Frequently Asked Questions
What is Finwego?
Finwego is a financial access platform that provides affordable and convenient personal loans to employees working for our employer partners
I don’t work for an employer who has partnered with Finwego. Can I still borrow from Finwego?
No. Currently, Finwego is available only for employees working for companies that have partnered with us. But do make sure to check back with us. Finwego is constantly expanding its employer partnerships.
How do I take a loan from Finwego?
Very simple. You just have to fill out an easy loan application form available in this website and give Finwego the persmission to access your employment data from your employer. That’s it. Just sit back and relax. Someone from Finwego will contact you with next steps.
Do I have to submit ID proofs or upload documents?
No. We make the process of availing loan totally hassle-free. We get all data and documents directly from your employer. That’s one of the advantages of borrowing from Finwego.
How much does it cost to borrow from Finwego?
Finwego charges 2% processing fee on all loans. Our interest rates range from 18% to 24% per annum on declining basis.
How do you decide the interest rate?
Our interest rates are entirely based on our Artificial Intelligence-powered algorithm. It examines at a variety of parameters to calculate the lowest rates at which a loan can be offered to you. The fact that you are working for our employer partner allows us to minimize our risk, and we pass on the benefit by offering you lower interest rates than what you will get in open market
Is there prepayment penalty?
No. There is no prepayment penalty. You can repay the loan whenever you want
Do I have to tell Finwego why I am borrowing the loan?
Absolutely not. We don’t intrude into your privacy. You are free to do whatever you want with your loan amount as long as you don’t break any laws :)
Do I have to stay in the same job until I complete the loan?
No. Having a loan at Finwego doesn’t interfere with your job. You can seamlessly transfer the loan to your new employer, if they are an existing Finwego partner. If you join an employer who is not a Finwego partner, we will collect the repayment through NACH auto debit or cheques.