Pautang Peso online loan is what you need if you need urgent cash.
With the Pautang Peso app, you can borrow money in minutes.
Unlike bank loans, you don’t need to prepare many documents to apply for a Pautang Peso online loan. Also, Pautang Peso will not ask for collateral.
Basically, to apply for a Pautang Peso online loan, you first need to install the Pautang Peso app, which is available on Google Play and the App Store.
Then, make sure you are ready to share your personal information. And, of course, you must prepare one valid ID for identity verification.
To help you know more about the Pautang Peso online loan, we go the extra mile. We researched and compiled all the information you need to know before you apply for a Pautang Peso online loan.
What is Pautang Peso Online Loan?
Pautang Peso online loan is a non-collateral loan product offered by Pautang Peso.
You can borrow money from Pautang Peso in less than five minutes; indeed, it’s the perfect loan app for emergencies!
Regarding the requirements, there is no need to prepare many documents. Just prepare one valid ID, and you’re good to go!
Pautang Peso processes loan applications online so you can apply anywhere and anytime. Regarding loan disbursements, Pautang Peso can send the money straight to your GCash account.
The one million dollar question: How much can you apply for a Pautang Peso online loan?
Based on the Pautang Peso app, the maximum credit limit Pautang Peso offers borrowers is ₱20,000, but, unfortunately, it’s a lie!
In fact, if you are a new borrower, you may only be approved for ₱500- ₱1,000 loan amount. If you borrow again and establish a good credit standing, the offer may increase, but don’t expect it will reach ₱20,000.
Also, before you apply, remember that the Pautang Peso online loan charges a higher interest rate than bank loans. Moreover, you may also receive a shorter loan term offer.
What is the Pautang Peso Online Loan Interest Rate?
- 6.67% in seven days
Pautang Peso Online Loan Credit Limit
- ₱500- ₱1,500 (first-time borrowers)
*Offer may increase for repeat loans; also, if credentials and information are updated
Pautang Peso Online Loan Requirements
- Pautang Peso app installed on a smartphone
- One valid ID
- Certificate of Employment (COE) or other proof of employment
Pautang Peso Online Loan Application Process
- Download the Pautang Peso app on Google Play or App Store
- Read the Disclosure Statement and Privacy Policy, click ‘I Agree With’
- Input your active mobile number to log in, and wait for the OTP that will be sent to your number
- Input the OTP, click ‘Login’
- Pautang Peso will notify you that if you want to continue to apply for a loan, you need to grant Pautang Peso access to your mobile device, particularly the camera, installed apps, location, and SMS. To proceed, click ‘Allow’
- The next tab will display the ‘expected quota to apply.’ For first-time borrowers, the default quota to apply is ₱8,000. However, take note that the actual credit limit that will be offered to you will be determined after Pautang Peso evaluates your loan application
- To continue, click ‘Get my Credit Limit’
- The next page will require you to input your personal information, including surname, given name, middle name (optional), ID type (accepted IDs UMID, SSS, National ID, driver’s license, passport, postal ID, PRC, voter’s ID, PhilHealth ID, TIN ID) ID number, and birthday, click ‘Next’
- You will be required to provide info on the following:
- Gender
- Marital Status
- Educational Background
- Email Address (Gmail first)
- Facebook account name
- Current Address
- Detail Address
- Residence status
- Duration of stay
- Monthly income
- Use purpose
- Click ‘Next’
Provide information on the following:
- Specify business/ personal, company, or factory name
- Company scale
- Industry
- Job Type
- Position Level
- Duration of work
- Payday 1 and Payday 2
- Company address
- Detail address
- Company phone number
- Click ‘Next’
- Provide three emergency contacts. Emergency Contact #1 will also serve as the guarantor. Pautang Peso will obtain the emergency contacts’ profiles and numbers from your phone’s contact list. Make sure to input emergency contacts that know you want to apply for a Pautang Peso online loan because Pautang Peso will actually call them. After filling out the information about emergency contacts, click ‘Next’
- Indicate the ID Type and ID number you want to use in your application. You need to upload a photo of your valid ID and a selfie with you holding the ID
- At this stage, Pautang Peso will ask for your Certificate of Employment (COE) or other proof of employment; click ‘Next’
- The next interface will display the specific loan amount offered to you. First-time borrowers usually get ₱500-₱1,500 credit limit. Regarding the loan term, the Pautang Peso app will reflect up to a 150-day loan term, but it’s a bluff. In fact, first-time borrowers are just given around seven days to repay loans. For repeat borrowers, they may receive a more flexible loan term
- Choose where you want to receive the proceeds- via GCash, bank, MLhullier/ RD/ Palawan Pawnshop. But take note that there is a transfer fee. For GCash and bank account disbursements, you will be charged ₱25; for MLhullier, RD, and Palawan Pawnshop, the fee is ₱30. Click ‘Confirm’
- Loan details/ summary will be displayed. At this point, you will notice that Pautang Peso charges borrowers with so many fees, particularly:
- Credit assessment fee worth ₱105
- Platform Management Fee worth ₱345
- Post loan Management fee worth ₱120
- Before finally approving your loan application, Pautang Peso will conduct a CI (Credit Investigation) to verify your identity and creditworthiness. At this phase, Pautang Peso will call the three contact persons you’ve provided and will ask for relevant information regarding your application
- That’s it! After a few minutes, Pautang Peso will notify you whether your loan application has been approved or denied. After approval, the money will be immediately sent to your preferred disbursement method
How Long is Pautang Peso Online Loan Evaluation?
The information you need to provide in the Pautang Peso app to apply for a loan is divided into three categories: Personal Information, Job Information, and Emergency Contact. The entire Pautang Peso online loan application process may take five minutes or less.
Pautang Peso Fess and Charges
- Platform Management Fee worth ₱345
- Credit assessment fee worth ₱105
- Post loan Management fee worth ₱120
- Transfer fee (depending on the disbursement platform used)
*Note: Amount may vary depending on the granted amount and term
Pautang Peso Pros and Cons
Pros
- Many IDs to choose from
- Easy application process
- Flexible disbursements (GCash, bank, RD, MLhullier, Palawan Pawnshop)
Cons
- High-interest rate
- Short loan term
- Requires COE or other proofs of employment
- They will call the contact persons and also conduct CI (to evaluate creditworthiness) before approving
- You need to fill out everything; even the company phone number should be divulged
- So many charges and deductions
Takeaway
Pautang Peso online loan may be helpful if you need urgent cash during emergencies.
But frankly, it’s not an ideal loan app!
Pautang Peso charges many fees that almost cut half of the approved loan amount.
Is it a loan shark? Honestly, sort of!
However, if you have no other option and need cash NOW, can I blame you for applying for a Pautang Peso online loan?