OKPeso online loan is a dependable loan option if you run out of cash.
Unlike bank loans, OKPeso asks for lesser requirements and disburses money in minutes.
But before you apply, you must know OKPeso from head to toe!
Remember that online loan apps charge high interest rates and offer shorter loan terms; OKPeso is not an exemption!
You must also know that OKPeso online loan is not a ‘pure’ non-collateral loan product.
It’s because you must affirm that your cellphone will serve as collateral in times of payment failure or default.
There’s a lot more information you need to know before applying for OKPeso online loan.
Keep reading to know if OKPeso is, indeed, an ‘OKAY’ loan product for Filipinos.
What is an OKPeso Online Loan?
OKPeso online loan is an online loan product you can apply via the OKPeso app.
OKPeso is owned by Codeblock Lending Inc. and operates under SEC Registration Number CS201913681.
Based on the OKPeso app, the maximum credit limit it offers borrowers is up to ₱20,000. Unfortunately, the said credit limit is just bait.
If you are a first-time borrower, you will be offered a credit limit of ₱500- ₱2,000. New borrowers are also given shorter repayment terms, usually seven days.
Repeat borrowers with good credit standing may get a higher credit limit and more flexible loan terms. However, note that the credit limit and loan term offered to a particular borrower will depend on the information, valid ID, and credentials submitted on the OKPeso loan app.
What is OKPeso Online Loan Interest Rate?
7.2%- 11.2% (of the approved loan amount). The effective monthly interest rate will be determined after the final loan evaluation
What are OKPeso Online Loan Terms?
7 days, 14 days, 91 days, 210 days
*New borrowers usually receive a seven-day term
OKPeso Online Loan Credit Limit
- ₱20,000 (Reflected on the OKPeso app; for marketing purposes only)
- ₱5,000- ₱10,000 (repeat borrowers)
- ₱500- ₱2,000 (first-time borrowers)
OKPeso Online Loan Requirements
- OKPeso loan app installed on a smartphone
- One valid ID
- Phone (as collateral)
OKPeso Online Loan Application Process
- Download the OKPeso app on Google Play or App Store
- Input your active mobile phone number to log in to the OKPeso app
- Input the OTP to proceed to the dashboard
- The next page will tell you that OKPeso needs to access your mobile phone’s SMS, camera, contact list, and even location to proceed with your application. Click ‘Continue’
- Write your Basic Information, including your first name, middle name, last name, gender, and date of birth
- Input your Facebook account
- The next step will ask you to input your current address, detailed address, religion, marital status, educational attainment, and salary payday; click ‘Next’
- The next pop-up will require you to nominate three emergency contacts. Names and contact numbers will be taken from your phone’s contact list.
- Choose one valid ID you’ll use in your application. The following are the accepted IDs: UMID, driver’s license, SSS, passport, postal ID, PRC ID, National ID
- Write the ID number
- Take a front side photo of your valid ID, then upload
- Take a selfie while holding a valid ID
- Click ‘Next’
- Wait for about 15 seconds as OKPeso evaluates your information and ID
- Then, the actual credit limit will be displayed on the OKPeso dashboard. First-time borrowers should expect a lower credit limit- between ₱500-₱2,000. Also, the usual loan term for new borrowers is seven days.
- Indicate what payment channel you prefer to receive the loan proceeds. Available options include GCash, Bank, PayMaya (Maya), MLhullier, and RD Pawnshop.
Take note that each of the payment channels has a corresponding transfer fee. For GCash, the transfer fee is ₱50. For a Bank transfer, you need to pay ₱55. PayMaya (Maya) will charge you ₱21. On the other hand, MLhullier and RD Pawnshop transfers cost ₱160 and ₱110, respectively
- Expect the loan proceeds to be credited to your account/ chosen disbursement channel a few minutes after confirming loan details
How Long is OKPeso Online Loan Evaluation?
OKPeso online loan evaluation may take more or less five minutes
OKPeso Online Loan Fees and Charges
- Service Fee- 10.8%- 16.8% of the approved loan amount
- Transfer Channel Fee- Varies depending on the selected loan disbursement method
- GCash= ₱50
- Bank Transfer= ₱55
- Maya (PayMaya)= ₱21
- MLhullier= ₱160
- RD Pawnshop= ₱110
OKPeso Online Loan Repayment Channels
- GCash
- 7-Eleven
- M Lhuillier
- Bank
- ECPAY
OKPeso Online Loan Pros and Cons
Pros
- SEC-registered loan app
- Fast application
- Quick loan evaluation results
- High approval rate
- One valid ID
Cons
- Requires mobile phone as the collateral
- Many fees and charges
Requires Facebook account
- Low credit limit
Takeaway
Frankly speaking, I give OKPeso online loan a thumbs down!
First and foremost, it asks borrowers to allow their mobile phones to serve as collateral.
Second, OKPeso charges high-interest rates with minimal credit limits.
Lastly, the OKPeso online loan comes with many fees and charges that consume almost half the loan proceeds.
But of course, if you urgently need cash, who am I to hinder you from applying for an OKPeso online loan?
Bottomline: OKPeso is not an ideal loan app, but it can surely give you the cash you need in minutes!