• Skip to content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Home
  • About Us
  • Contact
  • Search
  • Privacy Policy
    • Disclaimer

Self-Help

Personal Finance and Productivity Tips and Tricks

  • Awesome Life Hacks
  • Blogging 101
  • Money Matters
  • Online Loans
  • Personal Finance

Moola Lending to Online Loans Pilipinas – What’s Exciting?

Written on 11/06/2018 by Prime Aque 4 Comments

Hello mga kababayan!

Now, what’s the latest on the online quick cash arena?

Moola Lending has rebranded their business to Online Loans Pilipinas — so what is exciting now? Is there any difference that will benefit the ordinary Filipinos who are most likely to borrow money from them?

Online Loans Pilipinas

Let’s take this an example:

I am trying to borrow 10,000 from them that is payable in 30 days. The interest rate is 1% per day or 30% in 30 days.

Now, that’s 3,000 Pesos.

But, like the old platform (Moola), they will still deduct a handling fee of 10%. That would be 1,000 pesos deducted upfront.

Therefore, I will only receive PhP9,000, and after 30 days, that will become PhP13,000.00

Is that what you call: Helping you make life easy? 

I am not really sure, but a 40% growth in total from the net proceeds is quite disheartening for us ordinary Pinoy.

Well, we have no choice.

There’s a saying take it or leave it.

Are you going to take it or look for an alternative?

Maybe the advantage of going to Moola / Online Loans Pilipinas is they have a much higher approval for the first time loans.

I have applied and my first loan approval was 5k, that is much higher than my first loan with CashWagon which is PhP2,000 or my wife’s first loan with Tala that amounted to PhP1,500.00.

But the burden — you have to shoulder a much bigger interest rate, given your net proceed is already deducted with 1k.

Is that really helping you or just helping them grow bigger each time an ordinary Filipino in need knocks their door for a quick cash loan?

We are not only telling you to go for a loan but…

Here on Self-Help, we are not merely promoting online lending companies we have already tried — but we are also trying to open your eyes with the sad consequences of that action.

Not all of them have the genuine heart of helping — some of them are trying to take the advantage of our current situation — who will agree?

This is a kind of rant, but this is the truth.

We live in a country where the inflation rate is growing. We live in a country where online lending companies seem to be a hero.

How to avoid this high-interest rates?

Look for an alternative or try to avoid it completely, if possible.

If you are working or employed, one good idea is to organize a coop wherein members can easily avail a loan.

We have been doing that for at least 5 years already.

Members will contribute the desired amount on a weekly basis (most of my colleagues receive their salary on a weekly basis)…

And we can set the interest for as low as 5% a month.

Just a comparison, if I will book a loan in advance with our coop for 10,000 Pesos, that will become 10,500 after 30 days… yet I would like to amortize my loan within 3 months, so the total interest would only be 1,500.00.

What are other alternatives?

Are you a member of Home Development Mutual Fund (Pag-IBIG) and Social Security System (SSS)?

They are offering salary loans for a much lower interest rate on a yearly basis.

If you are privately employed, the memberships are mandatory.

Tip: For Pag-IBIG, you can opt to make your contribution higher, but the company is only required to contribute 100 per employee on a monthly basis. In my case, my contribution is 300 per month, that is 400 all in all. If you have an existing loan, you can renew it after 6 months.

For Pag-IBIG salary loan, there is no option to apply online, you have to go to the branch, and the branch will evaluate your application and they will give you a visa card — that is where they are going to disburse the loan proceeds. In my case, I got the money within 5 days.

Good news, for SSS, you don’t have to go to their branch — as you can apply online! Here’s my recent application on October 25. As of the time of writing, I am still waiting for the check. It will be mailed to my employer’s address. I will wait at least 2 weeks.

Click this link for my recent experience applying for SSS salary loan online.

What if you really need a quick cash now?

I think you can go with Tala, so far, Tala has the best feedback I have heard from repeat clients. And with Tala, you can apply for a loan even if you don’t have a bank account.

Recommended reading:

  • Tala Philippines: 100% Paperless Loan Application – My Detailed Guide in 2018
  • Tala – Real Time Money Transfer tru Coins.ph even on Holidays [Best Online Lending PH]

Let’s understand that not all Pinoys have a bank account.

Quick Tip: Better apply a bank account now, the easiest way is to apply for an EON debit card from Unionbank. I got my EON as early as 2012. The EON has improved already, and you can do online banking on your mobile phone.

As you apply for an EON debit card, it goes with a bank account, as well.

Check EON here.

If you don’t have an existing loan with CashWagon, you can get a quick cash with them for 0% interest for your first 10-day loan. Grab it, my experience here (I already received the money after 5 days)… it was a bit longer due to the holidays. CashWagon does not disburse loan proceeds during the weekends and holidays.

 

If you need some guidance, I invite you to join our Online Pautang Guide!

The following two tabs change content below.
  • Bio
  • Latest Posts
My Twitter profileMy Facebook profileMy Google+ profile

Prime Aque

Prime Aque is the back-end guy of Self-Help. He is a blogger and WordPress front-end designer. Importantly, he is a husband and a father of three wonderful kids. His firstborn are twin girls. He loves writing and sharing.
My Twitter profileMy Facebook profileMy Google+ profile

Latest posts by Prime Aque (see all)

  • Blogging 101: Starting a Blog in 2019 – Day 1 - 02/01/2019
  • Why Starting a Business Is a Good Idea - 01/29/2019
  • Financial Management: From Red To Green In 2019 - 01/21/2019
  • 63 Ways to Make Money Online in 2019 - 12/31/2018
  • SSS will now accept missed payments from January 2018 and onwards – Pay Until Jan 2, 2019! - 12/21/2018

Want to read more?

Filed Under: Online Loans Philippines

Reader Interactions

Comments

  1. Robelyn Isip Seriosa says

    12/26/2018 at 6:51 am

    I kept on getting an automated voicemail saying that I need to pay you. Just so you know, I paid my loan Sept 2017 pa. So why the hell are you still calling me? Kung hindi kayo titigil, idedemanda ko talaga kaung mga bwisit kayo.

    Robelyn Isip Seriosa
    0/29/1989

    I sent the receipt using robelyn.seriosa@resultstel.com

    Reply
    • Prime Aque says

      12/26/2018 at 6:01 pm

      Hello po Maam, ang blog na ito po, o sinuman sa amin dito sa Self-Help ay hindi po affiliated o employee ni Moola po… nag re-review lang po kami. Sorry po to hear that. Have you tried contacting them through their official channels?

      Reply
  2. Genalyn Saniel says

    01/12/2019 at 4:21 pm

    Gd pm..this is moola lending right? Itried to fill up your online application last December 2018. I didnt know if i am approve? Ngayun sinisingil nyo ako na magpay this coming January 18?. Nakaka shock naman na wla man lg ako na reciv na money coming from moola lending.

    Reply
    • Prime Aque says

      01/16/2019 at 9:07 pm

      Hello Genalyn, not affiliated po ang blog na ito with Moola or Online Loans Pilipinas. Review o opinion lang po ito posted in our blog…

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

Search Our Helpful Archive

$350 Worth of Blogging Tools – FREE

More from Self-Help

How Stocks Investments Can Help Secure Your Future

Blogging 101: Starting a Blog in 2019 – Day 1

Why Starting a Business Is a Good Idea

Like Us on Facebook

Copyright © 2019 Self-Help Pinoy Team ~ Some Rights Reserved | Visit Our Facebook Page


Disclaimer: All the information on this website is published in good faith and for general information purpose only. https://selfhelparchive.com/ does not make any warranties about the completeness, reliability and accuracy of this information. Click here to read the full disclaimer.