Juanhand Loan App: Is Juanhand Loan legit or scam? Financing emergencies or paying bills can be stressful, especially if you’re short on cash.
Thankfully, instant online personal loans have become more accessible in the Philippines. With just a few taps on your smartphone, you can get approved for funds transferred directly to your account.
One popular lending app is Juanhand. With millions of downloads, this platform seems to provide Filipinos an easy way to borrow money. But is Juanhand legit and safe to use? Or is it a scam?
Let’s find out in this comprehensive Juanhand loan app review Philippines edition.
What is Juanhand?
Juanhand is an online lending app owned by WeFund Lending Corporation, a fintech company based in the Philippines. It primarily targets underserved yet creditworthy Filipinos who need quick cash for emergencies or other expenses.
You can access Juanhand through your Android or iOS smartphone. As of January 2023, the app has over 5.7 million downloads, 4 million approved loans, and 1.7 million active loans.
Juanhand’s parent firm, WeFund Lending Corp., is duly registered with the Securities and Exchange Commission (SEC). It operates under SEC Registration No. CS201825672.
What is a Juanhand Loan?
A Juanhand loan refers to the amount you can borrow from the app.
You can use the money for various reasons, like:
- Bills payment
- Emergency expenses
- Gadget purchase
The minimum loan you can get from Juanhand is Php 2,000. Meanwhile, the maximum amount is Php 15,000.
Like other lending apps, expect to receive a small amount for your first Juanhand loan. But you can unlock higher amounts if you build a good credit reputation.
Interest rates range from 9% to 12% per month. However, you can get lower rates by maintaining timely repayments. The repayment term for a Juanhand loan is up to 90 days.
Is Juanhand Legit and Legal?
Yes, Juanhand is a legitimate lending platform licensed to operate in the Philippines.
Aside from being registered with the SEC, Juanhand has partnerships with various private organizations and government agencies, including:
- Bureau of Internal Revenue (BIR)
- Credit Information Corporation (CIC)
- National Privacy Commission (NPC)
- Sun Life Grepa
Juanhand is also a member of the Fintech Alliance Philippines, an industry group composed of financial technology providers in the country.
Why Should I Get a Loan from Juanhand Loan App?
Juanhand seems to offer a quick and accessible loan application process. Here are some notable features that make it stand out:
Easy Application via App
Unlike traditional loans that require you to go to a bank or lending office, Juanhand lets you complete the application entirely on your phone. Just download the app, fill out the form, and wait for approval.
The app says all user data is encrypted and protected based on NPC regulations. This helps assure the safety of clients’ personal information.
24/7 Customer Support
You can reach Juanhand’s customer assistance via call, email, Facebook and the app itself seven days a week. This level of support isn’t always available with other lending platforms.
No Collateral Needed
Juanhand doesn’t require collateral or deposits to approve your loan. You just need to pass the assessment to get approved.
Quick Approval and Funding
Many users say they receive loan approval and money in as fast as 24 hours. This seems to make Juanhand ideal for urgent financial situations.
What are the Requirements to Borrow from Juanhand Loan App?
Juanhand doesn’t impose strict eligibility criteria. To qualify, you only need to:
- Be 20 to 60 years old
- Have Philippine citizenship
- Present a government-issued ID
- Provide proof of income
How Does Juanhand Loan Application Work?
Follow these steps when borrowing from Juanhand:
- Download the Juanhand app on Google Play or the App Store.
- Open the app and click “Register.” Provide your mobile number to receive an OTP.
- Input the OTP code and create your password.
- Go to your account dashboard and click “Borrow Now.”
- Fill out all required information like personal details, income, and bank account.
- Take a selfie for identity verification.
- Upload a photo of your government-issued ID.
- Choose payout method like bank transfer, e-wallet, or over-the-counter.
- Wait for Juanhand to assess your data and approve your loan.
- If approved, you’ll see your credit limit. Click “Get Cash Now” to get the money.
That’s how easy it is to get funds from Juanhand. Approval can take 1-2 days. Once okayed, you’ll receive the money instantly.
What are the Payment Options for Juanhand Loans?
Juanhand provides various payment channels so you can repay your loan conveniently:
- E-wallets: GCash, Coins.ph
- Over-the-counter: 7-Eleven, M Lhuillier, RD Pawnshop
- Banks via InstaPay: BPI, Metrobank, Unionbank, etc.
To settle your dues, simply present the reference number and a valid ID.
What Happens If I Don’t Pay My Juanhand Loan?
Like all loans, you must pay your Juanhand borrowing on time and in full. If you default, the platform can charge penalties and fees. Continuous non-payment can also hurt your credit standing.
In case you can’t pay on schedule, inform Juanhand immediately so you can work out alternative arrangements. Avoiding or ignoring the debt will only worsen the situation.
Juanhand Reviews from Borrowers
Let’s look at testimonials from real Juanhand users:
Positive Juanhand Reviews
Juanhand has mostly positive feedback on the Google Play Store, earning a 4.3 out of 5-star rating.
One user named Mc Vern says, “The app is very convenient to use. Fast approval. Although the approved loan will start with small amount, it is very helpful during this pandemic or for emergency.”
Another happy client named Sharon Galing writes, “This app is really helpful. I will definitely recommend Juanhand, excellent service.”
Negative Juanhand Reviews
Of course, Juanhand also has its fair share of negative app reviews. One common complaint is getting lower loan amounts than advertised.
For instance, first-time borrowers often report only getting Php 1,500 even if they applied for Php 2,000. While veteran clients say their credit limit stays stagnant at Php 8,000 when the maximum is supposed to be Php 15,000.
This discrepancy seems to happen because Juanhand starts borrowers off with a lower amount. You need to build credit history with them to increase your limit.
Another issue raised in Juanhand reviews is delayed loan approval after submitting requirements. Instead of the promised 24 hours, some had to wait 2 to 3 days before getting approved.
Also, a few reviews report running into payment issues and unresponsive customer assistance. However, these negative feedback appear sporadic compared to the many positive testimonials.
Is Juanhand Considered Legit and Safe?
Based on extensive research of legit sources, I can safely say that Juanhand is a legal, licensed and safe lending app. Here are the facts:
- Registered with the SEC and BIR as a legitimate fintech firm
- Operates visibly from a Philippine headquarters
- Has not been flagged by regulators for illegal practices
- Has not been involved in data breach incidents
- Is certified by the NPC for data protection
On the other hand, Juanhand does show one red flag. As an app-only lender, it cannot accept deposits under BSP regulations. This means funds go directly to your external bank account or e-wallet.
Many other legit lending apps likewise work this way, so it does not automatically mean Juanhand is engaged in illicit activities. Still, you’re advised to borrow only what you need and can pay back.
While occasional negative feedback exists, the majority of Juanhand users don’t report being victims of fraud. Overall, this lending platform appears to work as promised. But as always, borrow responsibly regardless of app you use.
Juanhand Loan App Competitors
Juanhand belongs to the fast-rising lending app industry in the Philippines. Even traditional banks now offer instant cash loans through mobile apps.
Here are top competitors of Juanhand:
Loan Ranger – This lending app by Techcombank promises online loan approval in minutes with no collateral required. Borrowers can get up to Php 15,000 with loan terms of 30 to 60 days.
Cashalo – Owned by Softbank-backed Oriente, Cashalo boasts over 2 million downloads on Android. It provides personal loans up to Php 25,000. Repayment is due in 30 days.
See more: Cashalo App Review Philippines: Legit or Scam?
Robocash – With over a million app installs, Robocash caters mostly to salary earners. It offers larger loan amounts from Php 3,000 to Php 100,000 payable in 3 to 24 months.
Tala – Tala positions itself as an AI-powered lending app for underserved Filipinos. It grants short term funds ranging from Php 500 to Php 25,000.
Singlife – This app by Singapore-based Singlife lets clients invest their loan proceeds for potentially higher returns. Loan amounts reach up to Php 200,000 with flexible terms.
Juanhand vs. Traditional Lenders
Digital lenders like Juanhand differentiate themselves from traditional financing in these key ways:
Lower requirements – Juanhand only asks for basic eligibility documents to approve your loan. In contrast, banks mandate pile of paperwork, collateral, and income proofs before processing your application.
Faster loan processing – While banks take weeks to disburse cash, Juanhand promises to credit funds to your account within 24 hours. This speed makes it ideal for medical or emergency financing.
Higher interest rates – Juanhand’s monthly rates range from 9% to 12% versus banks charging 1% to 3% per month. The markup compensates for the higher default risk and operational costs of fintech lenders. Still, their rates are competitive with peers.
100% online – Juanhand’s end-to-end digital process provides convenience and accessibility that traditional lenders cannot match. You can apply and get approved anywhere through your mobile device.
So in summary, Juanhand trades off higher rates for faster approval, minimal requirements, and an all-online process. This is the value proposition of fintech lending. But banks remain ideal for long term, big ticket financing like home loans.
Juanhand Loan App Review Conclusion: Legit nga ba o Scam?
After thorough research from credible sources, I can conclude that Juanhand is a legitimate lending app and NOT a scam.
Here are the key takeaways from this comprehensive Juanhand loan review:
- Juanhand is duly registered and licensed to operate by the SEC and other regulators.
- The app provides easy access to personal loans ranging from Php 2,000 to Php 15,000.
- Fast approval decision and loan disbursal within 24 hours makes it ideal for urgent cash needs.
- It does not require collateral, only basic eligibility documents.
- Juanhand appears secure with no data breach reports. User data is encrypted.
- Feedback from real borrowers is mostly positive. Few negative reviews exist compared to happy users.
- Interest rates are clearly disclosed, ranging from 9% to 12% monthly. No hidden charges reported.
- The app offers multiple payment channels for convenient loan settlement.
While Juanhand is not perfect, it delivers on its promise of quick cash during emergencies based on actual user experience. Just make sure to borrow only what you need and can afford to repay on time. Have other insights on this lending app? Don’t hesitate to share them below!