Billease as your first ever Virtual Credit Card | FinTech Review

Most online lending apps have high interest rates and engage in harassment activities with their clients. They hide their fees, which only appear after you have confirmed the loan amount. You will be shocked by the deductions once the loan is approved. They charge almost a 45% interest rate over a short period of time, from 7 to 14 days; 30-day terms are very rare among OLAs. These are so-called shark activities of illegal lending companies operating online. However, this application differs significantly from other lending applications in terms of interest rate, processing fee, transaction fee, and terms.

In my last article, I compared the features of Billease and GCash Borrow. You can read it here: “Which is better, GCash (GLoan) or Billease?” To learn more about this Fintech company, please read the entire article.

List of Contents
I. Credit Limit given by Billease and its Terms
II. Products offered by Billease
III. Interest Rate of Billease
IV. When can I activate my Cash Loan in Billease?

Billease is the flagship lending app of First Digital Finance Corporation (FDFC), with SEC registration number CS201516347. They are also the Fintech company behind Balikbayad and LoanRanger, providing a dynamic system and operations to help improve the financial capacity of Filipinos.

Credit Limit given by Billease and its Terms

Upon creating your account, Billease provides a credit limit ranging from 1,000 to 7,000 pesos, with most limits falling between 1,000 and 2,000 pesos. This approach is taken to establish trust with borrowers and minimize potential losses from scams. If you maintain a good credit standing with the company, they may offer a credit line of up to 40,000 pesos and can be increased depends on your credit history. Initially, they provide loan repayment terms of two to three months with either bi-monthly or monthly amortization.

Products offered by Billease

Your first credit line is available for use in all products except for Cash Loan. You can use it to buy load, pay bills, shop with the Buy Now Pay Later option, and encash through e-wallets or banks with a transaction fee of almost 10%. Congratulations if you have reached the Credit Line where your Cash Loan will be activated because your encashment processing fee will be significantly reduced to only 5.60 pesos as a fixed transaction fee. The transaction fee will be added to your loan every time you transfer money from your Billease credit line to your e-wallet or bank account. Yes, you heard it right because the amount limits you want to transfer have no deduction with any charges. This is for your to enjoy your loans while paying little by little without stress.

Interest Rate of Billease

Billease only has a 3.49% interest rate per month on your total loan, which is significantly lower than other online lending apps and even lower than the rates of giant fintech apps such as GCash and Maya Bank Inc.

When can I activate my Cash Loan in Billease?

After reaching a credit line of 10,000 pesos, your Cash Loan features will be activated. As long as you maintain a good credit standing with Billease, they will help you activate the Cash Loan features. You don’t need to email them or stress about reaching the limit, just be patient and enjoy using Billease.