Sometimes, cash-strapped people tend to borrow money from the first lender they come across. It’s understandable if the borrower is dealing with an emergency. But if you have some leeway, you’ve got to take the time to shortlist quality and reputable loan companies. In case you’re in this process, make sure that Radiowealth Finance Company (RFC) is part of your list.
RFC is one of the most reputable and longstanding loan institutions in the Philippines. Founded in 1935, the company has gone a long way from being the pioneer of appliance financing to becoming a lending institution that offers a wide range of loan products in the Philippines.
Here’s everything you need to know about this online loan, so you know if it’s perfect for you. We’ve also included a quick RFC loan application guide should you decide it’s the best loan for your needs.
Table of Contents
- What is an RFC Loan?
- Why Should I Apply for an RFC Loan?
- What Types of Loans Can I Get from RFC?
- What is the RFC Loan Interest Rate?
- How to Apply for an RFC Loan
- RFC Loan FAQs
- Final Thoughts
What is an RFC Loan?
An RFC loan is an online loan from the Radiowealth Finance Company (RFC) that gives Filipinos an affordable and easy way to get personal or business financing.
RFC has been operating for over 50 years, starting with providing car loans and appliance loans—the first financing company to offer these financial products—in the 1960s.
Radiowealth Finance Company seeks to empower and help underserved Filipinos to optimize their potential and achieve growth through alternative sources of funding. Because Radiowealth Finance is a non-bank financial institution, its main stakeholders are Filipinos who don’t have access to banking services or can’t avail of banks’ credit and loan products because of lack of financial documents and/or ineligibility issues.
Why Should I Apply for an RFC Loan?
If you need cash immediately, here are the top three reasons you should apply for an RFC loan:
1. Wide Range of Loans
Radiowealth Finance offers loan products for a variety of purposes. In fact, its offerings are much more varied than some banks. At this company, there will always be something for everyone. You’ll learn more about how diverse RFC’s loan products are later in this article.
2. Easy Application Process
RFC is known for implementing an easy and smooth application process. You can actually apply for an RFC loan online! This means you don’t have to leave your home and expose yourself to pandemic risks just to borrow money.
3. Established Company
Radiowealth Finance has witnessed history since the 1930s. The company has lasted long because it knows what Filipinos need and how it can address them. And because it’s already established, you know that you can rely on RFC for your immediate cash need.
What Types of Loans Can I Get from RFC?
Radiowealth Finance has three types of loans for various financial needs: financing loans, multi-purpose loans, and business loans.
1. RFC Financing Loans
Minimum loan amount: PHP 10,000
Loan term: Starts at three months
RFC Financing Loans are for borrowers whose goal is to fulfill a financial goal, like buying their dream car, upgrading their appliances, procuring office and business equipment, and more.
Here are the different financing loans that Radiowealth Finance offers:
- Motorcycle, Tricycle, and E-Bike Loan – Through this loan, you can buy a motorcycle for business or personal use. No collateral is needed!
- Personal Vehicle Loan – Getting this RFC car loan is a budget-friendly way to purchase a new vehicle.
- Appliance Loan – Enjoy easy installment plans at RFC’s partner merchants such as Robinsons Appliances, Anson’s, and Western Appliances.
- Machineries and Heavy Equipment Loan – This online loan provides instant cash for the purchase of different types of equipment needed for business operations.
- Farm Equipment Loan – Farmers and farm owners looking to buy, upgrade, or replace their equipment can avail of this financing loan from RFC.
- Medical Equipment Loan – This type of loan is for clinics and medical facilities that need to update their medical equipment to better serve their patients.
- Special Equipment Loan – It helps small businesses get the tools to improve their employee’s productivity and their overall efficiency.
2. RFC Multi-Purpose Loans
Loan amount: PHP 10,000 to PHP 250,000
Loan term: Three to 12 months
Radiowealth Finance provides a wide range of multi-purpose or personal loans in the Philippines for urgent or critical cash needs such as emergencies and personal needs.
Compared to RFC Financing Loans, RFC Multi-Purpose Loans have a shorter maximum loan term at 12 months, with loan amounts capped at PHP 250,000.
You can avail of any of these RFC personal loans:
- Education Loan – Borrow money to pay for the tuition fee and other school expenses of your children.
- Home Improvement Loan – Get the financing you need for renovating your home or extending your property to accommodate your growing family.
- Vehicle Modification Loan – You can get this loan for restoring your car or upgrading your vehicle to reclaim its prime performance
- Salary Loan – This RFC product is an institutional loan type availed by employers as a benefit for their employees who need to cover any financial emergency.
- Professional Loan – This RFC personal loan is intended for professionals who need extra money for funding any important expense related to their practice of a profession, such as travel costs, business meals, and office rental fee
- Lessor’s Loan – Individuals and companies that lease their office space to other companies can apply for this loan online.
- OFW Loans – OFWs can avail of a loan from RFC to cover their personal or business expenses.
3. RFC Business Loans
Loan amount: PHP 10,000 to PHP 5 million
Loan term: Three to 18 months
RFC also offers business loans to Filipino entrepreneurs who wish to start or expand their own business. Borrowers may opt to avail of either a no-collateral loan or one with collateral.
Here are three types of RFC Business Loans to choose from:
- Working Capital Loan – This RFC business loan provides additional funding for acquiring assets important to your business’s day-to-day operations.
- Inventory Financing Loan – You can borrow cash for expanding or maintaining your inventory to make sure that your business operates smoothly and that you can give your customers what they need anytime.
- Contractor’s Loan – This business loan is for boosting your capital that will cover the operational expenses so that you’ll be able to complete your job on time.
- Pondo Para Sa Pag-Unlad – Through this RFC loan, small businesses (and even larger ones) can have access to capital for running or expanding their enterprises.
- Franchise Financing Loan – Entrepreneurs who need more money to start their own franchise business in the Philippines can apply for this RFC business loan.
What is the RFC Loan Interest Rate?
The interest rate you’ll be charged depends on the type of loan you avail of, the amount you’ll borrow, and your chosen repayment period.
A shorter repayment period will result in higher monthly installments but lower interest payments over the loan term. On the other hand, if you opt to pay over a longer loan term, the total interest payment is higher, but it’s easier on the monthly budget because the installment amount is lower.
So you can estimate how much you’ll repay monthly, use the RFC online loan calculator. It quickly computes your monthly installments based on the type, amount, and term of the loan you choose.
How to Apply for an RFC Loan
It’s easy to qualify and apply for any loan from Radiowealth Finance. The income requirement is low, and only minimal documents are required. This makes RFC loans ideal for Filipinos with bad credit or no credit history.
RFC’s online application system also makes the process very convenient for borrowers.
RFC Loan Requirements
Who Can Apply for a Loan from Radiowealth Finance?
- Filipino citizens not lower than 18 years of age
- Residency of at least two years, except if the applicant is a new homeowner
- Good character and reputation
- A stable source of income
- For employed applicants: You must be working with your current employer for at least two years with a minimum basic monthly salary of PHP 18,000.
- For self-employed/professional applicants: You must be in the same profession or running the same business for at least three years. The business must also be operational for at least two continuous years with profitable operations.
What Documents are Required for an RFC Loan Application?
Basic Document Requirements for RFC Loan
The requirements you need to provide will depend on the kind of loan that you’re applying for. Nevertheless, the basic requirements are the following:
- Two valid government-issued IDs (including company ID for employees)
- Proof of billing (utility bills)
- Proof of income (payslips for the last three months)
- Residential, Business, or Employment Business Map
- Certificate of Employment
- Business Barangay Permit / Business Permit / DTI Certificate of Registration (for business owners)
Additional RFC Loan Requirements for Employees
- One-month payslip
- Certificate of Employment
Additional RFC Loan Requirements for Self-Employed
- Business Barangay Permit / Business Permit / DTI Certificate of Registration
- Income tax return (ITR)
- Two ID photos (1 x 1 or 2 x 2)
- Passbook (active for at least six months)
Additional RFC Loan Requirements for OFWs
- Latest three-month proof of remittance or passbook
- Copy of active and valid employment contract
RFC Loan Application Steps
Borrowing money from the Radiowealth Finance Company is a quick and straightforward process over the internet.
How to Apply for an RFC Loan Online
- Access the online loan application form and fill it out with the required information.
- Upload all the required documents for your RFC loan application.
- Wait for a text confirmation of your loan approval. If you’re approved, you can get your cash within the next three to five business days.
If you prefer to apply for an RFC loan in-branch, you can do so at any of Radiowealth Finance’s 100+ branches nationwide. However, we recommend filing your application online, as it’s much safer, given the risk of COVID-19 these days.
Read more: Handy Guide to Getting a Citi Personal Loan
RFC Loan FAQs
1. How will I know if my RFC loan application is approved?
A representative from Radiowealth Finance Company will give you a call to inform you that your application is already approved. They’ll also provide you with instructions for claiming your loan proceeds.
Be wary of representatives who give you dubious instructions and ask for ridiculously large fees for their service.
2. Will I have to pay an application fee?
If you file your RFC loan application online, you don’t have to pay for anything. Also, remember that the application forms at RFC branches are not for sale. However, there will be upfront charges, such as a notarial/ processing fee, should you decide to file your application in person at the nearest branch.
3. How will I repay my loan?
You can settle your monthly repayments at Radiowealth’s payment partners:
- ECPay (at 7-Eleven, Metro Gaisano, and partner merchants)
- Palawan Pawnshop
- Bayad Center (Robinsons Department Stores, Alfamart, and partner merchants)
- Unified GPRS
- EastWest Bank
- China Bank Savings
- LANDBANK mobile app
Note: Post-dated checks (PDCs) will be required for repayment of loans amounting to PHP 100,000 and above. Also, making your payments at our partner channels comes with a service fee. If you’re having problems with payments, you can contact Radiowealth Finance via the following email address and contact numbers:
- Email: email@example.com
- Landline: (+632) 8-532-7276
- Globe: (+63) 961-136-1160
- Smart: (+63) 995-307-9062
4. I’m planning to renew my loan. What should I do?
Contact a Radiowealth Finance Company representative using the contact details above. They’ll have to check first your eligibility for a loan renewal.
In case you’re eligible for loan renewal, the only requirement that you’ll have to turn in is the latest proof of your income or bank statement.
Not all lending institutions are created equal. Some may impose unreasonable interests and fees while others treat lending money as a mission—as a means to empower underserved Filipinos.
If you need money for an important expense, the first thing that comes to mind is applying for a loan in a bank. However, there are non-bank companies that offer reasonable loan products—and Radiowealth Finance Company is one of them.
Below is a list of other best personal loan companies and their loan features. Compare your options and apply through Moneymax!
-  Radiowealth Finance Company (RFC) website
-  RFC Online Loan Calculator
-  RFC Online Loan Application Form
-  Radiowealth Finance Branch Location
Venus is the Head of Editorial Content at Moneymax, with 15+ years of experience in digital marketing, corporate communications, PR, and journalism. She invests in stocks, mutual funds, VUL, and Pag-IBIG MP2. Outside of work, she’s crazy about cats and Korean dramas. Follow Venus on LinkedIn.