Pondopeso App Review: Online Loan, Complaints - Is Sec Registered?

Pondopeso App Review: Online Loan, Complaints - Is Sec Registered?

What is Armorak?

Armorak Lending Inc is the company behind Pondopeso App, an online lending app that offers small loans with flexible loan terms to help with quick cash needs. It was developed and operated by Fynamics Lending, Inc., a financial technology company based in the Philippines.

However, the Securities and Exchange Commission (SEC) revoked the company’s license to operate as a lending company on December 6, 2021, due to its repeated failure to comply with the SEC’s reportorial requirements. This is in connection with Fynamics’s abusive and predatory online lending practices.

The company is also in violation of Section 25 of the Data Privacy Act or Republic Act No. 10173. It was found that the company used sensitive personal information of its borrowers illegally through the unauthorized processing and retention of contacts list beyond its intended purpose.

In June 2022, Pondopeso made a comeback in the Google App Store, and even announced it on its Facebook Page. The app is now being operated by Armorak Lending Inc. It has the same branding but with a different parent company. Currently, the Pondopeso app is no longer in the App Store as it was flagged as potentially harmful.

Pondopeso loan, how does it work?

Just like other online lending apps, Pondopeso is designed to help people with short-term cash needs. The loans offered by Pondopeso are typically small and the terms are flexible. The application process is simple and can be completed in a matter of minutes.

You must first download the app and register your mobile number. Provide personal and financial information and then upload a valid ID. Indicate how much money you want to borrow and take note of the loan term. Submit your application and then wait for approval.

Once you have been approved for a loan, the funds will be deposited into your account within 24 hours. You can then use the money for any purpose you need.

Interest rate

The interest rate for the PondoPeso is 0.05% to 1.0% per day, depending on the loan amount and the loan term. The loan can be repaid for 91 days up to 365 days, although this happens very rarely. More often than not, the loan term is just 7 days.

Is Pondopeso closed?

On the 6th of December 2021, the Philippine SEC issued an order revoking the license of Fynamics Lending Inc., operator of the Pondopeso online lending app. This followed an investigation which found that the company had failed to comply with several SEC regulations.

Ideally, Pondopeso should no longer be operational, but it’s back in business under a different company, Armorak Lending. Despite the Pondopeso app being removed from the Google Play Store for serious privacy risks, the company instructs prospective borrowers to download the Pondopeso APK instead. This allows people to still use the app and the company to continue with its shifty practices.

How much is the Pondopeso loan?

The initial loan amount given to first-time borrowers is PHP1,000-PHP2,000. The maximum loan amount you can borrow on your subsequent loan transaction is PHP40,000, if you have established a good credit standing.

Is Pondopeso SEC registered?

The old Pondopeso operated by Fynamics Lending was listed until the revocation of its operating license. The new Pondopeso is currently listed with the SEC under the company Armorak Lending. The app itself is not available for download in the Play Store, but the workaround is to use the APK.

Pondopeso loan benefits

  • Pondopeso offers an easy and convenient way to access small loans even if you have bad credit score or have no credit history.

  • The fast approval process allows you to get the cash you need when you need it.

  • It does not require collateral or guarantor.

  • It has minimal documentary requirements.

  • You can use your Pondopeso loan for any purpose, including emergency expenses, home improvement projects, consolidate debt, or simply to use to buy groceries.

Pondopeso loan, how to apply?

To start your loan application, you will need to fill out the online form and provide personal and employment information. You must indicate the amount you would like to borrow. Upload a valid ID and submit the form. Wait for the approval.

Requirements

  • You must be a Filipino citizen.

  • You must be at least 18 years old.

  • You must have a valid government-issued ID (e.g., Passport, UMID, Driver’s License, SSS, etc.

Pondopeso loan, how to pay?

You can pay your Pondopeso loan at partner payment channels:

  • GCash

  • 7-Eleven

  • ECPay

  • Bayad Centers

  • M Lhuillier

  • PNB

  • Unionbank

What happens if you can't pay?

If you can't pay your online loan, the lender may try to collect the debt through other means. This could include contacting you by phone or sending a collection agency after you. Pondopeso has a history of aggressive collection methods that include harassing borrowers and threatening to call references to force the borrower to pay.

If you're unable to repay the loan, you may end up damaging your credit score or even facing legal action.

Pondopeso app

The Pondopeso app is no longer available in the Play Store because Google removed  it for privacy issues.

Pondopeso app download

Since the app cannot be downloaded from the official Google Play Store Prospective borrowers are being asked to download the Pondopeso APK to use the online loan app. The problem is that there are some risks associated with using APK files.

Because APK files can be downloaded from anywhere on the internet, they may be tampered with by malicious actors. This could lead to your device being infected with malware or your personal information being compromised. Additionally, APK files are not reviewed by Google before being made available for download, so there is no guarantee that they are safe. If you do choose to download an APK file, be sure to do so from a trusted source and only install apps that you trust.

Pondopeso, customer service

Pondopeso, harassment and complaints

Borrowers have been harassed and complaints have been filed against Pondopeso. The company is accused of making unwanted phone calls, sending threatening emails and texts, and even showing up at borrowers' homes and workplaces. Borrowers say they are being harassed for payments they can't afford, and that the company is using illegal collection practices.

Pondopeso’s collection method is described as intrusive. They use personal and sensitive information about someone without their consent. This can include posting pictures or videos of someone without their permission, sharing private messages, or even subjecting their contacts to threats or harassment. This can actually have serious consequences for the people involved. In some cases, it can lead to identity theft or fraud, and it can also damage relationships and reputations.

Pondopeso loan, reviews

Pondpeso is operating almost underground because the app itself is not available in the Play Store, prompting people to download the Pondopeso APK, which comes with its own security risks. Even though the online loan app is now being run by a new company, the operations and methods are still the same. It’s for this reason that many of the reviews on their Facebook page are negative.

The company has a history of bad customer service and privacy breaches; hence, the SEC revoked its license. Given Pondopeso's bad history, it would be sound judgement to stay away from the app until there’s a compelling reason to use it.

Have you used the Pondopeso loan app? Share your experience here.

Jessa Aldave
4
2023-02-27

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This article was updated on 29 march 2024