FinaGuru is a microfinance institution (MFI) operating in the Philippines, offering a convenient alternative to traditional bank lending. Here is a detailed description of the company and the conditions for obtaining a loan:
Description of FinaGuru:
- Focus on Microcredit: FinaGuru specializes in providing short-term microcredits to individuals, particularly catering to those who may find it challenging to secure loans from banks due to stringent documentation and employment requirements.
- Online Application: The process of applying for a loan is entirely online, allowing customers to apply for credit at any time of the day without visiting a physical office.
- Loan Amounts: FinaGuru offers loans ranging from 500 PHP to 20,000 PHP.
- Loan Duration: The loans can be taken for periods ranging from 1 day to 90 days.
- Eligibility: To be eligible for a loan, individuals must be at least eighteen years old, possess a valid passport, have a bank card, and a mobile phone.
- Application Process: The application involves a simple registration on the FinaGuru website, filling out a questionnaire and an application indicating the loan amount and term.
- Approval Time: Loan applications are processed automatically, with decisions typically made within 15-20 minutes. If approved, the credit is transferred to the customer’s card within 1 hour or sooner.
Interest Rates and Repayment:
- Interest Rate: The lending rate is notably low at only 0.01% per day.
- Repayment: Borrowers are expected to repay the loan on time. Failure to do so results in penalties, with fines potentially reaching up to half the amount of the loan.
- High Approval Rate: Approximately 90% of applications submitted to MFIs like FinaGuru are approved.
- High-Risk Insurance: Due to the high risk associated with microloans, MFIs charge high-interest rates as a form of insurance against defaults.
- Alternatives for Longer Periods: For those needing money over a longer period, traditional bank lending might be considered, although banks have a higher rate of loan application refusals.
FinaGuru provides a vital service in the Philippines, especially for socially disadvantaged individuals who might not have access to traditional banking services. The MFI offers a quick and convenient way to obtain small microcredits with minimal documentation, albeit at higher interest rates compared to conventional bank loans.
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