Looking for a quick cash loan in the Philippines? The Weloan app markets itself as a fast and convenient solution. But before diving in, it’s crucial to understand the app’s features, interest rates, and the risks involved. Is Weloan the best choice for your financial needs, or are there better alternatives? This detailed review answers your questions, explores user complaints, and helps 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 the Weloan App?
The Weloan app is an online lending platform available in the Philippines. Operated by Armorak Lending Inc., Weloan provides personal loans to Filipinos who need cash urgently. With promises of fast approval and flexible loan amounts, it aims to cater to individuals who may not qualify for traditional bank loans.
Key Features of Weloan Philippines
1. Quick Application Process
Weloan boasts a streamlined, app-based application process, allowing users to apply for loans anytime, anywhere.
2. Flexible Loan Amounts
Borrowers can request loans ranging from Php 3,500 to Php 60,000, making it suitable for small to medium financial needs.
3. Manageable Repayment Terms
The app offers repayment terms of up to 12 months, giving borrowers some flexibility in managing their finances.
Pros of Using Weloan
- Fast and Easy Process: Get approved in just minutes after submitting your application.
- Wide Accessibility: Weloan caters to users with diverse credit histories, including those with poor credit.
- Convenient Access: Available 24/7 through its mobile app.
Cons of Weloan App
- High-Interest Rates: While exact figures are unclear, Weloan’s rates are reportedly higher than traditional banks and some competitors.
- Lack of Transparency: Limited information on interest rates and fees makes it hard to compare Weloan with other lending platforms.
- Data Privacy Concerns: Users have reported worries about how their personal information is handled.
Weloan Complaints in the Philippines
Several complaints have surfaced online, including:
- Unclear Interest Rates and Fees: Borrowers often complain about the lack of upfront information.
- Data Misuse: Some users claim that their personal information was used for unsolicited messages or harassment.
- Collection Tactics: While not widely reported, there are concerns about aggressive debt collection practices.
Is Weloan Legit?
Yes, Weloan is a legitimate lending company registered under Armorak Lending Inc. with the Securities and Exchange Commission (SEC) in the Philippines. Their SEC Registration Number is CS201908271.
To verify their legitimacy, you can check their details directly on the SEC website.
Weloan Interest Rates in the Philippines
Interest rates vary depending on your credit score, loan amount, and repayment terms. However, expect rates higher than traditional banks—potentially exceeding 20% or more annually. Use the app’s loan calculator for an estimate before applying.
How to Apply for a Weloan Loan
Eligibility Requirements
- Must be at least 21 years old
- Filipino citizen or permanent resident
- Proof of steady income may be required
Application Process
- Download the Weloan App via the Google Play Store or Apple App Store.
- Register and Create an Account by providing basic information.
- Complete the Application Form with personal and financial details.
- Submit Requirements, including a valid ID and proof of income.
- Wait for Approval. If approved, funds are disbursed directly to your bank account.
Who Should Consider Using Weloan?
The Weloan app is suitable for individuals who:
- Need urgent financial assistance.
- Do not qualify for loans from banks or credit unions.
- Are willing to pay higher interest rates for quick approval.
Important: Due to high costs and potential risks, Weloan should only be considered as a last resort after exploring other options.
Alternatives to Weloan
If Weloan isn’t the right fit, consider these alternatives:
- Traditional Banks: Major banks like BDO, BPI, or Metrobank offer lower interest rates for qualified borrowers.
- Credit Unions: If you’re a member, credit unions may provide more affordable loan options.
- Other Lending Apps: Apps like Tala, Cashalo, and Asteria offer competitive rates and terms.
Does Weloan Harass Borrowers?
While reports of harassment are not widespread, some borrowers express concerns about data privacy and aggressive collection tactics. If you experience harassment, report it to:
- Securities and Exchange Commission (SEC)
- Bangko Sentral ng Pilipinas (BSP)
Conclusion: Is Weloan Worth It?
The Weloan app offers a fast and accessible option for Filipinos in need of quick cash. However, it comes with potential drawbacks, including high-interest rates, limited transparency, and data privacy concerns.
Final Recommendation: Explore all other options before choosing Weloan. If you decide to proceed, read the terms carefully, use their calculator to estimate costs, and borrow only what you can repay.
By understanding the pros, cons, and risks, you can make a more confident decision about whether Weloan aligns with your financial goals.