There are many financial organizations lending money in the Philippines. But finding one with a simple procedure that saves time for borrowers is quite challenging.
That will no longer be a problem with Pondopeso, a new Fintech platform in the Philippines. It offers you economic mobility anytime, anywhere you need money, with the best service in the Filipino market.
Table of Contents
What Is Pondopeso?
Pondopeso is a qualified financial service platform designed specifically for Filipinos with an aim to help people get loans whenever or wherever they want with just several steps.
Armorak Financial Services Inc. is the company creating the Pondopeso platform.
The service also appears on the list of the SEC – the Filipino Securities and Exchange Commission, with registration number CS201908271, Certificate of Authority No. 2988.
The SEC is an organization responsible for evaluating whether a company is legally operating. Pondopeso is on its list, meaning it is legit and has complied with all the Filipino supervisory authority inspections.
For individuals or those with small businesses in the Philippines, the normal procedure for borrowing money from a bank might be complicated. Hence, microcredit services like Pondopeso have become handy.
How Does It Work?
Pondopeso is a service designed to help Filipinos needing money in the short term. As its purpose is to optimize the lending process in a minute, the procedure is simple and easy to do with no paperwork.
Firstly, borrowers will need to download the app and register their accounts. Then, they should input their personal information and upload the image of their identification card.
Next, they should declare their financial status and request how much money they would like to borrow. They should remember to take note of the loan term somewhere so they cannot forget it.
After an hour, if their requests have been approved, there will be money in their bank account, which is available to use for personal purposes.
Pondopeso Interest
Pondopeso is not only convenient due to its mobility but also its good interest compared to other financial firms in the market.
Its interest each day is around 0.05% to 1.0%, depending on which loan term and loan amount the users borrow. The minimum loan amount is 1000 PHP, and the maximum is 40 000 PHP.
Users can repay the loan in 7 days as a normal standard. However, Pondopeso allows customers to settle payments from 91 to 365 days, although it happens infrequently.
The service fee for using the platform is reasonable. It is around 0,1% to 0,35% based on a specific loan term.
Pondopeso Loan Benefits
One outstanding and remarkable feature of Pondopeso that can be easily seen is it issues a loan through a mobile application. Everyone who has a mobile phone with an Android operating system is ready to use the app.
Moreover, borrowers can get a loan without going to a credit organization. If the device is connected to the internet and the app is downloaded, they can have a loan in five minutes to do their job.
Besides, the credit terms are transparent. When the users use the app, the information on credit terms will pop up for them to read.
If borrowers still need to clarify more, they can call the Pondopso customer service hotline or email to cs@pondopeso.com, and the commission will be instantly announced to them.
The paperless experience is also a highlight when using Pondopeso.
Borrowers need not bring the forms or scan contracts, as everything can be done online. The only valid document required is the user’s identification when registering for the app.
See also: Halika Cash App Detailed Information
How To Loan In Pondopeso App?
The borrowers must be Filipinos aged 18 to 48 to get a loan from Pondopeso. They should have valid IDs such as postal ID, driver’s license, passport, etc.
Then, with their mobile phones, they can go to www.pondopeso.com to download the app. It is also available in the Play Store.
Before signing up, users should check Pondopeso’s general conditions.
If it can meet the requirements, press the accept box, submit the agreement to use personal data, and the permission to access the credit score.
Once it is available, register the personal information and await approval. Borrowers must ensure all the information is correct, as false data can cause rejection.
After the Pondopeso verifies borrowers’ information, the registers will receive their first dollars in their bank account.
The firm will also send a copy of the loan agreement via email, including the information consumers have provided in their profile.
FAQs
What Are The Conditions For A Loan In Pondopeso App?
As mentioned above, to start the loan application with Pondopeso, the customers must be Filipino citizens and be at least 18 years old.
They must have a valid ID issued by the Filipino government, like Professional Regulations Commission (PRC) ID, Driver’s License, or Social Security System (SSS) ID,…
Want to get cash fast and easy?
How Much Can I Loan In Pondopeso App?
The users can borrow 1000 PHP as the minimum and 40 000 PHP as the maximum amount. After registering a loan successfully, within 24 hours, Pondopeso will transfer the money to your bank account.
The interest rate is 0.05 per day as a standard. However, it can be 11% and 15% for loans with a term of 21 days and 30 days, respectively.
How To Pay My Loan?
Pondopeso will notify the customers it is time to pay the loan by SMS. There are many options that borrowers can choose to return a loan.
They can repay the loan by using the ATM transfer or go to the Pondopseo partner payment channels lists as below:
- 7-Eleven
- GCash
- Bayad Centers
- ECPay
- PNB
- Unionbank
- M Lhuillier
The service also accepts early loan repayment. Once the return is successful, and on time, the users can borrow money with Pondopeso with a higher limit than the first time.
What Happens If I Cannot Pay My Loan?
If the borrowers cannot return the loan, the Pondopeso will use other aggressive methods to collect the debt. It could include contacting you via phone or sending reminder emails.
Worse, the organization might send a collection agency after the users as they already have the customer’s data.
If these methods do not work, they will report to the police, and the users could face legal authorities.
In Conclusion
The Pendopeso has many benefits, especially for those in urgent need of money. With just simple steps, an amount of money up to 40 000 PHP is available in your account.
Although convenient, it might cause legal problems if you cannot comply with its policy. Hence, consider it carefully before deciding to use it.
Want to get cash fast and easy?
See also: KPeso – Full Introduction & Review
