Salmon - Credit that you can use for free forever

Salmon is a Philippine consumer finance provider offering installment financing and revolving credit through the Salmon app and partner stores. Its main installment product, Salmon Product Loan, lets customers finance purchases at participating merchants and repay them in monthly installments.

Unlike a regular cash loan, a Salmon Product Loan is primarily used to finance a purchase from a Salmon partner store. Salmon also offers Credit Line, while Salmon Personal Loan is available only to customers selected by Salmon's system.

LoanOnline, powered by the Salmon app, is operated by Salmon Finance, Inc., registered with the Philippine SEC under SEC Reg. No. CS201916698 and Certificate of Authority No. 1241.

Salmon Product Loan Terms

• Loan amount: from ₱1,000 up to ₱60,000
• Repayment term: 4, 6, 9, 12, 18 or 24 months
• Down payment: from 0% to 70% of the purchase price, depending on the approved offer
• Interest rate: approximately 6%, but the final rate is personalized
• Fees: vary depending on the customer and approved offer
• Purpose: financing eligible products at Salmon partner stores
• Repayment frequency: monthly

Salmon states that the final interest rate and installment amount depend on factors such as the applicant's risk score, loan amount, repayment history, credit profile and overall financial behavior. The final cost is shown during the application process.

Some Product Loan offers may include 0% down payment or 0% interest, but these are not guaranteed for every applicant. Eligibility depends on the particular offer, customer and promotion.

Requirements for Salmon Loan

To apply for a Salmon Product Loan, you must:

• Be a Filipino citizen
• Be at least 18 years old
• Have a source of income
• Be privately employed, self-employed, a business owner or receive remittances
• Have an active Philippine mobile number
• Have an active email address
• Have at least one accepted government-issued ID

Accepted IDs include government identification such as UMID, driver's license and other IDs listed by Salmon.

Meeting these requirements does not guarantee approval. Salmon assesses the applicant's credit profile and other factors before issuing an offer.

How to Apply for a Salmon Product Loan

Salmon Product Loan is connected to purchases at participating stores rather than being a conventional unrestricted cash loan.

The typical process is:

1. Find a store that offers Salmon financing.
2. Choose the item you want to purchase.
3. Ask for Salmon Product Loan as the payment or financing option.
4. Provide the required personal information and identification.
5. Complete the application and verification process.
6. Wait for Salmon's credit assessment.
7. Review the approved loan amount, down payment, interest, fees and repayment schedule.
8. Accept the offer if the conditions are suitable.
9. Pay any required down payment.
10. Receive the financed product from the merchant.

The amount and conditions offered may differ from what the customer originally requested.

New Salmon customers may also apply directly in the Salmon app for Salmon Credit Line, but this is a different product from Product Loan.

How to Repay a Salmon Loan

Borrowers can manage repayments through the Salmon app. Open the relevant loan product and select Go to Payment to see the amount due and available payment options.

Salmon supports several repayment methods.

Payments through the Salmon app

Available options can include:

• Auto-debit from a linked bank account or e-wallet
• QR Ph payment
• Other payment methods displayed inside the app

Salmon states that its in-app auto-debit option does not have an additional repayment fee.

Payments outside the Salmon app

Borrowers can also pay through:

• GCash
• Maya
• BDO
• PalawanPay
• CLiQQ at 7-Eleven
• ECPay
• eTap kiosks

When paying outside the app, you normally need your Salmon loan account number, which can be found in the Salmon app.

Salmon states that payments made through supported external partner apps or kiosks may carry an ₱18 service fee charged by the payment operator.

Early Repayment

Salmon allows borrowers to make payments before the due date without an additional early-payment fee. Paying earlier may also reduce the total interest incurred.

Full early repayment is available for Salmon Product Loan and Personal Loan. The Salmon app provides the applicable amount needed to fully settle the loan.

Can You Extend or Reschedule a Salmon Loan?

Salmon does not currently allow borrowers to change their loan due date. It also states that monthly payment amounts cannot normally be reduced after the loan has been issued.

Therefore, borrowers should not assume that a standard loan extension or payment-date rollover will be available. If you expect difficulty making a payment, contact Salmon through the in-app customer service chat before the due date.

What Happens if You Pay Late?

Payments should be made according to the repayment schedule shown in the Salmon app.

Late payments may result in applicable fees or penalties according to the borrower's individual loan agreement. Salmon does not publish one universal late-payment charge on its general help page and advises customers to contact Customer Service through the in-app chat for information about the fees applicable to their account.

Borrowers should therefore check their individual loan agreement rather than relying on a single advertised penalty rate.

0% Grace Period on Some Product Loans

Some Salmon Product Loan offers include a special grace period. When it is included in the approved offer, the customer may repay the full qualifying loan amount with 0% interest and no monthly service fee during that period.

To keep the benefit, the borrower must:

• Make every required monthly payment on time
• Avoid becoming overdue even by one day
• Repay the required full loan amount before the grace period expires
• Pay applicable Extra Care Package charges, if included in the agreement

If the loan becomes overdue, Salmon says the grace-period benefit ends and cannot be restored. The grace period is available only when it is part of the original loan offer; it cannot be added later.