is Peramoo loan app legit? Peramoo reviews

Introduction

In today’s fast-paced world, financial emergencies can arise unexpectedly, leaving many individuals in need of quick access to funds. Traditional banking processes often involve lengthy procedures and extensive paperwork, making it challenging for individuals to secure loans in a timely manner. Fortunately, technology has revolutionized the lending industry, offering convenient solutions to meet the urgent financial needs of individuals. One such solution is Peramoo, an online lending app that aims to bridge the gap between borrowers and lenders, providing Filipinos with hassle-free access to short-term loans.

Peramoo leverages the power of technology and combines it with traditional banking services to offer a seamless borrowing experience for individuals in need of financial assistance. With just a few taps on their smartphones, borrowers can apply for small loans anytime, anywhere, eliminating the need for time-consuming visits to physical branches or lengthy paperwork. But what exactly is Peramoo, and how does it work? In this comprehensive review, we will delve into the features, benefits, and potential concerns associated with Peramoo to help you make an informed decision when considering this lending app for your financial needs.

So, if you find yourself in a tight spot financially and are looking for a quick and reliable loan option, read on to discover everything you need to know about Peramoo and how it can help you navigate through challenging times. From its legitimacy and registration to the loan application process, repayment options, and customer service, we will cover all aspects of Peramoo to provide you with a comprehensive understanding of what this lending app has to offer.

What is peramoo

Peramoo is an online lending app that provides Filipinos with quick and convenient access to short-term loans. It is designed to simplify the borrowing process by leveraging technology and traditional banking services. With Peramoo, borrowers can apply for loans through a mobile application, eliminating the need for lengthy paperwork and physical visits to lending institutions.

The app utilizes advanced algorithms to assess the financial circumstances of borrowers and determine suitable loan offers for them. By analyzing various factors such as income, employment history, and creditworthiness, Peramoo aims to provide personalized loan options that meet the specific needs of each borrower.

Peramoo is an ideal solution for individuals who require immediate financial assistance but may not qualify for traditional bank loans due to a lack of credit history or poor credit ratings. The app offers a range of loan amounts, typically ranging from PHP 2,000 to PHP 10,000, with repayment periods varying from 91 days to 360 days.

One of the key advantages of Peramoo is its quick and streamlined application process. Borrowers can download the Peramoo app, create an account, fill out the online application form, and provide the necessary information and identification documents. The app’s efficient review process allows for quick loan approval decisions, often within minutes. Once approved, the loan amount is disbursed directly to the borrower’s endorsed bank account or e-wallet, typically within 24 hours.

It is important to note that Peramoo charges an interest rate of 3% per month on loans, which is relatively competitive compared to other online lending platforms. However, borrowers should be aware that there are additional fees associated with the loans, including account management fees, platform service fees, risk management fees, and credit reporting fees. These fees vary based on the loan amount and term, so borrowers should carefully review the terms and conditions before accepting a loan offer.

Peramoo operates under the business name of Magician of Money Lending Corp, which is registered with the Philippine Securities and Exchange Commission (SEC). This registration adds to the legitimacy and credibility of the app, providing users with assurance that their transactions and personal information are handled securely.

In summary, Peramoo is a legitimate online lending app that combines technology and traditional banking services to provide Filipinos with convenient access to short-term loans. With its user-friendly interface, quick loan approvals, and flexible repayment options, Peramoo aims to meet the immediate financial needs of individuals, offering a reliable alternative to traditional lending institutions.

eligibility and requireements

To be eligible for a loan through Peramoo, borrowers need to meet certain criteria and provide specific documents. Here are the general eligibility requirements and necessary documents:

Eligibility:

1. Filipino Citizen: Borrowers must be Filipino citizens residing in the Philippines.
2. Age Requirement: Borrowers must be at least 18 years old. This is the minimum legal age for entering into financial agreements.

Requirements:

1. Valid Identification: Borrowers need to provide a valid ID for identity verification. Acceptable identification documents include:
   • Passport
   • Driver’s License
   • Unified Multi-Purpose ID (UMID)
   • Social Security System (SSS) ID
2. Employment Information: Borrowers should provide details about their current employment, including the company name, address, and contact information. This helps verify the borrower’s source of income and repayment capability. If the borrower is self-employed, they may need to provide additional documents such as business permits or income tax returns.
3. Source of Income: Borrowers need to disclose their primary source of income. This can be employment income, business income, or any other lawful source of funds. Providing accurate and verifiable information about the source of income helps assess the borrower’s repayment capacity.
4. Personal Information: Borrowers will be asked to provide personal details such as their full name, contact number, email address, and residential address. It is essential to provide accurate and up-to-date information to ensure smooth communication and loan processing.
5. References: Peramoo may require borrowers to provide references, typically in the form of personal contacts or relatives. These references serve as a means of verification and may be contacted during the loan application process.

It’s important to note that specific loan products or promotions may have additional requirements or eligibility criteria. Peramoo may request further documents or information based on individual circumstances or loan amounts.

By fulfilling these eligibility criteria and providing the necessary documents, borrowers can increase their chances of getting approved for a loan through Peramoo. However, meeting these requirements does not guarantee loan approval, as the final decision is based on various factors, including the borrower’s creditworthiness and the app’s assessment algorithms.

Peramoo loan application process:

1. Download the app: Start by downloading the Peramoo app from the Google Play Store. Unfortunately, as of now, the app is not available for iPhone users.
2. Create an account: Once the app is installed, create an account using your mobile number. This will serve as your login information for future access to the app.
3. Fill out the application form: Provide the required personal details, employment information, source of income, references, and a valid ID. Make sure to double-check the accuracy of the information you provide to ensure a smooth application process.
4. Select loan amount and term: Choose the loan amount that suits your needs and select the loan term that aligns with your repayment capabilities. It’s important to consider your financial situation and choose an amount and term that you can comfortably repay.

Loan Repayment Options:

Peramoo offers several convenient repayment options for borrowers:

1. Online banking and mobile banking: You can repay your loan directly through online banking platforms or mobile banking apps. This provides a quick and secure way to make your payments without the need to visit a physical location.
2. Over-the-counter payments: Peramoo also allows borrowers to make loan repayments through partner institutions such as M Lhuillier, RD Pawnshop, and Coins.ph. These payment centers provide additional flexibility for borrowers who prefer to make payments in person.

What happens if you can’t pay?

It’s crucial to understand the consequences of not being able to repay your Peramoo loan on time. If you miss a payment, Peramoo will send reminders to prompt you to make the repayment. However, failure to repay the loan can result in additional charges, such as late payment fees and increased interest rates. Continued non-payment can lead to more severe consequences, including legal action and potential damage to your credit score.

Therefore, it’s essential to borrow responsibly and ensure that you can fulfill your repayment obligations. If you anticipate difficulties in repaying the loan, it’s advisable to contact Peramoo’s customer service to discuss possible solutions or alternative repayment arrangements.

Customer Service and Support:

Peramoo provides customer service assistance to address any queries or concerns you may have. You can reach their hotline at 0965-6427875 or contact them via email at permoo.cs@gmail.com. If you encounter any issues or require clarification regarding your loan or repayment process, don’t hesitate to reach out to their customer service team for assistance.

Harassment and Complaints:

It’s important to note that there have been complaints from borrowers about aggressive collection practices and alleged harassment from Peramoo’s collection agents. Borrowers have reported receiving multiple calls per day, sometimes with aggressive tactics and inappropriate language. Some borrowers have even reported threats of exposing their financial situation to friends and family through social media.

While Peramoo has a positive rating on the Google Play Store, these complaints highlight potential concerns about the collection practices and customer service of the app. It’s advisable to consider these factors and conduct thorough research before deciding to engage with Peramoo for your borrowing needs.

Conclusion:

Peramoo offers a convenient and accessible solution for Filipinos in need of short-term loans. With its user-friendly app and streamlined application process, borrowers can quickly access funds to address financial emergencies. However, it’s important to carefully review the terms, fees, and potential concerns associated with Peramoo before making a decision.

Remember to borrow responsibly and consider your ability to repay the loan on time. If you have any doubts or questions, reach out to Peramoo’s customer service for clarification and assistance. Ultimately, making an informed decision based on your financial situation and needs will ensure a positive borrowing experience with Peramoo.

Summary

Peramoo is an online lending app that provides Filipinos with access to short-term loans. It combines technology with traditional banking services, allowing borrowers to apply for small loans conveniently and quickly. The app utilizes algorithms to assess borrowers’ financial circumstances and offer loan options tailored to their needs. This streamlined process eliminates the need for physical visits to a lender’s location.

When it comes to the interest rate, Peramoo charges 3% per month, which is relatively competitive compared to other online lending apps. However, borrowers should be aware that there are additional fees deducted from the principal amount, including account management fees, platform service fees, risk management fees, and credit reporting fees. The specific fees vary depending on the loan amount and term, meaning borrowers may receive less than the initially borrowed amount due to these deductions.

In terms of legitimacy, Peramoo is a legitimate loan app. It has undergone thorough testing by the Google Play Store before being listed as an approved app, ensuring its credibility. The app also prioritizes the security of transactions, utilizing state-of-the-art encryption technology to protect user data and provide peace of mind.

Peramoo offers loans ranging from PHP 2,000 to PHP 10,000, with repayment periods between 91 days and 360 days. It is an ideal option for individuals who require quick access to funds but face difficulties securing traditional bank loans. Initial loan amounts are usually small, but borrowers who repay their loans on time and complete them become eligible for higher loan amounts in the future.

It is worth noting that Peramoo is a registered business operating under the name Magician of Money Lending Corp. The company has been registered with the Philippine Securities Exchange Commission since November 7, 2019, providing further assurance of its legitimacy.

One of the main advantages of using the Peramoo app is the speed and convenience it offers compared to traditional loan application processes. The entire process is automated, allowing borrowers to receive instant approval notifications and track the progress of their applications. Additionally, borrowers can easily monitor their repayment due dates, ensuring they stay on top of their loan obligations.

The app caters to individuals who lack credit history or have poor credit ratings, providing them with access to small loans during challenging financial situations. Peramoo does not require collateral or a co-signer, eliminating the risk of losing valuable assets in case of loan default.

To apply for a loan through Peramoo, potential borrowers must meet certain requirements. They must be Filipino citizens, at least 18 years old, and have a stable job or regular source of income. Valid identification documents, such as a passport, driver’s license, UMID, or SSS ID, are also necessary.

Loan repayments can be made through various channels, including online banking, mobile banking, and over-the-counter payments at banks and payment centers such as M Lhuillier, GCash, RD Pawnshop, Coins, Maya, GrabPay, and traditional banks.

If a borrower is unable to repay the loan on time, Peramoo will send reminders and charge late payment fees, additional interest, and other associated fees. In severe cases, legal action may be taken against the borrower. It is important to note that failure to repay a loan can negatively impact one’s credit score, making it difficult to obtain future loans or financial services.

The Peramoo loan app is designed to be user-friendly, allowing individuals with smartphones to easily apply for loans. Its intuitive interface simplifies the entire borrowing process, ensuring a seamless experience for users.

The Peramoo app can be downloaded from the Google Play Store and is currently available for Android phones. Unfortunately, it is not compatible with iPhones at the moment.

For customer service inquiries, Peramoo provides a hotline number (0965-6427875) and an email address (permoo.cs@gmail.com) for borrowers to reach out to their support team. If you have any questions, concerns, or issues regarding your loan or the app, you can contact their customer service for assistance.

However, it’s important to note that there have been complaints from borrowers regarding aggressive collection practices and alleged harassment from Peramoo’s collection agents. Some borrowers have reported receiving multiple calls per day, often with aggressive tactics and inappropriate language. In certain cases, there have even been reports of threats to expose borrowers’ financial situations on social media.

These complaints highlight potential concerns regarding Peramoo’s collection practices and customer service. It’s crucial to consider these factors and conduct thorough research before engaging with Peramoo for your borrowing needs. Reading reviews and seeking feedback from other borrowers can provide valuable insights into the experiences of those who have used the app.

In conclusion, Peramoo offers a convenient and accessible way for Filipinos to access short-term loans through its mobile app. The application process is streamlined, and borrowers can receive funds quickly. However, it’s important to carefully review the terms, fees, and potential concerns associated with Peramoo before making a decision.

Ensure that you borrow responsibly and consider your ability to repay the loan on time. If you have any doubts or questions, don’t hesitate to reach out to Peramoo’s customer service for clarification and assistance. Making an informed decision based on your financial situation and needs will help ensure a positive borrowing experience with Peramoo.