What is Fuse Lending Philippines?
Fuse Lending Philippines is a startup lending company that offers online loans to underserved and unbanked Filipinos. It’s a wholly owned subsidiary of Globe Fintech Innovations (doing business as Mynt) established in 2016. Fuse Lending prioritizes the low-income population—individuals and small businesses that need quick loans for immediate needs or to grow their business.
Fuse Lending loan, how does it work?
Fuse Lending offers several loan products to cater to different clienteles:
Fuse Lending Instaloan
Most of us need a loan at one point or another in our lives. It could be for something as big as buying a new home or car, or for something as small as taking care of an unexpected expense. The problem is that not everyone is eligible for the traditional loan application process. This is where Instaloan comes in.
Instaloan is a personal microloan that can be used for emergencies and sudden expenses. It’s often a solution for individuals who need money to purchase groceries, pay bills, or pay tuition in times when money is tight.
Since it uses non-traditional scoring methods, Instaloan is perfect for people who don't have a credit score or a bad credit history. And because it's a personal loan, there are no restrictions on how you can use the money. So, if you're in need of some fast cash, Instaloan is the perfect solution.
Power Payday Advance
Power Payday Advance is an employee benefits program for companies that subscribe to Fuse’s Powerpay+. It is a cash advance facility that provides employees with emergency funds in times of need.
The program offers a quick and easy application process, and the approved amount is deposited directly into the employee's bank account. There are no restrictions on how the money can be used, making it a flexible solution for any emergency expense. It’s a great addition to an employee benefits package.
Puregold Puhunan Plus
This product is designed to help small business owners and entrepreneurs who need capital for their businesses but don't have the credit history or collateral to get a loan from a bank. This revolving credit line is extended exclusively to Tindahan ni Aling Puring members.
Fuse Business Loan
This type of loan is designed for micro, small, and medium-sized businesses that have been in operation for at least one year. It’s a cash loan extended to entrepreneurs to help with expansion and growth.
How much does Fuse Lending loans?
Under Instaloan, you can borrow anywhere from PHP 2,000 to PHP 30,000. This is subject to approval using a non-traditional credit scoring system. Fuse Lending Philippines offers instaloans to help you get the cash you need quickly. If you need a larger loan amount, Fuse can offer you a bigger loan amount on your next application. The decision will be based on your payment history, so make sure to keep up with your payments and you will be eligible for a higher loan amount.
Interest rate
The interest rate for Instaloan will depend on the loan amount, loan term, and other factors. Typically, the rate is anywhere from 1.8% to 6% per month.
Terms and condition
Instaloan is pretty straightforward. You will have a fixed interest rate per month and you can repay your loan in monthly instalments, over a period of up to 12 months. Approved loans amounting to PHP 2,500 and above are subject to an application fee of PHP 100, which will be credited to your GCash account.
Is Fuse Lending legit?
Fuse Lending is registered with the Securities and Exchange Commission (SEC) as a legitimate lending company and is compliant with all applicable laws and regulations. Borrowers can be assured that their funds are safe and secure, and that they will receive the best possible interest rates through Fuse Lending.
How long does it take for the money to arrive?
The processing time can vary depending on a number of factors, including the type of loan you're getting and the. Fuse Lending is known for quick processing and release of funds. For Instaloans, the money will typically arrive within 1-3 business days after the loan is approved.
For loans intended for businesses, the processing and approval may be slightly longer as there are more documents to evaluate. The money will typically arrive within 3-7 business days after the loan is approved.
Fuse Lending Philippines benefits
Availing loans has evolved as a norm in the Philippines. Filipinos have learned that through loans, they can easily and quickly finance their needs and wants. There are numerous lending companies in the country, but one that has been gaining attention because of its fast and easy loan process is Fuse Lending.
What makes Fuse Lending different from other lending companies is that it offers an instant loan product. This means that you can get a loan just by submitting your requirements online and without having to go through a lot of paperwork.
In addition, Fuse Lending also has a fast approval process, so you can get your money within minutes after your application is approved. Another advantage of availing a loan from Fuse Lending is that you can use the money for any purpose you want.
How to apply for a Fuse Lending loan?
To avail of a personal or business loan, you can either apply online or through the GCash loan facility.
Requirements
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Must be a Filipino citizen, 21-65 years of age
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Must have either Globe or TM SIM cards.
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Must have a GCash account.
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Must have an active email address.
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Must be employed or have a source of income.
Loan calculator
Although Fuse Lending has no loan calculator on their website, the built-in loan calculator on GLoan can help you figure out how much you can afford to borrow and how much monthly amortization you have to pay. Just input all of the information correctly. This includes the amount of the loan, the interest rate, and the length of time you will need to repay the loan.
A loan calculator can also help you compare different loans. This can be helpful when trying to decide which loan is right for you. Be sure to compare loans with the same interest rate and length of time. This will give you an accurate comparison.
Application form
You can avail of Fuse Lending loan application through the official website or through the GCash app. Fuse Lending handles GLoan transactions for GCash. There’s no Fuse Lending app at this time.
How to pay for the Fuse Lending loan?
One way to pay for the Fuse Lending loan is through the GCash app. Make sure that your GCash wallet has enough funds to cover your due payment. You also have the option to set up an automatic debit via GCash.
You can also pay through Fuse Menu Push Payment system. Here are the steps:
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Dial *141# on your mobile phone. This will display the Fuse menu.
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Select 3 for “Pay Loan.”
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Select 1 to “Pay for my Loan.”
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Type the amount due.
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Enter the loan code
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Select 0 to skip reference.
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Enter your MPIN to confirm payment.
Another way to pay for the Fuse Lending loan is through the BPI bills payment facility. Just go to any BPI branch for over-the-counter payments. Use the BPI Express Assist machine and enter the 10-digit reference number. Alternatively, another payment option for your Fuse loan is through Asia United Bank (AUB) facility.
What happens if I can’t pay?
If you can't pay your loan, you will have to pay an additional 5% on top of what you already owe. This will be added to your next due amount. This could cause you to struggle even more financially, as the charges pile up. You may not be able to afford to pay the loan and the additional fees.
If no payment is received from you, your account will be considered delinquent and may be subject to collections. Fuse may also take legal action against you to recover the money owed.
How to pay Fuse Lending via Gcash?
To pay for your Instaloan on GCash, make sure that you have enough funds in your GCash wallet. Otherwise, the payment transaction will not go through. You can set up an automatic debit arrangement on GCash so that the amount due is deducted from your GCash wallet every month until you’ve fully paid your loan.
Fuse Lending, customer service
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Fuse Lending Hotline Contact number: +63 2 739 2882
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Email address: wecare@fuselending.com
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Address: Trade and Financial Tower, 32nd Flr, 32nd St, Taguig, 1634 Metro Manila
Fuse Lending, reviews
Reviews for Fuse Lending are mixed. While a lot of clients praise the quick processing time and approval, there are also some complaints about the company's customer service. Some borrowers say that it takes a long time to get a response from Fuse, so their complaints were not addressed.
Perhaps the most scathing feedback is that some borrowers were charged a penalty even when the loan was paid on time or there was no outstanding balance. But despite these complaints, Fuse Lending continuous to be a popular option because of its partnership with GCash.
Have you used the Fuse Lending loan? Share your experience here.