Walletpals

How Do I Get a Loan?

Walletpals.com is a service that helps you get loans. Loans up to ₱ 25000 are issued for a period of four months to individuals over 18. The loan amount depends on the terms set by your financial institution. We cannot guarantee that each lender will offer you a loan for the maximum amount with the longest repayment period.

The main requirements to the borrowers are:

  • Legal citizenship in the Philippines
  • 18–65 years of age
  • A valid SSS or TIN, and UMID card
  • Any form of income (official or unofficial)

Generally, it takes up to 30 minutes to apply and get an approval. All you need is specify how much you would like to borrow and for how long, fill out a basic form (name, ID, etc.), and send it through our platform. We will give you a list of lenders who have a pre-approved loan for you. Next, you choose a loan and read through the terms and conditions. If you decide to accept the terms, the lender will send the money to your account or credit card. You can complete your loan application at any time, there are no obligations to commit to anything.

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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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