What is Kpeso?
Kpeso is an online loan app that allows you to apply for short-term loans with no collateral. Whether you're facing a sudden financial emergency, or you need some extra cash to tide you over until your next payday, Kpeso is a viable alternative to banks and traditional lending institutions.
With Kpeso’s quick and easy loan application process, you can get the money you need when you need it. Kpeso caters to the unbanked and underserved Filipinos who are not qualified to get a bank loan, have poor credit history, or have no assets for collateral.
Kpeso loan, how does it work?
Applying for a Kpeso loan requires only a few steps. You just need to download the app from the Kpeso website, register, and fill out the application form. Kpeso will notify you about the approved loan amount as well as the payment details. The money will be disbursed to your endorsed channel, such as bank, GCash or cash pick-up.
Interest rate
The interest rate for a Kpeso personal loan is 24%. The interest will be automatically deducted from the loan amount. You will also be charged a service fee of 10%-20% depending on the loan amount. So, when you're applying for a loan, be sure to keep in mind that the final amount you receive will be less than what you initially applied for. This way, you won't be disappointed or surprised when you get your money.
How much does Kpeso loans?
Kpeso offers loans from PHP2,000 to PHP20,000 with flexible repayment terms. The loan can be repaid over a period of 3 to 6 months. However, for first-time borrowers, Kpeso only approves the minimum loan amount of PHP2,000 and the payment term is only 7 days.
So, if you want a bigger loan amount, you first have to build your credit history with Kpeso by paying the monthly amortization on time. Once you have established good credit, you’ll be able to get approved for a higher loan amount.
Is Kpeso legit? Is SEC Registered?
Yes. Kpeso loan app is a legit online loan platform operated and owned by Codeblock Lending Inc. The company was registered with the Securities and Exchange Commission (SEC) on August 15, 2019. It has a Certificate of Authority to operate as a lending company.
All companies that are registered with the SEC are required to comply with certain rules and regulations, which helps to ensure that they are trustworthy. They are subject to regular audits to make sure they comply with the rules and regulations set by the SEC.
Kpeso benefits
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If you're looking for an alternative to traditional banking products and services, Kpeso is the perfect solution. With Kpeso, you can get the cash you need without having to worry about your credit history or credit score.
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You are essentially pre-qualified for a loan. There’s little chance of getting declined.
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The Kpeso application process is simple and straightforward. Everything is done on the app and communications are through SMS and e-mail.
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Upon approval, the money is deposited into your bank account within minutes. It’s faster than borrowing from a bank.
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With minimal documentary requirements, you can submit your loan application right away.
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You can typically apply for a loan from anywhere at any time as long as you have a PC and an internet connection.
How to apply for the Kpeso loan?
- To apply for a Kpeso loan, download the app from the website and install it from your computer to your Android phone.
- Launch the app and register your account using your mobile phone number. Wait for the One-Time-Password (OTP). Enter the code to complete the registration.
- Fill out the built-in Kpeso application form and upload the necessary documentary requirements.
- Submit and wait for approval. You’ll hear from Kpeso within 24 hrs.
Once approved, the money will be deposited into your endorsed bank account or GCash. You can also go to authorized partners M. Lhuillier or RD Pawnshop to pick up the money.
Requirements
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You must be 18-49 years old.
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You must have a regular income.
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You must have a valid government-issued ID (e.g., passport, UMID, National ID, Driver’s license, etc.)
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You must have a valid mobile phone number.
How to pay the Kpeso loan?
You can pay your loan through the following authorized Kpeso payment channels:
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M Lhuillier branches (Fill out a repay form)
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7-Eleven branches (via CliQQ machines or CliQQ app)
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GCash
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Cash.ph
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Bank deposit to Kpeso bank account
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ECPay
What happens if you can't pay?
Kpeso will send payment reminders before the due date via text and e-mail. If you are late on your payment, Kpeso will continue to call or text you to remind you. However, if Kpeso is unable to reach you, they will automatically call the person you indicated in the emergency contact person that you’ve provided during the application process.
If Kpeso is unable to collect payment from you after several attempts, your loan will be sent to a third-party collections agency. Defaulting on a loan can have serious consequences. It can damage your credit score, making it difficult to get approved for future loans. You may also be subject to legal action from Kpeso.
Kpeso app
Unfortunately, the Kpeso app is not available on the Google Play Store and Apple App Store. The Kpeso APK is available for download from the Kpeso website. You have to install the Kpeso app from your PC onto your Android phone to be able to use it. Once the app is installed you can proceed with the registration and the loan application.
The Kpeso loan app was designed with users in mind. It’s user-friendly and easy to navigate, which makes the application process intuitive and fast. The only drawback is that using APK requires extra steps to get it to work on mobile phones.
There’s also the issue of security. APK files can be tampered with, and malicious code can be injected into them. This means that when you install an APK from an untrusted source, you could be opening yourself up to malware and other malicious attacks.
Another reason why APK is not safe is that it bypasses the Google Play Store's security checks. This means that any app you install from an APK could potentially be harmful, even if it looks harmless at first glance.
Kpeso, customer service
Kpeso does not have a hotline, but you can reach them through their e-mail at service@codeblock.tech
Kpeso, reviews
Kpeso gets good marks for ease of use and quick disbursement. The positive feedback it gets is largely attributed to the minimal documentary requirements. As long as the borrower has a stable job and a valid ID, the chance of getting loan approval is high.
However, Kpeso is not without its shortcomings. Kpeso is not available on the two major app stores, which could draw suspicion from potential borrowers. Another common complaint is the high interest rate and service fee. Borrowers end up with significantly less money than what they originally applied for.
Have you used the Kpeso loan app? Share your experience here.