I'm sure almost all of us have had moments where we desperately needed cash, but our wallets were completely empty. I’ve been there too. I felt awkward borrowing from friends, and honestly, I just hate bothering other people. Back then, I used the "Cashing" (cash advance) service on my credit card, but later I did some research and signed up for the JCB FAITH Card Loan. It offers a higher borrowing limit and lower interest rates compared to credit card cash advances.
That’s why I wrote this article: to share how to register, as well as everything related to using the JCB FAITH card to borrow cash.
JCB Card Loan FAITH is a lending product from JCB, offering low interest rates ranging from 4.40% to 12.50%, and allowing you to borrow up to 5 million yen (approx. $33,300 USD). The application process is entirely online, with quick approval capabilities—sometimes even on the same day. There are flexible repayment options, and customers can withdraw cash at ATMs or have it transferred to their account for free.
The JCB Card Loan FAITH provides users with a convenient financial option, helping them meet personal or family needs quickly.
To put it simply, using this card means you borrow a lump sum of cash and pay it back gradually over the months along with interest.
JCB FAITH Interest Rates
The table below outlines the interest rates based on the card's limit. The higher the card limit, the lower the interest rate.
For example, if you create a card and are granted a limit of 2 million yen (approx. $13,300 USD), the annual interest rate would be 10.5%.
他社借入金 (Tasha kariirekin): Outstanding debt with other companies
Then click シミュレーション開始 (Start Simulation) to see the results.
In the example above, if my annual income is 2.8 million yen (approx. $18,600 USD) and I have no other debts, the result is shown in the image below, meaning the maximum limit I can borrow is 500,000 yen (approx. $3,330 USD).
利用予定年月日 (Riyou yotei nengappi): Scheduled date of borrowing
利用予定金額 (Riyou yotei kingaku): Amount you plan to borrow
融資利率 (Yushi riritsu): Loan interest rate. I wrote about how to calculate this in the section above. For this example, let's assume a person granted a maximum limit of 2 million yen, so the interest rate would be 10.5% per year.
返済方式 (Hensai hoshiki): Repayment method, usually "Residual Balance Sliding Principal Fixed Payment" (残高スライド元金定額払い). This is a payment method where the monthly installment is adjusted based on the remaining balance to ensure the principal repaid each month is fixed, while the total payment (including interest and principal) will vary depending on the loan balance.
毎月のお支払い元金 (Maitsuki no oshiharai gankin): Monthly principal payment amount. If the repayment method is the "Sliding Principal" one mentioned above, you don't need to worry about this item.
Then click シミュレーション開始 (Start Simulation) to see the results.
Here is the result screen for the example above, which details the amount you need to pay each month. In which:
お支払月 (Oshiharai tsuki): Payment month
お支払い金額 (Oshiharai kingaku): Total payment amount
内利息 (Uchi risoku): Interest portion included
内お支払い元金 (Uchi oshiharai gankin): Principal portion included
お支払い後残高 (Oshiharai go zandaka): Remaining balance after payment
The monthly repayment amount depends on the amount you have borrowed, as described in detail in the image below.
For example, if you are borrowing under 500,000 yen (approx. $3,330 USD), you must repay 15,000 yen (approx. $100 USD) of principal each month, plus the current interest.
Very detailed and easy to understand, isn't it? ^^
Why is FAITH more beneficial than withdrawing cash from a credit card?
When compared to the cash advance feature on credit cards, the FAITH loan offers significantly lower interest rates. While interest rates for credit card cash advances typically range from 15.00% to 18.00% annually, FAITH applies rates between only 4.40% and 12.50% annually. This means you can save a considerable amount on interest costs by choosing to use FAITH.
Does FAITH require a verification call?
FAITH does not perform a call to your workplace to verify employment as part of the standard screening process. However, depending on the evaluation of your application, there may be cases where phone contact is necessary if there are omissions in your registration information. This process is designed to protect your privacy and does not disclose your loan application information to others.
Is the FAITH loan subject to the Total Volume Control regulation?
The answer is yes. The FAITH loan complies with the Total Volume Control regulation (Souryou Kisei), which means there are limits on the amount you can borrow based on your total income.
What are the benefits of using FAITH compared to borrowing from other institutions?
Consolidating your debt into FAITH can help reduce your financial burden thanks to lower interest rates. This is particularly beneficial for those who have debts from multiple sources, helping them focus on managing debt in one place and potentially reducing interest costs.
What is the annual income requirement to apply for a FAITH loan?
The loan approval process at FAITH is based on many factors, and there is no specific income level required. The applicable criteria are that the applicant must be between 20 and 69 years old and have a stable monthly income.
Can I pay off the entire loan early?
Yes, you can absolutely pay off the entire loan before the deadline. Doing so helps you save on the interest costs that would otherwise accrue.
How long is the repayment period for a FAITH loan?
The repayment period depends on the repayment method you choose. For example, if you borrow 100,000 yen (approx. $660 USD) and pay a principal of 30,000 yen (approx. $200 USD) monthly, you will complete the repayment in about 4 months. One-time payment loans will be settled in the following month.
What happens if I make a late payment?
In the event of a late payment, you will be subject to a late payment interest rate of 20.00% annually, calculated based on the number of days the payment is overdue.
Hello everyone. I'm an IT engineer working in Japan. I created this blog to share about life and experiences during my study and work journey. I hope this article will be helpful to you.
