Frequently Asked Questions about Borrowing Money
What is the product?
A JAK 56 LOAN is a personal microloan that can be used for things such as medicine, for paying bills, for food, etc. It uses non-traditional scoring methods to approve a loan application.
What is the interest rate?
Upon approval the interest rate is applied. This is a variable rate depending upon the length of time you wish to borrow the money. The loan calculator shows you the weekly interest rateLate payment are subject to additional 1% daily late interest rate. A Php700 late payment fee is also applied.
Are all costs really published? Are there hidden costs?
The online calculator will compute your total repayment amount. There is a small processing fee that is activated for the processing of the loan and before the loan is disbursed.
How much can I loan and for how long?
Our current loanable amounts for first-time applicants range from 1,000 to 2,500 PHP. Repeat borrowers on good standing can borrow up to 10,000. Use the Loan Calculator on the http://jak56loans.com website for your desired loan amount. Select a payment term of 7, 15, 21, 30, 42 or 60 days.
How will I know if I am approved?
A decision of your loan application will be sent to you through SMS/E-mail within 1-2 working days upon your submission of complete and clear document requirements. We assesses all applicants fairly and quickly.
Who can use Jak 56 loans services?
Jak 56 loans currently offers loans services to customers:
- Between 22 to 60 years old.
- Meet the requirements. which depend on the amount you wish to borrow see the home page http://jak56loans.com
Which cities does your lending currently offer loan solutions?
We provide loan services primarily to customers working and with a valid home address in the Lapu Lapu City.
When do I receive the loan?
We process release of your cash funds immediately after approval, normally the same day. We will send you a text message to arrange an appointment to visit your home. The visit is part of the approval process
How can I get my approved loan?
We pay the money in cash or on Gcash you do not need a bank account.
When do I have to pay for my loan?
We have included a section in your contract with details of your loan maturity and when you need to make your loan repayment. We advise paying on or before the due date/s in order not to incur any charges.
How do I make loan repayment?
You can repay using 7-11 or Gcash or in cash in person. Complete a bill payment form and use the contract reference number as the transaction reference number.
Is early repayment possible?
Please refer to your contract on when early repayments are possible.
Is late repayment possible?
No, We advise paying your dues on or before the maturity date. For late repayments, you will be charged with a 500 peso late payment processing fee and an additional interest charge of 1% per day will be added to the balance.
How can I reloan?
We thank you for continuing to trust us in providing you with your immediate financial needs. We welcome Repeat Loans. If you are a borrower with good payment standing at our lending, we make it very easy for you to reloan. No need to re-apply online. Simply send us an e-mail or sms and we will process your reloan immediately.
Can I get two loans at the same time?
No, you may only have one IJAK 56 LOAN at a time. If you wish to get another loan, you can fully pay your existing loan and apply with us again.
Can I apply for another loan after fully paying off my previous loan?
Yes, you may apply for another loan with us once your loan is closed and all dues are fully paid.
Can I apply for a bigger loan amount?
Yes. With good payment history, you can apply for a bigger loan amount on your next application.
Are there fees I have to pay?
Yes, there will be a one-time processing fee of between 50 and 150 Php. if you have been approved of P2,500. a 50 pesos processing fee will be deducted from the loan amount that will be credited to your GCash account.
When is my due date?
Your due date will fall on the same day every week. If you have availed of your loan on a Monday. Your succeeding due dates will be every Monday, for 26 weeks. We will also send you a reminder text message prior to your due date on the exact due amount and date.
How will I pay for my Loan?
To pay for your JAK 56 LOAN, you may choose from these channels:
Make sure you have enough funds in your GCash wallet to cover your due payment. To fund your wallet, visit the nearest GCash Partner outlets. To learn more about cash-in, check out http://www.globe.com.ph/gcash. Send the repayment on Gcash to 09157507037 and send sms with your account number and the transaction number
2 711 via eCash
Send money to 09157507037 and send sms with your account number and the transaction number
Can I fully pay to close off my loan earlier than my loan term?
Yes, you just need to pay off your remaining outstanding balance, including interest.