Is JuanHand a Scam or Legit?

Fander Falconi | JuanHand Online Loan App – a scam or legit?  | Online loan apps have been a popular go-to for people looking for ways to borrow cash.  It has become more and more popular, especially in the past couple of years when the lockdowns due to the pandemic have made it more difficult to go to banks and prepare requirements for bank loans. JuanHand is one of the digital cash loan options for Filipinos, with more than 3 million app downloads and with more than 800,000 active loans at present. But with the many news of the increase in online fraud cases, how can you tell if JuanHand online loan app is a scam or legit?

What are the signs of a scam online loan app? Here are the seven (7) red flags you should watch out for in applying through an OLA. You can verify for yourself if JuanHand is a scam or legit:

2. Advance fees. If lenders are asking for payments before providing you with any cash, it’s a cause for suspicion. A general rule for loaning companies is that there is no fee, just a reasonable interest rate. JuanHand, one of the top online loan apps in the Philippines, does not ask for any advance fees. It costs you zero pesos to install, register, and apply for your first loan.
3. No website or reviews. It is highly doubtful for any legitimate company or institution not to have a website. Nowadays, we know how easy it is to create a social media page to make a company look genuine. But having a website that has comprehensive information in it with a verifiable office address and contact details gives an assurance of the legitimacy of a business enterprise.

JuanHand not only has a legitimate website (https://www.juanhand.com), but they have an office in Metro Manila as well. Their site office is located at this address: Trade and Financial Tower, 32nd St. Cor. 7th Ave., BGC Taguig, Philippines 1630.

3. Little to no positive customer reviews. Just like in online shopping where we first check reviews about items we want to buy, doing the same thing will also give us an idea of the OLA we plan to apply loans from. If you browse through customer reviews and read mostly negative feedback, there are higher chances that you will encounter problems with the company’s service.

You can search for JuanHand in Google Playstore or the App Store and browse through their customer ratings and reviews.  You will be able to see for yourself how efficient and easy to use JuanHand is.

4. Not authorized to operate. Every loaning company goes through the Philippines Securities and Exchange Commission (SEC) to receive authorization to operate.  The SEC has high standards and requirements before issuing licenses to loaning and finance groups. If an online loan app is not registered under the SEC, better be safe and not deal with them.

JuanHand, through WeFund Lending, has been given financing license by the SEC with Company Registration No. CS201825672 and Certificate of Authority No. 2844. You may view the SEC website if you want to double-check. JuanHand is also a submitting entity of Credit Information Corporation, further establishing its authority as a lending company.

5. No affiliate companies. Scam online loan apps will usually stand alone. Other businesses will not partner with unstable loaning groups. They do intensive research to check on the legitimacy and security of a lending company.

You will see that this is not the case with JuanHand, since it is partnered with reputable companies such as UnionBank, Lazada, Sun Life Grepa, SkyPay, Multysis along with data partners FinScore, Trusting Social, CIBI Information Inc., and Credit Information Corporation (Source). JuanHand is operated by WeFund Lending Corp., a subsidiary of FinVolution Group, one of the leading FinTech Companies in Asia and listed on the New York Stock Exchange (NYSE: Ticker FINV).

6. Does not protect your data. One of the issues of online loan apps is data privacy for their users. There have been controversies in the past few years that were raised to the National Privacy Commission (NPC) and the SEC about excessive data gathering by various OLA. A red flag of an OLA that do not care to protect your data is if they lack an extensive Privacy Policy.  Be sure to read the Terms and Conditions, and to be careful with the information you provide in the process of applying for a loan.

JuanHand is verified to be safe and secure to use because all client information is protected and encrypted in full compliance with NPC regulations. True to the Data Privacy Act of 2012, no confidential information will be asked for without your consent. It has a comprehensive Privacy Policy which you will have to read at the onset of registration in the app. JuanHand is also compliant with regulatory partners such as the Anti-Money Laundering Council and the Bureau of Internal Revenue (BIR).

7. Poor customer service. One of the most important red flags to watch out for is if an OLA has poor or no customer service. You can determine this by calling their customer service numbers or sending them a message or email even before applying. It is very irritating and inconvenient not to be able to communicate with a company you are dealing with, especially when it involves cash.

Communication is one of the strengths of JuanHand. It is their policy to give the best, quickest customer service. That’s why they’ve made it easy for clients to contact them via JuanHand App 7 days a week and via email. They will be ready to extend a helping hand to answer inquiries with just a chat.

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There you go, the seven red flags to watch out for in applying for a loan through online loan apps. Going through each point, we can clearly see how JuanHand is indeed legit.  Hopefully, this article has helped you in making a decision for your cash loan needs.

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