RFC Loan Review: Personal Loans for Different Purposes

RFC Loan Review: Personal Loans … image

In the Philippines, there are two largest categories of lenders: banks and online companies. Firms of the first type deliver a wide range of products, from short-term multi-purpose offers to a 30-year mortgage and car loans to credits and even investment options. Online startups focus on unbanked customers who aren’t eligible for big loans. That’s why these teams provide small short-term offerings with easy flexible requirements.

Nevertheless, there’s a smaller category that consists of private lending enterprises that deliver bank-grade products. Radiowealth Finance Corporation (RFC) feedback shows that this company falls into the mentioned category fully. In this guide, we talk about the lender, its services, conditions, requirements, application steps, and other key points. The last sections are dedicated to the most common questions related to this firm.

RFC Philippines 

Being one of the first non-banking lenders in the country, RFC delivers its offers to customers for 45 years in a row! Launched in 1964, the company pioneered lending services. Over the years, it expanded the range, opened new branches (there are 120+ offices now and 80+ centers), and cooperated with famous businesses, e.g. Robinsons and LCC. Today, RFC complaints are rare as the team strives to the highest quality.

RFC Loan Review

Actually, the lender delivers three types of loans: financing, multi-purpose/personal, and business that divides into secured and unsecured subtypes. Here, we want to start with RFC online loan computation for personal offers. Other products are described in the relevant section.

RFC multi-purpose financial support includes eight different options depending on the borrowing goals:

  • Education.
  • Vehicle payment.
  • Salary-based.
  • Vehicle upgrade.
  • Professional.
  • Lessor.
  • OFW.
  • OFW family.

Types may feature slightly different requirements and T&C. Also, it’s suggested to apply for the loan with relevant goals – you shouldn’t take the money as a lessor and then spend them on education. RFC customer service can help if you aren’t sure which category to choose.

RFC Interest Rate and Other Terms

Now, let’s move to the exact conditions. Similarly to other personal offerings delivered by Filipino lenders, RFC loans include three major aspects to know about:

  1. Amount. From P10,000 to P150,000.
  2. Term. From 6 to 12 months.
  3. Interest. From 3.5% to 4% per month.

While you are free to choose the desired amount and tenure, RFC defines the final repayment and interest on its side. As a rule, lower rates are available for repeat borrowers while new users almost always get 4%.

According to the RFC hotline, the average disbursement time varies from 1 to 2 working days. However, note that the application approval takes another 3-5 days. In total, expect to wait about a week until the loan delivery.

RFC Loan Requirements

RFC offers pretty convenient products with favorable rates. That’s why the requirements may look strict. As in the case with banks, this lender divides eligibility criteria and documents borrowers should provide.

Let’s begin with eligibility:

  • Be a citizen of the Philippines.
  • Be not younger than 18 years.
  • Be a reputable person.
  • Earn money regularly.

The last point of RFC online loan requirements is important. From employed applicants, the lender requires working at least 2 years with one employer and have the minimum monthly income of P18,000. For entrepreneurs and freelancers, it’s obligatory to be in the same sector for 3 years and have profitable annual operations for 2 years.

And here are the general docs:

  • An application form.
  • Two valid IDs with two ID pics 2x2.
  • Two payslips for the most recent months.
  • The latest utility bill.
  • ITR or W2 or W2316.
  • A clearance from Cebula or Barangay.
  • A company ID for employed borrowers.
  • An employment certificate for employed borrowers.
  • A passbook valid for 6 months for self-employed borrowers.
  • A business permit for self-employed borrowers.

In addition, OFWs should show remittance proofs and contracts. If you’re going to apply for the loan over P100,000, you will need a valid account to get post-dated checks. Overall, this RFC online loan review shows that requirements are similar to the banks’ ones.

RFC Loan Application Form

This step is relatively simple. Happily, RFC accepts applications from borrowers via the official site. That’s why you will have to sign up, fill the form, and send it – it takes around ten minutes. Let’s check how to apply step-by-step:

  1. Register at the official site by entering and confirming your email address.
  2. Choose the desired type among multi-purpose loans and click «Get it».
  3. Specify your personal info and click «Next».
  4. Include info about your source of income.
  5. Upload the docs on the same page, then click «Submit».

That’s it. Within 3-5 working days, your RFC online loan application form will be accepted or rejected. Then, in 24-48 hours, you will be notified about the result. Borrowers can get the full loan amount after disbursement in any of over 100 branches around the country. You also can contact the operator to get help in application submitting.

RFC Withdrawals and Repayments

Once the application is approved, you can easily get your cash in any RFC branch. It’s the most popular way but some clients say that the company also offers direct bank transfers. It’s better to agree on terms with your RFC manager. To repay the loan, you also should go to a branch and make a payment using post-dated checks. Again, some customers mention that the payments are accepted at affiliate banks and stores.

Finally, remember about RFC online loan computation and other system fees. The processing ones if 6% of the total amount and it’s paid automatically upon receiving the loan. The disbursement notarial fee is P200 if you want to get cash in a branch. Late payment penalties of 5% of the balance are applicable, too. And you may require stamps the price of which is based on amounts and tenures.

Other RFC Lending Products

For more lending offers, you also should proceed to the site. RFC lists two other categories apart from multi-purpose packages. They include smaller types based on borrowing goals:


  • SME capital.
  • Vehicle.
  • Heavy equipment.
  • Appliance.
  • Medical equipment.
  • Store inventory.
  • Special equipment.


  • Auto dealer.

As a rule, the business offers come with higher amounts and longer tenures. But they are also a bit more difficult to apply for. Financing options are good if you need to purchase something and clearly understand the goal.


Sadly, RFC doesn’t offer mobile applications at the moment. Still, it’s possible to access the site using your smartphone or tablet. Functionality remains the same so you can apply for products easily. Probably, the lender will think about adding RFC app versions later but there are no announcements as for now.

RFC and Other Lenders

RFC is closer to banks than to online lenders. It has greater loan limits, slower approval/disbursement, and lower interests. That’s why we will compare this company with Filipino banks that also deliver lending products. Note that the maximum amounts are given regardless of the loan type.

Lender Max. Amount Max. Tenure Interest Approval
RFC P1,000,000 12 months 3.5% p.m. Up to 5 days
EastWest Bank P2,000,000 36 months 1.89% p.m. Up to 5 days
BPI P1,000,000 36 months 1.2% p.m. Up to 13 days
Citi P2,000,000 60 months 1.27% p.m. Up to 1 day
HSBC P500,000 36 months 1.21% p.m. Up to 7 days
Maybank P1,000,000 36 months 1.3% p.m. Up to 10 days
RCBC P1,000,000 36 months 1.3% p.m. Up to 7 days
Security Bank P2,000,000 36 months 1.89% p.m. Up to 5 days

How Does RFC Work?

The corporation is a private lender that delivers financial support to clients in the form of loans. It works like other institutions by earning money from interest rates.

What Is an RFC Loan?

A standard package that is available for clients. You can choose between traditional loans, offers for financing, and business products.

How to Open Account RFC?

Sign up at the official website. This is a really simple and easy-going task – it’s enough to enter email and confirm it to get a profile.

How to Apply for an RFC Loan?

Immediately after signing up, you will be asked to fill the relevant application form. Enter your personal info, choose the type loan you want, and send the application. That’s it.

Can a Student Apply?

It depends. Officially, RFC accepts applications from people with regular income and confirmative docs. If you can prove income as a student, feel free to apply.

Can a Housewife Apply for RFC Loans?

It depends. The company works with employed customers, businessmen, and OFWs, mostly. Housewives that have a regular income also can try applying.

Can an Unemployed Apply for RFC?

It depends. Compared to students and housewives, unemployed persons have the least chances to get approved. Still, they also can try.

How to Get Approved?

There are a few suggestions: submit as many docs as you can, build a good credit history, and apply for the loans you will really use for the declared purpose.

How to Get RFC Loans?

You can choose the desired loan type at the site. Go to products, choose the category, and apply for the desired loan. Then, you will be able to cash out.

How to Avail?

As long as RFC asks clients to specify purposes, it’s better to use the money according to the stated goals. Withdrawals are available through the lender’s branches.

How to Pay RFC Loans?

The main option is to make a payment in any office of the lender. Some reviews mention that it’s possible to pay via partner banks’ branches.

Where to Pay?

You can choose the most convenient payment method. For instance, the majority of customers utilize post-dated checks to pay in RFC offices.

How to Repay?

RFC stimulates customers to get new loans. That’s why repeat borrowers can get better repayment options and conditions than first-time users.

How Much Interest RFC Loans?

The average interest rate is between 3.5% and 4% per month for personal loans. It depends on your application and lending history.

How Many Times Can I Reloan in RFC?

The number isn’t limited. Moreover, RFC allows taking another loan when only 50% of the previous one is repaid!

How to Compute Loans RFC?

RFC online loan calculator is integrated into the website. Feel free to use it to compute the total repayment for your loan.

How to Check Balance RFC?

Actual balance is available in your personal cabinet at the site. Just log in to see your history, payments, and other features.

Is RFC Legit?

Fully. The company has two SEC registrations: for the traditional lending (AS9600005A) and financial services (CS201710636).

Is RFC Open Today?

RFC chat support works 24/7. Still, official branches are open at the working times and days.