Pesoloan is an online lending platform that offers collateral free loans to Filipinos. Hence if you’re in a need of instant cash to meet your urgent financial need, then Pesolaon is an option to consider.
Pesoloan application process is quite simple because the application process is completed online, so there is no need for paperwork. Their loan term is flexible with competitive interest rates.
In this post, we’re going to explore all you need to know about Pesoloan ranging from their loan term, interest rate, loanable amount to eligibility criteria and other related aspects of this guide. Stay tuned as we go through it together.
1. Pesoloan Eligibility Criteria
To qualify for Pesoloan, applicants are required to meet the following requirements, they’re:
- The applicant must be a Filipino.
- You must be between the age range of 18 – 60 years.
- A contact number and active bank account will be an added advantage.
2. Pesoloan Loanable Amount
The amount of loan that a borrower can take from Pesoloan is not fixed. Because your creditworthiness will help to determine the loan amount that you will be eligible for. Hence, the better your credit score, the higher the loan amount that you’ll get and vice versa.
In nutshell, the loanable amount that a borrower can take from Pesoloan ranges from PHP1,000 – PHP20,000.
3. Pesoloan Repayment Plan
The loan term of Pesoloan is relatively flexible. Hence, borrowers can pay off their loan with ease without breaking the bank.
The loan tenure of Pesoloan is between 91 – 180 days.
4. Pesoloan Interest Rate
The maximum Annual Percentage Rate(APR) of Pesoloan is 19%.
Representative Example Of Pesoloan
Let’s assume you take a loan of PHP20,000 from Pesolaon with a loan term of 91 days. The breakdown will be thus:
Monthly interest rate will be： 19% / 12 = 1.58%
Monthly interest: PHP20,000 * 1.58% = PHP316.67
Then the total monthly payment：PHP20,000 / 3 + PHP316.67 = PHP6,983.33
Now, the total interest: PHP20,000 * (19% / 360) * 91days = PHP960.56
Therefore, the final amount that you will repay will be: PHP20,000 + PHP960.56 = PHP20,960.56.
5. Pesoloan Application Process
Applying for Pesoloan is straightforward and quite simple, follow the procedure below to apply:
- Visit Google Play Store, download & install the Pesoloan app.
- Register with your personal details to get started.
- Complete the loan application form by filling the required details.
- If you’re eligible, your loan application will be approved in a matter of minutes.
- Finally, the loan amount will be disbursed to your nominated bank account. And that’s all.
6. Pros And Cons Of Pesoloan
- Instant loan disbursement.
- Flexible repayment plan.
- Seamless application process.
- Relatively high interest rate.
- There may be a penalty if you fail to repay your loan on time.
Is Pesoloan Legit?
Pesoloan appears to be a legitimate lending platform because it has been offering instant loans to millions of Filipinos. Additionally, they’ve Philippine operating authority number which is NO.1185 with a registration number CS201824008 to prove their legitimate nature.
However, since loaning platforms are liable to change overtime, it is best to conduct independent due diligence about the lending services of Pesolaon before taking a loan from them.
7. Pesoloan Customer Care
If you have any question or you need assistance from Pesoloan platform, do not hesitate to contact their customer unit on the following handles:
Office address: 8F High Street South Corporate Plaza, BGC, Taguig City, Philippines
8. Pesoloan Review
Our check of review platform, Google Play Store revealed that users of Pesoloan lending app have diverse experience as it concerns the platform. Some of the users extolled the seamless application process of the platform while others frowned at the hitches which they experienced when using the loan app which led them to paying late fees.
We also found out that over 1 million users have downloaded the loan app. Reviewers also rated the app 4.9 stars out of 5 which is excellent.
Some of the reviews from Google Play Store are:
Artemeo Valdez has this to say: ‘’As per Mobile App is concerned, it’s excellent experience since it’s easy and fast approval, however short period of payment in just 7 days and high deduction. Hope they will increase the number of days to pay, another good thing it gives you the option to take it or not. So I declined it, haha’’
Another user, Queenie Diane: ‘’I just experienced a collector who was very condescending in collecting dues. Never have I ever been late or missed a payment after a loan and your staff took a tone as if they’re interrogating someone who just stole your money. This will be the last time. Terrible terrible service. Will never recommend or use this app again’’.