PEDICASH Loan App Review Philippines: is it Legit? Harassment?

Are you looking for a quick and convenient way to borrow money in the Philippines? Pedicash, a mobile loan app, offers small and flexible loan options to Filipinos. But before you download the app, it’s crucial to understand its features, pros and cons, and potential drawbacks. This Pedicash Loan App Review Philippines will provide a comprehensive overview to help you decide if it’s the right choice for you.

APPLY LOAN NOW

Information table about online loan services at Pedicash

What is Pedicash?

Pedicash is a mobile loan app offering short-term salary loans to Filipinos. It caters to individuals who need quick cash for emergencies or unexpected expenses. The application process is done entirely online through the Pedicash app, and approval can be as fast as 24 hours.

Key Features

• Fast and Easy Application: Apply for a loan anytime, anywhere through your smartphone.
• Flexible Loan Amounts: Borrow a sum that fits your needs, ranging from ₱4,000 to ₱10,000.
• No Collateral Required: Unlike traditional loans, you don’t need to put up any assets as security.

Pros

• Convenient: Apply for a loan and manage it all through your smartphone.
• Fast Approval: Get a decision on your loan application within 24 hours.
• Flexible Loan Terms: Choose a loan term that fits your repayment schedule (7 – 30 days).

Cons of Pedicash

• High Interest Rates: The daily interest rate on Pedicash loans is estimated to be between 1% – 3.5%, which can be significantly higher than traditional bank loans.
• Potential Hidden Fees: There may be additional service fees or charges associated with the loan that are not readily apparent during the application process.
• Risk of Debt Trap: Short-term, high-interest loans can quickly lead to a debt trap if not managed carefully.
• Customer Complaints: Some users have reported issues with aggressive collection practices and hidden fees.

Is Pedicash Loan App Legit or Not?

According to available information, Pedicash is registered with the Securities and Exchange Commission (SEC) Philippines. Their registration number can be found within the app itself. However, it’s important to remember that registration doesn’ t necessarily guarantee a perfect track record. It’s always wise to read user reviews and compare loan offers before borrowing.

Pedicash Loan App Review Philippines

Customers rate Pedicash Philippines with a moderate rating. The Pedicash app has a rating of 4.1 on Google Play, with mixed reviews. Here are a few examples:

• John (4 stars): “The app was easy to use, and I got my loan quickly. However, the interest rate was a bit high.”
• Maria (3 stars): “The loan helped me out in a pinch, but I received several calls reminding me about the payment due date, which felt like harassment.”
• Carlos (1 star): “I had a terrible experience with Pedicash. The fees were higher than expected, and their collectors were very rude.”

As you can see, user experiences with Pedicash vary. It’s important to consider both positive and negative reviews before making a decision.

Pedicash Loan Interest Rate Philippines

The exact interest rate for Pedicash loans may vary depending on the loan amount and repayment term. However, it is estimated to be between 1% – 3.5% daily. This translates to an Annual Percentage Rate (APR) that can be significantly higher than traditional bank loans.

Example of Pedicash Calculating Interest and Loan Payments

Let’s say you borrow ₱5,000 with a 7-day loan term and a 2% daily interest rate. Here’s how to calculate the interest and total payment:

Description	Amount
Loan Amount	₱5,000.00
Daily Interest Rate	2.00%
Loan Term (Days)	30
Total Interest	₱3,000.00
Monthly Payment (estimated, assuming 30 days per month)	₱8,000.00

Note: This is an example calculation. Actual interest rates and fees may vary. Always refer to the latest information from Pedicash for accurate figures.

As you can see from the table, the total interest on a ₱5,000 loan for 30 days at a 2% daily interest rate is ₱3,000. This means that the total amount you would need to repay is ₱8,000. The monthly payment is estimated to be ₱8,000, but this could vary depending on the actual number of days in the month.

How Do I Borrow a Pedicash Loan?

Before applying for a Pedicash loan, it’s essential to assess your financial situation and ensure you can comfortably afford the repayments. Here’s a step-by-step guide if you decide to proceed:

Eligibility Requirements:

• You must be at least 18 years old and a Filipino citizen.
• Have a valid government-issued ID.
• Possess a stable source of income with a minimum monthly income of ₱8,000 (verification may be required).
• Have a good credit history (no outstanding unpaid loans).
• Provide a mobile phone number and active email address.

Step-by-Step Application Guide:

1. Download the Pedicash App: Search for “Pedicash” on the Google Play Store and download the app on your smartphone.
2. Create an Account: Register for an account by providing your personal information, including your name, contact details, and email address.
3. Complete the Loan Application: Fill out the online loan application form, specifying the desired loan amount and repayment term. You may be asked to link your bank account or provide proof of income.
4. Submit the Application: Review your application details carefully before submitting it for processing.
5. Wait for Approval: Pedicash will assess your application, and you’ll receive a notification regarding the decision within 24 hours (according to their claims).

Required Documentation:

While the exact requirements may vary, you might need to submit the following documents during the application process:

• Valid government-issued ID (e.g., Philippine passport, driver’s license)
• Proof of income (e.g., payslips, bank statements)
• Selfie holding your valid ID (for verification purposes)

Who Should Consider Pedicash Loan App?

Pedicash might be a suitable option for individuals needing a small, short-term loan to cover unexpected expenses. However, it’s crucial to approach it with caution due to the high-interest rates and potential for debt traps. Here are some situations where Pedicash could be considered:

• Emergency Expenses: For unforeseen medical bills, urgent car repairs, or other immediate financial needs.
• Small Cash Shortfall: If you need a small amount to bridge a gap between paychecks or cover essential bills before your next income arrives.

It’s important to remember alternative options before resorting to Pedicash:

• Borrow from friends or family: This can be a more interest-free and flexible solution, but transparency and clear repayment terms are crucial.
• Negotiate with creditors: If facing bill payments, consider contacting creditors and explaining your situation. They might be willing to offer payment plans or temporary adjustments.
• Sell unused items: Consider selling belongings you no longer need to generate some quick cash.

Pedicash Harassment Philippines

There have been online reports of aggressive collection practices employed by Pedicash. These practices can include:

• Excessive phone calls and messages to the borrower and their contacts.
• Unprofessional or threatening language used by debt collectors.
• Public shaming tactics through social media or contacting the borrower’s workplace.

If you experience harassment from Pedicash debt collectors, here are some steps you can take:

• Document the harassment: Keep records of all phone calls, messages, and any other instances of harassment.
• Report the harassment: File a complaint with the Securities and Exchange Commission (SEC) Philippines, which regulates lending companies.
• Seek legal advice: Consider consulting a lawyer specializing in consumer rights for further guidance.

Pedicash Contact Number Philippines

The official contact information for Pedicash might be available within the app itself. However, due to potential privacy concerns and the reported collection practices, it’s advisable to limit direct contact unless absolutely necessary.

Alternatives to Pedicash Loan

Before resorting to Pedicash, consider exploring alternative loan options with potentially lower interest rates and more favorable terms:

• Microfinance institutions (MFIs): These institutions offer small loans at lower interest rates compared to payday loan apps.
• Personal loans from banks or credit unions: These loans may require better creditworthiness but often come with lower interest rates and longer repayment terms.
• Government assistance programs: Depending on your situation, government programs might offer financial aid or grants for specific needs.

Frequently Asked Questions (FAQs)

Is Pedicash safe to loan from?

Pedicash claims to be a legitimate company, but there are concerns about high-interest rates, hidden fees, and aggressive collection practices. It’s essential to weigh the risks and explore alternative options before applying.

What happens if I can’t repay my Pedicash loan?

Late repayments on your Pedicash loan will incur additional fees and penalties. Furthermore, persistent non-payment could lead to:

• Loan delinquency: This can negatively impact your credit score, making it harder to secure loans in the future.
• Debt collection: Pedicash might employ aggressive collection tactics, as mentioned earlier.
• Legal action: In extreme cases, Pedicash could take legal action to recover the debt.

How can I avoid the debt trap with Pedicash?

Here are some crucial steps to avoid falling into a debt trap with Pedicash:

• Borrow only what you can afford: Only borrow the amount you can realistically repay within the loan term, considering the interest and fees.
• Create a budget: Track your income and expenses to ensure loan repayments fit comfortably within your budget.
• Explore alternatives: Exhaust all other options before resorting to Pedicash. Consider negotiating with creditors, selling unused items, or seeking help from government programs.
• Have a repayment plan: Develop a clear plan for repaying the loan on time and in full to avoid late fees and further complications.

Is there a way to cancel my Pedicash loan application?

Since the application process is likely done within the app, you might be able to cancel it before final approval. However, it’s recommended to check Pedicash’s specific terms and conditions regarding application cancellation.

Conclusion

Pedicash offers a quick and convenient way to access small, short-term loans. However, the high-interest rates, potential hidden fees, and reported collection practices make it a risky option.

Before using Pedicash, thoroughly consider your financial situation, explore alternative solutions, and only borrow what you can absolutely afford to repay on time.

Remember, responsible borrowing is key to avoiding debt traps and maintaining financial well-being.