In search of a quick loan in the Philippines? Moca Moca Loan App promises fast financial relief with just a few taps on your phone. However, before you jump in, it’s essential to understand the risks involved. This detailed Moca Moca Loan App Review explores the app’s key features, pros, cons, legitimacy, interest rates, and how to apply. Additionally, we’ll dive into troubling complaints and determine whether Moca Moca is a safe option for borrowers.
Top 10 Fast Online Loans in Philippines – A Valid ID is All You Need Updated in October 2024
| Rank | Lender Name & Application Link | Loan Amount | Loan Term | Interest Rate | Repayment | ID Required | Age Range | Special Feature |
|---|---|---|---|---|---|---|---|---|
| #1 |
SOSCREDIT |
₱1,000 – ₱25,000 | 3 – 12 months | 0% for first loan | Monthly or End of term | Only ID Card required | 20 – 70 | Receive money in 15 mins |
| #2 |
CREDIFY |
₱1,000 – ₱25,000 | 3 – 12 months | 0% for first loan | Monthly or End of term | Only National ID required | 20 – 70 | Receive money in 15 mins |
| #3 |
CREZU |
₱1,000 – ₱25,000 | 2 – 4 months | 0% for first loan | Monthly or End of term | Only ID Card required | 18 – 70 | Easy loan approval |
| #4 |
FINBRO |
₱1,000 – ₱50,000 | 1 – 12 months | 0% for first loan | Monthly or End of term | Only ID Card required | 20 – 65 | Receive money in 10 mins |
| #5 | CREDITIFY Apply Now |
₱1,000 – ₱25,000 | 1 – 180 days | 0.1% | Monthly or End of term | Only ID Card required | All accepted | Approve Bad credit |
| #6 | CASHSPACE Apply Now |
₱1,000 – ₱25,000 | 2 – 4 months | 0% for first loan | Monthly or End of term | Only ID Card required | 18 – 70 | Easy loan approval |
| #7 | DIGIDO Apply Now |
₱1,000 – ₱25,000 | 3 – 6 months | 0% for 7 days | Monthly or End of term | Only ID Card required | 21 – 70 | Receive money in 4 mins |
| #8 | KVIKU Apply Now |
₱500 – ₱25,000 | 60 – 180 days | 1.2% per month | Monthly or End of term | Only ID Card required | 18 – 65 | Receive money in 5 mins |
| #9 | CASHEXPRESS Apply Now |
₱1,000 – ₱20,000 | 7 – 30 days | 0% for first loan | End of term | Only ID Card required | 21 – 70 | Receive money in 5 mins |
| #10 | MONEYCAT Apply Now |
₱500 – ₱20,000 | 7 – 180 days | 0% for first loan | End of term | Only ID Card required | 22 – 65 | Easy loan approval |
Moca Moca Loan App Overview
Moca Moca has positioned itself as a go-to platform for Filipinos looking for quick, short-term loans. The app is available for both Android and iOS users, allowing them to apply without visiting a physical branch. However, while it offers convenience, several red flags need to be considered before applying.
Key Features
- Fast Approvals: One of the main selling points of Moca Moca is the speed of its loan approvals and fund disbursements. Applications are reviewed quickly, with funds potentially available within hours of approval.
- Mobile Application: Moca Moca is entirely app-based, meaning you can apply from the comfort of your home or on the go. All you need is a smartphone, an internet connection, and the app.
- Flexible Loan Amounts: The platform offers a variety of loan amounts, tailored to the borrower’s needs. Exact limits can be found on their official website, though terms may vary depending on individual credit profiles.
Pros
- Convenience: No need to visit a physical branch; all transactions are completed online.
- Speed: Moca Moca can approve loans quickly, making it an attractive option for those facing urgent financial needs.
- Accessibility: For individuals with poor credit histories, Moca Moca may still be an option, especially if traditional banks have denied their applications.
Cons
- High Interest Rates: Expect significantly higher interest rates compared to traditional banks, which may range between 15% to 20%, or even higher depending on your loan amount and credit risk profile.
- Short Repayment Terms: Borrowers often face tight repayment deadlines, which can lead to financial strain, especially if funds are not repaid on time.
- Complaints of Harassment: Perhaps the most alarming issue with Moca Moca is the numerous complaints of aggressive collection practices. Many users report being harassed through excessive phone calls, threats, and contacting their personal networks.
Common Complaints About Moca Moca in the Philippines
A significant number of complaints have surfaced online, with users alleging that Moca Moca uses unethical debt collection tactics. These include relentless phone calls, threatening messages, and contacting friends or family members to pressure repayment. Borrowers are advised to be cautious, especially if there’s a possibility of delays in repayment.
Is Moca Moca Legitimate?
Moca Moca is a registered entity with the Securities and Exchange Commission (SEC) in the Philippines, holding Registration No. CS202005284 and Certificate of Authority No. 3116. While this registration offers a degree of legitimacy, the company’s reported practices raise serious concerns about its ethical standards and borrower protection.
Moca Moca Loan Interest Rates in the Philippines
Interest rates with Moca Moca are variable and can depend on the loan amount, borrower’s credit profile, and other factors. However, borrowers should be prepared for interest rates that typically hover between 15% to 20%, with possible additional fees. Always check and confirm the exact cost of borrowing before signing any agreement to avoid hidden charges.
How to Apply for a Moca Moca Loan
If you decide to proceed with Moca Moca, here’s a step-by-step guide to the application process.
Eligibility Requirements:
- Filipino citizen
- Minimum of 21 years old
- Valid government-issued ID
- Proof of income (may be required)
- Active mobile number
Step-by-Step Application Process:
- Download the App: Moca Moca is available on both the Google Play Store and the Apple App Store.
- Create an Account: Register using your mobile number and provide personal details.
- Complete the Loan Application: Specify the desired loan amount, your income details, and the purpose of the loan.
- Upload Necessary Documents: Submit clear photos of your valid ID and proof of income (if required).
- Submit Your Application: Once all information is submitted, you’ll await approval. Decisions are often made within the same day.
Required Documentation:
- A valid government-issued ID such as a passport, SSS ID, or driver’s license.
- Proof of income, such as payslips or bank statements, may be necessary to verify your ability to repay the loan.
Who Should Consider Using the Moca Moca Loan App?
Moca Moca loans may be suitable for individuals who:
- Need a small amount of money urgently.
- Have been denied loans from traditional banks.
- Fully understand the costs involved, including high interest rates and potential fees, and are prepared for the short repayment period.
However, Moca Moca should be considered a last-resort option due to the high interest rates and the potential for aggressive collection practices if you miss payments.
Alternatives to Moca Moca Loan
Before applying with Moca Moca, consider these alternatives:
- Traditional Banks: Explore personal loan options from established banks, which typically offer lower interest rates and more favorable repayment terms.
- Reputable Online Lenders: Platforms like Tala and Cashalo are popular in the Philippines and may offer better interest rates and customer service.
- Family or Friends: Borrowing from a trusted friend or family member can save you from high interest rates and the risk of harassment from loan collectors.
Harassment Allegations in the Philippines
The issue of harassment should not be taken lightly. Numerous reports suggest that Moca Moca resorts to unethical collection methods, including harassment and threats. Borrowers who are not confident in their ability to repay on time should consider the significant emotional and reputational risks before proceeding with a loan.
Conclusion: Should You Use Moca Moca?
Moca Moca Loan App offers a fast and convenient way to access money, but the associated costs and risks are substantial. With high interest rates, short repayment periods, and a growing list of complaints about unethical practices, borrowers should be cautious. It’s advisable to exhaust all other borrowing options—such as traditional banks or more reputable online lenders—before turning to Moca Moca. If you do decide to use this app, do so with full awareness of the potential downsides, including financial strain and the risk of harassment.