has several advantages that make it a popular choice among Filipinos:
- Legitimate and secure: Sumisho Motor Finance Corporation is SEC-registered, ensuring that it operates legally and responsibly.
- Convenient 24/7 online application: You can apply for a loan anytime, anywhere, using your smartphone or computer.
- No collateral or guarantors required: Borrowers are not required to provide any assets or guarantors, making the process simple and accessible.
- Flexible repayment terms: You can choose a repayment period of up to four years, giving you plenty of time to pay off the loan at competitive interest rates.
- Grace period: If needed, you can extend your payment deadline by an additional 30 days without incurring excessive penalties.
- Transparent fees: Sumisho Loan has no hidden service or transaction fees, ensuring you won’t face any unexpected charges.
- Privacy protection: Your personal information is safeguarded and not shared with third parties.
Cons of Sumisho Loan Philippines
While Sumisho Loan offers several benefits, there are some drawbacks to consider:
- No support for bad credit: Individuals with poor credit histories may not be eligible for this loan.
- Income verification required: You must provide proof of a stable income to qualify for a loan.
Interest Rates and Fees
Sumisho Loan offers highly competitive interest rates, ranging from 0.02% to 0.2% per day, depending on the loan amount and terms. On average, the Annual Percentage Rate (APR) is around 8% per year. If you miss a payment, a late penalty fee of 5% of the outstanding principal balance applies, so it’s essential to pay on time.
Loan Calculation Example
For instance, if you’re approved for a loan of ₱120,000 with a term of 12 months at an interest rate of 0.2% per day (equivalent to 6% per month), here’s how the loan repayment would look:
- Interest payable after 1 month: ₱120,000 x 6% = ₱7,200
- Principal repayment for 1 month: ₱120,000 ÷ 12 = ₱10,000
- Total amount due after 1 month: ₱10,000 + ₱7,200 = ₱17,200
Sumisho Loan Requirements
To qualify for a Sumisho Loan, you must meet the following criteria:
- Be a Filipino citizen aged between 21 and 65 years old.
- Have valid identification documents and a driver’s license.
- Provide proof of a stable income.
How to Apply for a Sumisho Loan: Step-by-Step Guide
Applying for a Sumisho Loan is easy and straightforward. Follow these steps:
- Visit the Sumisho website and create an account by providing your name, email, account number, mobile number, username, and password.
- Prepare your documents: Accurately fill out the online application form with your personal and financial information.
- Submit your application: Once you’ve completed the form, submit your application. You will receive approval within 24 hours, and the loan will be disbursed shortly after.
Customer Feedback
Sumisho Loan has received 5-star ratings from satisfied customers who appreciate its no-collateral policy, no service fees, high loan limits, and long repayment terms. Borrowers have praised the platform for its fast approval process and flexible repayment options.
Payment Methods
Repaying your Sumisho Loan is hassle-free, with multiple payment options available:
- Online payments: Through PSBank, BDO, BPI, GCash, Maya, Lazada, Shopee Pay, and more.
- Cash payments: You can also pay at counters like 7-Eleven, M-Lhuillier, Ecpay, Cebuana Lhuillier, and Bills Pay.
Sumisho Loan vs. Other Loan Providers
When compared to other online loan services, Sumisho Loan stands out for its higher loan limits and longer repayment periods:
| Criteria | Sumisho Loan | Asteria Lending | Ansi Cash Loan |
|---|---|---|---|
| Loan Amount | ₱20,000 – ₱180,000 | ₱2,000 – ₱50,000 | ₱1,000 – ₱20,000 |
| Loan Term | 12 – 48 months | 30 – 120 days | 91 – 180 days |
| Interest Rate | 0.02% – 0.2%/day | 0.2%/day | 0.09%/day |
| Eligible Age | 21 – 65 years old | 21 – 60 years old | 18 – 60 years old |
| Approval Time | 24 hours | 24 hours | 10 minutes |
Customer Service
Sumisho Loan provides dedicated customer service to address any concerns or complaints. You can reach them through:
- Address: 12th Floor, PSBank Center, 777 Paseo de Roxas corner Sedeño Street, Makati City, Philippines.
- Email: customer_service@sumisho.com.ph
- Hotline: (632) 8802 6888
- Office hours: Mondays to Saturdays, 8:30 AM to 5:30 PM.
Frequently Asked Questions
Is Sumisho Loan Philippines legit?
Yes, Sumisho Loan is a legal, SEC-registered online lending service. Operating since 2009, it has a solid reputation in the market, offering loans to Filipino citizens in a transparent and secure manner.
Does Sumisho Loan harass customers?
No, Sumisho Loan operates under the supervision of the Bangko Sentral ng Pilipinas and does not engage in harassment. They will politely remind you via calls or emails if you’re late on payments, but there is no harassment or threats involved.
How do I file a complaint?
You can contact Sumisho Loan’s customer service through their hotline or email to file a complaint. Response times are typically within 2-3 business days.
Conclusion
Sumisho Loan Philippines is an excellent option for Filipinos looking to finance their motorbike purchases. With loan amounts up to ₱180,000, competitive interest rates, flexible repayment terms, and a user-friendly online application process, Sumisho is a reliable and trusted financial service. If you have any further questions, feel free to leave a comment, and we’ll assist you as soon as possible.