Published: November 19, 2020 | Posted by: Venus Zoleta | Uncategorized
In this financially challenging time, getting a personal loan is an option for Filipinos with an immediate need for cash but are short of budget.
But with the many lenders out there, which one should you borrow from? Ideally, a personal loan provider makes it easy for you to get cash for your urgent financial need, especially if you lack income documents that banks and government lenders require.
In this edition of Moneymax Reviews, we’re zooming in on the RFC Personal Loan—an online multi-purpose loan provided by Radiowealth Finance Corporation. Keep reading this RFC personal loan review to find out if this matches your needs best.
Table of Contents
To start with this RFC Personal Loan review, here’s the basic information you should know before borrowing from Radiowealth Finance.
The RFC multi-purpose loan can be used to cover a variety of needs, including the following purposes:
One of the biggest advantages of an online loan like the RFC personal loan is that it’s easy to qualify for. As long as you’re a Filipino aged 21 to 64 and earns at least PHP 10,000 monthly, then you can apply for an RFC loan.
With government loans and bank loans, you’ll need to accomplish a long list of documents. That isn’t the case when you apply for a loan with Radiowealth Finance. You’ll need to prepare only three requirements: a valid government-issued ID, proof of billing, and proof of income or business registration.
RFC’s documentary requirements are both minimal and flexible. For example, you may submit your receipts and sales logbook as proof of income. As for the proof of business registration, Radiowealth Finance accepts Barangay or Mayor’s Permit. This is especially helpful for online sellers and micro-enterprises that don’t have a DTI registration certificate.
Unlike traditional lenders, no collateral, guarantor, credit card, bank statement, and other similar requirements are necessary for RFC personal loan applications.
When you’re in dire need of cash, the last thing you’d want to happen is to go through a slow and complicated loan application process. It’s stressful and discouraging, to say the least.
Borrowing money from Radiowealth Finance is simple through its website. Just fill out the online application form, upload the Radiowealth Finance loan requirements, and submit.
The RFC team will then verify your documents and process your personal loan application immediately. Now all you have to do is to wait for a call from an RFC representative about your loan approval and release.
If you’re having trouble submitting your RFC loan application online, you may easily apply through Facebook Messenger (m.me/EASYRFC). Or call any of the following hotline numbers to ask for assistance from an RFC account executive:
Get your RFC personal loan approved in as fast as 24 hours. No need to wait anxiously for the results and follow up on your application status.
Once you’re approved for an RFC loan, you can claim or receive the amount in less than two days.
Choose the most convenient disbursement channel for you. Here are your options:
Radiowealth Finance offers plenty of options for borrowers to repay their RFC loan. To make your monthly repayments, you can pay over the counter at an accredited bills payments center (Bayad Center, ECPay, Palawan Express, Unified GPRS) or online via the bills payment facility of GCash or any partner bank (BDO, China Bank Savings, EastWest Bank, Metrobank, RCBC, UCPB).
With so many choices, you can avoid missing your monthly payments.
If your RFC loan is worth PHP 100,000 or above, you’ll be required to issue post-dated checks. This is also a convenient loan repayment option, as your monthly installments are automatically deducted from your checking account. Just make sure you always have a sufficient balance in your account.
When another urgent financial need comes up while you’re still repaying your existing RFC loan, you can borrow cash again by renewing your current loan.
RFC allows loan renewals for borrowers who have paid at least 50% of their loan even if their outstanding balance is not fully paid yet. But the balance will be deducted from the new loan amount.
Renewal application with RFC is easier and quicker than first-time loan applications. You only need to submit one latest proof of income.
Also, there’s a higher chance of getting approval for a new RFC personal loan with a higher amount if you consistently pay your monthly amortizations on time.
Not sure about taking out an RFC loan yet? Before we finish our RFC Personal Loan review, of course you should still shop around for other options for borrowing money in the Philippines. We’ve picked three great personal loan alternatives you may consider.
Like RFC, Tala Philippines makes borrowing money easy and hassle-free. But Tala takes it a step further by making its online loan application convenient through its mobile app. Only a valid ID is required from borrowers, too.
However, Tala lends lower amounts than RFC, starting at PHP 1,000 for first-time borrowers and up to PHP 15,000 only for recurring borrowers.
Thus, a Tala loan is ideal if you need only a small amount to pay for an emergency expense.
If you’re looking for a loan with a higher loanable amount, lower interest rate, and more flexible repayment terms, the SB Finance personal loan is worth considering.
You can borrow from PHP 30,000 up to PHP 2 million, which is great for a wider array of financial needs. The monthly interest rate is only 1.39%, which is lower than the RFC loan. You may also choose to pay off your SB Finance personal loan for up to three years.
Need assistance for an urgent financial need while working abroad? A loan designed specifically for OFWs such as the GDFI personal loan makes a perfect solution. You can borrow up to PHP 2 million and repay for up to 12 months. The monthly interest rate is only 1.5%.
Considering all its features, the RFC personal loan makes a viable option for those who want to get fast loan approval without having to submit many documents. May this RFC personal loan review help you make the right decision on where to borrow money for your particular cash need.
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Venus is the Head of 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.