pinoy peso review & complains 2023; is pinoy peso a legit loan?


Pinoy Peso is one of the top lending apps used in the Philippines. As the Filipino economy continues to face challenges with rising inflation and economic uncertainty, many residents are turning to alternative financial options to borrow small amounts of money quickly.

In this in-depth Pinoy Peso review, we will evaluate how the app works, the loan application process, customer experiences, reviews from actual users, and address some common concerns and questions surrounding this popular lending platform. Our goal is to provide a comprehensive and transparent overview to help readers make an informed decision on whether Pinoy Peso could be a suitable option to meet their credit needs.

How Does Pinoy Peso Work?

Pinoy Peso connects individual borrowers directly with individual lenders through their digital platform. Here is a breakdown of the basic process:

  • Registration: Both borrowers and lenders must download the app and submit personal and employment details to register.
  • Loan Listing: Borrowers submit loan applications that are then posted for lenders to browse available opportunities to invest portions of their funds.
  • Application Review: Pinoy Peso reviews borrower identities and repayment ability through a soft credit check before loans are posted.
  • Funding: Once fully funded by multiple invested lenders, the loan amount is disbursed to the approved borrower via bank transfer.
  • Repayment: Borrowers repay principal and interest payments according to their scheduled due dates directly through the app.
  • Collection: For delinquent loans, Pinoy Peso assists lenders with recovery and collection from borrowers.

In essence, the app acts as an intermediary marketplace to efficiently connect those who need credit with those who have capital available to lend – enabling a peer-to-peer model at scale.

Loan Products and Eligibility

Pinoy Peso offers two main loans:

  • Standard Loan: Ranging from 5,000 to 50,000 Philippine Pesos for 1-6 month terms. Borrowers need a monthly income over 15,000 PHP.
  • Express Loan: A quicker 5,000 PHP loan for emergency needs with a shorter 30 day repayment period. The income minimum also applies.

As long as applicants meet the basic verification requirements, salary workers from a variety of fields are welcome to apply. By focusing on employed borrowers, Pinoy Peso aims to balance accessibility with responsible lending practices.

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Interest Rates and Fees

Interest rates charged on Pinoy Peso loans vary based on loan amounts and terms but generally range from 2-4% per month. This equates to annual percentage rates of 24-48%.

While high compared to conventional institutions, these costs are standard for the Philippines personal loan industry. There are no penalties for prepayment either. Borrowers repay their scheduled installments directly through the app without additional fees.

The Loan Application Process

Here are the standard steps to obtain a Pinoy Peso loan:

  1. Download the app and register essential personal and job details.
  2. Input the loan amount and preferred repayment term (minimum 15 days).
  3. Pinoy Peso will review identity and credit details through a soft check.
  4. If approved, the listing is posted on the marketplace for lenders to view.
  5. Upon full funding, the disbursement is issued to the borrower within 1-2 days.
  6. Borrowers repay installments on the due dates set in their loan agreement.

The entirely online process allows for convenient access anytime, anywhere – particularly valuable during the ongoing pandemic. From application to funds, the platform moves quickly once approved.

Customer Satisfaction Reviews

We evaluated multiple third-party reviews from Pinoy Peso users to gauge satisfaction levels:

Positive feedback highlighted the app’s intuitive interface and fast loan disbursement times. Many also appreciated the flexibility of smaller, more frequent installment payments. Customers also praised responsive 24/7 support.

Common criticisms involved the high monthly interest rates charged, although still standard for the market. A few users reported issues with overzealous collection agents, but most interactions were positive.

Overall, while not flawless, the majority of customer reviews reflected positively on the ease and reliability of obtaining emergency credit through Pinoy Peso. Areas for continued improvement include responsible lending safeguards and tighter oversight of third parties.

Legality, Security and Complaint Channels

As an SEC and Philippines SEC-registered firm, Pinoy Peso legally operates within the country’s financial regulations for lending companies. Some key points regarding legal compliance and customer protection include:

  • Data Security: The app states it follows privacy laws, but third party audits of practices are not public.
  • Complaint Process: Borrowers can report issues through the app or by email/hotline. However, harassment claims accountability needs strengthening.
  • Collection Practices: While attempting loan recovery is valid, overzealous methods require better monitoring and control.
  • Insurance Coverage: Funds are protected in the event of a security breach or fraud by the system.

While the platform legally functions, greater transparency is still warranted – especially around regulation of any outsourced entities. Overall oversight also needs continuous improvement to uphold industry-wide customer safeguards.

Alternative Loan Options

Some other sources Filipinos may consider when needing quick access to credit include:

  • Banks: Major players offer personal loans but rates tend to be higher with rigid documentation/timing.
  • Credit Cards: Convenient but entail high annual/interest fees sometimes exceeding 36-50% annually.
  • Salary Loans: Employer-linked options deduct payments directly but may carry inflexible terms.
  • Pawnshops: Provide immediate cash against assets pledged but charge steep 10-20% monthly rates.
  • Microfinance: Non-profits lend mainly for entrepreneurial use, often at subsidized rates primarily in remote regions.

When speed, affordability and flexible repayment structures matter most, Pinoy Peso appears to fill a gap as one of the more accessible alternatives compared to traditional avenues. For eligible users, it represents a practical option.

Q1: What is Pinoy Peso?

A1: Pinoy Peso is a lending app in the Philippines that connects borrowers with individual lenders through their digital platform, facilitating peer-to-peer lending.

Q2: How do I apply for a loan with Pinoy Peso?

A2: To apply for a loan with Pinoy Peso, download the app, register, input your loan details, and wait for approval. If approved and funded, you’ll receive the loan amount in your bank account.

Q3: What types of loans does Pinoy Peso offer?

A3: Pinoy Peso offers two main loan types: Standard Loans for larger amounts with longer terms, and Express Loans for smaller, short-term emergency needs.

Q4: What are the interest rates and fees associated with Pinoy Peso loans?

A4: Interest rates for Pinoy Peso loans range from 2-4% per month, equating to annual percentage rates of 24-48%. There are no prepayment penalties, and borrowers repay through the app without additional fees.

Q5: Is Pinoy Peso a secure and legal lending platform?

A5: Yes, Pinoy Peso is registered with the Securities and Exchange Commission (SEC) in the Philippines and operates within the country’s financial regulations. They have security measures in place to protect your data.

Q6: How fast is the loan approval and disbursement process with Pinoy Peso?

A6: The entire process, from application to loan disbursement, is typically quick, and you can expect to receive the funds within 1-2 days after full funding.

Q7: What are the alternatives to Pinoy Peso for obtaining quick credit in the Philippines?

A7: Some alternatives include traditional banks, credit cards, salary loans, pawnshops, and microfinance institutions. However, Pinoy Peso may offer more accessible and flexible options for certain users.

Q8: Are there any common concerns or criticisms from Pinoy Peso users?

A8: Some users have raised concerns about the high monthly interest rates and reported issues with collection agents. However, the majority of users have found the platform convenient and reliable.

Q9: How can I reach customer support if I have issues with Pinoy Peso?

A9: You can contact Pinoy Peso’s customer support through the app or by using the provided email and hotline. They offer 24/7 support for user inquiries and concerns.

Q10: What improvements could Pinoy Peso make to enhance its service?

A10: Pinoy Peso could work on improving identity verification, transparency with third-party vendors, responsible lending practices, and regulatory oversight to strengthen user protection and trust in the platform.


In conclusion, Pinoy Peso, as a prominent lending app in the Philippines, plays a significant role in addressing the financial needs of many Filipinos. It offers an efficient and convenient platform for borrowers to access credit quickly, especially during times of economic uncertainty and emergencies. The user-friendly interface, fast loan disbursement, and responsive customer support have garnered positive feedback from customers.

However, like any financial service, Pinoy Peso is not without its imperfections. The high monthly interest rates, though standard in the local lending industry, remain a concern for some users. Additionally, a few reports of overzealous collection agents have highlighted the need for better monitoring and control of collection practices.

One of the key strengths of Pinoy Peso is its legal compliance, as it operates under the regulations of the Securities and Exchange Commission (SEC) in the Philippines. Nevertheless, there is room for improvement in terms of transparency, especially regarding the regulation of outsourced entities and third-party audits of data security practices.

To continue serving the needs of its users effectively, Pinoy Peso should focus on enhancing identity verification, strengthening responsible lending safeguards, and bolstering regulatory oversight. These steps will not only improve the user protection standards but also instill trust in the system.

In the landscape of alternative lending options in the Philippines, Pinoy Peso stands out as a practical choice for many. It provides accessible credit solutions, particularly for those who require speed, affordability, and flexible repayment structures. As the platform continues to evolve and address the areas of improvement, it remains well-positioned to contribute to financial inclusion in the Philippines.

In a country where the demand for accessible and quick credit solutions is on the rise, Pinoy Peso has carved out a niche as a streamlined and competitive lending platform. With a commitment to ongoing improvements, it holds the potential to play a pivotal role in addressing the financial needs of Filipinos and contributing to the economic well-being of the nation.

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