Pesoloan - Quick Cash Loan 4+

TRASH KIND OF LOAN APP

Pls try to avoid loaning sa app na ito because they are very unprofessional and lowkey nananakot pa. Delayed ako one day sa due date ko because ang hirap ng signal sa probinsya and malakas pa ulan kaya hirap ako makapagsend on that day, pero grabe sila kung makatawag, nagtext pa na they will take legal action if balewalain ko daw obligasyon ko na magbayad and will contact all my reference numbers. Like wow, good payer ako sa kanila eversince and that was the only time na na delay ko and 1 day lang pero kung maka text and tawag sobra. Very unprofessional nyo! Sec registered pero ganyan inasal nyo? Kahit legit bank nga na pass due date ka na, friendly pa rin kanilang approach and manner pero kayo na loan sharks ang sasama ng ugali nyo. Not to mention very high interest

Developer Response ,

Dear valued client, we sincerely thank you for your feedback.

Kindly take note that Pesoloan is a duly and fully registered Online Lending Platform (OLP) with the SEC operated by Masaganang Buhay Finance Philippines Corporation (Company Registration No.: CS201824008, Certificate of Authority No.: 1185). You may verify our legitimacy here at https://www.sec.gov.ph/lending-companies-and-financing-companies-2/list-of-recorded-online-lending-platforms/

Our team is fully aware of and strictly in compliance with all regulatory requirements inlcuding SEC MC No. 18 series of 2019: Unfair Debt collection Practices, Republic Act 10173 - Data Privacy Act of 2012, Republic Act No. 3765 - the Truth in Lending Act and CIC Circular No. 2, series of 2021. We prohibit any unjust debt collection practices. Our team undergoes regular trainings to ensure every team member is knowledgeable of the industry related compliance and we have a strong Quality Assurance team to check and inspect our daily operations to ensure our complaince with all aspects.

Review of Pesoloan: Beware of Exploitative Practices

Pesoloan is a prime example of predatory lending practices that blatantly disregard consumer protection laws in the Philippines. The exorbitant interest rates they impose are not just unethical but also illegal under Republic Act No. 3765, the Truth in Lending Act, which mandates transparency and fairness in lending practices.

My experience with Pesoloan was nothing short of a financial nightmare. Upon reviewing the terms hidden in the fine print, I discovered an interest rate that far exceeded what is legally permissible. This is a clear violation of Republic Act No. 7394, the Consumer Act of the Philippines, which protects consumers from deceptive or unconscionable sales acts and practices.

It's appalling that Pesoloan operates with such impunity, preying on vulnerable individuals in desperate need of financial assistance. Their lack of compliance with these essential laws is not just concerning but merits immediate action from regulatory authorities. Consumers deserve better than to be subjected to these exploitative practices.

I urge anyone considering Pesoloan's services to think twice and explore more reputable and lawful alternatives. Additionally, it's crucial to report such flagrant violations to the appropriate authorities to protect others from falling victim to these predatory tactics.

Developer Response ,

Pesoloan is legit and licensed. We can assure you that all the information you provided will remain private and secured because we have built a powerful firewall to desensitize user information and strictly uphold digital information security.

For reference:

Pesoloan is operated by Masaganang Buhay Finance Philippines Corporation
Company Registration No.: CS201824008
Certificate of Authority No.: 1185

You may find the proof of our legitimacy through: https://www.sec.gov.ph/lending-companies-and-financing-companies-2/list-of-recorded-online-lending-platforms/

Giving out 5 stars so you guys can read and be warned

How evil this loan apps can be, we are all well aware that you guys collect our information and data which for simple person like I wouldn’t mind. But to actually not able able to be approved of my loan even after giving out such invasive personal information is so heart wrenching.