About lender
PesoQ is one of the few financial platforms in the Philippines that offers a 24/7 online cash loan from anywhere in the country. PesoQ has been operating in the Philippines since 2018, and is owned by U-Peso Lending Investors Corp.
PesoQ is a financial institution that provides Filipinos with fast cash loans. Available to all Filipino citizens via its mobile app, the loan is unsecured, so no collateral is required. It is a safe and private financial technology product that protects customers’ privacy. PesoQ is registered with the SEC, and its interest rates are approved by the law.
Pros and cons
Before you apply for any loan, you should be cautious and weigh the benefits and drawbacks of each company as this will help you make a wise decision.
Pros
- It is a platform for online unsecured loans that only requires a credit card number. At PesoQ, you can get a loan at a low interest rate.
- It is very easy to use; you just need to download the PesoQ app: no signatures needed, no collaterals, and no need to leave your house.
- Your application will be approved as soon as possible, but depending on the payment system of the bank you choose, it may take from 1 minute to 24 hours.
- They protect all user information and will never transfer your personal data to third parties without your prior consent.
- Repaying a loan is simple; you can make payments through online banking, minimarket (7-11, M. Lhuillier), bank transfer, electronic wallet (GCash, Coins.ph, CLiQQ, etc.), and others at your own convenience.
Cons
- The loan is only short-term.
- Their maximum loan amount is only ₱20,000.
- All first-time borrowers can't expect to have an extended loan term, some of them only have seven days to repay the loan.
- Like any other online lending, they also have rude collecting agents.
- Their interest rates are high.
Loan conditions
The borrower must be a Filpino citizen between 18 and 65 years old and have a stable, verifiable source of income to qualify for a loan. They will also have to provide a government-issued ID to verify their identity. Once the loan application is approved, the borrower receives credit funds into the account specified in the application. The company advises its clients to pay their bills on or before the due date to avoid paying late payment fees and warns them that late payments may affect their credit history. The company values the convenience of its customers, and thereby offers a variety of payment methods.
Funding a loan
PesoQ lending is one of the Philippines' finest online lending platforms. The minimum credit amount is ₱5,000, the maximum credit amount is ₱20,000, and the annual interest rate ranges between 24% and 28%. Use a loan calculator to determine your monthly payment and loan daily interest rate to avoid loan default.
You can apply for a loan in peso through PesoQ. Depending on your credit score, they may increase the limit and term of your loan. The more information you provide, the higher your credit score will be. The simplest way to borrow is in four steps:
- Download the PesoQ app and register.
- Fill out the PesoQ loan application form, and submit with reliable details.
- Wait for their decision.
- If a loan application is successful, take out the loan (bank wire, e-wallet, etc.).
