Pros and Cons
Pros
- Accessible Funds. Salary loans from the local social security system serve as a readily available financial resource for qualified members in Dumaguete, addressing immediate monetary concerns such as emergencies or unexpected bills.
- Affordable Interest Rates. With an annual interest rate of 10%, calculated on a diminishing principal balance, the interest rates for these salary loans are competitively lower than those offered by commercial banks and other financial entities in Dumaguete.
- Flexible Repayment Terms. Borrowers benefit from a 24-month repayment period with an initial two-month grace period before the commencement of monthly amortization, offering ample time to organize their financial responsibilities in Dumaguete.
- Convenient Repayment Options. Loan repayments are seamlessly handled through payroll deduction for employed members, while self-employed and voluntary members in Dumaguete have the liberty to pay at any local social security office or authorized payment facility.
Cons
- Limited Loanable Amount. The maximum loan amount available is determined by the member's total monthly salary credit, which may be insufficient for covering larger financial needs in Dumaguete.
- Eligibility Requirements. Eligibility is not universal among members in Dumaguete. For a one-month loan, a prerequisite of 36 monthly contributions is mandatory, with at least six of these contributions made within the last year prior to the loan application.
- Penalties for Late Payments or Defaults. Delayed payments are subject to a monthly penalty of 1% on the unpaid principal and interest. Defaulting on the loan can lead to the immediate demand for the full outstanding amount, and the local social security system may opt to deduct the due amount from any future benefits.
- Impact on Future Benefits. Opting for a salary loan can influence future entitlements. Unsettled loan balances might be subtracted from benefits related to retirement, disability, or death, making it crucial for members in Dumaguete to contemplate the long-term implications on their financial strategy.
Ways to Receive the Money
- Local Social Security-issued Quick Card. The loan amount is credited directly to the borrower's card issued by the local social security. This method offers a secure and convenient way for members in Dumaguete to access their loan funds.
- Enrolled Disbursement Bank Account. As an alternative, members in Dumaguete have the option to receive their salary loan proceeds in a bank account they have registered for this purpose. This allows members the freedom to choose their preferred bank for the deposit of the loan amount.
FAQs
Kviku is a widely recognized Fintech firm, active in regions including Russia, Kazakhstan, Spain, Poland, and the Philippines, specializing in immediate online lending services. It maintains an online loan application platform enabling Filipinos to submit loan applications around the clock.
For any lending company to operate in the Philippines, it must be duly authorized. The securities and exchange commission (SEC) oversees this authorization process. On the official SEC website, you can locate the:
Upon verification, we found Kviku Lending Co. INC in the list of lending companies. Here are its details:
Company Name: Kviku Lending Co. INC. Registration No.: CS201918702 Certificate of Authority: 3169
This data confirms that Kviku is a legitimate lending company, as per the securities and exchange commission listings. It signifies that Kviku operates within the boundaries of the Philippine law, has undergone the necessary scrutiny by the regulatory bodies, and is trustworthy.
If you're wondering about the kviku Philippines review or its authenticity, rest assured. Kviku Philippines is SEC registered and has the necessary certification. Embrace a new era of advanced financial needs met by trustworthy companies like Kviku.
Interest rate: 56% APR (4,6% per month; 0,16% per day)
The trust of 100 million users testifies to the efficiency and value of Juanhand loans. Besides JuanHand loans, Kviku's online credit also offers a daily interest rate of 0.16%. For a clearer understanding of repayments, Kviku's website features a loan calculator. Simply input the loan amount and repayment duration, and the tool provides a detailed loan breakdown, including repayment dates.
It's important to mention that the interest rate might differ depending on the approved amount (which might be lesser than the amount initially applied for) and the chosen repayment duration.
Loans from Kviku range between ₱500 to ₱25,000, with a repayment duration spanning 3 to 6 months. For newcomers, Kviku sets an initial credit boundary. With timely repayments, this limit gradually increases, allowing users to qualify for larger loans.
