Lender
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.

PitaCash

Advertiser Disclosure

About Lender

PitaCash, a digital lending platform owned by Finance Technologies Inc., strives to provide cash loans ranging from ₱1,000 to ₱25,000 with transparent interest rates and service fees. The eligibility criteria cater to a diverse clientele, including Filipinos residing in the Philippines, employed individuals, business owners, and self-employed individuals aged 21 to 70. The application process is streamlined through the PitaCash mobile app, where users can register, provide necessary information, choose a disbursement payment channel, take a selfie, and submit their application for prompt approval.

Operated by Finance Technologies Inc., a company registered with the Securities and Exchange Commission (SEC) under Certificate of Authority No. 1200 and Company Registration No. CS201902369, PitaCash ensures compliance with the law. Additionally, PitaCash places importance on customer transparency, detailing all fees, payment terms, and PitaCash interest rate ranges in the Loan Agreement and Disclosure Statement, aligning with the Truth in Lending Act (R.A. 3765).

PitaCash

Key Features

  • Loan Range. PitaCash offers a versatile loan range, allowing customers to borrow from ₱1,000 up to ₱25,000.

  • Application Process. The application is simplified into five easy steps, involving downloading the PitaCash app, providing essential personal and work information, choosing a disbursement payment channel, taking a selfie, and awaiting approval.

  • Document Requirements. Customers need to submit essential documents, including government-issued IDs like Passport, Driver's License, UMID ID, Postal ID, SSS ID, PRC ID, Philhealth, and TIN, depending on their employment status or business ownership.

  • Credit Check for Regular Customers. Regular customers may undergo a credit check to determine an increase in the loanable amount, demonstrating PitaCash's commitment to building long-term relationships.

  • Transparent Fee Structure. All fees, payment terms, and charges are clearly outlined in the Loan Agreement and Disclosure Statement, allowing customers to review the information before proceeding with their loan.

  • Disbursement Options. PitaCash provides real-time loan disbursement to preferred channels, including bank transfers, GCash, and PayMaya.

Pros and Cons

Pros

Inclusive Eligibility Criteria. The platform caters to a diverse audience, including employed individuals, business owners, and self-employed individuals aged 21 to 70, fostering accessibility.

Transparent Fee Structure. PitaCash maintains transparency by clearly outlining all fees, payment terms, and charges in the Loan Agreement and Disclosure Statement, allowing customers to make informed decisions.

Real-Time Loan Disbursement. PitaCash ensures prompt disbursement of approved loans in real-time to preferred channels, enhancing convenience for customers.

No Transaction Fees. PitaCash distinguishes itself by not charging transaction fees for loan payments, contributing to a cost-effective borrowing experience.

Cons

Limited Maximum Loan Amount. While PitaCash offers flexibility, the maximum loan amount of ₱25,000 may be insufficient for customers with larger financial needs.

Credit Check for Loan Increase. While credit checks for regular customers can be beneficial, some customers may be uncomfortable with the practice, perceiving it as an invasion of privacy.

Potential Credit Score Impact. The credit check for regular customers may impact credit scores, and some customers may be wary of this effect on their financial profile.

Phone and Mobile Internet. The requirement for a bank account or digital wallet may exclude individuals who do not have access to these financial tools.

Reliability

PitaCash, owned by Finance Technologies Inc., presents itself as a reliable digital lending platform, backed by its registration with the Securities and Exchange Commission (SEC) under Certificate of Authority No. 1200 and Company Registration No. CS201902369. The company's compliance with regulatory standards is indicative of its commitment to operating within the legal framework, instilling confidence in users seeking financial services. The transparent ownership structure, with Finance Technologies Inc. at the helm, contributes to the platform's credibility and reliability.

The reliability of PitaCash is further underscored by its clear and transparent loan terms and conditions. The platform meticulously outlines the loan agreement, disclosure statement, and associated fees, aligning with the Truth in Lending Act (R.A. 3765). This commitment to transparency enables users to make informed decisions, fostering a trustworthy relationship between the platform and its customers.

How to Apply for a PitaCash Loan?

Apply for a Loan

  1. Download the PitaCash App. Begin by downloading the PitaCash mobile application from the respective app store on your smartphone.

  2. Registration. Open the app and use your personal phone number to register for an account. This step ensures a secure and personalized user experience.

  3. Complete Required Information. Fill in the necessary information requested by the application. This includes personal details, ID information, reference information, and work-related details. Providing accurate and complete information is crucial for the application process.

  4. Choose Disbursement Payment Channel. Select your preferred disbursement payment channel from the options provided. PitaCash offers various channels, such as bank transfers, GCash, or PayMaya, ensuring flexibility for users.

  5. Take a Selfie. As part of the verification process, take a selfie using the app. This step enhances security measures and helps validate your identity.

  6. Submit Your Application. After completing all required steps, submit your application through the app. Once submitted, the platform will process your request, and you'll receive notification of the approval status.

  7. Wait for Approval. Patiently wait for the approval of your loan application. PitaCash aims to provide best customer support system by prompt responses to ensure a quick and efficient lending process.

Conditions and Requirements

Conditions

  1. Flexible Loan Terms. Borrowers benefit from flexible loan terms, allowing them to tailor the repayment period to their financial capacity and needs.

  2. Loan Amount Range. PitaCash provides loans ranging from ₱1,000 up to ₱25,000, catering to various financial requirements.

  3. Transparent Interest Rates and Service Fee. The platform maintains transparency by clearly outlining interest rates and service fees, ensuring borrowers have a comprehensive understanding of the costs associated with their loans.

  4. Digital Accessibility. The entire loan process is facilitated through the PitaCash mobile application, enhancing accessibility for users seeking quick and convenient financial solutions.

Requirements

  1. Personal Information. To get a loan applicants must furnish accurate personal information, ensuring the platform has the necessary details to process the loan application.

  2. Work Information. Submission of comprehensive work-related details, including employment status and documentation for verification, is essential for the loan application.

  3. Government Issued ID. Borrowers need to present a valid government-issued ID, such as a Passport, Driver's License, UMID ID, Postal ID, SSS ID, PRC ID, Philhealth, or TIN.

  4. Bank Account or Digital Wallet. A bank account or a digital wallet, such as Gcash and Paymaya, is one of PitaCash loan requirements for disbursement and repayment purposes.

  5. Additional Documentation for Business Owners. Business owners need to prepare additional documents, including Business Permit, Barangay Permit, and DTI Permit.

Ways to Receive the Money

  1. Bank Transfer (Real-time Bank Crediting). Borrowers can opt to have their approved loan amount transferred directly to their bank account, with real-time bank crediting for prompt access to funds.

  2. GCash. PitaCash facilitates disbursement to GCash, providing borrowers with the option to receive their funds digitally, enhancing convenience for those who prefer mobile wallet solutions.

  3. PayMaya. Borrowers can choose PayMaya as their disbursement channel, allowing for a seamless transfer of the approved loan amount to their PayMaya account.

Products

Cash Loans (₱1,000 to ₱25,000). Flexible loan terms are available, allowing borrowers to choose a repayment period that aligns with their financial capabilities. The specific loan term is determined during the application process based on the borrower's preferences and the platform's assessment.

Other Loans

Reasons for Getting Rejected for a PitaCash Loan

  1. Incomplete or Inaccurate Information. Providing incomplete or inaccurate information during the application process can lead to rejection. It is important to ensure that all required fields are filled out correctly, and the information provided is accurate and up-to-date.

  2. Unmet Eligibility Criteria. Failure to meet the eligibility criteria, such as being outside the specified age range (21 to 70 years old), not having a stable income, or not being a Filipino resident, can result in the rejection of the loan application.

  3. Insufficient Income. PitaCash typically requires applicants to have a regular source of income. If the income is deemed insufficient to cover the loan amount requested, the application may be rejected.

  4. Creditworthiness Issues. If there are concerns about the borrower's creditworthiness, such as a poor credit history or inconsistencies in financial information, it may result in the rejection of the loan application.

  5. Failure to Verify References. PitaCash may contact the provided references for verification. If the references cannot be reached or if the information provided does not match, it can lead to application rejection.

  6. Previous Loan Default. A history of defaulting on previous loans with PitaCash or other financial institutions may impact the approval of a new loan application.

  7. Failure to Meet Documentation Requirements. Inability to provide the required documentation, such as a government-issued ID or proof of employment, may result in the rejection of the loan application.

How to Repay a PitaCash Loan?

  1. Loan Agreement and Disclosure Statement. Review the loan agreement and disclosure statement provided by PitaCash, which outlines the fees, payment terms, and charges. Ensure a clear understanding of the repayment terms.

  2. Real-Time Payment Channels. Utilize real-time payment channels for immediate transactions, such as 7/11, Gcash, Palawan Pawnshop, Robinsons Dept. Store (business center), Bayad Center, and LBC.

  3. Other Payment Channels. Consider other payment channels like The SM Store (end of the day), Savemore (end of the day), Dragon Loans, M Lhuillier (next day after payment), and online banking options (Metrobank, Chinabank, Landbank Online Payment, PNB, UCPB, BDO Retail Internet Banking).

  4. Payment Process. Input "Dragonpay" as the receiver's name when making payments through payment channels. This ensures the seamless processing of your loan repayment.

  5. Transaction Fees. Be aware that transaction fees for loan repayment may vary based on the chosen payment channel. PitaCash, however, does not impose transaction fees for loan payments, promoting a cost-effective repayment process.

  6. Avoiding Fines and Penalties. To prevent fines and penalties that may increase the total payment amount, consider renewing or extending the loan term. This proactive approach ensures timely repayment without additional financial burdens.

  7. Extension/Prolongation of Loan Term. If needed, clients can extend or prolong the loan term by paying the entire accrued interest. Adjust the payment amounts conveniently through the application, and note that no service fee is charged during loan extension.

  8. Prompt Repayment. Ensure prompt repayment of the loan amount to maintain a positive borrowing history and potentially increase future loanable amounts.

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 PitaCash as a digital lending platform, its commitment to providing accessible and flexible financial solutions is evident. The platform's transparent approach to loan terms, clear communication of fees, and diverse disbursement channels contribute to a positive user experience. However, potential borrowers should be mindful of the eligibility criteria and documentation requirements to enhance the likelihood of loan approval. While the platform emphasizes transparency and user convenience, individuals considering PitaCash for their financial needs should weigh the benefits against the potential challenges, ensuring they align with their specific requirements and preferences.

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 PitaCash?

PitaCash is owned by Finance Technologies Inc. The company is registered with the Securities and Exchange Commission (SEC) under Certificate of Authority No. 1200 and Company Registration No. CS201902369. Finance Technologies Inc. is the entity responsible for overseeing and operating the PitaCash digital lending platform.

What credit score do you need for PitaCash?

PitaCash, like many other lending platforms, evaluates loan applications through a holistic assessment that goes beyond a specific credit score requirement. While having a good credit score can certainly strengthen a borrower's application, PitaCash considers various factors, including income stability, employment status, and the completeness and accuracy of provided information. The platform caters to a diverse range of borrowers, and individuals with varying credit histories may still be eligible for a loan. PitaCash aims to be inclusive and focuses on understanding the borrower's overall financial situation to make informed lending decisions.

While there isn't a specified minimum credit score requirement disclosed by PitaCash, applicants with a positive credit history may have an advantage in the approval process.

What bank does PitaCash use?

PitaCash, as a digital lending platform, does not use one specific bank for its operations. PitaCash facilitates loan disbursements through various channels, including bank transfers, GCash, PayMaya, and other payment centers. Borrowers have the flexibility to choose their preferred disbursement channel during the application process, and the funds are transferred accordingly.

Does PitaCash approve everyone?

PitaCash, like any responsible lending institution, does not guarantee approval for every loan application. The approval process involves a thorough assessment of various factors, including eligibility criteria, documentation accuracy, and the applicant's financial situation. Meeting the platform's requirements, such as having a stable income, providing accurate information, and meeting age criteria, increases the likelihood of approval. However, approval is not automatic, and each application is evaluated on an individual basis.

Is PitaCash a legitimate company?

As for legitimacy, PitaCash is owned by Finance Technologies Inc., a company registered with the Securities and Exchange Commission (SEC) under Certificate of Authority No. 1200 and Company Registration No. CS201902369. This registration attests to the platform's legal standing and adherence to regulatory standards. Borrowers are encouraged to review and understand the terms and conditions provided by PitaCash, ensuring a clear understanding of the loan agreement before proceeding.

It's recommended to approach any financial transaction with caution and thoroughly verify the legitimacy of the lending institution, and PitaCash, with its SEC registration, is positioned as a legitimate digital lending platform.

Company documents

Privacy policy
Terms and Conditions
Financial products
PitaCash
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.

Recommended FinScore™
0
300
650
1000
1000.00 – 25000.00 ₱
Similar products
Mazilla
Loan
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.

Recommended FinScore™
0
300
650
1000
₱500 - ₱25000
Rate
i

Effective interest rate on the product

30% - 365% APR
Term
i

Loan term for the financial product

91 - 720 days
MoneyCat
Instant 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.

Recommended FinScore™
0
300
650
1000
₱20000
Rate
i

Effective interest rate on the product

11,9% per month
Term
i

Loan term for the financial product

6 months
DIGIDO
Instant online 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.

4
Recommended FinScore™
0
300
650
1000
10500.00 – 25000.00 ₱
Rate
i

Effective interest rate on the product

from 11.90 %
Term
i

Loan term for the financial product

3 days – 6 days
Finbro
Personal 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.

5
Recommended FinScore™
0
300
650
1000
to 50000.00 ₱
Term
i

Loan term for the financial product

to 1 years
Kviku
Online Loan
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.

Recommended FinScore™
0
300
650
1000
500.00 – 25000.00 ₱
Rate
i

Effective interest rate on the product

to 0.16 %
Term
i

Loan term for the financial product

2 months – 6 months
Your comment has been added
Error
Your complaint has been recorded
Invalid username or password
comment.alert.error-reg
Please log in to like/dislike
Invalid SMS code has been entered
All PitaCash’s reviews by may 2024
Leave feedback
Similar companies
Mr. Cash
18th Floor, The Orient Square Building Ortigas Avenue, Ortigas Center Pasig City
09159589713
PesoCash
12th Floor, Aseana Three Bldg., Macapagal Ave. cor Aseana Ave., Aseana City, Tambo, City of Paranaque, NCR, Fourth District, Philippines
MocaMoca
Online service
Pesoloan
Online service
0917 626 0130
Balikbayad
Unit 2A, Kedar Bldg, 1347 Adriatico Street, Ermita Manila
+63 965 376 1854