There are now more options to get small loans aside from the 5/6 sa bombay, one of them is the micro loan offerings of Cebuana Lhuillier that is now available in all branches nationwide.
This company-lender offers different types of micro loan geared to help out the common tao.
One loan being offered is called “Happy Loan”, there is also a “Gadget Loan”. There are also ‘bigger’ loan programs like “Easy Negosyo Loan” and “Lucky Loan” with different set of requirements.
HAPPY LOAN APPLICATIONS
Happy Loan is a multi-purpose loan that features fast approval and cash loan release. No collateral required. Interest rate is 5% per month plus a 4% service charge per availment. The approved loan must be paid in 3 months.
Since it is a fast cash loan type – loan evaluation, approval and release is generally faster compared to say bank loan. ‘Happy’ is also a multi-purpose loan so you can use the loan proceeds for any purpose like to pay tuition, for house repair, for emergency hospitalization payment, as an added capital for your business, as trip allowance, to pay utility bills, etc.
If you are interested to apply, go to any branch of Cebuana Lhuillier, request for an application form, and ready your documents.
Note: Only those in the Philippines are allowed to loan. OFWs and Filipinos outside the country will not be allowed to apply for Happy Loan.
If you are an OFW and your relatives in the Philippines really need immediate money, then we suggest that you request the relative you usually send the remittance to, to apply for Happy Loan. Aside from the ID and proof of billing, he or she only need to present 3 months remittance payout transactions or certificate of international remittance.
HOW MUCH CAN YOU LOAN IN CEBUANA?
For the micro loan Happy program:
If it’s your first time to apply, the maximum loanable amount is P5,000 under Happy Loan. Pag naka 3 cycles of loan na kayo na tig P5k each, puede na kayo mag loan sa Happier Loan.
The maximum loanable amount is P10,000 under Happier Loan. Pag naka 3 cycles kayo ng Happier Loan, then you are now allowed to apply for their Happiest Loan.
The maximum amount you can loan under Happiest Loan is P15,000.
Anong ibig sabin ng 3 cycles? This means po na kunwari nagloan kayo ng P5,000 today sa Cebuana and your application is approve. Then nabayaran nyo to within the 3 months deadline. Complete na ang first cycle. So loan ulit kayo ng P5,000 at nabayaran nyo ulit to. Complete na ang 2nd cycle. You applied for a 3rd Happy Loan of P5,000 and you paid this off. The 3rd cycle is complete.
On your next loan, you now have an option to either apply for Happy Loan again na P5,000 or apply for a higher amount under Happier Loan na P10,000. Then when you completed 3 cycles of Happier Loan, you may now apply for the maximum P15,000 loan.
Why is Cebuana doing this cycle cycle? iSensey believes that Cebuana Lhuillier Finance Corporation does this to establish that you as the applicant is a good debtor, that you pay your loan as promised. This is a business so this lender needs to also establish that they are lending to persons na nagbabayad talaga at may kakayahang magbayad ng loan.
REQUIREMENTS WHEN YOU APPLY FOR HAPPY LOAN
*Loan applicant must be 21 to 65 years old, living in the Philippines.
*Get the application form from the branch of Cebuana Lhuillier.
- 1 Valid Government Photo ID – listahan ng puedeng IDs
- Proof of Billing – puedeng Meralco bill, Nawasa, PLDT, credit card statement of account, house amortization statement, etc
*Billing statement under someone else’s name is acceptable as long as the address indicated in the billing statement is the same as the address indicated on the government ID that you will submit.
- Proof of income or Support
If you are a self-employed or you have a business, present ANY of the following as proof of income:
- 3 months current bank statement – the bank account owner must be you as single depositor or as “joint account” basta nandun ang pangalan mo.
You can request the bank to issue a bank certificate for this purpose. There is a fee for bank certificate usually P100 to P200. Or you can also try to request Cebuana Lhuillier to accept photocopy of your passbook transactions.
- Mayor’s Business Permit 2017
- Barangay Business Permit 2017
If you are a currently Employed, present ANY of the following as income proof:
- 1 month latest pay slip
- Certificate of Employment which indicates the status of employment and annual income
- Latest Income Tax Return
If you do not have work or business but you regularly receive International Remittance, present any of the following as proof of support:
- Latest 3 months payout transactions
- Certificate of Remittance indicates amount of transactions
*If you receive the remittance via Western Union, photocopy the payout slips for the last 3 months. If you receive the remittance via bank account, photocopy your passbook or request for bank certificate.
“Present Any…” yung required so kahit isa lang sa mga dokumento na kailangan ang isubmit mo ay puede as proof of income or support.
HOW TO APPLY HAPPY LOAN? Go to any Cebuana outlet and then ask for the application form. Fill up the form with correct details and then submit completed application form together with all requirements.
HOW MANY DAYS BEFORE LOAN APPROVAL / RELEASE?
For complete requirements, the usual processing time is from 3 to 5 working days, Saturday, Sunday, and holidays are not included in the counting of working days.
Note: If the Cebuana Lhuillier branch you visited is a very busy branch with lots of Happy Loan applications, the processing time may be extended.
If you are approved, you will receive a txt message with your loan release code, Cebuana will also call you to advise the same. IMPORTANT: Make sure to go claim your loan within 7 days after receiving the loan release code in the branch where you applied. If hindi niyo ma claim again, your approved loan will be cancelled.
If you are disapproved, a staff of Cebuana will call you to alert you to the disapproval.
HOW MUCH IS THE INTEREST FOR THE HAPPY LOAN PROGRAM?
The interest rate is 5% interest per month plus 4% service charge per availment. The loan amount is payable in 3 months.
*The 4% service fee is one-time charge upon loan release.
All loan applications are subject for evaluation at approval of the Loans Team in Cebuana Lhuillier.
May mga nadidisapprove ba? Meron po based on feedback on their fb page. You really need to submit complete requirements and meet the credit scoring criteria set by Cebuana when you apply para walang aberya.
HOW TO FOLLOW-UP LOAN APPLICATION?
It’s been 5 working days and you have not heard back about the status of your loan? Don’t hesitate to follow-up.
If you want to follow-up your Happy Loan application, it is recommended to visit the branch where you applied. You can also call them to get status update. Info needed for follow-ups are (1) Application number, (2) Complete Name of Applicant, (3) Date of Birth, and (4) Contact Number.
iSensey team has not personally applied for a Happy Loan. We got all these info from the official website of Cebuana and from their facebook page. We suggest that if you have any inquiries or concern, please visit a branch of Cebuana Lhuillier or call them up at these telephone numbers (02) 779-9800 (PLDT) or (02) 759-9800 (Globelines).
New Product in 2019: Do you want to start a savings account? Mag open na sa Cebuana! Apply for Micro Savings at mag-impok na!
We hope you will get approve when you apply for a Happy Loan!