In this review, CashExpress PH delve into the world of OKPeso, an online loan application that has been gaining significant attention in the Philippines. We will thoroughly examine its legitimacy, the intricacies of the loan application process, interest rates, pros and cons, customer feedback, and much more. Join us as we dissect OKPeso and determine whether it’s a viable solution for your financial needs.
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 |
Summary of OKPeso Loan App
- Loan Amount: PHP 2,000 – PHP 20,000
- Eligibility: 18 – 49 years old
- Loan Term: 96 – 365 days
- Interest Rate: 24% per annum
- Pros: Guaranteed online loan approval
- Cons: No 0% interest for the first loan
- Effectiveness Evaluation: Good
- Bad Credit: Not Allowed
OKPeso is a user-friendly loan app that offers loan amounts ranging from PHP 2,000 to PHP 20,000 for terms spanning 96 to 365 days. While the interest rate might seem relatively high at 24% per annum, it boasts guaranteed online approval, making it a convenient option for those in urgent need of financial assistance.
What is OKPeso?
OKPeso is a fast and convenient online loan application trusted by numerous customers in the Philippines. It enables borrowers to secure loans without the need for face-to-face meetings. The application process is straightforward, requiring only personal and financial information to assess your eligibility.
Pros of OKPeso App
The OKPeso app offers several advantages over traditional loan methods, including:
- Simplified Application: The process requires only one valid government-issued ID.
- Accessibility: It can be accessed from anywhere in the Philippines; all you need is a mobile phone or laptop with an internet connection.
- Quick Processing: The application is processed rapidly.
- Immediate Disbursement: Funds are transferred to your bank account immediately upon approval and online contract signing.
- Transparent Terms: Loan terms and conditions are clearly displayed on the homepage.
Cons of OKPeso Loan App
While OKPeso has its merits, it also comes with some downsides, such as:
- App Download Requirement: Borrowers are required to download the OKPeso app to their mobile phones for the loan application.
- Low Credit Limits: Credit limits are relatively low compared to traditional banks.
- Higher Interest Rates: Interest rates are higher compared to conventional bank loans.
- Additional Fees: Borrowers may incur additional service and payment fees.
- No Monthly Payment Option: There is no provision for monthly payments; loans are typically short-term.
OKPeso Interest Rate
OKPeso’s interest rates are competitive compared to other online loan applications, currently standing at approximately 24% per annum.
Example of OKPeso Interest Rate Calculation
To illustrate, suppose a customer applies for a PHP 60,000 loan with OKPeso for 12 months at an interest rate of 24% per annum:
- Monthly principal payment: PHP 60,000 / 12 = PHP 5,000
- Monthly interest payment: (PHP 60,000 x 24%) / 12 = PHP 1,200
- Total monthly payment: PHP 5,000 + PHP 1,200 = PHP 6,200
OKPeso Loan Requirements
To qualify for an online loan with OKPeso, you need to meet the following criteria:
- Filipino Citizenship: You must be a Filipino citizen.
- Age: You should be between 18 and 49 years old.
- Valid Identification: Possess valid identity documents.
- Stable Income: Have a stable source of income.
- Phone Number: Use a functioning two-way phone number.
OKPeso First Loan: To apply for your first loan, simply install the OKPeso app, complete the loan application form with personal details, upload a photo of your ID, and select the loan amount and term.
OKPeso Second Loan: For subsequent loans, log in to your existing loan account with your phone number, select the desired limit, and await approval from OKPeso Ph.
Step-by-Step Guide to Register for OKPeso Loan Application
Here’s a detailed step-by-step guide to applying for an OKPeso loan: Step #1: Download the OKPeso App
- Borrowers should download and install the OKPeso app from Google Play or the App Store to their mobile phones.
Step #2: Register a Loan Account
- Enter your phone number and verify the code sent via SMS. Agree to the app’s terms and conditions.
Step #3: Provide Personal Information
- Fill in personal information, including your name, gender, birthday, current address, marital status, occupation, income, and monthly expenses.
Step #4: Capture ID Photos
- Select the ID type, enter the ID number, and take pictures of the front and back of your ID.
Step #5: Select Loan Amount and Term
- Choose a loan limit ranging from PHP 2,000 to PHP 20,000 and a loan period of 7, 14, 91, or 210 days. Select a payment channel. Submit the loan application and await approval.
Reviews of OKPeso Online Loan App
OKPeso is an SEC-licensed online cash loan app that offers fast and convenient loan services to Filipinos. Users have found it to be a reliable option for their financial needs.
OKPeso Loan Repayment
OKPeso offers various repayment methods, including:
- Bank Payment: Deposit money into the corporate bank account provided in the app, with a payment fee of PHP 55.
- GCash or Coins: Open the app, click “Pay Bill” to access the “Loan to Repay” option, with a payment fee of PHP 50.
- Paymaya: Payment can be made through Paymaya, with a payment fee of PHP 21.
- Payment at M Lhuillier or ECPay: Visit M Lhuillier and fill out the refund form, with a payment fee of PHP 160.
- Payment at RD Pawnshop or 7-Eleven: Go to 7-Eleven and pay via the CLiQQ machine or CLiQQ app, with a payment fee of PHP 110.
Comparison with Other Loan Apps in the Philippines
Let’s compare OKPeso with other loan apps available in the Philippines:
- OKPeso: Limits: PHP 2,000 – PHP 20,000, Tenor: 96 – 365 days, Interest: 2% per month, Age: 18 – 49, Browsing time: 15 minutes, Rating: 8/10
- Cash-Express Ph: Limits: PHP 1,000 – PHP 20,000, Tenor: 7 – 14 days, Interest: 30% – 60% per month, Age: 21 – 70, Browsing time: 15 minutes, Rating: 8/10
- Vamo Ph Loan App: Limits: PHP 1,000 – PHP 30,000, Tenor: 10 – 30 days, Interest: 39% per month, Age: 20 – 65, Browsing time: 15 minutes, Rating: 8/10
OKPeso Customer Service
For complaints and inquiries, you can contact OKPeso Ph through Codeblock Lending Inc. using the following details:
- Email Address: service@okpeso.com
- Office Address: 11th Avenue Corner 39th Street Bonifacio Triangle, The Fort Global City, Metro Manila, Philippines.
FAQs – OKPeso Loan App in the Philippines
Frequently asked questions about the OKPeso loan app include:
- Is the OKPeso loan app legit? Yes, it is a licensed online loan app that complies with regulations.
- Is OKPeso SEC registered? Yes, it is registered with the Securities and Exchange Commission (SEC), with Company Registration No. CS201913681 and Certificate of Authority No. 3059.
- How to pay OKPeso using GCash? Open the GCash app, select “Pay Bills” to access the “Loans” option, enter the contract number, phone number, email, and payment amount. The channel fee is PHP 50.
In Conclusion
OKPeso loan app emerges as a legitimate and convenient online loan option in the Philippines. It offers speedy solutions to your financial needs, with funds typically disbursed within 2 to 24 hours. However, borrowers should be mindful of the interest rates and fees associated with OKPeso loans and ensure timely repayments to avoid any inconveniences.
As the financial landscape evolves, OKPeso remains a viable choice for those seeking quick and accessible financial assistance. While it may not be without its drawbacks, it offers convenience and accessibility that can be invaluable in times of urgent financial need.
Check Out Legit Online Loan Apps from Top Providers in the Philippines
|
Online Loan |
Interests |
Loan Amount |
Loan Term |
Borrower Age |
SEC License |
|
|---|---|---|---|---|---|---|
|
APR 143% |
₱1,000 - ₱25,000 |
from 3 to 6 months |
21 - 70 years |
SEC Registration No. 202003056. Certificate of Authority No. 1272 |
|
|
APR 145% |
₱500 - ₱20,000 |
from 3 to 6 months |
22+ years |
Certificate of Authority To Operate Number: 1254 |
|
|
from 0% |
₱1,000 - ₱20,000 |
from 10 days |
22 - 70 years |
Registration № CS201726430, CA №1181 |
|
|
0.16% per day |
₱500 - ₱25,000 |
from 2 to 6 months |
20 - 55 years |
SEC Registration No. CS201918702. Certificate of Authority No. 3169, NPC Registration No. PIC-001-791-2021 |
|
|
APR 84% |
₱5,000 - ₱50,000 |
from 6 to 24 months |
18+ years |
||
|
APR 365% |
₱1,000 - ₱20,000 |
7 or 14 days |
18+ years |
Company Registration No. CS201951088 and Certificate of Authority No. 2918 |
|
|
₱5,000 - ₱25,000 |
from 6 to 12 months |
18 - 68 years |
Reg No. CS201602333 |
||
|
APR 143% |
₱1,000 - ₱20,000 |
22 - 70 years |
Registration № CS201804564 |
||
|
APR from 0% to 427% |
₱500 - ₱25,000 |
from 3 to 12 months |
18+ years |
Latvian business number 43603085405 |
|
|
APR from 4% to 916% |
₱1,000 - ₱25,000 |
from 3 to 12 months |
18+ years |
||
|
from 0% |
₱1,000 - ₱50,000 |
up to 12 months |
20 - 65 years |
SEC Registration No. CS201908275 SEC Certificate of Authority No. 2990 |
|
|
APR from 30% to 365% |
₱500 - ₱25,000 |
from 91 days to 2 years |
18+ years |
||
|
from 0% |
₱1,000 - ₱25,000 |
18 - 70 years |
registration number: 14523902 |
||
|
from 0% |
₱1,000 - ₱25,000 |
18+ years |
registration number: 14523902 |
||
|
APR from 4% to 916% |
₱1,000 - ₱25,000 |
from 30 days |
18+ years |
||
|
1.3% per day |
₱1,000 - ₱30,000 |
from 30 days |
20 - 65 years |
CS20200000915 |
|
|
APR from 0% to 427% |
₱500 - ₱25,000 |
from 3 to 12 months |
18+ years |
43603085405 |
|
|
APR 180% |
₱1,000 - ₱25,000 |
from 3 to 12 months |
20+ years |
||
|
APR up to 180% |
₱1,000 - ₱25,000 |
from 3 to 12 months |
20+ years |