OKPeso Loan App Review 2024: Legit or Not? Low Interest Rate? Harassment
In the modern world, where financial needs often arise unexpectedly, online loan apps have become a popular solution for individuals seeking quick access to funds. One such app that has gained attention is the OKPeso loan app.
In this review, CashExpress PH will delve into various aspects of the OKPeso loan app, including its legitimacy, interest rates, application process, pros and cons, repayment methods, customer service, and more. By the end of this article, you will have a clear understanding of whether the OKPeso loan app is the right choice for your financial needs.
Summary of OKPeso Loan App
To begin, let’s summarize the key details of the OKPeso loan app:
- Review: OKPeso Loan App
- Guide: How to Register to OKPeso App Philippines
- Loan Amount: PHP 2,000 – PHP 20,000
- Age Requirement: 18 – 49 years old
- Loan Term: 96 – 365 days
- Interest Rate: 24% per year
- Pros: Guaranteed online loan approval
- Cons: No 0% interest for first loan
- Effectiveness: Good
- Bad Credit: Not Allowed
- Feedback: Read more in this article
- OKPeso App Download (APK): https://www.okpeso.com/
Now that we have an overview of the key details, let’s explore the OKPeso loan app in more detail.
What is OKPeso?
OKPeso is a reputable and convenient hot money loan application that has gained the trust of numerous customers. It allows individuals to borrow money online without the need for face-to-face meetings or lengthy paperwork. The loan application process is simple, requiring borrowers to provide personal and financial information to assess their credibility. The loan amounts offered by OKPeso range from PHP 2,000 to PHP 20,000, with flexible repayment terms spanning from 96 days to 365 days.
Pros & Cons of OKPeso Loan App
Pros of OKPeso Loan App
The OKPeso loan app offers several advantages over traditional loan methods:
- Simplified Application Process: The loan application process is straightforward, requiring only a valid government-issued personal identification document (ID).
- Convenient Online Application: Individuals can easily apply for loans through the OKPeso app at any time and from anywhere in the Philippines. All that is needed is a mobile phone or laptop with an internet connection.
- Fast Processing Time: OKPeso ensures a quick application browsing time, allowing borrowers to receive disbursements into their bank accounts immediately after loan approval and online contract signing.
- Transparent Terms and Conditions: The loan terms and conditions are clearly published on the OKPeso homepage, providing borrowers with a clear understanding of their financial obligations.
Cons of OKPeso Loan App
While the OKPeso loan app offers various advantages, there are some limitations to consider:
- App Download Requirement: Borrowers are required to download and install the OKPeso app on their mobile phones to complete the loan application process.
- Credit Limit Restrictions: The credit line for online loans through the OKPeso app is not exceptionally high.
- Higher Interest Rates: The interest rates for borrowing through OKPeso may be higher compared to traditional bank mortgage rates.
- Additional Fees: Borrowers may incur additional service fees and payment fees, which should be taken into account when considering the overall cost of borrowing.
- No Monthly Payment Option: Unlike some other online loan apps in the Philippines, OKPeso does not offer a monthly payment option for loans.
OKPeso Interest Rate
According to our analysis and OKPeso loan app reviews, the interest rates offered by OKPeso are quite favorable when compared to other online loan applications in the market. Currently, the interest rate stands at approximately 24% per year.
Example of OKPeso Interest Rate Calculation
To provide a clearer understanding of how interest rates are calculated with OKPeso, let’s consider an example. Suppose a customer applies for a loan of PHP 60,000 through OKPeso for a duration of 12 months with an interest rate of 24% per year. The interest and principal amounts payable in one month would be as follows:
- Principal Amount Payable in 1 Month: PHP 60,000 / 12 = PHP 5,000
- Interest Amount Payable in 1 Month: PHP 60,000 x 24% / 12 = PHP 1,200
- Total Amount Payable in 1 Month: PHP 5,000 + PHP 1,200 = PHP 6,200
OKPeso Loan Requirements
To borrow money online through the OKPeso loan app, individuals must fulfill certain requirements. These include being a Filipino citizen between the ages of 18 and 49, possessing valid identification documents, having a stable source of income, and providing a working mobile phone number.
OKPeso First Loan:
- Install the OKPeso App and complete the loan application form by providing personal information.
- Upload a photo of your identification document (ID).
- Choose the desired loan amount and term.
OKPeso Subsequent Loans:
- Log back into your loan account using your phone number.
- Select the desired loan limit and wait for approval from OKPeso Ph.
Guide to Register on the OKPeso Loan Application Step-by-Step
To successfully apply for a loan through the OKPeso loan app, follow these step-by-step instructions:
- Step 1: Download the OKPeso App Download and install the OKPeso app from Google Play or the App Store on your mobile phone.
- Step 2: Register a Loan Account Enter your phone number and input the verification code sent via SMS. Agree to the terms and conditions of the OKPeso loan app.
- Step 3: Provide Personal Information Fill in the required information, such as your name, gender, birthday, current address, marital status, occupation, income, and monthly living expenses.
- Step 4: Capture an Image of Your ID Select the type of identification document, enter the ID number, and take photos of both the front and back of the ID.
- Step 5: Select Loan Amount and Term Choose the desired loan amount ranging from PHP 2,000 to PHP 20,000, and select a loan period of 7, 14, 91, or 210 days. Additionally, select a preferred payment channel. Once all the details are entered, submit the loan application and await approval.
Reviews and Feedback on OKPeso Online Loan App
According to various OKPeso app reviews, the OKPeso loan app is licensed by the Securities and Exchange Commission (SEC), ensuring its legality. It provides fast and convenient loan services to Filipinos, addressing their financial needs efficiently.
OKPeso Loan Repayment
OKPeso offers multiple methods for loan repayment, including:
- Bank Payment: Borrowers can deposit money into the designated corporate bank account provided in the app. A payment fee of PHP 55 is applicable.
- Payment via GCash, Coins.ph: Users can open the app, click “Pay Bill,” and access the “Loan to Repay” option. This method incurs a payment fee of PHP 50.
- Payment via PayMaya: A payment fee of PHP 21 is charged for this method.
- Payment at M Lhuillier, ECPay: Borrowers can visit M Lhuillier, fill out the refund form, and make the payment with a fee of PHP 160.
- Payment at RD Pawnshop, 7-Eleven: Individuals can make the payment at participating RD Pawnshop locations or 7-Eleven stores using the CLiQQ machine or app, with a payment fee of PHP 110.
Comparison of OKPeso Loan App Philippines with Other Loan Apps
To provide a broader perspective, let’s compare the OKPeso loan app with other loan apps in the Philippines:
| Loan App | OKPeso Loan App | Cash-Express Ph | Vamo Ph Loan App |
|---|---|---|---|
| Amount | PHP 2,000 – PHP 20,000 | PHP 1,000 – PHP 20,000 | PHP 1,000 – PHP 30,000 |
| Term | 96 – 365 days | 7 – 14 days | 10 – 30 days |
| Interest | 2% per month | 30% – 60% per month | 39% per month |
| Age | 18 – 49 years old | 21 – 70 years old | 20 – 65 years old |
| Processing Time | 15 minutes | 15 minutes | 15 minutes |
| Rating Review | 8/10 | 8/10 | 8/10 |
OKPeso Customer Service
If you have any complaints or queries related to OKPeso, you can reach out to Codeblock Lending Inc., the company behind the OKPeso loan app. They can be contacted via:
- 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
To address common questions about the OKPeso loan app, here are some frequently asked questions:
Is the OKPeso loan app legit?
Yes, the OKPeso loan app is a legal online loan platform that has been licensed to provide financial services in compliance with regulations and legal requirements. OKPeso ensures transparency by adhering to regulations regarding interest rates, fees, and loan conditions, providing clear and reliable information to borrowers.
Is OKPeso SEC registered?
Yes, OKPeso is an online loan application developed by Codeblock Lending Inc. The financial performance of OKPeso is registered with the Securities and Exchange Commission (SEC), a government agency mandated to regulate and develop the Nigerian Capital Market. The company is registered under the company registration number CS201913681, and holds the Certificate of Authority number 3059.
How to pay OKPeso using GCash?
To make payments to OKPeso using GCash, follow these steps:
- Open the GCash app.
- Select “Pay Bills” and navigate to the “Loans” option.
- Enter the contract number, phone number, email, and payment amount.
- A payment fee of PHP 50 is applicable.
- Ensure timely payment to avoid any potential harassment and the associated high late payment fees.
- Conclusion – Should You Apply to the OKPeso Loan App in the Philippines?
After analyzing various aspects of the OKPeso loan app, including its legitimacy, interest rates, application process, and customer feedback, it is evident that OKPeso is a viable option for individuals seeking online loans in the Philippines. With its guaranteed loan approval, transparent terms and conditions, and fast processing times, OKPeso offers a convenient solution for immediate financial needs. However, borrowers should carefully consider the interest rates, fees, and repayment terms associated with the OKPeso loan app before making a decision.