Welcome Finance, Inc. Personal Loan  

As the first subsidiary of Welcome Financial Group of Korea, WFP or the Welcome Finance Incorporated (Philippines) is a growing company started last September 2014 offering fast and easy financial assistance. While the bank is still in its humble beginnings, the company has grown to almost hundred employees with operating branches in Luzon, Baguio and Cebu. WFP offers both collateral and non-collateral loan products designed to suit the needs and goals of Filipino market.

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Where can I use the loan?

You may use the Welcome Finance, Inc. personal loan for purposes such as personal and business necessities depending on your needs.

Loan amounts range is P20,000 up to P1 million with monthly tenors starting at 12 months up to 36 months, depending on the loan product and income.  

Interest rates vary depending on the type of loan you are going to apply for. For the WFP personal loan, a fixed 1.60% is applied. While other loans such as salary loan have an interest rate of 3.00%.

Processing time for the loan depends on how complete and participative the applicant is. The credit team is expected to call you in 3 to 7 working days once you are considered eligible and have sent your application.

Know more about the Welcome Finance, Inc. personal loan products

Welcome Finance, Inc. offers personal loan products that are collateral and non-collateral. A collateral loan requires a property or assets from the borrower to secure a loan, while a non-collateral don’t. These targets to the wide Filipino market who need cash instantly.

WFP has five loan products: Personal Loan, Salary Loan, Business Loan, Seaman’s Loan, and Auto Loan / Auto Finance. These loans are flexible enough to be used for any purpose, depending on the type of loan you need.

Here are some of the type of loans you need to know:

WFP Personal Loan

This type of loan is designed for professionals and employees who are in financial woes whether for personal or business necessities.

Features

- Loan Amount: P20,000 – P500,000
- Term: 12, 24, and 36 months
- Payment Option: PDC
- Interest rates: 1.60%
- Fees: 3.00% Processing Fee, DST and Notarial Fee 400.00

Requirements

- Minimum Income: P25,000 monthly
- Must have: Existing locally issued credit card (1 year active, minimum P30,000 credit limit)
- Employment status: Permanent/Regular Employee (If probationary, must be within the same line of work for at the last two years)

Salary Loan

Salary Loan is aimed to employees who are with least number of loan qualification, who are looking for advance financial assistance.

Features

- Loan Amount: P20,000 – P200,000
- Term: 12, 24, and 36 months
- Payment Option: PDC
- Interest rates: 3.00%
- Fees: 3.00% Processing Fee, DST and Notarial Fee 400.00

Requirements

- Minimum Income: P15,000 monthly
- Must have: Existing locally issued credit card (1 year active, minimum P30,000 credit limit)
- Employment status: Permanent/Regular Employee (If probationary, must be within the same line of work for at the last two years)

Auto Loan

A loan for people who plans to have a vehicle or people with a vehicle who needs financial assistance. There are two types of Auto Loan: Auto Finance Loan or Auto Loan.

- Auto Finance Loan (OR/CR)

Features

- Loan Amount: P100,000 – P800,000
- Term: 12 to 36 months
- Payment Option: PDC
- Interest rates: 1.40% to 2.25%
- Fees: 3.00% Processing Fee, DST and Notarial Fee 400.00

- Auto Loan (2nd hand Units)

Features

- Loan Amount: P100,000 – P1,000,000
- Term: 12 to 48 months
- Payment Option: PDC
- Interest rates: 1.00% to 1.50%
- Fees: 3.00% Processing Fee, DST and Notarial Fee 400.00

Requirements

- Minimum Income: P15,000 monthly
- Must have: Existing locally issued credit card (1 year active, minimum P30,000 credit limit)
- Employment status: Permanent/Regular Employee (If probationary, must be within the same line of work for at the last two years)

Am I eligible to apply for a Welcome Finance, Inc. personal Loan 

To be eligible for the Welcome Finance, Inc. personal loan, applicants must be a Filipino citizen because the bank currently doesn’t cater to foreigners. You must also be at least 21 years old upon application and not more than 60 years old upon loan maturity.

You must also either have a verified landline or postpaid number. Your monthly income may depend on the type of personal loan you are applying for. 

Welcome Finance, Inc. personal loan requirements

You must completely fill out the Welcome Finance, Inc. loan application form available from any Welcome Finance, Inc. or get an online application from the bank’s website. For Identification, it is mandatory to present two (2) government IDs and Utility Bill (under client’s present address).

If you’re employed, you must present your latest one-month payslip, COE (indicating your position, tenure, and gross income), and latest BIR 2316.

If you’re self-employed your Latest BIR, ITR/AFS, DTI Permit, Business Permit, Latest 3 months’ bank statement, and 3 Trade reference or Suppliers. 

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