Welcome Finance Review

Company Information

Welcome Finance, Inc. in the Philippines originated and is a subsidiary financing company of Welcome Finance Group in South Korea. It also has other subsidiaries in Cambodia and Laos that aim to provide the same quality financial services for borrowers.

As a well-established financing company, Welcome Finance remains true to its goals of providing Filipinos with reliable, secure, and competitive loan services that can solve their financial distress. It offers both collateral and non-collateral loan products and service to enhance the quality of life of many Filipinos,

Over the years, Welcome Finance has continuously grown its branches across the country that can accommodate a large-scale market and a wide array of potential clients. In fact, to date, it has already served over 2,880,000 satisfied loan consumers.

The financing company ensures its clients that the services and products will consistently meet their needs. It further showcases other financial services by extending their help through scholarships and social responsibility activities like outreach programs.

Believing that it needs to guarantee its clients with trusted legal services, Welcome Finance is registered with the Securities and Exchange Commission with SEC Reg. No. CS201406256 and Certificate of Authority No. 1082.

Its main headquarters is located at 1804-1806 The Taipan Place Bldg. F.Ortigas Jr. Road, Ortigas Center, Pasig City, and is regularly open every Monday to Friday from 9:00 AM to 5:00 PM. For inquiries and concerns, Welcome Finance provides its direct number (02) 8282 8686. You can also contact them at (02) 917 8263957 for Globe users or (02) 998 5941076 for Smart users.

Products and Services Offered

Personal Loan

The Personal Loan is a non-collateral loan product that provides easy access to cash without collateral, co-maker or any asset required for the loan process. It offers competitive interest rates and higher loan amounts than other typical loan programs. Furthermore, it’s one of the loan products in the country that gives borrowers the highest loanable amount. Borrowers can use it for multiple purposes, including educational, medical, debt consolidation, and travel expenses.

Loan Features

Loan Amount: ₱50,000 up to ₱1,000,000

Loan Tenure: 1 up to 3 years

Interest Rate: 1.39% to 1.7% per month

Payment Method: Post-Dated Check

Salary Loan

The Salary Loan is a multipurpose loan in nature that’s suitable for Filipino employees. Borrowers can use the loan proceeds to finance a home renovation, pay emergency expenses, debt consolidations, and other personal matters that need financing. Salary Loans likewise require a few basic documents without having to present a car, house, or any asset as collateral. It’s also made available with a high loan amount that can be repaid within a flexible loan term.

Loan Features

Loan Amount: ₱20,000 up to ₱500,000

Loan Tenure: 1 up to 3 years

Interest Rate: 3% per month

Payment Method: Post-Dated Check

Business Loan

The Business Loan is offered for Filipino entrepreneurs in dire need of cash to expand their business, grow their working capital, or build their business. It addresses the financial concerns of entrepreneurs as Business Loans in Welcome Finance grant competitive rates and flexible loan tenures. It does not require collateral and a good credit card history upon loan application, which is beneficial for aspiring entrepreneurs who wish to start a business with no credit card. 

Loan Features

Loan Amount: ₱50,000 up to ₱3 million

Loan Tenure: 1 up to 3 years

Interest Rate: 1.95% to 3% per month

Payment Method: Post-Dated Check

Auto Loan

The Auto Loan helps eligible applicants purchase their dream through financing. It comes with a competitive interest rate and a high loanable amount that can be repaid within a flexible loan term. Unlike other kinds of loans, applications for Auto Loans have a higher chance of approval but require collateral to secure your loan. 

Loan Features

Loan Amount: ₱100,000 up to ₱1 million

Loan Tenure: 1 up to 4 years

Interest Rate: 1% to 1.5% per month

Payment Method: Post-Dated Check

Auto Mortgage Loan

Loan Features

Loan Amount: ₱100,000 up to ₱800,000

Loan Tenure: 1 up to 4 years

Interest Rate: 1.4% to 2.25% per month

Payment Method: Post-Dated Check

Eligibility Criteria

For Personal Loan

• Must be at least 21 years of age and not older than 65 upon loan application.
• Must be a duly-recognized Filipino citizen.
• Must be employed for at least one (1) year with a minimum monthly income of ₱22,000.
• Must be an active credit card holder from any bank in which the card has a minimum of ₱20,000 credit limit.

For Salary Loan

• Must be at least 21 years of age and not older than 65 upon loan application.
• Must be a duly-recognized Filipino citizen.

For Business Loan

• Must be at least 21 years of age and not older than 65 upon loan application.
• Must be a duly-recognized Filipino citizen.
• Must be operating a business that has been registered for at least one (1) year.
• With a minimum monthly income of ₱40,000.

For Auto and Auto Mortgage Loan

• Must be at least 21 years of age and not older than 65 upon loan application.

• Must be a duly-recognized Filipino citizen.

If Employed:

Must be employed with a minimum monthly income of ₱22,000.

If Self-Employed:

Must be self-employed with a minimum monthly income of ₱22,000.

Requirements

For Personal Loans

Basic Requirements

• Two (2) Valid Government-issued IDs
• Latest pay slip from the past two (2) months
• Credit card statement from the past two (2) months

Supporting Documents

• Certificate of Employment (COE) with indicated position, tenure, and annual income
• Latest Income Tax Return (ITR)
• Utility Bill recognized under your residential address

For Salary Loans

• Two (2) Valid Government-issued IDs
• Latest pay slip from the past two (2) months
• Certificate of Employment (COE) with indicated position, tenure, and annual income
• Latest Income Tax Return (ITR)
• Utility Bill recognized under your residential address

For Business Loans

• Two (2) Valid Government-issued IDs
• Bank Statements from the past three (3) months
• DTI Permit or SEC Registration
• Recent Mayor’s Permit
• Latest Income Tax Return (ITR) with audited financial statements (optional)
• At least six (6) Trade References from 3 clients and 3 suppliers
• Utility Bill recognized under your residential address

For Auto and Auto Mortgage Loans

• Two (2) Valid Government-issued IDs

• Photocopy of updated OR or CR
• Proof of Income

If Employed:

Latest pay slip from the past two (2) months

If Self-Employed:

• Bank Statements from the past three (3) months
• Recent Mayor’s Permit

Why Choose Welcome Finance?

Convenient Online Application Process

Individuals who wish to get any loan usually look for a loan provider that provides a simple and easy application process. Especially now that everything works with technology and the internet, loan applicants prefer to undergo online transactions to lessen the hassle and avoid time-consuming processes just to obtain extra cash.

Fortunately, in Welcome Finance, inquiries and applications are processed online. Filipinos who need financing won’t waste their time applying for a loan only to get it declined for some reason.

With online applications, loan applicants will be able to quickly determine whether or not they are eligible for the loan and if so, the fund disbursement will also be faster.

Competitive Loanable Amount

Another reason consumers apply for a loan is when the product has a competitive loanable amount. Having so enables loan applicants to increase the amount they can borrow to fulfill the purpose of the loan proceeds faster.

With Welcome Finance loan services, there are different ranges of loan amounts that applicants can choose from. This competitive loanable amount is often coupled with low-interest rates and flexible loan terms that might help loan applicants have better loan options.

Fast Loan Approval

Welcome Finance provides access to funds with quick loan approval. Immediate financial assistance is its core objective and ensures to process of loan applications within 24 hours. Borrowers can then check the status through email, SMS, and the website.

No Credit Card Needed

A good credit card history is often one of the requirements that loan providers look for whenever borrowers apply for a loan. But what if the borrower doesn’t have a credit history because there are no previous loans and credit cards?

In Welcome Finance, you no longer need to present a credit card just to get a loan, and you must submit a few documents to prove your identity and verified proof of income. You can freely avail any type of loan.

How to Sign Up

There’s only one way to apply for a loan in Welcome Finance, which is made hassle-free for everyone, and that is through online applications. Below are the steps that can guide you on how to avail of any loan product with them:

Conclusion

Achieving personal or business goals is unlikely possible for many Filipinos who have just enough money to finance their everyday needs. While it is easy to dream of becoming a big-time entrepreneur or having an elegant car and house, it’s impossible to acquire them without cash and hard work.

That’s why loans from financing companies are just one of the ways to help people achieve their goals. Fortunately, Welcome Finance is among the few reliable financing companies that lay out quality loan products with a simple application process that you can do wherever you are and at your most convenient time.