Once you have received approval for your loan application, your next questions might be, where and how will you receive your funds and how long does it usually take to disburse it?
It’s a good thing that in this article, we can answer all your questions regarding funds withdrawal and also our hassle-free repayment process.
After verifying your loan details, we will send you a notification when your funds have already been transferred to your nominated bank, and that’s it, you can withdraw your funds straight from your bank account.
With complete requirements and approved loan application, you will receive your funds within 24 hours. However, according to the AMLA or the Anti-Money Laundering Act, if the funds are greater than 50,000 pesos, there will be an additional 2 – 3 working days that will be based on your nominated bank before it can be approved.
Our Repayment Process
After you have received your funds, you are probably wondering how are you going to repay your loan. Don’t worry, because Uploan also made it easier and hassle-free for you.
Your loan repayments are automatically paid through your salary with the help of your HR and Payroll team. You don’t have to wait for your turn in banks to pay for your loan.
However, in the event that you get separated from your company while you have an active loan with us, you can still settle your loan in case your back pay isn’t enough to cover your remaining balance.
You can check your loan repayment amount and schedule on your Borrower Dashboard.
Loan repayment amount and term
Your monthly loan repayment is based on your Debt-to-Income Ratio or DTI. The maximum percentage that goes to your loan repayment with Uploan is only 20% from your gross monthly salary.
We make sure that you take home at least 50% of your salary each month so the maximum loanable amount that you can borrow depends on your monthly basic salary and how long you have been in your company.
We care about your financial wellness and we want to help you avoid getting over-indebted that is why Uploan gives you flexible loan terms from one month up to 36 months.
You may also want to watch this short video on Funds Withdrawal and our Repayment process.