Cebuana Loan is a popular and trusted financial institution in the Philippines that offers a variety of loan products to cater to the diverse needs of the Filipinos. In this article, we will be discussing two of their loan products: Pawning and Micro loan.
Pawning
Pawning is a traditional type of loan offered by Cebuana Loan, where individuals can pledge their valuable assets such as gold, diamond, and platinum jewelry, watches, cellphones, laptop computers, and designer bags in exchange for a loan. The interest rate for this loan product is 4% per month, making it a cost-effective option for those in need of immediate cash.
When individuals opt to pawn their valuable possessions, they receive a loan amount based on the appraised value of the item. The loan term for pawning can be up to 3 months, providing sufficient time for borrowers to repay their loan. Additionally, there is a service charge of 1% of the principal loan, but it does not exceed Php5, ensuring that borrowers are not burdened with excessive fees. One of the advantages of pawning with Cebuana Loan is the quick approval time, with loans typically being processed within 2 hours.
Micro loan
On the other hand, Cebuana Loan also offers a Micro loan product that allows individuals to borrow smaller amounts of money for a shorter duration. The interest rate for this loan product is 0.2% per day, making it an affordable option for those who require immediate financial assistance.
The payment terms for the Micro loan range from 7 to 28 days, providing flexibility for borrowers to choose a repayment schedule that suits their financial capability. The minimum loan amount for this product is Php2,000, ensuring that individuals have access to small loans for their urgent needs. However, the maximum loan amount for the Micro loan is set at Php15,000, catering to individuals who require a slightly larger sum of money.
Benefits of Cebuana Loan
Cebuana Loan has designed their loan products to be accessible and convenient for their customers. They have a wide network of branches across the country, making it easy for individuals to visit their nearest branch and apply for a loan. Additionally, the documentation process is straightforward and hassle-free, ensuring that borrowers can quickly receive the funds they need.
Customers who choose Cebuana Loan can also benefit from their excellent customer service. The staff is well-trained and knowledgeable, guiding borrowers through the loan application process and providing assistance whenever needed. This ensures that borrowers have a positive experience with Cebuana Loan and can confidently rely on their services in times of financial need.
In summary, Cebuana Loan offers two loan products: Pawning and Micro loan. Pawning allows individuals to pledge their valuable assets in exchange for a loan, with an interest rate of 4% per month and a payment term of up to 3 months. On the other hand, the Micro loan offers smaller loan amounts with a shorter repayment period, at an interest rate of 0.2% per day and a payment term ranging from 7 to 28 days. These loan products cater to the diverse needs of Filipinos, providing them with accessible and affordable financial solutions.
How do I apply for a loan from Cebuana Lhuillier?
If you want to apply for a loan in Cebuana, visit your nearest branch. Happy Loan makes this process simple and convenient. First, you need to apply. The form must be completed correctly and submitted with the required information. Once approved, you can collect your money at the Cebuana Lhuillier branch.
It is currently not possible to apply for a loan online.
Requirements for borrowers
To qualify for a Cebuana Lhuillier loan, you must meet the following requirements:
- Fill out an application
- Show a valid photo ID
- Income proof
- Address confirmation
For pensioners receiving a monthly pension: Certificate of enrollment or financial guarantee.
If you are unemployed but receive monthly benefits:
- Proof of employment (last 3 months)
- Payment guarantee
Calculation of the total cost of the loan
The first thing you should pay attention to when getting a loan is the monthly payment. You can calculate your monthly expenses using any online calculator. Enter the amount and term of your loan and the calculator will do the rest. This is a useful tool because it shows you how much you will pay each month. This way, you can use the money wisely and be confident that you will be able to repay the loan.
Use the calculator to enter and display interest and the total cost of the loan.
How to pay a loan in Cebuana Lhuillier?
You can pay your bill at any Cebuana Lhuillier branch nationwide. Fill out the payment form, send it to the recipient and pay.
What if I can’t pay?
If for any reason you are unable to repay your Cebu Fast Cash loan, you will receive a debt notice and be asked to pay. If you do not pay, you will be charged a late fee. If you don’t pay, your credit will be assessed and you can sue.
Cebuana Lhuillier loan reviews
Cebuana Lhuillier is well-liked by borrowers seeking a straightforward loan application process with few document requirements. It receives mostly positive feedback for its simplicity in applying for small emergency loans.
However, a frequent issue mentioned is the sluggish loan processing, particularly at the busiest branches. This concern can be easily resolved by visiting alternate branches in your vicinity. All in all, Cebuana Lhuillier is an excellent choice for individuals unable to secure loans from traditional banks and other lending institutions.
Author Maria Torres from Upfinance.
You can get a loan here: https://upfinance.com/company-category/pawnshops/
