Financial applications and companies are quite popular in the Philippines, in parallel with the economic development of this country. These services are the solution for quick moneylending.

This article will mention one of the currently popular financial platforms – LoanMoto, and how it works. We start reading ahead before starting to create any “instant” credit requests!

Table of Contents

About LoanMoto

LoanMoto is a mobile wallet that offers online loans over the Internet to Filipino citizens, operated by U Peso Ph Lending Corporation (UPESO). This platform provides short-term lending with flexible repayment periods and no collateral required. Therefore, it is the solution for anyone who needs quick cash in less than a day.

LoanMoto’s requirements for the first loan are from 2,000 PHP. There is information about its products, such as:

Loan limit (PHP)	1,000 – 12,000 (at least 2,000 for the first time)
Interest rate (%)	4 – 6 monthly (equivalent to 0,2% per day)
Length of term	From 7 to 28 days
Required ages	22 – 55

How To Apply For A Loan With LoanMoto

This mobile loan service does not require customers to be present during the loan process, including introducers, guarantors, or other documents. The prerequisite of this application is that the borrower must be between the ages of 22 and 55.

You can transact online via the LoanMoto application downloaded on Android or App Store. After downloading the application, you need to follow these steps:

Fill in personal information, such as name, date of birth, gender, education level, and banking information.
Calculate and enter the loan amount (the first amount starts from 200 PHP).
Provide the required documents.
Read and agree to the company’s terms.
Submit your application and wait for approval.
Receive money to the provided account or bank card within 24 hours if the application is approved.

How To Repay A Loan For LoanMoto

LoanMoto cooperates with DragonPay – an online payment gateway, to support customers in paying their loans safely and securely. This platform is popular with merchants, sellers, and organizations of various sizes, and even people without bank accounts can easily transact through it.

You can pay your loan at any branch managed by DragonPay, such as at Bayad Center, SM or Robinson department store, Cebuana Lhuillier Pawnshops, and 7-Eleven convenience stores. After arriving at the nearest or most convenient partner branch, follow these steps:

Request a Transaction Form for loan payments via DragonPay.
Fill in personal information: Full name, debt code (sent by LoanMoto via registered email address and phone SMS), payment amount, mobile phone, and email address.
Pay directly at the cashier counter.
Receive and keep receipts (in case you need to check them).

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The Pros And Cons Of LoanMoto

Pros

No guarantees needed: Even if you cannot provide collateral, the chances of your loan request being approved are still high.
Eliminate paper documents: Personal identification documents, such as Valid ID and proof of living (such as electricity, water bills, etc.), can all be captured and submitted via the app.
Approve the loan quickly: You will receive money in your account within 24 hours.
Secure highly: Customers’ data will be protected, and transactions will be encrypted according to international security certificates.

Expand the credit limits: After each successful loan payment, the next time, the maximum loan amount will increase, with preferential interest rates. In particular, customers can register for the VIP program to get additional limits and exclusive benefits.

Cons

Higher interest rate than banks: due to no collateral. Meanwhile, for loans, banks (which require collateral and proof of economic capacity) apply interest rates ranging from 10% – 40% per year, equivalent to less than 3.5% per month.
Lower credit limits: especially for first-time borrowers, the amount of money that can be disbursed will be much lower than the bank’s.
Higher risk of fraud: due to clicking on unofficial links in the name of LoanMoto. Therefore, customers need to download the correct application available on the website https://LoanMoto.com or the bio link attached on Facebook: https://www.facebook.com/LoanMotoPhilippines/

FAQs

What Should You Do If Your Application Was Rejected?

If your application is rejected, you can prepare and resubmit after 15 days. Your chances of getting approved are high if you meet all of LoanMoto’s basic requirements. These include age between 22 and 55, valid photo ID, clear proof of residence, and valid bank account. Therefore, when rejected, you should check your profile and fix any shortcomings before reapplying.

Can I Extend The Loan?

You can, but only if you have completed your current loan payments. After that, you must log in to the app, go to your profile, and renew your account.

How Is LoanMoto Different From Banking Institutions?

The first difference is their scale and how they operate. LoanMoto is an application that allows you to create loans with simple documents. It does not require collateral, and your account will receive money within 24 hours after your request is approved. However, this platform requires quite high-interest rates and offers low limits, up to 12,000 PHP.

On the other hand, bank loans often require collateral and many documents and take a long time to approve. In return, customers can borrow with a limit of more than 1 million PHP and lower interest rates after ensuring steps.

Conclusion

LoanMoto, as the name suggests, is a quick solution for urgent money problems without needing a mortgage. Customers can receive money within 24 hours with simple registration steps. Moreover, they can increase the limit through a VIP account or on-time repayment.

Once you understand financial applications, you can minimize the risk of fraud or scams. It’s best to bear in mind that you should register using the official website or app and ignore strange links!