Rakuten Loan provides a quick and hassle-free way to secure financing for various needs.
It is designed for convenience, has competitive interest rates, and is an easy online application.
This guide will explain the eligibility criteria, application steps, repayment process, and key tips for successfully completing your application.
Eligibility Criteria
Before applying, make sure you meet Rakuten Loan’s basic requirements.
Eligibility criteria may vary depending on the loan type and location, but these are the general qualifications:
- Age Requirement: Applicants must be at least 20 years old (or the legal age in their country).
- Residency: Must be a citizen or legal resident of the country where Rakuten Loan operates.
- Employment Status: Full-time employees, self-employed individuals, and business owners are eligible.
- Income Requirement: A stable source of income is necessary for approval.
- Credit Score: A good credit standing increases the chance of approval and may lead to lower interest rates.
- Required Documents: Government-issued ID, proof of income (pay slips, tax returns, or bank statements), and valid contact details.
- Existing Debts: Multiple loans may affect approval chances, especially if you have unpaid obligations.
Interest Rates and Fees
Understanding the costs associated with Rakuten Loan helps you avoid hidden charges and manage your finances better.
Interest rates and fees depend on loan amount, repayment period, and creditworthiness.
Interest Rates
- Standard Interest Rate: Typically ranges from 5% to 15% per year, depending on the borrower's credit profile.
- Variable or Fixed Rate: Some loans may have fixed interest rates, while others adjust based on market conditions.
- Credit Score Impact: Borrowers with higher credit scores get lower rates, while lower scores lead to higher rates.
Processing Fees
- Loan Processing Fee: Usually 1% to 3% of the loan amount, deducted before disbursement.
- Administrative Charges: Some loans may include a one-time administrative fee ranging from 1,000 to 5,000 JPY.
Late Payment Fees
- Penalty for Missed Payments: Depending on the loan amount, the penalty is typically 2,000 to 5,000 JPY per late payment.
- Additional Interest on Overdue Amounts: Some loans may apply 1% to 3% monthly interest on overdue payments.
Prepayment and Early Settlement Fees
- Prepayment Fee: Some loans charge 1% to 2% of the remaining balance if repaid before the agreed term.
- No-Penalty Prepayment Option: Certain loan types allow early repayment without additional fees.
Other Possible Charges
- Loan Restructuring Fee: A 5,000 to 10,000 JPY modification fee may apply if you request changes to your repayment plan.
- Document Retrieval Fee: Some lenders charge 1,000 to 3,000 JPY for obtaining loan-related documents.
- Annual Maintenance Fee: Depending on the lender's policy, loans may incur a yearly service fee of up to 10,000 JPY.
How to Apply
Applying for a Rakuten Loan is quick and hassle-free. The entire process is done online. Follow these steps to submit your application successfully.
Step 1: Visit the Rakuten Loan Website
- Go to the official Rakuten Loan website using a secure internet connection.
- Navigate to the loan application section or choose your preferred loan type.
Step 2: Choose Your Loan Type
- Select from available loan options such as personal, business, or auto loans.
- Compare interest rates, repayment terms, and loan conditions before deciding.
- Use the loan calculator (if available) to estimate monthly payments.
Step 3: Fill Out the Application Form
- Enter your personal details, employment information, and financial status.
- Specify the loan amount and repayment period that suits your budget.
- Provide accurate information to avoid delays or rejection.
Step 4: Upload Necessary Documents
- Submit a valid government-issued ID for identity verification.
- Provide proof of income, such as pay stubs, tax documents, or bank statements.
- Attach the bank account details of where the loan will be deposited.
Step 5: Submit Your Application
- Review all entered information and attached documents before submission.
- Ensure all fields are correctly filled out to avoid delays.
- Click the submit button and wait for confirmation.
Step 6: Wait for Approval and Loan Disbursement
- Depending on verification, loan approval can take a few hours to several days.
- Rakuten may request additional documents or conduct verification calls.
- Once approved, funds will be transferred directly to your bank account.
Loan Repayment Process
Once you receive the loan, you must repay timely to maintain a good credit score and avoid penalties.
- Payment Methods: Pay via bank transfers, auto-debit, online, or Rakuten Pay.
- Repayment Schedule: Monthly payments are based on the agreed loan term.
- Early Repayment: Some loans allow early settlement with no penalties.
- Missed Payments: Late payments will incur penalty fees and potential legal actions.
- Loan Restructuring: Borrowers facing difficulties can inquire about modifying their payment schedule.
Tips for a Successful Application
To increase your chances of getting approved quickly, follow these simple tips:
- Ensure Accuracy: Provide correct details and clear documents.
- Check Your Credit Score: A higher score increases approval chances and offers better rates.
- Borrow Within Your Means: Apply only for a loan you can comfortably repay.
- Avoid Multiple Applications: Submitting applications to several lenders simultaneously may lower your credit score.
Loan Renewal and Refinancing
If you need more funds or better terms, consider renewing or refinancing your loan.
- Loan Renewal: Request an additional loan if you have a good repayment history.
- Refinancing Benefits: Get a lower interest rate or extended repayment term.
- Eligibility: Approval depends on your creditworthiness and repayment record.
Alternatives to Rakuten Loan
If Rakuten Loan doesn’t meet your needs, explore other options.
- Traditional Banks: Offer secured and unsecured loans with varying rates.
- Online Lenders: Provide quick approvals but may charge higher interest.
- Credit Unions: Offer low-interest loans but may require membership.
- Government Loan Programs: Available for specific needs like education or housing.
Customer Support and Contact Information
For questions or assistance, Rakuten provides multiple contact options.
Phone Support
- Customer Service Hotline: +81-50-5581-6910
- Business Hours: Monday to Friday, 9:00 AM – 6:00 PM (JST)
Email Support
- General Inquiries: support@rakuten-loan.jp
- Application Assistance: loanhelp@rakuten-loan.jp
- Response Time: Usually within 24 to 48 hours on business days
Live Chat Support
- Available on the official Rakuten Loan website
- Operates Monday to Friday, 9:00 AM – 5:00 PM (JST)
Physical Address (Head Office)
- Rakuten Group, Inc.
- 1-14-1 Tamagawa, Setagaya-ku, Tokyo 158-0094, Japan
The Bottomline
Rakuten Loan offers a fast, convenient, and reliable way to secure financing with competitive rates and flexible terms.
Understanding eligibility, the application process, interest rates, and repayment options can help you make informed borrowing decisions.
If Rakuten Loan meets your needs, start your application today and take control of your financial goals.
Disclaimer
This article is for informational purposes only and does not constitute financial advice.
Loan terms, interest rates, and fees may vary, so always check the official Rakuten Loan website or consult a financial expert before applying.
