FINBRO Loan App Review Philippines: Is Legit or not? Complaints

The Philippine FinTech scene is booming, with numerous loan apps offering quick and easy access to cash. Finbro is one such app, promising fast loan approvals and flexible repayment options. But before you dive in, a comprehensive review can help you understand its features, benefits, and potential drawbacks.

Finbro Loan App Review Philippines

Key Features

• Fast Approval: Finbro boasts a streamlined application process with quick approval decisions.
• Minimal Requirements: No need for payslips or complicated documents – just a valid ID and a selfie are required.
• Flexible Loan Amounts: Borrowers can access loans ranging from ₱1,000 to ₱50,000 to address various financial needs.
• Convenient Repayment Options: Choose repayment terms that fit your budget, with options ranging from short-term to longer installments.

Pros

• Easy Application: The user-friendly app and minimal requirements make applying for a loan a breeze.
• Quick Access to Cash: Receive loan approvals and funds within a short period, ideal for urgent financial needs.
• Flexible Repayment: Tailor your repayment plan to your income and avoid unnecessary financial strain.

Cons

• High Interest Rates: Compared to traditional banks, Finbro’s interest rates can be higher, leading to potentially larger repayment amounts.
• Limited Loan Amounts: The maximum loan amount of ₱50,000 might be insufficient for larger financial needs.
• Potential for Collection Harassment: There have been online complaints regarding aggressive collection practices by some lending apps, though the extent to which this applies to Finbro specifically is unclear.

Finbro Complaint Philippines

While Finbro operates under the legal framework, some online reviews express concerns regarding loan terms, interest rates, and collection practices. It’s crucial to thoroughly understand the loan agreement, including all fees and potential penalties, before applying.

Is Finbro Legit?

Yes, Finbro is a legitimate company registered with the Securities and Exchange Commission (SEC) Philippines. Their Registration Number is CS201901751. However, legitimacy doesn’t necessarily equate to being the best fit for everyone.

Finbro Loan Interest Rate Philippines

The exact interest rate on Finbro loans may vary depending on the loan amount, borrower profile, and repayment terms. Finbro advertises a regular interest rate of 6% on their website. It’s important to review the actual loan offer details before finalizing your application.

How to Apply for a Finbro Loan

Eligibility Requirements:

• Must be a Philippine citizen or resident.
• At least 18 years old and above.
• Have a valid government-issued ID (e.g., SSS ID, UMID, Passport, Driver’s License).
• Possess a stable source of income (though proof of income might not be mandatory).

Step-by-Step Application Guide:

1. Download the Finbro Loan App from the Google Play Store. (Note: Finbro is not currently available on the Apple App Store.)
2. Launch the app and create an account.
3. Enter your personal information accurately, including your name, contact details, and desired loan amount.
4. Take a selfie as required by the app’s verification process.
5. Submit your application and wait for a loan approval decision. This could be within minutes as advertised by Finbro.
6. Upon approval, review the loan agreement carefully, including the interest rate, fees, and repayment terms.
7. If you agree to the terms, confirm your loan acceptance and receive the funds through your chosen bank account.

Required Documentation:

• Valid Government-issued ID
• Selfie (for verification purposes)

Who Should Consider Finbro Loan App?

Finbro can be an option for individuals who:

• Need a small, short-term loan to cover unexpected expenses.
• Have limited credit history or difficulty securing loans through traditional channels.
• Prioritize a quick and convenient application process.

Alternatives to Finbro Loan

Before resorting to Finbro, consider these alternatives:

• Traditional Bank Loans: Banks offer structured loans with potentially lower interest rates, but the application process might be longer.
• Pag-IBIG Salary Loan: For Pag-IBIG members, this government-backed loan offers competitive rates and requires a minimum contribution history.
• Credit Union Loans: Credit unions can provide loans to members with lower interest rates and flexible terms, but membership requirements apply.

Finbro Harassment Philippines

There have been online reports regarding aggressive collection practices employed by some lending apps in the Philippines. To protect yourself from finbro harassment:

• Only borrow what you can repay: Carefully consider your financial situation and borrowing capacity before applying.
• Read the loan agreement thoroughly: Understand all fees, interest rates, and late payment penalties before signing.
• Borrow responsibly: Avoid using loan apps for non-essential expenses or to finance risky ventures.
• Communicate openly: If you encounter difficulties repaying your loan, contact Finbro directly to discuss potential solutions.

Remember: You have rights as a borrower. The Philippine SEC strictly regulates lending apps, and harassment is a violation.

Here are some resources if you experience harassment from a lending app:

• Securities and Exchange Commission (SEC) Philippines.
• Bangko Sentral ng Pilipinas (BSP).

Conclusion

Finbro offers a convenient way to access quick cash through its mobile app. However, high-interest rates and potential for aggressive collection practices require careful consideration. Explore alternatives, prioritize responsible borrowing, and understand your rights as a borrower before using Finbro or any loan app.

By making informed decisions and prioritizing financial responsibility, you can leverage loan apps like Finbro to address short-term financial needs without jeopardizing your long-term well-being.