Cashalo Review: Legit or Scammer?
Cashalo Review: Legit or Scammer?
By: Peter Breboneria II
I. Essential Facts about Cashalo
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Name of Lending/Loan Application | Cashalo |
Owner of the Company | Paloo Financing Inc |
Address | 16F World Plaza, BGC, Taguig City, Philippines 1634 |
hello@cashalo.com | |
website | https://cashalo.com/ |
Mobile/Phone | For customer’s assistance:(02-8-470-6888) / (Smart 09088804642) / (Globe 09171850178)/
For corporate assistance:(02) 8808-8388 |
With Certificate of Authority from SEC | Yes |
Listed as SEC Registered Online Lending Platforms | Yes |
Listed as SEC Registered Financing & Lending Companies | Yes |
Interest and other charges | 27.38%-37.68% but I requested for refund. |
Illegal 5/6 | Yes |
Loan History |
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First Loan | Loan Application: July 13, 2021 Loan Application Number:B210713126806114 Loan Amount: Php 2000 Terms: 14 days Amount Received via Security Bank: Received when: July 13, 2021 Due Date: July 28, 2021 Paid Amount:2754.20 Paid Date: July 22, 2021 Paid Interest and Other Charges: Php 754.20 (10 days) Rate of charges: 27.38%
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Second Loan | Loan Application: July 23, 2021 Loan Application Number: B210722126846186 Loan Amount: Php 3000 Terms: 23 days Amount Received via Gcash: Php 3000 Received when: July 23,2021 Due Date: August 15, 2021 Paid Amount:Php 4217.52 Paid Date: August 1,2021 Paid Interest and Other Charges: Php 1217.52 (10 days) Rate of charges: 28% |
Third Loan | Loan Application: August 2, 2021 Loan Application Number: B210801126888593 Loan Amount: Php 3000 Terms: 30 days Amount Received via Gcash: Php 3000 Received when: August 3, 2021 Due Date: September 1, 2021 Paid Amount:Php 4384.46 Paid Date: August 5, 2021 Paid Interest and Other Charges: Php 1384.46 (3 days) Rate of charges: 31.57%
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Fourth Loan | Loan Application:August 6, 2021 Loan Application Number: B210805126904245 Loan Amount: Php 3000 Terms: 26 days Amount Received via Gcash: Php 3000 Received when:August 6, 2021 Due Date: September 1, 2021 Paid Amount:Php 4813.73 Refunded by Cashalo: Php 1144.73 (after manager’s escalation) Paid Date: August 11, 2021/August 29, 2021 Paid Interest and Other Charges: Php 1813.73 ( 27 days) Rate of charges: 37.68%
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Fifth Loan | Yes. They refunded the 1144.73. But I was unable to renew my loan in spite of good payment history
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Total Money I received from Swipe | 11,000 |
Total Loan Paid | 15,025.18 |
Total Interest Paid | 4025.18 (For 50 days) |
Refund by Cashalo | 1144.73 |
Legit Interest (19%)* 2 mos | 4180 |
Fair Amount that I shall be paying | 15180 |
Total win from Cashalo | 154.82 after the refund |
Debt Collection Harassment | No |
Violation of Philippine Laws | 1. Republic Act No. 9474- “Lending Company Regulation Act of 2007” 2. Charged 42% Interest and Other Charges The Supreme Court already ruled that imposition of usurious interest rates such as “5-6 money lending” is illegal.
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II.Screenshot of Evidences
III.Cashalo Management Escalation (Attempts to Contact Cashalo)
A. Email to Cashalo
Dear Sir/Madam,
Greetings!
I saw that you refund ₱ 1,144.73 last August 11, 2021. At least you’re able to fix it. If you did not fix it, it will come out your loan transaction as 5/6 charging me 27.38%-37.68% in 50 days. If I did not raise a complaint, you’ll charge me worst than the bombay 5/6. I feel sad for your customer service. My loan was unapproved after 3 loans and the manager’s escalation –the time I needed the money the most for my small business. You did not allow me to reloan despite that I was paying the bill few or many days before the due date. I hope that you’ll listen to feedback and not sabotage customer’s loan application. Your gesture to reject my reloan and ask me to reapply after 165 days seems to be considered as a form of retaliation for requestinf for refun and manager.Lumalabas tuloy na pakitang tao ang pag-refund nyo ng Php 1144.73.
This will be a lesson for me.I hope that you will not charge your customer 27.38%-37.68% interest and other charges.
Honestly, I am not happy with your customer service. I was unable to reloan despite of my excellent payment history.
Sincerely,
Peter Breboneria II
B. Response of Cashalo
Hi Kasalo Peter,
We really apologize for what happened with your recent application. All of our applications are subject to risk based approval and we are saddened to know that it was not successful.
Your feedback is highly appreciated. We are continuously improving all the application processes that we have based on our terms and condition.
Thank you for your patience and understanding.
Stay safe always Kasalo!
Salamat!
Glenn
Customer Service and Incident Manager
IV. File a formal complaint to SEC for extremely high interest charge.
Please click File a Complaint to SEC.
Here’s my letter to SEC:
Chairman Emilio B. Aquino
Securities and Exchange Commission (SEC)
PICC Complex, Roxas Boulevard, Pasay City,
Dear Mr. Chairman,
Good morning!
First of all, I would like to thank you for replying after 22 minutes. I will start filing a formal complaint against multiple, legal, and illegal online lending platforms. I will report about Cashalo, an SEC-registered online lending platform, and my 2nd Complaint report.
The reason why I want to file a complaint due to the following reasons
A. Practicing 5/6 (20% or more interest and other charges)
– I got charged 37.68% Interest and other charges for 3-27 days only
I emailed Cashalo. They refunded 1144.73. I understand that they made an effort to return the money. But I don’t see that as a privilege. They are not supposed to charge the customer 20% interest and above in a month. If they can charge me upto 37.68%, they can also charge other Filipinos at the same rate. This is a “Kapit Patalim” for our poor fellow kababayans.
For details, you may check my complaint form attached.
I myself can handle the lending issues and am used to issues and controversies being a part-time International Journalist and founder of International Center for Youth Development, but I will file a case against multiple lending platforms, not just Cashalo because my family, relatives, and friends were stressed and negatively affected. I also discovered that there were borrowers who took suicide for being harassed daily by these online lending platforms. I will stand for these victims of harassment. Please pray for me. I have already started 40 days of prayer and fasting for the victims of online lending platforms.
Sincerely,
Peter Breboneria II
About the Writer
He is the founder of the International Center for Youth Development (ICYD) and the program author/ developer of the Philippines first internet-based Alternative Learning System(ALS) and Utak Henyo Program of the Department of Education featured by GMA News & Public Affairs, and ABS-CBN and MOA signed by Department of Education, Voice of the Youth Network, Junior Chamber International (JCI), and the Philippine Music and the Arts. He was the International Radio/TV format Host for Youth Program at Veritas Asia, a giant Catholic media network. He started as a local Youth Radio host at Gospel Broadcasting Network, an evangelical station, and trained by Far East Broadcasting Network (FEBC Legazpi Branch). He garnered model student awards at Ateneo de Naga University, Bicol’s premier university in 2008. He is currently studying at the University of the Philippines-Open University. He studied Pastoral Management and Leadership at the Loyola School of Theology, a theological graduate school in Ateneo de Manila University. The Philippine Normal University-The National Center for Teacher Education waived his entrance exam and majorship exam. You may check his study plan on this link: https://peterbreboneria.com/my-study-plan/
