What is PesoQ?
Have you ever needed money but didn’t qualify for a bank loan? PesoQ is an online lending app that can help you get the funds you need in just minutes. With PesoQ, there are no long application forms or complicated approval processes. You can borrow money for anything you need, whether it's for a vacation, a new car, or just to cover some unexpected expenses.
PesoQ provides short-term loans to Filipinos who do not have immediate access to cash or do no have the required documents to apply for loans from big banks and lending companies. It makes borrowing money easier and faster than ever before.
How does PesoQ work?
To get started with your PesoQ loan application, download the PesoQ app from the Google Play Store or Apple App Store.
At the PesoQ login page, you will be asked to agree to the Disclosure and Privacy Statement, which states that they will collect the following information from you when you apply for a PesoQ loan:
- Delivery Address
- E-mail Address
- Contact Number
- Mobile Number
- Date of Birth
Click on “I Agree With” if you are okay with giving your personal information to the company. Agreeing to the terms enables you to proceed to the next steps of the application process.
You will be asked to provide your mobile number. A code will be sent to you for verification. Once verified, you will be asked to fill out a form that asks for your contact number, address, references, and ID. The information you provide will become the basis of your maximum loanable amount.
Upon approval, the loan amount will be transferred to your bank account, e-wallet, or remittance centers. It can take anywhere from two hours to three days (or more) to get the money. Within this time frame, it’s still possible for your loan application to be declined.
Please note that that you will be charged with a transfer fee, the amount of which will depend on your chosen payment method:
- E-wallet (GCash, Coins.ph): P25
- Bank: P25
- MLhuillier, RD Pawnshop, LBC: P130.
How can I apply for a loan with PesoQ?
PesoQ allows you to apply for a loan without the need for collateral or credit checks. Even if you have a bad credit score, you can still apply for quick cash.
To be eligible for a loan through PesoQ, you must meet the following requirements:
- You must be a citizen of the Philippines.
- You must be at least 21 years old.
- You must have a valid ID (i.e., government-issued IDs)
- You must have a landline phone (office or residence)
- You must have a bank account.
PesoQ will also ask for job information and will require you to submit any of the following documents as proof of employment:
- Employee ID card
- Payroll slip
- Employment Certificate
- Income Tax Return (ITR)
How much does PesoQ loan?
Depending on where you see PesoQ ads, the loan amounts can be anywhere from P4,000 to P30,000. However, on the official PesoQ website, the maximum loanable amount is set at only P10,000.
The only way to know how much money you can borrow is when you start with the loan application process. It’s likely that PesoQ will start you off with a lower amount than what they advertise. This is particularly true for first-time borrowers.
What’s the PesoQ interest rate?
On the PesoQ app itself, the interest rate for 7-day and 14-day repayment terms are set at 0.99% per day. If you look at other sources like ads and PesoQ review sites, the interest rates vary. It can be anywhere from 0.13% to 0.6% per day. Again, the best way to get accurate interest rate information is when you apply for a loan.
PesoQ charges additional fees on top of the interest rate:
- Credit Assessment Fee 7%
- Platform Management Fee 10%
- Transfer Charge 6%
For example, if you are applying for a P5,000 loan, you’ll not get the full amount because they will deduct the fees from the principal amount. In this case, total fees amount to P1,150. So, essentially, you’ll only be getting P3,850 less the applicable interest rate.
Be reminded that the approved amount is not the same as the actual amount that you will receive. So, always check for hidden fees and additional costs before proceeding with your loan application. You may end up with less money than what you expect to receive because of the additional fees.
What’s PesoQ’s loan terms?
PesoQ is said to offer longer repayment term options from 91 to 365 days. However, many of the loan applications approved only give borrowers 7 days to pay their loans. The longer terms only apply to the renewal period.
It’s advisable to proceed with the loan only if you can pay within a short period of time on your initial loan.
PesoQ how to pay?
You can make your PesoQ payment through different online and offline payment channels:
- E-wallet (GCash, Coins.ph, and CliQQ)
- Online banking
- Remittance centers: MLhuillier, RD Pawnshop, LBC.
Is PesoQ legit?
PesoQ app is a legit online lending app operated by U-Peso Lending Investors Corp. PesoQ is SEC-registered with a certificate of authority to operate as a lending company. In terms of securing all the legal requirements to do business, PesoQ is legit.
The entire loan application process is done through the Peso Q app. The app, which is available for both Android and iOS devices, is intuitive and easy to navigate. The interface makes it easy to see the details of the loan, including the amount, the interest rate, and the monthly repayment. The app also allows users to keep track of their loan and the due date.
You can download the PesoQ app from the next links:
- Download the PesoQ app from the Google Play Store here.
- Download the PesoQ app from the Apple App Store here.
PesoQ customer service
The fastest way to get in touch with agents is through the PesoQ app. There is a built-in online customer service inside the app.
Alternatively, you can reach PesoQ by phone or e-mail:
Phone number: +63 9271160484
E-mail address: email@example.com
Since PesoQ's debut in the online lending app space, it has been receiving complaints from its borrowers. The main reasons for these complaints are the high interest rates and hidden fees that the company charges.
Some borrowers claim that PesoQ does not disclose all of the terms and conditions of the loan before signing up. This has resulted in some people being unable to pay their loans on time and incurring additional fees as a result.
Another complaint is that some agents can be too aggressive when collecting debts. Some borrowers find the approach intrusive.
The PesoQ app has an average rating of 4.4 stars from more than 102,000 customers. While it may seem like a respectable rating, the PesoQ reviews and comments from customers tell us otherwise.
The negative feedback mostly pertains to the high interest rate and the exorbitant service fees. Borrowers complain that they only receive about 80% of the approved loan amount. What’s particularly frustrating for customers is that they only learn about the additional fees after the loan has been approved and is ready for release.
Some PesoQ customers also complain about the loan application going through but not receiving the money. There’s also negative feedback on the customer service and the aggressive debt collection tactics of a few disrespectful agents.
Despite some scathing reviews from unhappy customers, there are still some positive comments on the fast loan application and quick loan approval.
Have you used the PesoQ loan app? Share your experience here.