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%): ₱10
Surcharge fee (1%): ₱10/month
Interest (2%): ₱20/month
Your total monthly repayment will be:
(₱1,000 ÷ 6) + ₱10 + ₱20 = ₱196.67