Moneymax Loan Review: Personal Loan - Is Legit?

Moneymax Loan Review: Personal Loan - Is Legit?

What is Moneymax?

Moneymax started out in 2014 as a car insurance comparison website. Since then, it has grown into a massive personal finance marketplace that brings financial products such as loans, credit cards, and insurance to Filipinos.

The company's mission is to empower Filipinos to make smart financial decisions by enabling them access to a platform where various financial products are presented, compared, and reviewed. This helps inform consumers of the choices they have and they can select the best loan products that fit their current financial situation and needs.

Moneymax loan, how does it work?

Moneymax does not have its own loan products. Instead, it provides information on loan providers that users can choose from. Through the comparison of loan products, users can come to an informed decision on which loan is best for their needs. They can then use the Moneymax platform to apply for loans. It’s essentially a place where people can get the best deals on loans and other financial products.

To make a loan comparison, go to the Moneymax website and select “Loan” from the menu. Click on the “Compare Personal Loan” button and it will take you to the online form where you answer some questions relating to your:

  • Employment status

  • Years of working in your current job

  • Loan amount you want to borrow

  • Desired loan term

  • Monthly income

  • Active credit card

Once you have filled out the form, hit the “Get Results” button. Moneymax will then display the personalized results based on the information you have provided. It will show you the loan details pertaining to:

  • Total repayment amount

  • Monthly repayment

  • Monthly add-on interest rate

  • Features

  • Eligibility

  • Fees and charges

To initiate the application to your chosen bank or lender, just click on the “I’m Interested” button.

How much is the Moneymax loan?

If you're in need of quick cash but can’t quite decide on which lender to choose, you can benefit from the Moneymax loan comparison tools available on the website. The amount of loan you can borrow depends on the bank or lending company you choose.

Generally speaking, you can borrow a loan amount anywhere from PHP10,000 to PHP2 million from established banks and lending firms that are included in the Moneymax database. Of course, the exact terms of your loan—including the interest rate—will vary depending on the lender you choose. So be sure to shop around and compare offers before signing a contract.

Moneymax partners with reputable banks and financing companies. Here’s the list of personal loan providers featured in the Moneymax site:

  • BPI

  • CIMB

  • Citibank

  • CTBC Bank

  • EastWest Bank

  • Equicom Savings Bank

  • HSBC

  • Maybank

  • Metrobank

  • PSBank

  • RCBC

  • RFC (Radiowealth Finance Corporation)

  • SB Finance

  • Sterling Bank of Asia

  • TALA Lending Services

Interest rate

The interest rate depends on the loan provider you choose. You can expect to pay a monthly add-on interest of 1.2% to 18%. Some lenders may charge higher interest rates than others, so it's important to compare your options before selecting a lender.

Is Moneymax legit? Is SEC Registered?

Yes. Moneymax is a legit company operating in the Philippines. It is registered with the Securities and Exchange Commission. It’s operated by MoneyGuru Philippines Corporation. Moneymax is part of the Hyphen Group, a fintech company with operations in Southeast Asia.

How long does it take for the money to arrive?

It can take anywhere from a few days to a few weeks for the money to arrive depending on the bank or lender. It also depends on the method of payment that was used. If the disbursement was made by check, it can take a few days for the check to clear. Online transfers to your chosen bank or e-wallet are usually faster and take only a few minutes after approval.

Moneymax loan benefits

In today's society, it's all about convenience—you want things to be quick and easy. That's why the loan comparison tool on Moneymax is extremely useful. It allows you to compare different personal loans side-by-side, so you can see which one is right for you.

Not only is it a quick and easy way to compare loans, but it's also a great way to save money. By using the loan comparison tool, you can make sure that you're getting the best deal possible on your loan. You’ll be able to find the lowest interest rates and fees, so you'll know that you're getting the most bang for your buck.

Moneymax loan application process

Applying for a Moneymax personal loan is quick and easy and it only takes a few minutes to complete. Once you’ve selected the best loan for you, you just need to provide personal information about yourself, including your contact information, employment history, and income. Once submitted, the lender will start processing your loan.

Once everything is finalized by the bank or lender, the money will be sent to you via direct deposit into your account or e-wallet. Then you can start using the money however you need.

Requirements

Documentary requirements vary across banks and lenders, but in order to qualify for a Moneymax loan, applicants must meet the following general requirements:

  • Must be at least 18 years old

  • Must have a steady source of income and proof of income

  • Must have a good credit history

  • Must have a valid photo ID

Loan calculator

Moneymax loan calculator is an online tool that helps you calculate your loan repayments. It’s already built into the comparison tool. All you need to do is enter the amount of the loan, the repayment period, and your monthly income. The calculator will then give you an estimate of your monthly repayments. It can help you budget for your loan repayments and ensure that you can afford the loan.

How to pay Moneymax loan?

Banks and lending companies that are featured in the Moneymax loan comparison tool accept loan payments through different channels. Most of them accept bank transfers, online payments, direct deposits, and auto-debit arrangements. Make sure to check their authorized payment channels and take note of the posting days so your payments are not late.

What happens if I can’t pay?

If you are unable to pay your personal loan, the lender may charge you a late payment fee or additional interest. If you continue to miss payments, the lender may report the delinquency to the Credit Information Corporation (CIC), which could damage your credit score and you’ll have difficulty getting loans in the future.

In some cases, the lender may also sue you for the unpaid balance, and if they win, they could garnish your wages or put a lien on your property.

Moneymax, customer service

  • Contact number:  (02) 8236-6481

  • Email address: max@moneymax.ph

  • Address: 6th floor, ACT Tower, H.V. Dela Costa, Salcedo Village, Makati City

Moneymax loan reviews

Moneymax is considered a reliable source of information about personal loans, car insurance, and credit cards. Because they partner with reputable banks and lending companies, borrowers are assured that they are protected from scams and unethical lending practices.

Through the Moneymax marketplace and platform, Filipinos are finding the best deals for their personal loans. By comparing loan features, interest rates, and eligibility requirements, applying for a loan becomes much easier and less overwhelming. It helps borrowers weed out bad deals and avail loans that they can repay on time.

Have you used the Moneymax loan? Share your experience here.

Jermel R.Escarez
4
2023-01-25

Tala is a better one for lending in the Philippines.

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This article was updated on 24 may 2024