Walletpals

FAQs

How do I apply for an interest-free loan through Walletpals.com?

You can apply online with our simple form, and we will find a lender that will suit for you.

Is it true that Walletpals.com is totally free? Do you charge anything to use your website?

Yes, finding loan offers with Walletpals.com is totally free.

How much can I ask for?

Walletpals.com finds and compares loan offers from the best lenders in the Philippines. Our partners offer loans ranging from ₱ 500 to ₱ 25 000 with a variety of repayment options.

What kind of identification do I need?

Each institution has its own borrower requirements. Overall, you must be a citizen of the Philippines over the age of 18 with a valid SSS, TIN, or UMID card; you must also have a source of income and be able to provide a valid debit card or bank account number.

Will they give me a loan if my credit history is not perfect?

Perfect credit histories are less common than you think. If you don’t have any open delinquencies, you will most likely get a loan.

Can I pay off my loan early?

Absolutely! In fact, that is exactly what we recommend. The longer you wait to pay off your loan, the more you will pay.

What if I cannot repay my loan?

It is important to be certain that you are able to pay within the given timeframe before applying. If your situation changes, and you are concerned that you cannot repay your loan, it is best to contact your lender right away to find out which options are available. If you are experiencing financial issues and have a mounting debt, we strongly recommend you not taking any more loans from any lending institution, and that you immediately seek independent financial advice.

When do I have to repay my loan?

Each lender has their own process and will send you all the information you need to make your payments. Repaying loans is simple and can often be done through direct transfer, by creditor debit card, or by depositing money to a specified bank account. You should follow the instructions your lender gives you and make payments on time to avoid additional charges.

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Responsible Lending

We represent Fininity Ltd, which acts a credit broker. We are not a lender. Walletpals.com does not directly offer any type of loans or consumer loan products.

Maximum/Minimum Repayment Periods and Maximum Interest Rate

The APR is the cost of borrowing a loan, expressed as a nominal annual interest rate. As Walletpals.com is a credit broker and not a lender, we cannot guarantee a particular annual percentage rate. Annual percentage rates typically range from 0% to 36%. Repayment periods for loan products usually range from four months to six months. Before accepting a lender’s offer through our system, please make sure to read through the loan agreement carefully, since interest rates and repayment terms may differ from those listed on this website.

Collection Process

Walletpals.com does not collect payments. Your lender will contact you by regular mail, email, or phone to outline a repayment schedule. Please contact your lender to determine their collection process, as the terms may vary.

Default

Walletpals.com always recommends repaying on time. If you cannot, each lender has their own policies on fees/interest and how they handle debt collection. Most lenders will contact you by regular mail, email, or phone to change your payment terms. Nonpayment may result in penalties and/or increased interest. We recommend that you contact your lender as soon as you know there is an issue; otherwise, your credit history may get affected.

Late Payments

If you think you won’t be able to make a payment on time, then it is important to contact your lender beforehand. Your lender may offer to extend or renew your loan. Keep in mind, however, that this will accrue additional interest. Your lender may charge a fee for late payments. The amount is determined by the lender, so please read the loan terms before agreeing. Late payments may also negatively affect your credit score.

Extension Policy

Walletpals.com does not recommend extending your loan. If you feel that you cannot repay your loan on time, then we strongly suggest you not taking it and recommend that you seek independent financial advice. However, should you decide that an extension is necessary, please discuss this option with your lender. For more information about your lender’s process and policy regarding nonpayment, please review the terms in your loan agreement.
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