Today we will introduce you to the most convenient online loan application currently available. Customers can quickly apply for a loan without needing to provide collateral. The application is called WowPera, the most convenient loan platform in the Philippines, offering modern loan functions that allow customers to borrow money easily without the time-consuming processes typically associated with other loan providers. Please follow the loan functions below to understand the process on the application.
Instructions for Customers to Apply for Loans on WowPera
Customers applying for loans on the app will receive quick and convenient support from staff. Below are the steps for a quick and easy loan process:
Step 1: Download the WowPera app
Step 2: Fill in your personal information
Provide your phone number, bank account, current residential address, and ID card for the app to verify your identity. Make sure all the information you provide is complete and accurate.
Step 3: After identity verification, fill in the loan amount and repayment period.
When applying for a loan, you should choose smaller amounts to ensure you can repay on time, as the interest rates on these loans are also lower.
Step 4: Wait for the app to approve the loan and disburse the money to your account.
Step 5: Once you receive the money, confirm that you have taken the loan on the app.
When applying for a loan through an online application, it is crucial to repay the loan you have registered for on time. If you fail to repay on time, you will be inconvenienced and it will affect your business.
Product Introduction of WowPera
- Cash Loan Amount: ₱2,000 – ₱2,000,000
- Cash Loan Term: 91 days (shortest, including renewal period) – 365 days
- Interest Rate: Maximum of 25% per year
- Transaction Fee: 0
- Service Fee: 0.1% to 0.35
An example of a basic loan at WowPera
A loan of ₱1,000,000 with an interest rate of 25% per year over a period of 90 days will be calculated as foll
- Interest Amount: You will need to pay approximately ₱61,643.84 in interest for this loan. The interest amount is calculated based on the annual interest rate, prorated for the loan period, which is 90 days out of 365 days in a year.
- Total Repayment Amount: The total amount you will need to repay after 90 days is ₱1,061,643.84. This figure includes both the principal amount and the interest.
This means that if you borrow ₱1,000,000 for 90 days, you will need to repay ₱1,061,643.84 at the end of the loan term
Benefits and Limitations of Online Loans with WowPera
Benefits
- Quick Resolution for Emergencies: WowPera provides funds quickly, helping you handle emergencies like paying electricity, water bills, or internet services during financial difficulties.
- Flexible Borrowing Anytime: You can apply for loans online from anywhere, saving time compared to visiting traditional banks.
- Simplified Loan Procedures: The loan application process through WowPera is generally simpler than traditional banks, with fewer complicated steps.
- Competitive Interest Rates: The app typically offers competitive interest rates, helping you avoid high interest rates often found with unverified loan applications.
- Offers and Promotions: Both new and existing users can benefit from special offers and promotions, saving you more money when borrowing.
- Favorable Policies and Terms: The app can offer very beneficial loan policies and terms for customers.
Limitations
- Loan Amount and Term Limits: WowPera often restricts the loan amount and term, which may limit your ability to address larger or longer-term financial needs.
- Eligibility Requirements: To qualify for a loan through WowPera, you may need to meet certain age, income, and repayment capacity criteria, potentially excluding some individuals.
- Risk of Rapid Debt Increase: Without careful financial management, borrowing through the app can lead to rapidly increasing debt and financial burdenb.
Eligible Customers for WowPera Loans
To apply for a loan on the app, it’s very simple as long as you meet the following conditions:
Must be a new citizen of the Philippines eligible to register for a loan
Possess a valid national ID card
Meet the minimum age requirement of 18 years old or older
Must have the ability to repay the loan
Have a stable job and income
Provide the app with a phone number and bank account to receive funds.
Information about WowPera’s commitment to personal data security and privacy compliance is an important consideration when contemplating the use of this application. This ensures that your personal information will be protected and not disclosed to external parties. Wishing everyone a safe and convenient borrowing experience on WowPera.
