Are you looking for a fast and convenient way to borrow money in the Philippines? PesoCash, a mobile loan app, provides quick access to short-term loans through a simple digital process. But is PesoCash the right choice for your financial needs, and is it trustworthy? This in-depth review explores the features, benefits, drawbacks, and user experiences with PesoCash to help you make an informed decision.
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 |
₱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 |
Overview of PesoCash Loan App in the Philippines
PesoCash specializes in offering small, short-term loans to Filipinos through its easy-to-use mobile app. The platform is designed to streamline the application process, making it an appealing option for individuals who need cash urgently and want a fully online experience.
Key Features:
- Loan Amounts: Ranging from ₱1,000 to ₱10,000.
- Loan Terms: From 7 to 30 days, catering to short-term needs.
- Application Process: Entirely online, accessible anytime via the PesoCash app.
Benefits of Using PesoCash
Pros:
- Fast and Convenient: PesoCash’s app allows you to apply for a loan anytime, anywhere, providing an accessible solution for urgent financial needs.
- Simple Approval Process: Known for being user-friendly, PesoCash offers a relatively easy approval process compared to traditional banks.
- No Collateral Required: Loans are unsecured, meaning you don’t need to risk personal assets to get approved.
Drawbacks of PesoCash Loans
Cons
- High Interest Rates: PesoCash’s interest rates are typically much higher than traditional banks, which may make the loan costlier than expected.
- Short Repayment Terms: With a repayment period of 7 to 30 days, it can be challenging for some borrowers to repay the loan in full on time, increasing the risk of accumulating debt.
- User Complaints: There are reports of unexpected fees, aggressive collection practices, and sometimes even harassment from PesoCash collectors (explained in more detail below).
Common PesoCash Complaints in the Philippines
PesoCash has received various complaints from users regarding its collection methods. Here are some issues raised:
- Hidden Fees: Some users report being surprised by additional fees beyond the initial interest rates.
- Aggressive Collection Tactics: There are allegations of rude or harassing behavior from debt collectors, which can be distressing for borrowers.
Understanding these concerns is essential before deciding to apply for a PesoCash loan.
Is PesoCash Legit?
Yes, PesoCash is a legitimate loan provider, registered with the Securities and Exchange Commission (SEC) in the Philippines, with registration number CS201900197. However, it’s crucial to weigh the high interest rates and collection practices carefully before proceeding with a loan.
PesoCash Loan Interest Rates in the Philippines
PesoCash’s interest rates are not displayed on the app itself, leading some borrowers to be unsure of the total cost of their loan. Based on user feedback, rates can range from 18% to 36% APR, making them considerably higher than typical bank loans. This makes it essential to read the terms carefully before applying.
How to Apply for a PesoCash Loan
Eligibility Requirements:
- Filipino Citizen: Applicants must be at least 18 years old.
- Valid ID: You’ll need a government-issued ID for verification.
- Source of Income: While income verification might not be strictly enforced, having a steady income is advisable.
Step-by-Step Application Guide:
- Download the App: Find “PesoCash” on the Google Play Store or Apple App Store and install it.
- Create an Account: Complete the registration form with your personal details.
- Apply for a Loan: Choose your desired loan amount and term.
- Wait for Approval: PesoCash will review your application and notify you of their decision.
- Receive Funds: If approved, funds will be credited to your bank account or mobile wallet, after processing fees are deducted.
Required Documentation:
- Valid ID (e.g., UMID, Passport, Driver’s License).
- Selfie with ID: A photo holding your ID may be required.
Who Should Consider a PesoCash Loan?
PesoCash is best suited for Filipinos who need a small loan for emergency expenses and are aware of the high interest and short repayment period. Prospective borrowers should have a clear repayment plan to avoid falling into a cycle of debt.
Alternatives to PesoCash Loans
Before committing to a PesoCash loan, consider these other options:
- Microloans from Banks or Credit Unions: Many banks offer small loan programs with lower interest rates.
- Borrow from Friends or Family: A loan from someone you know can be more affordable, although it may come with personal considerations.
- Government Assistance Programs: The Philippine government provides various financial assistance programs for those in need.
What to Do If You Experience Harassment from PesoCash Collectors
If you face harassment from PesoCash or any collection agent, consider these steps:
- Document Communications: Keep records of all messages or calls, noting times, dates, and details.
- Report to SEC: You can file a report with the Securities and Exchange Commission (SEC) in the Philippines.
- Seek Legal Advice: If necessary, consult with a lawyer to understand your rights.
Conclusion
PesoCash offers a quick and accessible solution for short-term loans in the Philippines. However, potential borrowers should carefully weigh the high interest rates, short repayment terms, and possibility of aggressive collection practices. Explore other financial options before choosing PesoCash, and ensure you have a clear plan for repaying the loan on time to avoid complications.