In the Philippines, the need for quick cash has given rise to various online lending platforms. One such platform is Pesoclick, promising fast loans with minimal requirements. However, before you jump into borrowing, it’s crucial to understand the app’s features, potential drawbacks, and overall legitimacy. This comprehensive review will help you decide if Pesoclick is the right fit for your financial needs.
Contents
Pesoclick Loan App Review Philippines
Key Features
- Fast Approval & Disbursement: Pesoclick’s main draw is the speed at which loans are processed and disbursed, often within 24 hours.
- Entirely Digital Process: The application, approval, and fund disbursement are all handled through the mobile app, making it convenient.
- Lower Documentary Requirements: Compared to traditional banks, Pesoclick asks for fewer documents, which can be appealing for those who lack extensive financial records.
Pros
- Convenience: The app-based process is user-friendly and accessible.
- Speed: Ideal for urgent financial situations.
- Inclusivity: May cater to borrowers with limited credit history.
Cons
- High-Interest Rates: Interest rates can be exorbitantly high, easily reaching triple digits in APR.
- Short Repayment Terms: Loan periods are often short, meaning higher installments.
- Hidden Fees: Some users have reported unexpected fees not clearly explained upfront.
Pesoclick Complaint Philippines
Numerous complaints online point to:
- Aggressive Collection Practices: Excessive calls, intimidating messages, and public shaming have been reported.
- Hidden Fees: Charges not clearly stated during the application process.
- Inaccurate Loan Calculations: Discrepancies in interest calculations and total repayment amounts.
Is Pesoclick Legit?
Pesoclick is registered with the Securities and Exchange Commission (SEC) under the company name “Fcash Global Lending Inc.” with registration number CS201815338. While this provides some level of legitimacy, the prevalence of complaints raises concerns about their ethical practices and transparency.
Pesoclick Loan Interest Rate Philippines
Pesoclick doesn’t publicly disclose its interest rates. Based on user experiences and estimations, the APR can range from 120% to 360%. This is significantly higher than traditional lenders and should be a major consideration.
How to Apply for a Pesoclick Loan
Eligibility Requirements:
- Filipino citizen
- 18 years old or above
- Valid government-issued ID
- Active mobile number
- Proof of income (payslips, bank statements, etc.)
Step-by-Step Application Guide:
- Download the Pesoclick app.
- Create an account.
- Choose loan amount and term.
- Upload required documents.
- Submit application and wait for approval.
Who Should Consider Pesoclick Loan App?
Pesoclick might be suitable ONLY if you:
- Have an urgent financial need and cannot access traditional loans.
- Understand and are prepared for high-interest rates and short repayment terms.
- Have exhausted other borrowing options.
Alternatives to Pesoclick Loan
Before opting for Pesoclick, explore these alternatives:
- Bank Loans: Generally lower interest rates and longer terms.
- Credit Unions: Community-based options with competitive rates.
- Pawn Shops: Offer loans using valuables as collateral.
- Family/Friends: May be willing to lend smaller amounts.
Pesoclick Harassment Philippines
Numerous users have reported harassment from Pesoclick’s collection agents if payments are delayed. If you experience this, document the incidents and report them to authorities.
Pesoclick Customer Service
Pesoclick offers customer service through their app and email. However, some users have reported difficulties reaching them or receiving timely responses to their concerns.
Conclusion
While Pesoclick offers quick access to funds, it comes with significant risks due to high-interest rates, potential hidden fees, and reports of aggressive collection practices. Borrowers should exercise caution and only consider this app as a last resort after exploring all other options.
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