Attention! Credilo is not a direct loan provider. Instead, Credilo acts as a facilitator by providing comparison tools to help you find a suitable licensed lender.
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Credilo specializes in assisting clients with microloan selections, serving as an intermediary between borrowers and authorized financial institutions. Credilo is not a bank, financial institution, or lender, and thus does not bear any responsibility for the terms or agreements of any loans facilitated through its platform. All provided figures are approximate. Specific terms can be verified on the website of the chosen lender. Prior to submitting a loan request, ensure you fully understand the service terms and have completed your profile. This site uses cookies to enhance user experience, and cookie settings can be adjusted in your browser. This service is available exclusively to individuals who are 18 years or older.
The terms for loan repayment and interest rates start at an annual rate of 30%, with a maximum rate of 365%. Loans can be taken for periods ranging from 91 days to two years.
Loan Calculation Example
If you take a loan of 30,000 PhP with a monthly interest rate of 4.5% for a period of 3 months, you will incur an additional charge of 4,050 PhP by the end of the term. Thus, the total repayment amount will be 34,050 PhP. For a better understanding, here's a breakdown of the interest calculations: For a loan amount of 30,000 PhP at a monthly interest rate of 4.5% over 3 months, the total interest accrued would be 13.5% (4.5% per month for 3 months). This equals (13.5% of 30,000 PhP)/100 = 4,050 PhP in interest. Therefore, the total due after three months would be the original loan amount of 30,000 PhP plus 4,050 PhP in interest, totaling 34,050 PhP. A delayed payment incurs a daily penalty of 0.10%, not exceeding 10% of the total loan amount. In cases of significant payment delinquency, your information may be reported to a credit bureau. An extension on the loan may be arranged with the lender if they are informed in a timely manner (before the due date) and the interest for the original period is paid. No additional fees are charged for extending a loan.
Consequences of Non-Payment
In the event of a delayed loan or interest payment, the lender is entitled to impose a late fee. This might happen, for example, if a bank transfer is delayed. Continued failure to pay may lead to a fee typically set at 0.10% of the original loan amount and approximately 0.03% of the amount for consumer loans and credit cards. Failure to adhere to the loan terms may result in your information being reported to a credit bureau, adversely affecting your credit history and score. Additionally, the outstanding debt could be transferred to a collection agency. In cases where the loan amount is overdue, an extension might not be granted. Making loan payments on time can positively impact your credit history, improve your credit score, and increase your likelihood of receiving more favorable loan conditions in the future.