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HiPeso – One of the reputable personal loan apps, offering a diverse maximum limit of up to ₱50,000, with a high approval rate of up to 95%. The app’s attraction lies in its unique interest rate of only 10%, irrespective of the borrower’s loan amount—whether large or small. Are these details trustworthy or just enticing marketing for high-interest rates? Let’s explore this further with!

Introduction to HiPeso

HiPeso is a widely known personal loan application. Through the internet and mobile phones, individuals in need of financial assistance, meeting the website’s criteria, can apply for a loan. There’s a high probability of successful profile approval.

The process of creating a loan profile is detailed and system-assisted, taking only 3 minutes to complete the application form. The system’s processing time for loan approval is swift, with clients receiving their loans in their accounts within a maximum of 24 working hours. Thanks to the digital technology platform, the entire loan procedure at HiPeso is conducted online, eliminating the need for face-to-face meetings.

The loan packages offered here are relatively diverse, ranging from a minimum of ₱2000 to an average of ₱5000 and a maximum of ₱50,000. Although the borrowing limit might not be as high as in other personal loan apps, all information regarding the loan packages is transparent, allowing borrowers to make informed decisions. If it fits their needs, they can borrow; otherwise, there’s no obligation or fees incurred.

Detailed Information

Although advertised as a low-interest personal loan app, with a single rate of 10% annually, in reality, different loan amounts will display varying interest rates within the app. Surprisingly, one can even borrow cash here at a 0% interest rate.

Naturally, for larger loan amounts with higher risk, the interest rates are higher. If the offered interest rate isn’t acceptable, you have the absolute right to decline the loan, and there’s no pressure from the entity. To illustrate this with a borrowing scenario:

Suppose you apply for a loan of ₱50,000 with an interest rate of 10%. Repayment period: 91 days. The interest amount will be: ₱50,000 x 10%/365 x 91 = ₱1246 Total repayment amount: ₱50,000 (principal) + ₱1246 (interest) = ₱51,246

Loan Eligibility

Borrowing at a 0% interest rate on the app is indeed advantageous. Borrowers only need to repay the principal amount without incurring any additional interest. However, to qualify for the 0% loan, you need to:

  • Be a Filipino citizen aged 18 or above.
  • Have a stable job with monthly income.
  • Possess at least one domestic bank account for convenient loan transactions.
  • Provide valid identification documents within the expiry date.
  • Have no history of late repayments or bad debts with banks, financial institutions, or other personal loan apps.
  • Be a first-time borrower at HiPeso and ensure repayment within 14 days.

Tips to Increase HiPeso App Loan Approval Rate

In reality, the approval rate for loans here usually hovers around 85%, with 15% of applications being declined. Part of the reason is the nature of this unsecured personal loan type, without collateral. Due to the high risk involved for the lending institution, thorough scrutiny of applications is a necessity.

However, there are ways to improve the chances of getting your loan application approved. You can consider applying these tips:

  • Ensure the phone number used for loan registration has been active for over 3 months; using your primary phone number is advantageous.
  • Have no history of bad debts/late payments with banks/financial companies/other lending apps.
  • Apply for a loan at HiPeso and during the application processing period, refrain from creating loan profiles on other lending platforms.
  • It’s not necessary to overstate your actual income. While the institution doesn’t require income verification, it’s best to provide honest information.
  • Consider borrowing within the range of ₱15,000 or less for your first loan. The subsequent loan limit will automatically increase if the previous loan was repaid on time.

Should You Borrow Money at HiPeso?

The app is ready to assist individuals with bad credit histories who might not secure loans from banks or other financial companies. Additionally, the app doesn’t cross-check you against a bad debt system, allowing you to apply for a loan here and await approval. If continual rejections occur, considering another lending platform might be wise.

These are the fundamental insights about the HiPeso personal loan app. As you can see, borrowing money here comes with many conveniences, especially with an interest rate as low as 10% per annum, and even 0% interest loans available. Despite the short repayment period, if you meet the criteria, it’s worth considering applying for a loan here.