Lender
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Pesoloan

Advertiser Disclosure

About Lender

Pesoloan is a mobile internet full-process online loan app, aimed mainly to solve the small amount credit loan needs of individuals and small business owners in the Philippines. Borrowers can easily manage their finances, add funds to their accounts, and seamlessly send money to any bank account free of charge.

With a focus on providing accessible financial solutions, Pesoloan offers a range of online fund loan products catering to diverse needs. Prospective borrowers, aged 18 to 60 and Filipino citizens, can apply for loans ranging from ₱1,000 to ₱20,000.

Pesoloan

Key Features

  1. Flexible Loan Periods. Borrowers can choose loan periods ranging from 91 to 180 days, tailoring their repayment schedule to match their financial preferences and capabilities.

  2. Accessible Loan Amounts. Pesoloan accommodates a range of financial needs by offering a small amount loan from ₱1,000 to ₱P20,000 to any eligible borrower, empowering users to borrow according to their specific requirements.

  3. Transparent Interest Rates. The platform maintains transparency with competitive interest rates, capped at a maximum annual percentage rate (APR) of 19%, ensuring borrowers are well-informed about the cost of their loans.

  4. Convenient Application Process. The user-friendly Pesoloan app, available for download on Google Play, facilitates a straightforward application process. Borrowers can register, fill out necessary forms, and select their desired loan amount with ease.

  5. Multiple Repayment Channels. Pesoloan caters to diverse preferences by offering various repayment channels, including GCash, 7-Eleven, MLhuillier, RDPawnshop, QR Code, and Bank Transfer, providing flexibility and convenience for users.

  6. Opportunity for Higher Loan Amounts. After successful repayment, users have the chance to re-loan with a higher amount, rewarding responsible borrowers and meeting evolving financial needs.

  7. Transparent Terms and Conditions. Pesoloan places emphasis on transparency and responsible lending, encouraging users to carefully review terms and conditions as well as the disclosure statement to ensure the absence of any hidden fees before proceeding with any loan transaction.

Pros and Cons

Pros

Fast Cash. Pesoloan offers a quick and efficient approval process, with borrowers gaining access to funds within seconds of application.

Multiple Repayment Channels. Pesoloan supports various repayment channels, including GCash, 7-Eleven, MLhuillier, RDPawnshop, QR Code, and Bank Transfer, offering flexibility and convenience to borrowers.

Competitive Interest Rates. Pesoloan maintains competitive interest rates, capped at a maximum APR of 19% per year, providing borrowers with affordable lending options.

Cons

Limited Maximum Loan Amount. While Pesoloan caters to various financial needs, the maximum loan amount may be limiting for individuals with larger financial requirements.

Short Repayment Periods. The maximum repayment period of 180 days may be challenging for some borrowers, potentially impacting their ability to manage repayments.

Online Loans Only. Pesoloan operates exclusively through its online platform, which may pose a limitation for individuals who prefer or require in-person interactions for financial transactions.

Reliability

Pesoloan, operated by Masaganang Buhay Finance Philippines Corporation, demonstrates a high level of reliability in the sphere of online lending apps. The company is duly registered with the Securities and Exchange Commission (SEC) under the name Masaganang Buhay Finance Philippines Corporation, bearing the SEC Registration Number CS201824008. Moreover, it holds the Certificate of Authority No.1185, further solidifying its commitment to compliance with legal and regulatory standards. The registered address at 8F High Street South Corporate Plaza, BGC, Taguig City, Philippines, as stated in official government documents, adds an extra layer of transparency to its operations.

The credentials of Masaganang Buhay Finance Philippines Corporation instill confidence in the reliability of Pesoloan as a lending platform. The company's adherence to government regulations, coupled with its transparent disclosure statement and clear terms and conditions, positions it as a trustworthy option for borrowers seeking quick and accessible financial solutions.

How to Apply for a Pesoloan Loan?

Apply for a Loan

  1. Download Pesoloan App. Start by downloading the Pesoloan mobile app from Google Play. Ensure that you are downloading the official app to guarantee security and reliability.

  2. Account Registration. After successful installation, register for an account using your mobile number. This step is crucial for account verification and communication throughout the loan application process.

  3. Form Submission. Fill out the required forms within the app. Provide accurate and up-to-date information, as this will be crucial for the loan approval process.

  4. Approval in Seconds. Once the application is submitted, Pesoloan's efficient system will process the information, providing approval within seconds. This rapid approval ensures that users can access funds promptly.

  5. Funds Disbursement. Upon approval, the loan amount will be swiftly disbursed to the bank account you specified during the application process. This quick transfer ensures that borrowers have immediate access to the funds they need.

Conditions and Requirements

Conditions

  1. Loan Period Flexibility. Pesoloan provides borrowers with flexibility in choosing their loan periods, ranging from 91 to 180 days. This allows individuals to tailor their repayment schedule to better suit their financial circumstances.

  2. Variable Loan Amounts. Borrowers can select loan amounts according to their specific financial needs. Pesoloan offers a range from ₱1,000 to ₱20,000, accommodating diverse requirements.

  3. Competitive Interest Rates. Pesoloan maintains competitive interest rates, ensuring that borrowers benefit from affordable lending options. The maximum annual percentage rate (APR) is capped at 19% per year.

  4. Transparent Terms and Conditions. Transparency is a priority for Pesoloan. The platform provides clear and comprehensible terms and conditions, as well as a disclosure statement, allowing borrowers to make well-informed decisions.

  5. Re-Loan Opportunities. Responsible borrowers who repay their loans on time are presented with the opportunity to re-loan with higher amounts of up to ₱50,000. This feature rewards reliability and addresses evolving financial needs.

  6. Multiple Repayment Channels. Pesoloan offers various repayment channels, including GCash, 7-Eleven, MLhuillier, RDPawnshop, QR Code, and Bank Transfer. This flexibility makes it convenient for borrowers to choose a repayment method that suits their preferences.

Requirements

  1. Filipino Citizenship. Pesoloan is available exclusively to Filipino citizens, ensuring that the platform serves the local population.

  2. Age Criteria. Borrowers must be within the age range of 18 to 60 years old to be eligible for Pesoloan's loan services.

  3. Mobile App Download. To initiate the loan application process, borrowers need to download the Pesoloan mobile app from Google Play. The app serves as the gateway for managing loan applications and transactions.

Ways to Receive the Money

Upon loan approval, Pesoloan swiftly transfers the approved amount directly to the borrower's designated bank account. This method ensures a secure and quick disbursement of funds, allowing borrowers immediate access to the money.

Products

Pesoloan offers online fund loans. Borrowers can choose credit loan periods ranging from 91 to 180 days, allowing them to align the repayment schedule with their unique financial circumstances. The maximum loan amount extends from ₱1,000 to ₱20,000, providing a broad spectrum to cater to a variety of financial requirements. This product is distinguished by its low-interest rates, capped at a maximum Annual Percentage Rate (APR) of 19% per year.

For instance, a loan amount of ₱20,000 with a term of 91 days incurs a monthly interest rate of 1.58%, resulting in a total monthly payment of ₱6,983.33.

Other Loans

Reasons for Getting Rejected for a Pesoloan Loan

  1. Inaccurate or Incomplete Information. Providing inaccurate or incomplete information during the application process can lead to rejection. It is crucial for borrowers to ensure that all details entered in the application forms are accurate, up-to-date, and consistent with supporting documents.

  2. Failure to Meet Eligibility Criteria. Borrowers must meet specific eligibility criteria, including being a Filipino citizen and falling within the age range of 18 to 60. Failure to meet these criteria can result in the rejection of the loan application.

  3. Unstable Financial History. Pesoloan may assess an applicant's financial history, and a history of inconsistent income or a pattern of financial instability may contribute to rejection. Lenders often look for evidence of stable income to gauge a borrower's ability to repay the loan.

  4. Technical Issues with the Application. Technical glitches or errors during the application process may result in rejection. It's advisable for borrowers to ensure a stable internet connection and follow the application steps carefully.

How to Repay a Pesoloan Loan?

  1. Access Repayment Options. After receiving the loan, borrowers can access various repayment channels offered by Pesoloan. These channels include GCash, 7-Eleven, MLhuillier, RDPawnshop, QR Code, and Bank Transfer.

  2. Choose a Repayment Method. Select the repayment method that best suits your preferences and convenience. Pesoloan offers a range of options to cater to different borrower preferences, from digital wallets to physical locations.

  3. Initiate Repayment. Follow the specific steps for the chosen repayment channel. For instance, if using GCash, initiate the repayment process through the GCash app. If opting for a physical location like 7-Eleven or MLhuillier, visit the designated outlet to complete the repayment transaction.

  4. Provide Necessary Information. Depending on the chosen repayment channel, provide the necessary information for the transaction. This may include your Pesoloan account details, reference numbers, or QR codes.

  5. Complete the Transaction. Follow through with the transaction as guided by the chosen repayment method. Ensure that all details are accurate to facilitate a smooth and successful repayment process.

  6. Receive Confirmation. After completing the repayment, you should receive confirmation of the transaction. This confirmation serves as proof of payment and is essential for record-keeping.

  7. Review Repayment Terms. Periodically review the repayment terms outlined in your loan agreement. Understanding the repayment schedule, including due dates and amounts, helps you plan and budget effectively.

  8. Consider Re-Loan Options. For responsible borrowers who have successfully repaid their loans, Pesoloan offers the opportunity to re-loan with higher amounts. Consider this option if you need additional financial assistance.

Alternatives

JuanHand

Apply for a Loan

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.

JuanHand

Cashalo

Apply for a Loan

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.

Cashalo

SB Finance

Apply for a Loan

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.

SB Finance

Online Loans Pilipinas

Apply for a Loan

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.

Online Loans Pilipinas

Editorial Opinion

In assessing Pesoloan as an online lending platform, it is evident that the service offers a range of loan products with flexible terms, aiming to address the diverse financial needs of its users. The platform's commitment to transparency, as seen in the clear disclosure of terms and conditions, is commendable. The inclusion of various repayment channels enhances convenience for borrowers. However, it is crucial for individuals to carefully review the terms and conditions, and potential borrowers should be aware of the eligibility criteria and reasons that may lead to loan rejection. As with any financial service, users are advised to exercise prudence and fully understand the implications of borrowing before engaging with Pesoloan or any similar platform.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender in the Philippines

  1. Ensure that the lender is registered with the Securities and Exchange Commission (SEC) of the Philippines.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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

FAQ

Who owns Pesoloan?

Pesoloan is operated by Masaganang Buhay Finance Philippines Corporation, as indicated by its Securities and Exchange Commission (SEC) company name. The company is officially registered with the SEC under the registration number CS201824008 and holds the Certificate of Authority No.1185.

This signifies that Masaganang Buhay Finance Philippines Corporation is authorized and compliant with the regulatory standards set by the SEC in the Philippines.

What credit score do you need for Pesoloan?

Pesoloan and similar online lending platforms in the Philippines typically do not explicitly require a traditional credit score for loan approval. Instead, these platforms often assess a variety of factors, including the applicant's financial history, income, and ability to repay the loan.

Pesoloan tends to focus on providing accessible financial solutions to a broad range of users, including those who may not have an extensive credit history. Therefore, individuals with varying credit backgrounds may still be eligible to apply for a loan.

What bank does Pesoloan use?

Pesoloan facilitates loan repayments through a diverse array of payment channels, providing borrowers with flexibility and convenience. These options include popular digital wallets such as GCash, allowing users to make repayments seamlessly through their mobile devices. Additionally, borrowers can utilize widely accessible physical locations such as 7-Eleven and MLhuillier for in-person repayments, catering to individuals who prefer traditional payment methods. The platform also supports transactions through RDPawnshop, offering another accessible brick-and-mortar option. For those who prefer digital transactions, Pesoloan incorporates QR-code payments, further enhancing the convenience of the repayment process. Additionally, borrowers have the option of utilizing Bank Transfer as a channel, allowing for direct and secure transfers between accounts.

Does Pesoloan approve everyone?

While Pesoloan aims to provide accessible financial solutions, it's important to note that approval for a loan is not guaranteed for everyone. Like any responsible lending platform, Pesoloan evaluates various factors, including the applicant's financial history, income, and ability to repay the loan. Meeting the eligibility criteria, providing accurate information during the application process, and demonstrating financial stability can enhance the likelihood of loan approval. However, approval decisions are ultimately based on a case-by-case assessment.

Is Pesoloan a legitimate company?

As for Pesoloan's legitimacy, Pesoloan is associated with Masaganang Buhay Finance Philippines Corporation, a company registered with the Securities and Exchange Commission (SEC) under the name CS201824008. Holding the Certificate of Authority No.1185 further indicates compliance with regulatory standards.

However, it's always prudent to conduct updated research or check official sources to confirm the current legitimacy of any financial service. Borrowers should exercise due diligence, review terms and conditions carefully, and contact Pesoloan directly for specific inquiries or concerns related to their services.

Company documents

Privacy Policy
Financial products
Pesoloan
Cash Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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