Follow Us

arrow-menu

Kviku Review

The competitive edge that fully automated lending companies have over other lending companies is their ability to cater to a vast market without the time constraints or the issues on distance and travel. Truthfully, there are still several places in the Philippines where banks or lending companies have not even tapped yet. Travel is a primary reason and also, having a brick and mortar office would cost too much when there are little to none who can afford the services of the traditional banks.

With lending companies that are easily accessible simply through the internet, a few clicks on the keyboard or a smartphone, those who are once not financially included already have the opportunity to be offered the financial services that they didn’t use to have.

Kviku is among those who have helped change and address this gap. Not only is it a reliable source of financial services, but it is also totally dependable being open 24/7 for Filipinos who seek immediate financial assistance.

Read more

Written by: Piggyy

Verified by:

Author

Loan Amount

500 - 25,000 Php
4.5/5
4.5/5

Piggyy Rating

Apply Now
Kviku

Loan Term

60 - 180 days

Est. APR

% 0.16%/day

Loan Amount

500 - 25,000 Php
Pros
  • Relatively simple and easy to use.
  • Minimal documentation.
  • Simplified Procedures
  • Fast approval and disbursement
  • Fully automated.
  • Lower interest rate
Cons
  • Can only do transactions online.
  • Only a few repayment options.
  • Loan withdrawals are only available through bank transfer, GCash or Cebuana cash pick up
content table close

Table of Contents

Share this article:

Company Information

Kviku is a lending company that is duly recognized in the Philippines with Securities and Exchange Commission No. CS201918702 and Certificate of Authority No. 3169.

Kviku is a fully automated lending company where clients can directly transact and apply for a loan 24/7 – even on weekends and holidays.

The registered business address of Kviku is at 18A Trafalgar Plaza, 105 H.V. Dela Costa Street, Salcedo Village Makati City. 

 

Because Kviku is a fully automated lending company, face-to-face interactions are eliminated. Clients may have concerns directly addressed through their Kviku account online, or they may reach the customer representatives through email at [email protected]. Although loan applications can be submitted 24/7, the customer representatives of Kviku only work from 9:00 AM to 6:00 PM. 

 

Types of Loans Offered

Kviku offers only cash loans; from the get-go, clients can see the amount they can loan, the repayment term they can choose, and the interest rate they will be charged per day for the loan they will get. 

 

The loan amount that clients can apply for is up to Php25,000. Compared to other online lending companies, this amount is slightly higher than what is offered in the market, considering it is collateral-free.

The repayment period can be up to 180 days for existing clients and 60 days for first-time clients, and the daily interest rate that will be charged is 0.16% per day.

Although this interest fee is undeniably slightly higher than banks, it is much lower than other lending companies. But, again, this interest rate is based on a loan with no collateral. 

 

Eligibility

For those who are considering applying for a loan, they must meet these eligibility criteria:

  • Must be a Filipino Citizen
  • Must be at least 25 years of age, but not more than 55 years old
  • Have a valid government-issued ID
  • Has an active mobile phone number
  • Must complete the registration on the website

 

Requirements

To proceed with the loan application, you will need to present only the basic requirements :

  • A valid government-issued ID
  • Although not required, it will help if the loan applicant can also present supporting documents such as payslips, Certificate of Employment (COE), Income Tax Return (ITR), Company ID, or a DTI Registration (for self-employed or business owners). 

 

Why Choose Kviku

It can be difficult to travel back and forth to process your loan application constantly with work and family obligations, So Having financial access without visiting the physical branch of the lending company is very convenient and very time-saving. 

 

There are other several reasons why Filipinos should watch Kviku:

 

Simple and Easy

The application may be online, but the steps and documentation are very simple. It is so easy that even those struggling with the internet and the computer can still easily apply. 

The application can be made through Kviku’s website, needs only basic personal and work information, and will instantly be verified by the Kviku team.

 

Does Not Need a Collateral

What typically disheartens those who require financial services is that the traditional financial institutions would always require collateral, which not many Filipinos can provide. This results in people in great need approaching loan sharks instead and causes them to suffer financially.

 

With Kviku’s product, low-income earners can get access to financial services to help them with their temporary financial needs. 

 

Fully Automated

When applications are automated and do not need human intervention, clients are assured that the assessment of the application is done based on criteria that are already available to the system. It is free from human error and judgment. The other great advantage is that it does not wait for a person to come to work and begin assessing the loan application you submitted. It is done in real-time. So when borrowers submit their loan application, the system receives it and instantly assesses it. When it gets approved, the funds are released right away too. 

 

Quick Approval

Not many banks or lending companies offer approval within 24 hours because verifications of loan applications are conducted one by one by their loan representatives. Not with Kviku. Its automation feature allows for the approval to be done quickly, and loan amounts are disbursed only within minutes from the approval time. This immediately addresses the financial needs of loan applicants. 

 

No Hidden Fees and Charges

The fees and interest charges that clients will pay will be seen before the loan application starts through the loan calculator. So right off the bat, the borrowers will assess whether they can afford the repayment within the term they are applying for. In addition, they don’t have to worry about certain charges when they close their loan because Kviku is transparent when it comes to the fees they charge their clients. 

 

How to Sign Up

Registering to apply for a loan is very simple and only requires 3 steps to complete. If loan applicants have all the details and documents upon application, the whole process will only take a few minutes, including the disbursement. 

 

Simply follow the steps below:

Visit Kviku’s website and sign in to be able to register:

1

This screen will pop up and you may proceed with filling up the application. Be sure to provide the SSS number because this will be important in the initial approval of your registration. Your document will also have to be uploaded and the loan applicant will have to take a selfie with the document that was submitted.

2

Once the application has been submitted, it will only take a few minutes for Kviku to make an approval of the loan application. The client will be able to receive an SMS through the registered mobile number regarding the decision of the loan.

3

Upon approval, the loaned amount will be transferred to the applicant’s bank account within 60 minutes. However, the actual credit to the account will depend on the bank of the loan applicant. Typically, the loaned amount gets credited within 1-2 banking days. For withdrawals through GCash or Cebuana Cash Pick Up, the process will not be more than 24 hours.

Apply now

Frequently asked questions

Can I reapply for a loan even when I have an existing loan?

The great thing about Kviku is they do not limit what their clients can borrow according to the transactions. That simply means that every client is given an individual limit. When they have maxed out the limit, they could no longer apply for another loan. But if they have paid up some amount of the loan, the credit limit again increases and they can apply for the available amount. 

What can I do if I had given the wrong bank details?

It is always important to double-check the information you provide to Kviku, especially the bank details. When the money has already been disbursed and it goes to the wrong bank account, the money is returned within 2 weeks. The loan applicant will not be charged with interest fees or commission but will deem the whole loan application canceled. The client will have to repeat the whole application process again. 

Can I cancel my loan application?

Clients can always cancel a loan application before the confirmation of the contract. When the cancellation happens after the confirmation of the contract, the only option they have is to settle the loan early by paying minimum fees. 

When do I receive the funds after my loan is approved?

After the contract is confirmed, the transfer of the funds to the bank account of the loan applicant will only take a couple of minutes because they do it right away – it is instant disbursement. The difference is with the bank or the mode of withdrawal chosen by the loan applicant. Typically, loans approved within a weekday are credited the same day between 8:00 AM to 4:00 PM. But for loans approved at night, the money will only be credited the next working day. If it is approved during the weekend or a holiday, it will be credited the next working day. 

How can I repay my loan?

There are two methods for loan repayment: bank card or cash. This will ensure that the clients can choose the method that is most convenient for them. 

Payments through bank card

In order to pay using a bank card, the client has to log in to their Kviku account and proceed with these steps:

  1. Click on the “Pay” button.
  2. Enter card details, typically the card number, cardholder name, expiry date, and the 3 digit authentication code which can be found at the back of the card.
  3. Enter the code that is sent to the registered mobile number.

Payments through cash

The steps of making payments through cash are almost the same as paying by card except that when you click on the “pay” button found in your Kviku profile, you will need to select on bank transfer so that you will be able to view the bank details to which you will make the payment. 

 

Once you have the bank details of Kviku, you may proceed to make a cash deposit to the bank branch nearest you.

Will I be able to repay my loan early?

It is possible for clients to settle their loans early, provided that they make the payment 60 days after the loan contract has started. 

Conclusion

Fully automated lending companies can uplift the lives of people who need a temporary financial fix to whatever challenges they face. With a lending company like Kviku, Filipinos can gain access to a legal lending company that does not charge too much and allows for the most convenient and simple loan application. 

It always helps for people who are applying for a loan to also assess their paying capacity before they start their loan application – to determine whether or not their salaries are enough to cover the repayment. After all, this will be how Kviku determines the approval of the loan.

Piggyy

״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

Share this article: