Peso Buffet Loan App Review Philippines: Is It Legitimate? Pros, Cons, and User Complaints

Are you looking for a quick cash loan in the Philippines? Peso Buffet Loan App is one option you might come across. Here, we break down the essential details of the Peso Buffet Loan App, from its key features to its pros, cons, and user complaints, so you can make an informed decision.

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Top 10 Fast Online Loans in Philippines – A Valid ID is All You Need Updated in November 2024 

Rank Lender Name & Application Link Loan Amount Loan Term Interest Rate Repayment ID Required Age Range Special Feature
#1

SOSCREDIT
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₱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
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CREDIFY
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₱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
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CREZU
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₱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
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FINBRO
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₱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
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₱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
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₱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
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₱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
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₱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
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₱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
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₱500 – ₱20,000 7 – 180 days 0% for first loan End of term Only ID Card required 22 – 65 Easy loan approval

Peso Buffet Loan App Overview

Peso Buffet is a mobile app that provides short-term loans, targeted at users needing fast access to funds. The app is known for its rapid loan processing but has faced criticism for hidden fees and high effective interest rates.

Key Features

  • Fast Loan Approval: The app advertises a quick loan approval process, catering to users in urgent need of cash.
  • Low Starting Loan Amounts: Loan offers typically start around ₱3,000, which may be suitable for small, short-term financial needs.
  • Convenient Disbursement: Funds are transferred via GCash, one of the most popular mobile wallets in the Philippines.

Pros

  • Quick and Easy Application: Compared to traditional banks, the app promises a faster application and approval process, which is ideal for borrowers who prioritize convenience and speed.
  • No Collateral Requirement: As an unsecured loan, Peso Buffet does not require collateral, making it accessible to those without assets.

Cons

  • Hidden Fees and High Effective Interest Rates: Peso Buffet markets a “0% interest rate,” but in reality, multiple fees are applied—including account management, platform, and credit evaluation fees—which significantly increase the effective cost of the loan. Many users have reported that these fees lead to unexpectedly high repayment amounts.
  • Transparency Concerns: Reviews indicate that some users were surprised by the high costs due to unclear fee disclosures.

Is Peso Buffet Legit?

Yes, Peso Buffet is a registered company in the Philippines and operates as a legitimate loan provider. However, its loan structure has drawn significant complaints from borrowers, primarily due to hidden fees and aggressive collection practices. It’s essential to read the terms thoroughly before committing to a loan with this app.

Peso Buffet Loan Interest Rate in the Philippines

Peso Buffet promotes a 0% interest rate; however, the added fees often lead to an overall effective interest rate that is substantially higher than those offered by traditional lenders. Depending on your loan amount and term, you may find that the effective interest rate could be a lot higher than anticipated, so it’s crucial to account for all costs before agreeing to the loan.

How to Apply for a Peso Buffet Loan

Eligibility Requirements:

  • Age: At least 18 years old.
  • Nationality: Must be a Filipino citizen.
  • ID Requirements: A valid Philippine ID is necessary.

Step-by-Step Application Guide:

  1. Download the App: Access the Peso Buffet Loan App through the Google Play Store.
  2. Create an Account: Complete registration and fill out the loan application form.
  3. Submit and Wait for Approval: After submission, wait for your loan to be reviewed.
  4. Review Loan Agreement: If approved, carefully go through the loan terms, particularly the breakdown of fees.
  5. Confirm and Disbursement: Upon acceptance, funds will be disbursed to your GCash account.

Required Documentation:

  • Valid ID: Accepted IDs include SSS ID, PhilHealth ID, or other government-issued IDs.
  • Selfie with ID: As part of identity verification, you’ll need to submit a selfie holding your valid ID.

Who Should Consider Using the Peso Buffet Loan App?

Peso Buffet may be an option for those needing a fast, small loan with minimal application requirements. However, users should be cautious due to the high effective costs. This app might suit borrowers who prioritize speed and don’t mind the higher fees, but it’s likely less suitable for individuals seeking low-cost, long-term financing.

Alternatives to Peso Buffet Loan App

There are several alternatives to consider if you’re looking for more transparent terms or lower interest rates:

  • Microfinance Institutions: Regulated by the Bangko Sentral ng Pilipinas (BSP), these institutions offer loans with clearer terms and often provide support for small-scale borrowers.
  • Traditional Banks: For larger loans or longer repayment terms, banks offer personal loans that typically come with lower interest rates for eligible borrowers.
  • Peer-to-Peer Lending: Some lending platforms offer loans with relatively lower fees, though it’s essential to verify their credibility and terms.

Peso Buffet Harassment Complaints

Some borrowers have reported harassment from Peso Buffet’s collection agents. Complaints include frequent calls, text messages, and aggressive reminders. If you’re considering a loan from this app, keep in mind the potential for persistent collection efforts in the case of late payments. Be prepared and ensure you fully understand the repayment terms to avoid unexpected interactions with collection agents.

Conclusion

Peso Buffet Loan App provides quick cash access, but the hidden fees and elevated effective interest rates make it a costly option. If you’re considering using Peso Buffet, it’s essential to weigh the benefits against the costs and read the terms thoroughly. Exploring other lenders with more transparent terms and lower fees may save you money in the long run. Remember, borrowing should always be approached cautiously.

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