In an era of rapid technological advancements and changing financial landscapes, online loan applications have become increasingly popular, especially among Filipinos. MoneyCat, an emerging player in this field, has garnered attention for its ease of use and quick loan disbursement.
In this MoneyCat review, we delve into the app’s key features, including its legitimacy, application process, documentary requirements, fund disbursement methods, interest rates, repayment options, and customer service. By the end of this review, you will have a clear understanding of MoneyCat’s offerings and whether it can be considered one of the best loan apps in the Philippines.
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Loan type
Short termFor a period of
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5 minutesFirst loan free
no
Loan type
Short termFor a period of
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0.00% / monthLoan amount
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no
Loan type
Short termFor a period of
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25000 ₱Approval in
15 minutesFirst loan free
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Loan type
Short termFor a period of
180 daysRate ()
0.00% / dayLoan amount
25000 ₱Approval in
15 minutesFirst loan free
noMoneyCat Review – Is This App Legit?
One of the primary concerns when dealing with online financial services is legitimacy. MoneyCat addresses this concern by being registered with the Securities and Exchange Commission (SEC). Its Registration No. CS201953073 under the corporate name, Moneycat Financing Inc., signifies its commitment to regulatory compliance.
The company’s registration date on November 20, 2019, under Certification Authority 1254 further bolsters its credibility. MoneyCat’s registered physical address at Unit 1701 Tycoon Bldg., Pearl Drive St., Brgy. San Antonio, Ortigas Center, Pasig City, Philippines, adds to its transparency.
MoneyCat Review – How to Apply for a Loan
MoneyCat offers two convenient methods for loan application: through its official website or by downloading the mobile app. To apply through the website, follow these steps:
- Enter your mobile number for registration.
- Provide your full name.
- Input your email address.
- Select the desired loan amount using the slider.
- Click “Get Cash today.”
- A one-time password (OTP) will be sent to your registered mobile number. Enter the OTP to proceed.
Alternatively, to apply via the mobile app:
- Download MoneyCat from Google Play.
- Enter your phone number and request an OTP.
- Enter the OTP to complete the login process.
- Choose the loan amount from the app’s main page and complete the application form.
Upon application submission, a MoneyCat loan specialist will contact you to discuss the loan amount, repayment terms, and payment schedule. Loan approval or denial is typically communicated within 12 hours, and rejected applicants can reapply after 30 days.
MoneyCat Review – Documentary Requirements
MoneyCat maintains clear and straightforward eligibility criteria. To qualify, applicants must be Filipino citizens aged between 20 and 60, with a steady source of income. Additionally, you will need to provide one of the following government-issued identification cards:
- Social Security System ID
- Unified Multi-Purpose ID
- Driver’s License
- Tax Identification Number
A selfie holding the registered ID card with MoneyCat is also required for verification.
Where Can You Receive Your Funds?
MoneyCat exclusively transfers funds to bank accounts for security reasons. They disburse funds to accounts held at the following banks:
- East West Bank
- Banco de Oro Unibank
- Bank of the Philippine Islands
- Chinabank
- Metrobank
- Rizal Commercial Banking Corp. (RCBC) myWallet
- Security Bank
- Union Bank
- Land Bank of the Philippines
- UCPB
- Asia United Bank
- Bank of Commerce
- Chinatrust Bank
- Development Bank of the Philippines
- Maybank
- PBCom
- Philippine Veterans Bank
- PSBank
- Robinson Bank
- Sterling Bank of Asia
E-wallet accounts such as Gcash, PayMaya, and Coins.PH are currently not supported for loan disbursements. MoneyCat typically transfers loan proceeds within 24 hours or, at most, 1-2 business days after approval.
How Much Interest Does MoneyCat Charge?
MoneyCat applies a fixed interest rate of 0.54% per transaction. For instance, borrowing PHP10,000 for 10 days results in a repayment of PHP10,000 principal and PHP5,400 interest. After 10 days, the total repayment obligation stands at PHP15,400.
How to Repay Your Loan
MoneyCat offers various options for loan repayment, providing flexibility to borrowers. While e-wallet disbursement is not supported, borrowers can still use these e-wallets to settle their loans. Additionally, repayment can be made via the following methods:
- Online payment through your bank account.
- Over-the-counter payments at MoneyCat’s remittance and bank partners, including Cebuana Lhuillier, Western Union, Palawan Pawnshop, Villarica, LandBank, PhilTrust Bank, Robinson’s Bank, Robinson’s Malls, LBC, MayBank, PBCom, and Equicom Bank.
To initiate repayment, access your MoneyCat Cabinet on the website or the mobile app and generate a Dragonpay Lifetime ID or Reference Number. When making over-the-counter payments, complete a bill payment form, specify DragonPay as the biller, and provide your Lifetime ID or Reference Number.
For Gcash payments, select “Pay Bills,” choose the “Loan” category, locate DragonPay, and enter the required details. When using online banking, log in to your bank’s portal, select “Pay Bills,” find DragonPay among the billers, and pay using your Lifetime ID or reference number.
MoneyCat encourages borrowers to settle their loans on the agreed due date, as its system recognizes banking days and recommends early payment if the due date falls on a weekend.
What Are Its Repayment Terms?
First-time MoneyCat users can borrow a minimum of PHP1,000 and a maximum of PHP5,000, with a 7-day repayment period and 0% interest. Repeat borrowers may access loans up to PHP20,000, subject to credit review. Existing clients can apply for loans ranging from 10 to 180 days. MoneyCat imposes a one-time late payment fee of PHP500 for delinquent loans and charges compounding interest on unpaid accounts. Borrowers can opt for prolongation, extending their loan by 30 days, to avoid fees and interest if they cannot repay on time.
Customer Service
MoneyCat prioritizes customer support, offering multiple channels for assistance. To address loan-related issues, you can log in to your Cabinet and create a support ticket, which receives the highest priority.
Alternatively, you can reach MoneyCat’s customer service through the following mobile numbers:
- Smart, TNT, and Sun users: 09190842138 or 09190842139.
- Globe and Touch Mobile subscribers: 09177108022 or 0917 209 2204.
Additionally, you can contact customer support via email at [email protected]. The customer service team is available from 9 AM to 6 PM on weekdays, with no service on weekends.
Pros of Borrowing from MoneyCat
Several advantages make MoneyCat an attractive option for borrowers:
- Simplified application process with a user-friendly interface.
- Fast approval, with notifications within 12 hours.
- Convenient access via smartphones or computers.
- Timely reminders of due dates.
- SEC registration for enhanced trustworthiness.
Conclusion
MoneyCat stands out for its rapid approval and disbursement processes, making it a recommended choice for those in need of emergency cash. With just a government-issued ID, a smartphone or computer, and an internet connection, you can access its services. Moreover, MoneyCat’s SEC registration underscores its commitment to transparency and regulatory compliance, instilling confidence in users seeking financial solutions.
For Filipinos seeking accessible and efficient online loans, MoneyCat is certainly worth considering. Its straightforward requirements and flexible repayment options make it a viable choice for those navigating their financial needs in the digital age. Whether you need immediate financial assistance or are planning for future expenses, MoneyCat offers a reliable platform to meet your borrowing needs, backed by its commitment to legality and customer satisfaction.