FAQ

• How much money can I borrow?

The minimum amount that can be borrowed is 1,000 pesos while the maximum is 10,000 pesos.

• How much is the interest on my payments?

Our current interest rate is 3% per payday. You may opt to pay your loan in just one installment. For more information, please check out our Loan Calculator.

For Loans of more than 5000 pesos, a minimum of 22% (of the principal) is due every payday until the loan is fully paid up.

• How long is the payback period?

For loans of 5000 and less, payback period is 4 paydays (4 installments). Payback period for loans of more than 5000 pesos will be 5 paydays (5 installments).

• When will I start to make payments?

First payment on approved loans is due on the nearest pay day. For example, if you make a loan on March 16, your first payment will be due on March 25.

• What will happen if I am unable to make a payment?

For every pay day missed, a penalty of 1% of the remaining balance will be imposed. For loans of more than 5000 pesos, an additional 0.50% penalty will be imposed on the remaining balance if the minimum required payment is not met.

An additional 0.50% penalty will be imposed on the remaining balance if borrower fails to make a payment for two consecutive paydays.

The penalty will apply if borrower fails to make a payment within 7 natural days from the loan's due date.

• What will happen if I fail to pay the loaned amount (with interest accrued) within the agreed upon payment period (4 pay days for loans of not more than 5,000 pesos and 5 paydays for loans of more than 5000 pesos)?

An interest of 0.50% each each payday in addition to the interest already accrued will be applied to the loaned amount upon failure to pay back the total borrowed amount within the agreed upon payment period,

• When can I renew my loan?

You will be able to renew your loan after paying 80% of the current loan amount.

• How long does it take for the application to be processed?

We will be responding to all loan applications within 24 hours.

• What are the requirements for applying for a loan?

Only one (1) valid ID with photo and address and a completed promissory note are required to apply for a loan.

• How do I make the payments?

Click here to find out about the different ways to pay off your loan.

• Is there a processing fee?

All loan proceeds shall be deducted a minimal processing fee of 2%.

• What is the Salva Vida Savings Program?

All loans processed starting February 25, 2020 will be deducted 5% which will automatically go towards your savings until it reaches 10,000 pesos.

• Will my savings earn interest?

Yes. Your savings will earn 1% per year.

• Will I be able to withdraw my savings?

Yes. Savings can be withdrawn when you have no existing loans in the past 6 months.