prowealth lending corporation reviews and complaints

 

Understanding Prowealth Lending Corporation and Its Lending Products

Prowealth Lending Corporation is a non-bank financial institution based in the Philippines that offers various lending products and services to individuals and small businesses. In this blog post, we will take a deep dive into understanding who Prowealth Lending Corporation is, the different loan products they offer, customer reviews of their services and some tips on how to apply for a loan from Prowealth.

About Prowealth Lending Corporation

Prowealth Lending Corporation was incorporated in 2022 and is licensed by the Bangko Sentral ng Pilipinas or BSP as a non-depository lending company. Their main office is located in Las Piñas City in Metro Manila.

Some key things to know about Prowealth Lending Corporation:

• They specialize in providing personal, business and payroll loans to customers. Loan amounts typically range from 5000 pesos to 500,000 pesos depending on the type of loan.

• Loan terms can range from 3 months to 24 months based on the loan product availed. Shorter loan tenors have higher monthly amortization amounts.

• Interest rates charged on loans range anywhere between 18-36% per annum depending on the credit profile and risk assessment of the borrower. Late payment penalties also apply.

• All loans undergo a stringent credit checking and evaluation process before approval. Customers are required to provide proof of income, employment, address and other KYC documents.

• As a regulated lending firm, Prowealth Lending Corporation is required to be transparent about interest rates, terms and conditions. They also need to have proper customer complaint handling procedures.

• Their lending operations are overseen by the Bangko Sentral ng Pilipinas to ensure customer protection and compliance with lending laws.

• Prowealth Lending Corporation owns and operates several loan brand names and platforms like PCash, Skymoney, iPayLater etc for disbursing and collecting loans.

So in summary, Prowealth Lending Corporation provides affordable credit options for personal financing needs but customers need to carefully assess the loan terms and their ability to repay on time to avoid penalties.

Loan Products offered by Prowealth Lending Corporation

Now let’s take a closer look at some of the popular loan products offered by Prowealth Lending Corporation:

1. PCash Loan

• PCash is one of their flagship personal loan brands for salaried/self-employed individuals.

• Loan amounts range from PHP 5,000 to PHP 100,000 depending on monthly income and credit score.

• Tenors available are 3-6 months for amounts below PHP 30,000 and 6-12 months for above PHP 30,000.

• Interest rates charged are 1.5-2% per month (equivalent to 18-24% annual percentage rate).

• Quick approval and disbursal within 24-48 hours is touted for salary loan applicants.

• Applied via their PCash app available on Google Play Store or online portal pcash.ph.

• Requires submission of recent pay slips, ID, employment & residential proof.

2. Business Loan

• Tailored for small business owners registered as sole proprietorships.

• Loan tenor of 12-24 months for amounts between PHP 100,000 to PHP 500,000.

• Interest rate of 2-3% per month (24-36% APR) depending on business cashflows.

• Flexible collateral requirements – property/vehicle not necessarily asked.

• Business plan, financial statements and registration documents required.

• Approved funds can be used for working capital, purchases or other business needs.

3. Payroll Deduction Loan

• Exclusive loan for employees of firms tied up with Prowealth Lending Corporation.

• Salaried individuals can avail up to PHP 100,000 through payroll deduction.

• Tenor up to 12 months with interest rate starting from 1.5% per month.

• Automatic deduction of amortization from monthly payroll every cut-off date.

• Streamlined approval on presentation of employment contract and latest payroll slip.

So in summary, Prowealth offers loans tailored for individual and micro-business financing requirements through flexible repayment options.

Customer Reviews – Reliable or Risky?

Now that we have understood Prowealth Lending Corporation and the loans they offer, let’s take a look at some online customer reviews and feedback:

Positive Reviews

• Many customers have praised the effortless online application process and quick turnaround time for approval. PCash loan disbursals have been highlighted to happen in 1-2 days.

• Some business loan customers mentioned appreciating the non-stringent collateral policy compared to banks. This made it easier for them to obtain funding.

• Salaried individuals have shared positive experiences with payroll deduction loans where amortizations were smoothly deducted without hassles.

Negative Reviews

• A few complain about the relatively high interest rates charged by Prowealth for unsecured personal loans. Late payment penalties have also been viewed as steep by some.

• Inaccurate loan amortization schedules provided during approval has led to overpayment problems mentioned by some customers.

• Complaints about inefficient customer support teams which take long to address issues or provide clarity have also surfaced.

• Online portals like PCash app have been called out for technical glitches hampering smooth loan applications at times.

Now while positive reviews seem to outweigh the negatives, it’s important for any prospective borrower to thoroughly research the company, read terms carefully and avoid relying solely on reviews. Keeping additional buffers to repay on time is also advisable considering the high interest model. An evaluation of one’s individual risk tolerance is important before choosing their loans.

Tips For Applying For a Loan from Prowealth Lending Corporation

If after considering the above aspects you decide to apply for a loan from Prowealth, here are some tips to smoothen the process:

• Check pre-qualification through their website to understand the maximum likely loan amount without a hard credit pull.

• Have all mandatory application documents like income slips, identity and address proofs ready in advance in correct format.

• Factor in additional processing time rather than expecting the quickest turnaround highlighted on website.

• Clarify all interest calculation methods, penalties and prepayment options upfront to avoid unpleasant surprises later.

• Consider loan protection insurance if available to mitigate risks in case of unemployment, disability etc.

• Set repayment reminders and buffers to ensure on-time payment and avoid late fines.

• Escalate issues promptly via all available contact channels if amortization slips occur to resolve fast.

• Rely on credentials mentioned on BSP website to verify company licensing before sharing financial details.

• Evaluate alternative options from banks, peer-to-peer lenders too for minimal hassle financing.

By carefully weighing the pros and cons shared in this guide, prospective customers of Prowealth Lending Corporation can make informed decisions about their personal loans. But diligence remains key throughout the loan lifecycle for avoiding risks.

In summary, Prowealth Lending Corporation provides a scalable platform for personal and small business funding needs in the Philippines. While convenient, customers must do their homework to borrow safely from this non-bank lender. Following the above tips makes the process smoother.