OKPeso positions itself as a swift and convenient online loan application, eliminating the need for collateral. Operated by Codeblock Lending Inc., a reputable financial institution registered with the Securities and Exchange Commission (SEC), it offers borrowers the opportunity to secure loans of up to ₱20,000 with a repayment window spanning from 96 to 365 days.

Summary OKPeso Loan

OKPeso Customer Service

For users with concerns or queries, Codeblock Lending Inc. provides accessible customer support through various channels:

• Office Address: 11th Avenue Corner 39th Street Bonifacio Triangle, the Fort Global City, Metro Manila, Philippines.
• Website: okpeso.com
• Email: [email protected]
• Hotline: +63 931 953 3595

Pros and Cons of OKPeso Online Loan

Advantages

The OKPeso loan app boasts several advantages, making it a noteworthy option in the online lending landscape:

• No Collateral Requirement: One of the distinctive features of OKPeso is its reliance on the borrower’s reputation rather than tangible assets for evaluation and approval.
• Simplified Application Process: The application process is streamlined, requiring only a National ID Card for eligibility, facilitating a hassle-free experience.
• Remote Accessibility: Borrowers can complete all procedures from the comfort of their homes, utilizing either a mobile phone or laptop with internet connectivity.
• Transparent Information: All pertinent information regarding loan terms, amounts, interest rates, and fees is made public and easily accessible on the company’s website.
• Quick Approval and Disbursement: OKPeso prides itself on efficient approval processes, ensuring borrowers receive disbursements within a timeframe of 2 to 24 hours post-approval.

Disadvantages

Despite its merits, the OKPeso app does present some drawbacks that prospective borrowers should consider:

• Loan Limit: The maximum loan amount of ₱20,000 may be perceived as restrictive when compared to traditional banking institutions.
• Interest Rates: While competitive, OKPeso’s interest rates are relatively higher compared to some conventional banks, potentially impacting the overall cost of borrowing.
• Additional Service Fees: Certain ancillary service fees may apply, adding to the overall cost of utilizing the OKPeso loan app.

OKPeso Loan App Requirements

General Requirements

To qualify for an OKPeso loan, applicants must meet the following conditions:

Citizenship and Age Criteria

• Be a Filipino citizen, adhering to the regulations.
• Fall within the age range of 18 to 49 years.

Mobile Phone Registration

Have a registered mobile phone number.

Stable Monthly Income

Possess a stable monthly income, ensuring the feasibility of loan repayment.

Application Process

First Loan Application

First-time applicants need to download the OKPeso app, provide personal information, upload an ID Card image, and select the desired loan amount and term.

Subsequent Loans

Returning users can easily log in to the OKPeso loan app, select the loan limit and term, and request approval.

OKPeso App Amount, Term, and Interest Rate

Loan Amount and Term

Borrowers can apply for loans ranging from a minimum of ₱2,000 to a maximum of ₱20,000. The flexibility of loan terms spans from 96 days to 365 days, accommodating diverse financial needs.

Interest Rate

The interest rates offered by OKPeso are deemed reasonable, standing at 24% per year or approximately 0.065% per day.

OKPeso Loan Calculation Example

For a more tangible understanding, consider the following example:

Suppose a borrower applies for an ₱18,000 OKPeso loan app with a 6-month term. The monthly breakdown would be as follows:

• Monthly principal repayment: ₱3,000
• Monthly interest: ₱720
• Total monthly payment: ₱3,720

Step-by-Step Guide to Register for OKPeso Safe Online Loan App

Registration Process

Navigating the registration process on the OKPeso loan app is straightforward:

Downloading the App

Users can access the App Store (IOS) or Play Store (Android) to download and install the OKPeso loan app on their mobile phones.

Account Registration

Entering a personal phone number initiates the registration process. Users receive an SMS code, which, upon confirmation, completes the account registration.

Filling in Personal Information

Subsequent screens prompt the user to provide personal details, including name, gender, date of birth, address, religion, marital status, current job, monthly income, and monthly costs.

Providing ID Card Image

Users select the ID Card type, input the ID Card number, and upload images of both sides of the ID Card through the application.

Choosing a Loan

In the final step, borrowers select the loan amount, term, and preferred payment channel before submitting the loan application.

In case of any ambiguity, a tutorial below video is provided for additional guidance.

OKPeso Loan App Review and Feedback

The OKPeso loan app has gained a reputation as a trusted and SEC-licensed online platform in the Philippines. Commended for its rapid transaction processing, it has become a favored choice among Filipino workers seeking financial solutions.

OKPeso Loan Repayment Options

The OKPeso loan repayment options offer flexibility to borrowers:

Payment via Bank

Users can opt for bank transfers by transferring funds to the company’s account using the provided information in the application.

Pay at M Lhuillier

Borrowers can physically visit an M Lhuillier location, fill out the necessary form, and make the payment.

Pay at 7-Eleven

A convenient option is to visit a 7-Eleven store and make payments using the CLiQQ machine or CLiQQ app.

Pay at ECPAY

Users can visit an ECPAY location, fill in the required information, make the payment, and receive a receipt.

Pay via GCash, Coins

Through the GCash or Coins applications, borrowers can select the “Pay Bills” option, enter loan information, and complete the payment.

Partial payments are permitted, and for late payments, a nominal fee of ₱500 is applicable.

Comparing OKPeso with Other Loan Apps

Conducting a comparative analysis of OKPeso with other loan applications provides readers with a nuanced understanding based on various criteria:

Addressing Harassment Concerns

In acknowledging potential harassment concerns, it is imperative to examine the issue comprehensively. While some OKPeso customers report harassment for late payments, it is essential to recognize that adherence to contractual terms is paramount. The company, following stipulated contractual obligations, may resort to necessary measures to recover debts. Customers are encouraged to review the terms diligently to avoid any disruptions to their privacy.

FAQs – Frequently Asked Questions

Given the numerous inquiries from potential users, here are answers to some frequently asked questions about the OKPeso loan app:

Is OKPeso SEC registered?

Yes, OKPeso is owned by Codeblock Lending Inc., a financial company duly registered with the Securities and Exchange Commission of The Philippines (SEC). The company registration number is NO.CS201913681, and the Certificate Of Authority is NO.3059.

Is OKPeso loan app legit?

Absolutely. OKPeso is a legal online loan application licensed to operate by the SEC. All its activities align with the laws of the Philippines, ensuring compliance in areas such as interest rates, fees, personal information security, and other regulatory aspects.

How to pay OKPeso using GCash?

To make payments through GCash, customers can open the application, select “Pay Bills,” enter the loan contract number, verify the loan information, and complete the payment. A fee of ₱50 is applicable for payments via GCash.

How to delete OKPeso account?

Customers seeking to delete their OKPeso account should first contact the support team, settle the remaining debt balance, submit an official account deletion request, and subsequently request written confirmation of the deletion of the loan account from the company.

Is OKPeso safe?

Yes, OKPeso is a secure option. Any online lending application operating in the Philippines must undergo scrutiny and approval from the SEC. OKPeso holds a valid license from the SEC, assuring users of a safe borrowing experience.

Conclusion

In conclusion, the OKPeso loan app emerges as a dependable option for Filipinos seeking consumer loans. With a capacity to provide loans of up to ₱20,000 within 2 to 24 hours, it stands out as a swift and efficient financial solution. This comprehensive review endeavors to empower readers with valuable insights, enabling them to make well-informed decisions. For any further queries or clarifications, readers are encouraged to leave comments below, facilitating ongoing dialogue and assistance.