To use this service, you need to enter personal details when filling out the application form. Then, you’ll have to wait for a reply from the company officials. The checking process takes some time, and if you are approved, you’ll see the money in your bank account.
But first, you need to fill in the Soscredit application form, and after that, wait for the decision to be made.
On average, they check their clients for 15 minutes. However, if the lender’s account is in another bank than that of the Soscredit, you might have to wait for another day to be approved.
The company has specific requirements for would-be loanees. First, you must have citizenship in the Philippines, and the second requirement is that you must be from 20 to 65 years old and be financially sound.
Third, you must have a bank account in some of the banks in the Philippines. And the fourth requirement is a working mobile phone number.
The list of requirements is not long; it is almost the same or simplified as other loan services.
Pros and Cons of Soscredit
As far as the interest rates go, the company offers not too high interest rates. Its annual rate is no more than 795%. It doesn’t practice additional fees whatsoever: only the loan processing fees and the service fees.
However, it must be said that the interest rates of Soscredit are higher than Philippine banks.
Nevertheless, Soscredit rates are up to par with other loan services. The company evaluates each application on an individual basis. That’s why you, as a would-be loanee, should provide in-detail information when filling out the form. First, upon checking the application, the client could be offered a relatively small amount.
When choosing 5000 ₱, the APR will be 795.7%, and as for the total loan amount, it will be 14,810 ₱.
So, the company offers lots of advantages, namely newcomers get a 100% discount on the commission.
All the procedures are done in real-time, so very quickly, up to 15 minutes; this is the average time of application processing.
Filipino citizens as young as 20 years old can already get a loan. Clients might choose their monthly payment amount. After repaying, customers might be offered an extended credit limit.
Customers can repay their loans at any branch of any bank in the Philippines. If any problems regarding repayment occur, you should contact the support team urgently.
As for the address, Soscredit Philippines is a company based in Latvia. Its head office is located there, but unfortunately, the company doesn’t have affiliates since all the loans are offered online.
So, the upshot is that Soscredit is a quick and easy way to get a loan. Usually, the applications are processed in 15 minutes or less. Even young people can get their loan, starting from 20 years old and up to 65.
The requirements for loanees are oversimplified compared with other lending services. You just need to heed the basics.