Loan from MOOLA Lending

MOOLA Lending ( previously known as Doctor Cash) is an online Lending Company that helps people in getting short term loans for emergency purposes.

MOOLA offers initial loan starting 2,000 pesos which is based on my experience when I tried to apply one recently on October 25, 2017. Based on the reviews, the loan application is fast compared to other loan providers as long as you have filled out all the necessary information on their form. Before I forgot, to access their application, you may visit their website at https://moola.ph/.

For me, my experience was not that fast because for you to be able to have your loan endorsed for approval, you need to accept the call from their loan officer within 1-2 business days from the time you submitted your application or else the application will be automatically declined.

Since the outbound call from their loan officers are system generated, you won’t be able to anticipate the time they will be calling you as it will be the system who picks up the cases and assign to the Loan Officers. For me, I missed a call around 7:13 PM on October 25, 2017. That was the time that I knew that their operation is up to 9:00 PM. The following day, I received a call but was advised to prepare 4 character references ( 2 from my workplace and 2 relatives) so since I was not prepared then Loan officer will just callback. On October 27, 2017, I missed the call again around 6:30 PM. And Finally on Sunday October 29, 2017, I received another callback from the same Loan Officer and then he started to get my character references and conducted verification interview based on the form I filled out from their website. The interview was smooth and fast and was advised that he will call my character references and will get back with me shortly.

So after the background check, he went back with me and discussed the Loan Agreement which is also enclosed to the email they sent upon the submission of the application. The catch with MOOLA is their interest rate is way higher compared to other Lending Company as their interest rate is 1% per day. So imagine, for 15 days term, you will have a total of 15% interest payable on top of your loaned amount. So for 2,000 pesos loan in 15 days, interest will be 300 so total payable is 2,300 pesos. Not only that, upon the disbursement of the loan, a 10% processing fee also applies thus giving you a processing fee of 200 pesos for your 2,000 loaned amount that gives you a remainder of 1,800. You can’t complain as well because before the loan will be processed, you will be given a copy of the agreement sent to your email and also it will be discussed by the Loan Officer during your conversation.

It’s quite expensive right? However if you are in a very crucial situation, I think you won’t mind the interest and processing fee anymore because who would lend you that amount aside from your family and friends. To think that our cost of living is getting higher, you wouldn’t expect that all of the people you know has an amount to lend for emergency purposes so we should be thankful that we have these kind of companies who can give us quick assistance when we need money.

To help you manage your loaned amount well, it’s best if you will use it for business. For me, loading business is very convenient and accessible with the help of Coins.ph, with every load credits sold, you will get 10% of the credits sold back to your Coins.ph wallet account plus a service fee of 3 pesos for every credits sold ( hehe, i came up with the service fee because most of the retailers here are charging service fees as well so why can’t I? :-).

So, for you to be able to offset the charges for your loan, I suggest that you come up with a small business to help you ease the heavy payment at least.

I will still give MOOLA a 5/5 rating because on how they process their transaction which is a great help to us when we need money the most. Hopefully, there will be a change on their interest rates in the future and that is what I’m looking forward with MOOLA Lending.