What is Peso Cash Lending Investors Inc?
Peso Cash Lending Investors Inc. is an online lending company that offers quick, small loans to Filipinos through its Peso Cash app. The company is operated by MyLoan Lending Investors Inc. Since its inception in 2019, the company has helped Filipinos get access to quick, easy, and affordable loans.
Peso Cash is different from traditional banks in that it does not require borrowers to have a good credit score in order to qualify for a loan. In fact, Peso Cash accepts borrowers with low credit scores as long as they can provide proof of income. This makes it easier for people in the Philippines to get the money they need when they need it.
Peso Cash loan, how does it work?
Peso Cash loan is a new way of borrowing money, through an online lending app. Small loans of up to P10,000 can be borrowed, and there is no need for a credit check. The loan is repaid in monthly installments, over a period of up to 12 months.
Peso cash loans are perfect for people who need money quickly and don't have time to go through a long application process. The app is easy to use and can be accessed on any mobile device.
How much does Peso Cash loans?
Small loans of between P1,000 and P10,000 can be borrowed through the Peso Cash loan app. First-time borrowers are typically approved for smaller amounts but repeat borrowers can get the maximum amount of P10,000. Peso Cash may increase your loan limit if you have good credit standing and high credit score. Peso Cash offers loan repayment terms of 96 days to 365 days.
The interest rates vary depending on the loan amount and loan terms. The interest rate disclosed in the Securities and Exchange Commission (SEC) listing is 4%-6% per month. However, on the app info, the Peso Cash loan interest rate is 18% per year, 0.05% per day.
Is Peso Cash SEC Registered? Is legit?
Yes. Peso Cash is legit. It’s registered with the SEC under the name MyLoan Lending Investors Inc., with company registration number CS201900197. It has a certificate to operate as a lending company (No. 2866).
How long does it take to have the money?
Upon approval of your Peso Cash loan, you can expect to receive the money in 1-3 working days, depending on your selected payment channel. When your loan is approved on a weekend, the funds will most likely be released on the next business day.
How to apply for a loan?
It only takes four steps to avail of a Peso Cash loan:
- Download the app “PesoCash - Safe Online Loans” from the Google Play Store or “PesoCash” from the Apple App Store.
- Fill up the online application form. You just need to provide the following information:
- Personal information (name, address, etc.)
- Emergency contact information (mobile phone numbers, landline, etc.)
- Job information
- Wait for the approval through SMS and email.
- Once approved, you can receive the money on your chosen bank or payment channel.
You must be a Filipino citizen.
You must be at least 20 years old.
You must have a valid government-issued ID (e.g., UMID, SSS, passport, Philsys, driver’s license, etc.)
You must have a valid mobile phone number.
You must have a stable source of income.
Electric, water, or internet bill
The more information and supporting documents you provide, the higher your chance of getting approved and the higher the loan amount.
How do I pay the loan?
You can repay your Peso Cash loan through bank transfer, bank deposit, or mobile banking.
Alternatively, you can pay your loan through the following Peso Cash authorized payment partners:
SM Payment Centers
Robinsons Department Store
What happens if I can't pay?
If you are late in paying your loan, you may be charged a late payment fee. If you fail to pay the loan on the agreed time period, PesoCash will charge penalties and overdue fees based on the remaining principal.
You can request to extend the repayment period, but you will be charged with deferred approval fee daily until you pay off the total loan amount.
If you default on your loan, Peso Cash may resort to legal action to force you to pay your loan. You can also expect repeated reminders from Peso Cash agents.
Peso Cash app
As more and more people are using their mobile phones to do transactions online, using the Peso Cash app provides a more convenient way to get a quick loan. The Peso Cash app is available for Android and iOS devices.
You can download the Peso Cash app from the Google Play Store or the Apple App Store. However, you may be tempted to download Peso Cash APK from some dubious and unauthorized websites and online sources.
Some people may be unaware of the security threat posed by PesoCash APK. This app can be used to steal your personal information, such as your passwords and credit card numbers. In addition, this app can be used to spy on you, monitoring your activities and conversations. For these reasons, it is important to avoid using PesoCash APK.
Peso Cash contact number
- Phone Globe: +639 270317725
- Phone Smart: +639 612783945
Peso Cash complaints
The most common Peso Cash complaint is the exorbitant interest rates and additional fees that are not clearly disclosed during the application process. The interest is far higher than the published rates. It’s also not true that the loan term is up to 365 days as it defaults at 7 days.
Another complaint is about the aggressive tactics that Peso Cash agents use to collect loan payments from borrowers. Some agents were said to be rude, persistent, and disrespectful of borrowers’ time.
Peso Cash review
Peso Cash review is generally positive with an average rating of 4.6 stars on the Google Play Store. In the Apple store, the average rating is 4.7 stars. Although these are pretty good ratings, the feedback and reviews from users tell us otherwise.
Most of the negative Peso Cash reviews pertain to the high interest rates that can go as high as 30% for a 7-day loan term. Moreover, there are additional charges in the form of platform fees and channel fees that are all deducted from the loan. As a result, the cash that borrowers receive are way below the loan amount they applied for. For instance, if the loan amount is P6,000, you will only receive P4,115. Worse, you can’t cancel the loan application.
Have you used the Peso Cash loan app? Share your experience here.