Moca Moca Review
Moca Moca is a dynamic and user-friendly loan service in the Philippines. In this detailed analysis, we delve into the intricacies of Moca Moca’s loan offerings, exploring its unique features, application process, and overall user experience. Whether you’re considering a quick salary advance or a more substantial loan, our review aims to provide you with all the information you need to make an informed decision. From interest rates to repayment options, we cover every aspect of Moca Moca’s services, ensuring that you clearly understand what to expect.
Best Online Loans Similar to Moca Moca
Expect to see in our table a variety of top-rated online loan platforms in the Philippines, with services parallel to Moca Moca.
| Company | Loan Amount (PHP) | Interest Rate | Loan Term |
|---|---|---|---|
| Digido | 1,000 – 25,000 | From 0% to 11.9% | Up to 30 days |
| MoneyCat | 500 – 20,000 | Up to 11.9% per month | Up to 180 days |
| Kviku | 500 – 25,000 | 1.2% per month | Up to 180 days |
| Cashspace | 1000 – 25,000 | 1.3% per month | 2 – 4 months |
What is Moca Moca Philippines?
Moca Moca is a popular financial service in the Philippines, known for offering quick salary loans that cater to a wide range of customers. This service stands out due to its competitively low interest rates and a variety of features designed to meet the financial needs of its users. Moca Moca is particularly noted for its ease of access and flexibility in loan amounts and repayment terms.
Key Points
| Aspect | Details |
| Company Name | Copperstone Lending Inc. |
| Service Offered | Salary Loan |
| Loan Amount Range | PHP 2,000 to PHP 35,000 |
| Loan Tenure | 180 to 365 days |
| Interest Rate | 0.83% per month |
| Eligibility Age | 21 years and above |
| Registration Number | 2021050012959-04 |
| Certificate of Authority | 3454 |
| Anniversary Date | 16-Feb-2022 |
| Application Process | Via Moca Moca.ph loan app |
| Approval Time | Few hours for processing |
| Disbursement Time | Maximum of 60 minutes post-approval |
| Repayment Options | Flexible, through various channels |
| Customer Support | Email: [email protected]; Phone: +632 8888 8888; Live chat on website |
| Physical Address | Eastwood Ave, Libis, Quezon City, Metro Manila, Philippines |
Pros and Cons of Moca Moca Loan
Advantages
- Moca Moca offers loans ranging from PHP 2,000 to PHP 35,000, catering to various financial needs.
- With a loan period ranging from 180 to 365 days, borrowers can choose a repayment schedule that suits their financial situation.
- The interest rate of 0.83% per month is relatively competitive in the micro-lending market.
- The approval process is swift, often completed within a few hours, and funds are disbursed within 60 minutes post-approval, making it ideal for urgent financial needs.
- The entire loan application can be completed through the Moca Moca.ph loan app, enhancing convenience and accessibility.
- Registered under the Securities and Exchange Commission (SEC) adds a layer of trust and legitimacy to their operations.
- Moca Moca provides various repayment channels, making it easier for borrowers to repay their loans.
Disadvantages
- Loans are only available to individuals who are 21 years old or older, which may exclude younger borrowers in need.
- The 10% processing fee at the time of loan approval can add to the cost of borrowing.
- If borrowers decide to cancel their loan, they are subject to a cancellation fee, which can be a deterrent.
- Moca Moca’s services are confined to the Philippines, limiting access for individuals outside the country.
- While the monthly rate is competitive, the annual rate can accumulate, especially for longer tenure loans.
- Like any loan, failure to repay on time can negatively impact the borrower’s credit score.
- Late payment fees and potential insurance fees can increase the overall cost of the loan.
Moca Moca Cash Loan Requirements
Applicants need to meet certain criteria and provide specific documentation to apply for a cash loan from Moca Moca. Here are the key requirements:
- Age Requirement. Applicants must be at least 21 years old. This age restriction ensures that only legally adult individuals can enter into a loan agreement.
- Filipino Citizenship. The applicant must be a Filipino citizen. Moca Moca’s services are tailored for residents of the Philippines.
- Valid Identification: A government-issued ID card is required. This could include IDs such as a driver’s license, passport, SSS ID, PRC ID, or any other official identification that verifies the applicant’s identity and age.
- Proof of Income. Applicants need to provide evidence of a stable income. This could be in the form of pay slips, bank statements, or any official document that shows regular earnings.
- Personal Information. Basic personal details such as full name, address, contact information, and possibly next of kin or emergency contact details are required.
- Employment Information. Details about the applicant’s current employment status, including the employer’s name, position, and length of employment, may be required to assess income stability.
- Credit Score Consideration. While not explicitly stated, like most lending institutions, Moca Moca may consider the applicant’s credit history or credit score as part of the approval process.
- Bank Account or Mobile Wallet. A valid bank account or mobile wallet (like GCash or PayMaya) where the loan amount can be disbursed is necessary.
- Mobile Phone and App. Since the application process is conducted through the Moca Moca.ph loan app, having a mobile phone capable of running the app is essential.
- Residential Stability. Some evidence of stable residence, such as utility bills or a lease agreement, might be requested to confirm the applicant’s living situation.
Applicants need to prepare these requirements beforehand to ensure a smooth and quick loan application process with Moca Moca.
How Do You Get Approved for Moca Moca Loan?
Securing approval for a Moca Moca loan involves a straightforward process, but it requires attention to detail and adherence to their criteria. Here’s a step-by-step guide to increase your chances of getting approved:
- Meet the Basic Eligibility Criteria
- Prepare Necessary Documentation
- Download and Use the Moca Moca App
- Complete the Application Form Accurately
- Provide Detailed and Honest Financial Information
- Maintain a Good Credit History
- Request a Reasonable Loan Amount
- Check for Errors Before Submitting
- Respond Promptly to Any Follow-Up Queries
- Be Patient
Remember, each lending institution has its own criteria for loan approval. While following these steps can increase your chances, approval is not guaranteed. It’s always wise to read the terms and conditions before applying for any loan.
IDs accepted by Moca Moca
Moca Moca, like most financial institutions in the Philippines, requires valid identification for loan applications. The accepted forms of ID typically include those issued by government bodies, ensuring authenticity and reliability. Here’s a list of IDs generally accepted by Moca Moca:
- Philippine Passport. A valid Philippine passport is universally accepted as proof of identity and citizenship.
- Driver’s License. Issued by the Land Transportation Office, it’s a widely recognized form of ID.
- Social Security System (SSS) ID. An ID for members of the SSS, a state-run social insurance program.
- Government Service Insurance System (GSIS) ID. For employees of the Philippine government.
- Unified Multi-Purpose ID (UMID). Integrates various government IDs into one card.
- PhilHealth ID. Issued by the Philippine Health Insurance Corporation, it’s primarily for health insurance but also serves as a valid ID.
- TIN ID. Tax Identification Number ID, issued by the Bureau of Internal Revenue.
- Professional Regulation Commission (PRC) ID. For licensed professionals in the Philippines.
- Postal ID. A government-issued ID that is easier to obtain and widely accepted.
- Voter’s ID. Issued by the Commission on Elections to registered voters.
- Pag-IBIG ID. For members of the Home Development Mutual Fund (Pag-IBIG).
- Philippine Identification System ID (PhilSys ID). The national ID card of the Philippines.
- Overseas Workers Welfare Administration (OWWA) ID. For overseas Filipino workers.
- Senior Citizen ID: For Filipino senior citizens, issued by the Office of Senior Citizens Affairs.
- Barangay Certification. Issued by the Barangay Hall, it’s a proof of residency and identity.
- Police Clearance/ NBI Clearance. These documents can also be used as valid IDs for their comprehensive background checks.
- Company ID. If working for a well-known organization, the company ID might be accepted, especially for salary loans.
It’s important to note that the specific requirements can vary, and it’s always best to check directly with Moca Moca for their current list of accepted IDs. Additionally, ensure that your IDs are valid and have yet to expire to avoid any inconvenience during the loan application process.
How Can You Repay a Loan in Moca Moca?
Repaying a loan in Moca Moca involves a straightforward process, ensuring convenience for borrowers. Moca Moca provides multiple channels for repayment, catering to the diverse preferences and accessibility of its customers. Here’s how you can repay a loan in Moca Moca:
Through the Moca Moca Loan App
The primary and most convenient method is through their dedicated loan app. You can directly transfer the repayment amount from your bank account or e-wallet.
Bank Transfer
You can repay your loan via direct bank transfer. Moca Moca typically provides bank account details where borrowers can deposit their repayments.
E-Wallets like GCash and PayMaya
These popular digital wallets in the Philippines are convenient for making payments. You can use them to transfer the repayment amount to Moca Moca’s account.
Convenience Stores like 7-11
Some loan providers partner with convenience stores to accept payments. You can visit any 7-11 stores, use their kiosk machines, and follow the instructions to make a payment.
Pawnshops and Payment Centers
Pawnshops like M Lhuillier and other payment centers are common places to repay loans. They offer an easy way for people who prefer making cash payments.
Online Banking
You can transfer the repayment amount to Moca Moca Moca’s bank account if you have an online banking account.
Automatic Debit Arrangement (ADA)
If you have set up an ADA, the repayment amount will be automatically deducted from your bank account on the due date.
Important Tips for Repayment:
- Always be aware of your loan’s due date to avoid late payment fees.
- After making a payment, keep the receipt or any proof of payment until your loan balance is updated.
- After making a payment, it’s a good practice to check with Moca Moca, either through their app or customer service, to ensure your payment has been credited.
- If you encounter any issues or have questions about your repayment, contact Moca Moca’s customer service for assistance.
Remember, timely loan repayment is crucial to maintain a good credit score and avoid additional charges. Always choose the most convenient and reliable method to ensure a hassle-free repayment experience.
Exclusive Features of Moca Moca Loan
Moca Moca loans stand out in the Philippines’ financial market due to several unique features that cater to the needs of a diverse clientele. These features are designed to make the borrowing experience more convenient, accessible, and tailored to individual requirements. Here are some of the exclusive features of Moca Moca loans:
- Moca Moca offers loans ranging from PHP 2,000 to PHP 35,000, accommodating various financial needs, from minor emergencies to significant expenses.
- Borrowers can choose a repayment period that suits their financial situation, with options ranging from 180 to 365 days. This flexibility allows borrowers to plan their finances more effectively.
- The loan application process is streamlined and user-friendly, primarily conducted through the Moca Moca mobile app. This digital approach ensures a hassle-free experience with minimal paperwork.
- Moca Moca is known for its quick loan approval and disbursement, often completing the process within a few hours. This feature is particularly beneficial for those in urgent need of funds.
- With an annual interest rate of around 10%, Moca Moca offers one of the more competitive rates in the market, making it an affordable option for many borrowers.
- The eligibility criteria for Moca Moca loans are straightforward and inclusive, catering to a broader range of borrowers, including those with limited credit history.
- Moca Moca loans are unsecured, meaning borrowers don’t need to provide any collateral, which is a significant advantage for those who do not possess assets to pledge.
- The company maintains transparency in its fee structure, with clear information provided on interest rates, processing fees, and any other charges, ensuring borrowers are fully informed.
- Moca Moca offers robust customer support, with various channels for communication, including email, phone, and a live chat feature on their website, ensuring that borrowers receive timely assistance.
- In case of financial difficulties, borrowers can apply for a loan extension, providing them with additional time to manage their repayments.
These features make Moca Moca loans a versatile and attractive option for individuals seeking financial assistance in the Philippines. The combination of convenience, flexibility, and customer-focused services positions Moca Moca as a reliable and accessible lender in the market.
Moca Moca Customer Support
Moca Moca Philippines strongly emphasizes providing exceptional customer support to ensure a smooth and satisfactory experience for its clients. Understanding the importance of effective communication and assistance in the financial services sector, Moca Moca has established a comprehensive customer support system.
Moca Moca offers various channels for customers to reach out for support. This includes their email address ([email protected]), a toll-free phone number (+632 8888 8888), and a physical address at Eastwood Ave, Libis, Quezon City, Metro Manila, Philippines. These multiple contact points ensure that customers can choose the most convenient way to get in touch.
Moca Moca’s customer support system is designed to be accessible, responsive, and helpful, reflecting the company’s commitment to customer satisfaction and trust. Whether through digital channels or in-person interactions, Moca Moca ensures that its clients receive the support and information they need for a seamless borrowing experience.
Whom Moca Moca Loan Suits Better?
Moca Moca loans are tailored to cater to a specific segment of the market in the Philippines. Understanding the target audience for these loans can help potential borrowers determine if Moca Moca is the right choice for their financial needs. Here’s a breakdown of who might find Moca Moca loans most suitable:
- Moca Moca loans are ideal for those needing quick cash to bridge short-term financial gaps. This could include employees awaiting their next paycheck but facing immediate expenses.
- Given the rapid approval and disbursement process, these loans are well-suited for individuals facing urgent financial needs, such as emergency medical expenses or unexpected bills.
- Since repayment capacity is a key consideration, Moca Moca loans are more suitable for individuals with a steady source of income. This ensures they can manage the repayment within the stipulated time frame.
- The age eligibility starting at 21 makes Moca Moca loans a viable option for young professionals looking for quick financial solutions.
- As the loan application process is primarily online and requires a mobile app, these loans are more convenient for those comfortable with digital platforms.
- People new to borrowing and looking for smaller loans might find Moca Moca loans appealing due to the relatively straightforward application process and lower minimum loan amounts.
- For those who may not have easy access to conventional bank loans, either due to lack of credit history or other reasons, Moca Moca offers an alternative lending solution.
- With loan terms ranging from 180 to 365 days, Moca Moca loans can cater to those needing a bit more flexibility in their repayment schedule than short-term payday loans.
- Moca Moca’s clear disclosure of interest rates, fees, and loan terms makes it suitable for borrowers prioritizing transparency in their financial dealings.
- With loan caps at PHP 35,000, Moca Moca is suitable for those who need moderate amounts of money, which are not typically catered to by larger financial institutions.
Conclusion
In summary, Moca Moca loans are particularly fitting for individuals needing quick, short-term financial assistance, who are comfortable with digital loan applications, and who may not have extensive borrowing history or access to traditional banking services. As with any financial product, potential borrowers should assess their own financial situation and needs to determine if Moca Moca is the right fit for them.
Moca Moca Competitors
Read OKPeso Review
| Company | Loan Amount (PHP) | Interest Rate | Loan Term | Our Review |
|---|---|---|---|---|
| Digido | 1,000 – 25,000 | From 0% to 11.9% | Up to 30 days | Read Digido Review |
| MoneyCat | 500 – 20,000 | Up to 11.9% per month | Up to 180 days | Read MoneyCat Review |
| CashMart | 3,000 – 150,000 | From 0,8% to 3,5% | Up to 6 months for new loan | Read CashMart Review |
| EasyCash | 5,000 – 25,000 | 0,33%-1% | From 1 to 300 days | Read EasyCash Review |
| Crezu | 1,000 – 25,000 | From 1.5% per month to 30% per year | From 3 to 12 months | Read Crezu Review |
| CashMe | 2,000 – 20,000 | 0,08% per day | Up to 3 months | Read CashMe Review |
| Blend | 50000 – 2 million | From 1,5% to 3% monthly | Up to 36 months | Read Blend Review |
| Binixo | 2000 – 30000 | 1% per day | From 7 days to 30 days | Read Binixo Review |
| Asteria Lending Inc | 2000 – 50000 | 0.2% per day | From 30 days to 120 days | Read Asteria Review |
| Loanmoto | 1,000 – 12,000 | 4% – 6% per month | Read Loanmoto Review | |
| Finbro | 1,000 – 50,000 | 0.5% – 1.25% per day | Up to 12 months | Read Finbro Review |
| Kviku | 500 – 25,000 | 1.2% per month | Up to 180 days | Read Kviku Review |
| Binixo | 2000 – 30000 | 1% per day | From 7 days to 30 days | Read Binixo Review |
| PesoQ | 5,000 – 20,000 | 4% – 6% per month | 91 – 365 days | Read PesoQ Review |
| GCash | 5,000 – 25,000 | From 3% to 15% | From 15 to 90 days | Read GCash Review |
| CashBee | 2,000 – 20,000 | 0,3% daily | From 30 to 120 days | Read CashBee Review |
| Revi Credit Philippines | 1000 – 250,000 | 1% – 5% | From 6 to 36 months | Read Revi Credit Review |
| Tala | 1,000 – 25,000 | 15% – 15.7% | From 15 to 61 days | Read Tala Review |
| OKPeso | ||||
| Vamo | 1,000 – 30,000 | From 1,3% | From 10 to 3000 days | Read Vamo Review |
| Flexi Finance | Up to 25,000 | From 365 to 1460 days | Read Flexi Finance Review | |
| JuanHand | Up to 50,000 | 14.7% per month | From 14 to 90 days | Read JuanHand Review |
| RoboCash | 1,000 – 25,000 | From 0% to 11.9% | Up to 30 days | Read RoboCash Review |
