Binhi loan app review: Interest rate and is it legit - Startuppreneur
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Loan

Binhi loan app review: Interest rate and is it legit

Binhi is another loan app in Philippines where you can obtain loan without collateral or paper work. Their loan processing is very fast within 30 minute of applying for this loan your loan will be disbursed.

Their loan process is easy you can do everything on your phone. Wwith this loan app you can obtain up to ₱20,000.00 at a go .

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Requirement to obtain loan from this app

Like many other loan app in Philippines, you need to meet up with some requirements before you will obtain loan from this app, this requirements are

  • Have good credit score
  • Have bank account
  • Reside in Philippiness
  • Be above 18 years of age
  • Have regular source of income
  • Have smart phone with which to download the app

Once you meet up with the above requirements, you can go ahead and obtain the loan

How to apply for binhi loan app

The first step to take is to head over to play store and downlaod the loan app

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Register with your name, bvn and other details

Once you are done with registration you will be login to your account

On your dasbboard locate and click on loan

There you will see amount of loan you are eligible to obtain

Click it and wait for disbursement

How much you can obtain from Binhi loan app

With binhi loan app you. can obtain between Php 2,000 to Php 20,000 at a go. If you are applying for the first time the amount of loan you can obtain will be less than this, as you continue to take loan from the app, your eligible loan will increase.

Binhi loan app interest rate and repayment period

Their interest rate is between 5% to 20% depending on the amount of loan obtain and the repayment period. The repayment period is between 7 days to 365 days also depend on the amount of loan obtain.

If you are applying for the first time you will be given high interest rate and your repayment period will be short. This will improve as you continue to take loan from this app

Paying back your binhi loan app

To payback your loan head over to your dashbaord

click on loan repayment

There you will see deferent option to pay back your loan

Click on one and make payment

Once you make payment it wil reflect on your dashboard

If it does not you should contact them.

What will happen if I default or refuse to playback

If you default you will be punish by Increase in your loan Interest rate which might be up to 2%.

If you abscond, your name and bvn will be send to credit bureau for blacklisting which means you will not be able to obtain loan again in Nigeria until you pay back and clear your name with credit bureau.

Trust me this process is usually time consuming, your best bet is to pay your loan as at when due.

Is Binhi loan app legit

Yes, this loan app is legit, they has given loan to many people in Philippines and they are license by SEC, so you have notting to worry about

Our final verdict on binhi loan app

Binhi loan app is a legit loan app they will surely give you loan, they have good review on play store which means they are doing something good. They don’t harass their defaulters, but they surely know how to take back their money

Conclusion

Above is how to obtain loan from binhi loan app, as stated above they will surely give you loan but take loan that you can payback to avoid embarrassment.

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