An admin fee may be deducted from the loan amount, and you may receive slightly less than what you requested. Additionally, a surcharge fee and interest will be added to your repayment plan.
Here’s a quick breakdown of the fees:
Admin fee: 1% - 5% (based on loan amount)
Interest: 1% - 6% per month (based on loan amount)
Surcharge fee: 0% - 6% per month (depends on the loan and service used)
For example, if you request for a ₱1,000 loan over 6 months:
Admin fee: 1%
Surcharge fee: 1%/month (flat)
Interest: 2%/month (flat)
Your receiving disbursement amount will be:
₱1,000 - ₱1,000*1% = ₱990.00
Your monthly repayment amount will be:
(₱1,000 + ₱1,000*1%*6 + ₱1,000*2%*6)/6 = ₱196.67
*The final amount is subject to the amount displayed within the application.