Rakuten Bank, one of Japan's leading digital banks, offers various loan products to cater to various financial needs.
These include the Rakuten Bank Super Loan (Card Loan), Mortgage Loans, Real Estate Secured Loans, Educational Loans, and Purpose Loans.
This article provides a step-by-step guide to applying for each type of loan, including essential information on interest rates and how to contact the bank.
Rakuten Bank Super Loan (Card Loan)
The Rakuten Bank Super Loan is a versatile, unsecured card loan, ideal for individuals who need quick access to funds without providing collateral.
This loan is particularly beneficial for those who have urgent financial needs, such as unexpected medical bills, travel expenses, or other personal requirements.
Interest Rates:
- Annual Interest Rate: Ranges from 1.9% to 14.5%, depending on your credit rating and the amount you wish to borrow.
- Loan Limits: The credit limit varies from ¥100,000 to ¥8,000,000 or higher, depending on the borrower’s creditworthiness.
How to Apply:
- Create a Rakuten Bank Account: You must be a Rakuten Bank customer to apply for this loan.
- Application Form: Complete the loan application form online. This form will require you to provide personal information, employment details, and check input.
- Credit Check: Rakuten will perform a credit check to assess your eligibility.
- Documentation: Submit ID and proof of income through the Rakuten Bank app
- Loan Approval: Once approved, you will receive the loan via direct deposit into your bank account.
Rakuten Mortgage Loan
For those looking to buy a home, Rakuten Bank offers mortgage loans with competitive interest rates and flexible repayment options.
- Annual Interest Rate: Ranges from 0.99% to 2.09%
How to Apply:
- Eligibility Check: Ensure that you meet the bank’s eligibility criteria, which include being a resident of Japan, having a stable income, and having a good credit history.
- Submit Pre-Approval Application: Provide age, amount, repayment period and annual income. Provide necessary documents such as proof of income, tax returns, and property information.
- Property Appraisal: Rakuten Bank will appraise the property and assess its value.
- Loan Offer: After reviewing your application, Rakuten Bank will offer you a loan with the best possible terms.
- Loan Agreement: Once you accept the offer, sign the loan agreement, and the funds will be disbursed.
Real Estate Secured Loan
The Real Estate Secured Loan is designed for individuals who own real estate and wish to borrow money against the value of their property.
This loan is ideal for large-scale expenses like business investments or home renovations.
- Annual Interest Rate: Ranges from 1.72% to 10.48%
- Loan Limits: The credit limit varies from ¥1,000,000 to ¥100,000,000
How to Apply:
- Pre-Screening Process: Before applying for a real estate secured loan, you must undergo a pre-screening process.
- Main Application: This involves submitting documents such as proof of property ownership, income verification, and other financial documents. The bank will assess the collateral and determine eligibility before proceeding with the full application.
- Approval Process: Once the documents are verified, Rakuten Bank will approve your loan based on the property’s value.
- Sign Agreement: After agreeing to the loan terms, sign the agreement, and the funds will be transferred.
Educational Loan
The Educational Loan from Rakuten Bank is aimed at students and parents looking to finance higher education expenses.
This includes tuition fees, textbooks, and other educational costs.
Interest Rates:
- Annual Interest Rate: 3.8% per year, depending on the repayment period and the applicant’s credit profile.
- Loan Limits: The credit limit varies from ¥100,000 to ¥5,000,000 (¥10,000,000 in medical, dental and pharmaceutical universities)
How to Apply:
- Check Eligibility: Applicants must be students or parents of students attending a recognized educational institution.
- Loan Application: Submit an application through Rakuten’s online platform or the app. You will need to submit your identification documents, proof of enrollment, tuition details, and income proof.
- Confirm Employment Status: Easily by a call to the employer.
- Approval and Disbursement: After reviewing the application, Rakuten Bank will disburse the loan directly to the educational institution or to the borrower.
Purpose Loan
Rakuten’s Purpose Loan is for specific financial goals such as weddings, vacations, or home improvements.
The loan amount and interest rate depend on the nature of the loan.
Interest Rates:
- Annual Interest Rate: 2.0% to 14.5%, depending on the amount borrowed, the purpose and the applicant’s credit history.
- Loan Limits: ¥100,000 to ¥3,000,000
How to Apply:
- Choose Your Purpose: Specify the purpose of the loan when applying online.
- Loan Application: Fill out the online application form, providing details of the intended use of the funds.
- Documentation: You will submit identification, income proof, and documents confirming the use of funds. Following the approval, you must provide the payment confirmation documents like copies of receipts, bank transfer slips, etc.
- Approval Process: Rakuten Bank will review your application, perform a credit check, and approve or deny the loan.
- Fund Disbursement: Upon approval, the loan will be disbursed directly to your bank account.
Benefits and Considerations When Opting for Rakuten Loans
Benefits
- Convenience and Accessibility: Rakuten Bank's loan application process is entirely online, eliminating the need for branch visits. Customers can apply for loans, including card loans and home loans, 24/7 via PC or mobile devices.
- Rakuten Super Points Integration: Borrowers can earn Rakuten Super Points through loan-related transactions, which can be redeemed for various products and services within the Rakuten ecosystem, enhancing the overall value of the loan.
- Flexible Loan Options: Rakuten Bank provides various loan products, such as travel loans, bridal loans, and mortgage loans, each tailored to specific customer needs. These loans offer flexible terms and conditions to accommodate different financial situations
Considerations
- Interest Rates and Terms: While Rakuten offers competitive rates, it's essential to compare them with other financial institutions to ensure they align with your financial goals.
- Eligibility Criteria: Each loan product has specific eligibility requirements. For instance, certain loans may require proof of income or employment status. Reviewing these criteria beforehand can streamline the application process.
- Repayment Obligations: Understanding the repayment schedule and ensuring it fits within your budget is crucial to avoid potential financial strain.
- Integration with Rakuten Services: The benefits associated with Rakuten loans, such as earning Super Points, are most advantageous for customers who actively use other Rakuten services.
Contact Information
If anything happens, contact Rakuten by:
- Website:https://www.rakuten-bank.co.jp
- Customer Service: 0120-947-297
- Address: Shinagawa Tower, 2-16-5 Konan Minato-ku Tokyo, 108-0075.
Conclusion
Rakuten Bank offers a diverse selection of loan products designed to meet various personal, educational, and real estate needs.
By following the step-by-step application guide for each loan type, you can easily navigate the application process and receive funding quickly.
For more information, visit the official Rakuten Bank website or contact customer service for assistance.
Disclaimer: Loan terms and interest rates are subject to change. Before applying, always consult with Rakuten Bank for the most current information.
