What is LoanChamp?
LoanChamp is an online lending platform under Y Finance Inc. and established in February of 2018. It is one of the well-known credit lending companies in the Philippines operating to serve and promote financial inclusion for all Filipinos. LoanChamp has a team of competitive financial professionals to guide you towards your financial journey with them. The company aims to break barriers and boundaries on accessing Financial Technology, making it a better financial experience for Filipinos to alleviate their financial burden.
The company is inspired to operate due to the limitation of access to basic financial services, loan product limitation, slow process, troublesome document requirements, and strict loan eligibility. Hence, limiting the possibility of having access to financial freedom and wise consumer spending.
How does LoanChamp work?
As one of the leading financial lending companies in the Philippines, LoanChamp aims to provide Filipino clients affordable and convenient tailor-fitted financial solutions. Also, to offer top-notch services to underbanked Filipino citizens by means of a data-driven technology. They promote swift, innovative, and reliable financial services.
LoanChamp offers different kinds of loan products like the Flex Loan, the Seafarer Loan, and the Salary Loan. To qualify for these products, an applicant may go to their official website https://www.loanchamp.ph/ or download the LoanChamp app https://play.google.com/store/apps/details?id=loanchamp.com.loanchamp to know more about their hassle-free process and customer-friendly loan terms and conditions.
How can I apply for a loan with LoanChamp?
Clients may visit:
- The official website of LoanChamp https://www.loanchamp.ph/
- Download the LoanChamp app https://play.google.com/store/apps/details?id=loanchamp.com.loanchamp to start with the application process.
After downloading the application or visiting the official website, you may need to register first to create an account. The account is needed to proceed with the loan application. Ready your requirements because it only needs 10 minutes to complete the application, very fast and hassle-free.
Requirements
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Aged at least 20 years old
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Currently employed or has a stable income
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Working or residing within Metro Manila (LoanChamp is working on the process of expanding the operation nationwide)
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Valid government issued ID
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Proof of employment
How much does LoanChamp loans?
The loanable amount clients can avail with LoanChamp is:
- From a minimum of Php2,000 up to Php20,000 for Flex Loan.
- Php10,000 to Php500,000 for the Seafarer Loan.
- Php10,000 to Php50,000 for the Salary Loan.
The approved amount may vary depending on the customer profile and credit evaluation. There are instances that the applied loan amount is not the same as the approved amount.
Interest Rates
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0.35% to 0.5% interest rates per day (based on the loan amount)
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2.3% per month (Flex Loan)
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5.4% per month (Seafarer Loan)
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7.8% per month (Salary Loan)
Note: There is also a 5% processing fee based on the loan amount, and other processing fees. The loan terms range from 61 days up to 180 days or six months. For the Seafarer loan, it can run for twelve months.
How much is the first loan in LoanChamp?
There is no exact or specific amount on how much a client can borrow for the first time. But expect it to be below the maximum amount for each product.
How to pay a LoanChamp loan?
A client can pay for their monthly loan obligations with LoanChamp through the following merchants and partners:
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BDO Over the counter
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PNB Cash Payment
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Union Bank
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BPI Bills Payment
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Metrobank
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Chinabank
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RCBC
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UCPB
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Eastwest Bank
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Security Bank
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Cebuana Lhuillier
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Mlhuillier
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ECPay
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7-Eleven
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Robinsons Department Store
What can happen with a LoanChamp unpaid loan?
For instances of default payments, an additional one-time penalty fee will be imposed. There will also be a regular interest plus a penalty interest will be added on the loan amount after the due date. It will also reflect a bad credit record on the client’s profile. If not paid after 30-days upon the due date, the institution may take legal actions.
Is LoanChamp legit? Is it SEC registered?
As for the client’s information, LoanChamp financial lending company is legit and is registered with the Securities and Exchange Commission. The company is registered under the name of Y Finance Inc., the company Registration No. CS201800494 and the Certificate of Authority No. 1163. LoanChamp was founded on February 07, 2018. Basically, it has been operating for almost four years now. No company in the Philippines can operate that long without proper permits from the government.
LoanChamp App
Eyes here clients because LoanChamp does not only have an official website and social media pages but also an App for easy use and handy transactions. You can download the LoanChamp App for free in the Google Play store or click this link https://play.google.com/store/apps/details?id=loanchamp.com.loanchamp&hl=en&gl=US and it will redirect you to the application.
LoanChamp Customer Service
Clients may reach out to the following LoanChamp customer services channels to address their concerns and applications. They are open from Mondays to Fridays, from 9am to 6pm.
Contact Number
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(+632) 821 9618
Email Address
LoanChamp Harassment and Complaints
It is normal for businesses in every industry, like the financial lending industry to receive complaints since they are operating through serving their clients and it involves money. Let us know the complaints from LoanChamp clients below:
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Some are having trouble when using the LoanChamp application. There are instances that the application is not working properly.
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There are a lot of fees associated with the loan, and every loan has high interest rates. They are not aware that people are borrowing because they have no money, yet they are imposing high fees and interest.
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Others are complaining about having issues with regards to the registration, also in the application the camera doesn’t work efficiently it is so frustrating.
LoanChamp Reviews
These are the honest reviews from LoanChamp clients that will encourage you to do business with them in the future when the need arises:
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The LoanChamp application process is very quick and is available 24/7, you can access it anytime.
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They have very flexible repayment terms and are beneficial on the part of the client.
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I love how they have many partner stores where you can pay for the loan.
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All the data and information are highly valued and secured.
Have you used the LoanChamp loan app? Share your experience here.