Loanova

Loanova is a mobile lending application for users in the Philippines and is operated by Leaflending Inc. The process is handled online: users create an account, enter the required information, submit a loan request, and wait for the review result. When an application is approved, the loan proceeds can be transferred to the receiving account registered by the borrower.

How Loanova Works

Most parts of the Loanova application can be completed on a phone, so borrowers do not need to visit a physical office. During registration, users provide personal and identification information before submitting a request for review.

The amount approved is not necessarily the same for every applicant. The available loan amount, repayment period, and other conditions depend on the assessment result. Before accepting an offer, borrowers should check the loan details shown in the app. Once the application is approved, the funds can be sent to the account provided during the application.

Loan Application Process

Users first need to download Loanova and register with an active mobile number. Personal details entered in the app should match the information shown on the applicant’s identification documents.

The loan profile may require personal information, identification details, income or employment information, and a receiving account. If Loanova asks for document photos, the images should be clear enough for the information to be read.

After completing the profile, the borrower can choose an available loan amount and send the application for review. Before submitting, it is better to check the repayment period, interest, payment amount, and total repayment shown in the app. The final approval and loan amount depend on the information submitted and Loanova’s assessment.

Loan Repayment

When the due date is approaching, borrowers should check the active loan inside Loanova. The amount due, payment date, and available repayment method should be confirmed before making a payment.

Repayment should only be sent through the method displayed in the app or stated in the loan agreement. It is also useful to keep the payment receipt after the transaction is completed. If the money has already been paid but the loan is still marked as unpaid, users should check the transaction again and contact Loanova support when necessary. The conditions for late payment should also be reviewed before the due date.

Calculate a Loanova illustrative loan

Assume a borrower receives ₱12,000 for 120 days with an APR of 20% per year.

Using simple interest for illustration:

• ₱12,000 × 20% × 120 ÷ 365 = approximately ₱789.04
• The principal is ₱12,000, the estimated interest is ₱789.04, and the estimated total repayment is ₱12,789.04.

This calculation is only an example. The actual amount payable should follow the interest rate, fees, repayment schedule, and other conditions displayed in Loanova before confirmation.

Points to Review Before Borrowing

Loanova makes it possible to apply for a loan directly from a phone and reduces the need for in-person paperwork. Even so, borrowers should not confirm a loan without reviewing the final terms.

Important details include the amount actually received, interest rate, repayment schedule, due date, possible fees, and total repayment. Borrowers should also select an amount that fits their ability to repay instead of automatically choosing the highest available limit.

An easier application process does not change the obligation to repay the loan. The final loan agreement should be read carefully before confirmation.

See more:

• Ethos Cash