SAVii Loan Philippines Review (2024)

In need of quick, accessible financial assistance in the Philippines? The SAVii Loan App promises convenient loans for those with limited access to traditional financing. But how does this salary-linked lending platform work, and is it a reliable option? This thorough SAVii Loan App Review Philippines dissects its features, advantages, drawbacks, legitimacy, and application procedure, helping you make an informed decision.

What is SAVii?

SAVii is a digital lending app designed specifically for employees of its partnered companies. It allows eligible workers to apply for short-term loans, with the repayment directly deducted from their payroll. This provides a convenient borrowing avenue for those who might have difficulty qualifying for traditional bank loans.

SAVii Loan App Review Philippines

Key Features

• Payroll-linked Loans: Repayments are automatically deducted from your salary, minimizing default risk.
• Quick Disbursement: Loan proceeds can be deposited into your bank account swiftly after approval.
• Minimal Documentation: The application process often requires less paperwork than conventional loans.
• Time Deposits: SAVii also offers time deposit options to help users grow their savings.

Pros

• Convenience: Apply and manage loans directly from your smartphone.
• Accessibility: A potential solution for employees of partnered companies with limited credit history.
• Easy Repayment: Payroll deductions simplify repayments.
• Savings Option: The time deposit feature encourages saving habits.

Cons

• Company-Specific: Only employees of partnered companies can access SAVii loans.
• Potentially High-Interest Rates: Interest rates can be higher compared to some traditional lenders.
• Limited Loan Amounts: Maximum loan amounts may not be suitable for large borrowing needs.
• Debt Trap Potential: Ease of access could lead to over-borrowing for some users.

SAVii Complaint Philippines

Like many online lending platforms, SAVii receives some customer complaints. Common concerns include unexpected fees, aggressive collection tactics, and difficulties contacting customer support. It’s essential to be aware of these potential issues before applying.

Is SAVii Legit?

Yes, SAVii is a legitimate lending company. They are officially registered with the Securities and Exchange Commission (SEC) under the name New Cross Credit and Financing Gate PH, Inc. (Registration No. CS2020100097) and hold a Certificate of Authority No. 3312.

SAVii Loan Interest Rate Philippines

SAVii loan interest rates vary depending on factors like your loan amount, company affiliation, credit profile, and repayment period. However, you can expect them to be competitive with similar salary-linked loan options. Estimate interest rates to be around 1% – 1.5% per month.

How to Apply for a SAVii Loan

Eligibility Requirements

• Employed by a SAVii-partnered company
• Filipino citizen
• At least 21 years of age
• Have a valid government-issued ID
• Have proof of income (latest payslips)

Step-by-Step Application Guide

1. Download the App: Search for “SAVii” on the Apple App Store or Google Play Store.
2. Check Eligibility: Confirm your company is partnered with SAVii.
3. Create an Account: Provide your personal information and employment details.
4. Submit Application: Complete the online loan application form.
5. Wait for Approval: SAVii typically disburses approved loans within 24-48 hours.

Required Documentation

• Government-Issued ID
• Proof of Income (Latest Payslips)
• Company ID

Who Should Consider SAVii Loan App?

SAVii could be suitable for:

• Employees of partnered companies needing emergency funds.
• Individuals with limited banking options.
• Those seeking hassle-free loan and repayment processes.

Alternatives to SAVii Loan

If you don’t qualify for SAVii, consider:

• Other Salary-Linked Loan Apps (if applicable)
• Personal Loans from Traditional Banks
• Secured Credit Cards
• Government-Backed Loan Programs

SAVii Harassment Philippines

Should you encounter harassment from collection agents, report it to the SEC and seek legal advice if needed.

Conclusion

SAVii loan offers a convenient way for Filipinos to access quick cash. But remember, it’s not without drawbacks. High-interest rates, potential for aggressive collection practices, and limited loan amounts make it a solution best suited for emergencies.