OLP Loan App Review Philippines: Legit? Complaint?

Are you looking for a quick and easy way to borrow money in the Philippines? OLP (Online Loans Pilipinas) might be one option you’ve come across. But before you download the app, it’s important to understand its features, pros, cons, and potential drawbacks. This OLP Loan App Review Philippines will give you a comprehensive overview to help you decide if it’s the right choice for you.

OLP Loan App Review Philippines

Key Features

• Loan Amounts: ₱1,000 to ₱20,000 (₱7,000 maximum for first-time borrowers)
• Loan Terms: Up to 30 days (advertised as having longer terms on Google Play: play.google.com)
• Fast Approval Process (advertised)

Pros

• Convenient: Apply for a loan anytime, anywhere through the mobile app.
• Potentially Fast Approval: OLP advertises a quick application process.

Cons

• High Interest Rates: Interest rates are not clearly advertised but can be very high based on user reviews.
• Short Loan Terms: Limited repayment options compared to other lenders.
• User Complaints: Reviews on Google Play: play.google.com mention issues with app functionality and high fees.

OLP complaint Philippines

There have been complaints from Filipino users regarding OLP’s loan terms, fees, and app functionality. It’s important to consider these user experiences before applying for a loan.

Is OLP Legit and Safe?

OLP appears to be a registered company in the Philippines. However, the high potential for hidden fees and short loan terms raise concerns.

OLP loan interest rate Philippines

OLP does not clearly advertise their interest rates. Based on user reviews, the Annual Percentage Rate (APR) could be as high as 180%, which is significantly higher than traditional lenders.

How to Apply for a OLP Loan

Eligibility Requirements:

• Must be a Philippine citizen or resident.
• At least 18 years old.
• Have a valid ID and proof of income (requirements may vary).

Step-by-Step Application Guide:

1. Download the OLP Loan App from Google Play: play.google.com.
2. Create an account and fill out the application form.
3. Provide your personal information, employment details, and desired loan amount.
4. Wait for approval notification.

Required Documentation:

• Valid government-issued ID (e.g., Philippine Passport, UMID)
• Proof of income (payslips, bank statements, etc.) may be required.

Who Should Consider OLP Loan App?

OLP might be an option for those who need a very small, short-term loan and have tried other options. However, proceed with caution due to the high potential for fees and short repayment terms.

Alternatives to OLP Loan

• Consider traditional banks or credit unions that may offer lower interest rates and longer repayment terms.
• Explore microfinance institutions that cater to small loans with responsible lending practices.

OLP harassment Philippines

There have been reports of OLP using aggressive collection tactics. If you are considering using OLP, be sure to understand their collection practices beforehand.

Conclusion

OLP offers a quick and convenient way to borrow money, but it comes with significant drawbacks. High potential fees, short repayment terms, and user complaints raise concerns. Before using OLP, thoroughly research alternative lenders and ensure you can comfortably repay the loan within the short timeframe.