About Lender
PesoCash, a financial technology company based in the Philippines, provides unsecured online loans to individuals who may face challenges accessing traditional banking services. Recognized as one of the earliest online lending platforms, PesoCash operates under the umbrella of MyLoan Lending Investors Inc., a lending company duly registered with the Securities and Exchange Commission.
The PesoCash app serves as a convenient platform for individuals looking to borrow money swiftly. Through this platform, users can initiate a loan application, and upon successful approval, the borrowed funds are promptly transferred to their designated bank accounts or mobile wallets. This streamlined process aligns with the company's commitment to meeting the financial needs of its clients efficiently.
Key Features
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Maximum Loan Amount of PHP 10,000. PesoCash offers users the flexibility to borrow up to PHP 10,000, providing financial assistance for various short-term needs. This maximum loan limit caters to a range of financial requirements, ensuring that users can access the funds they need.
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Quick Access to Funds. One of the standout features of PesoCash is its commitment to providing swift access to funds. Once a user's loan application is approved, the borrowed amount is promptly disbursed, minimizing waiting times and addressing urgent financial needs effectively.
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Online Application Process. PesoCash simplifies the borrowing experience through its user-friendly online application process. The platform's digital interface allows users to initiate loan applications from the comfort of their homes or on the go, streamlining the entire borrowing journey.
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Short-Term Loans. PesoCash specializes in short-term loans, recognizing the need for quick and manageable financial solutions. Whether users are facing unexpected expenses or need extra funds for a short duration, PesoCash's short-term loan options provide a practical and accessible solution.
Pros and Cons
Pros
Cons
Reliability
PesoCash, operating under the name MyLoan Lending Investor Inc., positions itself as a reliable financial service provider. The company holds a Certificate of Authority to Operate a Financing/Lending (CA) with Company Number NO.2866, emphasizing its commitment to regulatory compliance. The PSEC Registration No. CS201900197 further adds to the company's legitimacy within the financial sector.
How to Apply for a PesoCash Loan?
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Download the App. Begin by downloading the PesoCash app on your mobile device. The app is the gateway to accessing PesoCash's online loan services.
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Create an Account. Once the app is installed, create a personal account. During this process, you will be prompted to enter your phone number and create a secure password. Ensure that the phone number provided is associated with a stable mobile number for verification purposes.
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Complete Your Profile. After successfully creating your account, take a moment to complete your profile. This step may involve providing additional personal information and details that are crucial for the loan application process.
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Apply for a Loan. With your account set up and profile completed, proceed to the loan application section within the app. Enter the desired loan amount and choose the preferred loan term based on your financial needs and repayment capabilities.
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Submit Your Application. Once you've entered the required loan details, review the information to ensure accuracy. After confirming the details, submit your loan application through the app.
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Wait for Approval. After submitting your application, PesoCash will review your request. If approved, the borrowed funds will be disbursed to your designated bank account or mobile wallet.
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Repayment. Keep track of your monthly repayment obligations, as outlined in the monthly repayment bill. PesoCash typically provides transparent information about interest rates, loan limits, and repayment terms, allowing you to manage your finances effectively.
Conditions and Requirements
Conditions
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Loan Amounts. Borrowers can access loan amounts of up to PHP 10,000. This maximum amount caters to a range of financial needs, offering users the flexibility to borrow according to their specific requirements.
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Loan Terms. PesoCash offers loan terms spanning several months, providing borrowers with the option to choose a repayment period that aligns with their financial capacity and preferences. This flexibility aims to make the repayment process more manageable for users.
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Interest Rates. The interest rates for PesoCash are calculated on a daily basis at a rate of 0.05%. When annualized, this corresponds to a maximum APR of 18.25%. This transparent approach to interest calculation allows borrowers to understand the cost of their loans and plan their repayments accordingly.
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Transparent Repayment Structure. PesoCash typically provides a clear total repayment bill, outlining the repayment amount, including transaction fee, service fee, and total interest fees. This transparency enables borrowers to plan their budgets effectively and ensures there are no hidden fees or surprises in the repayment process.
Requirements
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Age. Applicants must be at least 20 years old to qualify for a PesoCash loan.
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Citizenship. Applicants need to be Filipino citizens with a valid home address in the Philippines. This ensures that the loan services are accessible to residents of the country.
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Employment Status. PesoCash extends its loan services to individuals who are currently employed, self-employed, OFW/Seafarer's Allottee, or those with a steady income. This inclusivity in employment criteria widens the accessibility of loans to various income sources.
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Valid Mobile Phone Number. A crucial requirement is having a valid mobile phone number. This is necessary for communication purposes and verification during the loan application process.
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Valid Email. Applicants need to have a valid email address. This serves as another communication channel and is essential for receiving updates and notifications related to the loan application.
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Government ID. One of the key requirements is the possession of at least one valid Government ID. This could include but is not limited to a driver's license, passport, Social Security System (SSS) ID, or any other government-issued identification that validates the applicant's identity.
Ways to Receive the Money
PesoCash commonly facilitates fund disbursement through bank transfers. Once your loan is approved, the borrowed amount is transferred directly to your designated bank account. Ensure that you provide accurate and up-to-date bank details during the application process to facilitate a smooth transaction.
PesoCash may also offer the option to receive funds through mobile wallet platforms. If you prefer this method, make sure to link your mobile wallet account during the application process. The funds will be credited to your mobile wallet, providing a convenient and accessible way to access the borrowed amount.
Products
PesoCash offers unsecured online loans with a maximum loan amount of PHP 10,000. These cash loans are designed to provide quick and accessible financial assistance to individuals facing unexpected expenses or needing funds for various purposes. The loan terms typically span several months, providing borrowers with flexibility in repayment.
The emphasis on cash loans aligns with PesoCash's commitment to addressing immediate financial requirements and offering a straightforward borrowing process. Borrowers can apply for loans through the PesoCash app, and if approved, the funds are disbursed directly to their designated bank accounts, mobile wallets, or through other specified channels.
Other Loans
- Online Loans. Quick Financial Solutions
- Personal Loans. Discover Your Ideal Financial Partner in the Philippines
- Cash Loans. Your Choices for Immediate Funds
- Quick Loans. Explore Rapid Financial Solutions
- Fast Approval Loans in the Philippines. Streamlined Financial Assistance
Reasons for Getting Rejected for a Loan
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Insufficient Income. If the lender determines that your income is not sufficient to cover the loan amount requested, it may lead to a refusal. Lenders typically assess the debt-to-income ratio to ensure that borrowers have the financial capacity to repay the loan.
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Unstable Employment. Lenders may be hesitant to approve a loan if the applicant has an unstable employment history. A consistent and stable source of income is often a key factor in the approval process.
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Incomplete Documentation. Failure to provide complete and accurate documentation during the application process can lead to a loan refusal. Lenders rely on the information provided to assess the applicant's eligibility and financial stability.
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Existing Debt Levels. High levels of existing debt may raise concerns for lenders, as it can affect the borrower's ability to manage additional financial obligations. Lenders may consider the applicant's debt-to-income ratio when evaluating the loan application.
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Inconsistent Information. Discrepancies or inconsistencies in the information provided in the application may lead to suspicion and result in a loan refusal. Lenders prioritize accuracy and reliability in the information presented.
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Regulatory Compliance Issues. Lenders must comply with regulatory requirements, and if an applicant does not meet certain criteria or if the loan purpose is not in line with regulations, it may lead to refusal.
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Poor Loan Repayment History. If the applicant has a history of defaulting on previous loans or has a poor repayment record, lenders may be reluctant to extend additional credit.
How to Repay a PesoCash Loan?
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Access Your Account. Log in to your PesoCash account through the online app. Ensure that you have the necessary login credentials, including your registered phone number and password.
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Review Repayment Details. Once logged in, navigate to the repayment section or dashboard. Review the repayment details, including the total amount due, the due date, and any additional fees or charges.
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Choose a Repayment Channel. PesoCash usually provides multiple repayment channels for added convenience. Choose the repayment channel that best suits your preferences.
Alternatives
JuanHand
JuanHand offers online loans in the Philippines, providing individuals with access to up to ₱15,000 for a repayment period of up to 3 months. The lending platform stands out with competitive interest rates ranging from 9% to 12%. With a focus on simplicity and convenience, JuanHand aims to meet the short-term financial needs of borrowers through a streamlined application process and timely disbursement of funds.
Cashalo
Cashalo is a prominent player in the online lending landscape in the Philippines, offering loan amounts ranging from ₱1,000 to ₱7,000 with repayment terms extending up to 90 days. Known for its accessibility, Cashalo provides borrowers with a starting interest rate of 3.95%. The platform's commitment to financial inclusion is evident in its user-friendly app, quick approval processes, and the flexibility it provides to individuals seeking smaller loan amounts for various purposes.
SB Finance
SB Finance stands as a significant financial institution in the Philippines, providing substantial loan amounts ranging from ₱30,000 to ₱2 million. With flexible repayment periods spanning 2 to 48 months, borrowers can tailor their loan terms to fit their financial goals. SB Finance boasts competitive interest rates, starting at 1.2% and going up to 3.5%. This lending institution combines the strength of its parent company with a commitment to offering diverse loan products to meet the evolving needs of Filipino borrowers.
Online Loans Pilipinas
Online Loans Pilipinas caters to a range of borrowing needs with initial loan amounts of ₱1,000 to ₱7,000 for first-time borrowers. Repeat borrowers can access higher loan amounts, reaching up to ₱30,000. This lending platform emphasizes a quick turnaround, with loan terms starting at 10 days. Notably, Online Loans Pilipinas distinguishes itself by not imposing any processing fees for first-time borrowers, providing an incentive for those exploring online lending options for the first time.
Editorial Opinion
Important
How to Choose a Lender in the Philippines
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Ensure that the lender is registered with the Securities and Exchange Commission (SEC) of the Philippines.
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Investigate if the lender is a member of recognized industry associations in the Philippines, such as the Chamber of Thrift Banks or the Philippines Finance Association.
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Carefully examine all terms and conditions of your loan contract. This includes understanding the repayment schedule, fees, and any penalties for late or missed payments.
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Payday loans can have high-interest rates. Make sure the contract clearly outlines the interest rate and total cost of the loan, including any processing fees or additional charges.
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Familiarize yourself with your rights regarding cancellation. In the Philippines, consumers may have the right to rescind the loan within a specific period after signing the agreement.
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Research the lender's reputation through customer reviews, complaints, and feedback available online.
Methodology
At Finanso, we've carried out a comprehensive analysis of over 50 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
We carefully considered the most critical factors in selecting a lender in each category. These factors include interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
Sources
- PesoCash 26.12.2023
