Over 51 million adult Filipinos remain unbanked, which can cause huge problems when unexpected events happen. But don’t worry—even if you’re unbanked, you can quickly apply for a HappyPera online loan.
HappyPera is the new talk of the town. It provides reliable online loans to Filipinos without asking for many requirements.
And not only that!
If you’re a first-time borrower, you will enjoy a 0% interest rate loan!
According to the SEC’s website, HappyPera is owned by Royal Yohoo Lending Investors Corporations and operates under SEC Registration Number CS201906145.
If you need cash for emergencies, it’s possible with HappyPera!
But of course, we don’t want you to become the next victim of loan sharks. Hence, we wrote this honest review.
Read more about HappyPera online loan and decide whether this loan app is a real savior or another bluff!
What is HappyPera Online Loan?
HappyPera online loan is a loan product you can avail of via the HappyPera online loan app.
If you’re unbanked, HappyPera online loan is a lifesaver, especially during financial emergencies.
With HappyPera, you can borrow money in less than five minutes.
You can apply for a loan as needed because the entire application process is done online. Also, the HappyPera online loan is hassle-free since you must only present one valid ID.
However, since HappyPera online loan is a non-collateral loan, expect a lower credit limit and shorter terms. And, of course, expect high interest rates!
What is HappyPera Online Loan Interest Rate?
- 0% interest (first loan)
- 0.05% daily interest rate (succeeding loans)
HappyPera Online Loan Credit Limit
According to the HappyPera app, the maximum loan amount it can lend to borrowers is ₱50,000, and the term will run up to 121 days. But just like other loan apps in the Philippines, this information is more of a marketing strategy.
For first-time borrowers, the credit limit is between ₱500- ₱1,000, depending on the information and credentials submitted. Moreover, new borrowers will only be given seven days to repay their loans.
HappyPera Online Loan Requirements
- HappyPera app
- 1 Valid ID
- Employed/ Stable source of income
- 5 Emergency contact references (will be taken from the borrower’s contact list)
HappyPera Online Loan Application Process
- Download the HappyPera app (Happypera2 on Google Play)
- Open the app, input your mobile number
- Input the OTP, click ‘Sign up/Sign in’
- HappyPera app dashboard will appear. You will see that HappyPera’s maximum credit limit is ₱50,000. Click ‘Apply Now’
- Privacy Statement will appear. Here, you will be informed that HappyPera will access the following information to proceed with your application: Device Information, Emergency Contact Permissions, Installed apps, SMS Messages, Location Access, Camera Access, Memory Access, Phone Access, Storage, Calendar
- Click ‘Accept’
- Select one ID to verify your identity. Just choose one from the following:
- Recommended IDS: Driver’s License, PRC, SSS, Passport, Postal ID, UMID
- Other Options: TIN, Voter’s ID, National ID, PAG-IBIG, Healthcard
- Upload a clear photo of the ID that you choose, click ‘Next’ to proceed
- Confirm ID information, click ‘Confirm and Submit’
- Submit a selfie with you holding the ID, click ‘Next’
- Fill out the Identity Information, which includes the following: Education, Marital state, Number of Credit Cards, Email
- Click ‘Confirm and Submit’
- Fill out Work Information, which includes the following: Company Name, Company Address, Company Phone Number, Profession
- Click ‘Save’
- Provide at least five contact persons; you will choose from your phone’s contact list
- Choose a disbursement method: GCash or bank, click ‘Submit’
- Review the Loan Confirmation/ Summary
- After 1- 2 hours, you will receive the loan evaluation results (whether approved or not. If approved, you will receive the money via your preferred channel
How Long is HappyPera Online Loan Evaluation?
HappyPera online loan application, evaluation, and decision will take 1-2 hours
HappyPera Online Loan Fees and Charges
- Interest rate= 0.05% interest per day
- Service Fee= 38% of the loan amount. For instance, if you are approved with ₱1,500, you will pay a service fee of ₱570
HappyPera Online Loan Pros and Cons
Pros
- SEC-registered
- Receive the money via GCash
- Easy application process
- User-friendly interface
- Only one valid ID is required
Cons
- High service fee
- High-interest rate
- Requires five emergency contacts; most loan apps only require three
Takeaway
The HappyPera online loan app is not ideal because it charges high service fees and interest rates. However, if you are looking for a legit app to borrow money fast, you are safe with HappyPera!
If you can still find other ways to generate money, never borrow money from HappyPera. The service fee and interest rates it charges borrowers are obviously not fair. But if no one is willing to help you financially during emergencies, applying for a HappyPera online loan is the right decision.