Mega Peso-PesoCash & Lending App

OAN TERMS ACCORDING TO THE APP LISTING

The loan terms are clearly stated:

You can borrow between ₱1,000 and ₱50,000

Repayment terms range from 91 to 180 days (3 to 6 months)

The maximum Annual Percentage Rate (APR) is 29.2%

On the surface, these terms are reasonable. An APR of 29.2% is high compared to a bank loan but lower than many payday lenders and credit cards. However, there are significant red flags when you look deeper.

Here is where the situation becomes concerning. The Philippine SEC has recently cracked down heavily on online lending platforms with similar names and business models.

Magic Peso — Ordered Shut Down

In May 2026, the SEC ordered the termination of operations for "Magic Peso," an online lending platform operated by Hupan Lending Technology Inc. . The SEC also ordered the shutdown of associated apps including Cashme, Sukiloan, Pesopoly, and Loan Tayo .

The SEC took this action because:

Abusive collection practices: Numerous borrowers complained about harassment and intimidation tactics from Magic Peso

Unregistered operation: Magic Peso was operating as an unrecorded and unregistered online lending app

Violation of moratorium: The SEC has a moratorium on new online lending platforms under Memorandum Circular No. 10, Series of 2021. Magic Peso violated this by operating without authorization

The SEC stated that by operating an unregistered OLA (Online Lending App), Magic Peso "has deemed to have placed each borrower and customer... outside the protection afforded by the Financial Products and Consumer Protection Act" .

Peso Wallet and Credit Cash — Licenses Revoked

In the same enforcement action, the SEC canceled the lending license of Hi-Fin Lending Inc., which operates Peso Wallet and Credit Cash .

Why? Hi-Fin failed to disclose WeWill Tech Corporation as one of its third-party service providers (TPSPs) . This was a serious compliance violation. Worse, WeWill Tech Corp. was raided by the National Bureau of Investigation and the Presidential Anti-Organized Crime Commission on January 31, 2025, for its involvement in harassing customers of online lending platforms .

The investigation revealed that WeWill had been acting as a collection agent for Hi-Fin Lending .

Seven More Lenders Lost Licenses

In total, the SEC has revoked licenses or registrations for multiple online lending operators found in violation of laws and regulations .

The Credit Information Corp. (CIC) has suspended these companies' access to the Credit Information System, citing their loss of authority to operate as lending entities .

CIC president and CEO Ben Joshua Baltazar stated: "The CIC stands with the SEC in protecting the rights and interests of Filipino consumers. These revocations send a strong message that regulators will not tolerate noncompliance and abusive lending practices" .

What Does This Mean for Mega Peso-PesoCash?

Here is the critical question: Is Mega Peso-PesoCash connected to these other apps?

The name "PesoCash" is very similar to "Peso Wallet" and "Magic Peso" — both of which have been ordered shut down. While Mega Peso-PesoCash is not explicitly named in any SEC shutdown order discovered in this search, the pattern is alarming.

The fact that multiple "Peso"-named lending apps have been penalized for abusive practices means that borrowers should approach any app with this naming convention with extreme caution.

The SEC's enforcement actions demonstrate that:

The Philippine government is actively cracking down on illegal online lending apps

Abusive collection practices are widespread in this industry

Unregistered apps are operating outside consumer protection laws

Third-party collection agencies are being used to harass borrowers

FREQUENTLY ASKED QUESTIONS (FAQS)

1. What is Mega Peso-PesoCash & Lending App?

Mega Peso-PesoCash is an online lending application available on the iOS App Store that offers personal loans to borrowers in the Philippines. The app is published by a Philippines-based company and was first released in June 2025 .

2. How much can I borrow from Mega Peso-PesoCash?

According to the app's App Store listing, loan amounts range from ₱1,000 to ₱50,000 .

3. What are the repayment terms?

Loans can be repaid over periods of 91 to 180 days — approximately 3 to 6 months .

4. What interest rate does Mega Peso-PesoCash charge?

The maximum Annual Percentage Rate (APR) stated in the app listing is 29.2% . However, this is the maximum rate; actual rates may vary based on the borrower's credit profile and loan amount.

5. Is Mega Peso-PesoCash registered with the Philippine SEC?

Based on the search results, Mega Peso-PesoCash is not specifically mentioned in any SEC registration records or shutdown orders. However, multiple apps with similar "Peso" names — including Magic Peso and Peso Wallet — have been ordered shut down by the SEC for operating without proper registration and using abusive collection practices .

You should verify directly with the SEC whether this specific app is registered before borrowing.

6. Has Mega Peso-PesoCash been involved in any scandals?

The search results do not specifically name Mega Peso-PesoCash in any scandal or enforcement action. However, the app operates in a high-risk industry where many similar apps have been penalized for:

Abusive debt collection practices

Operating without SEC registration

Harassing borrowers and their contacts

Failing to disclose third-party collection agents

7. Can Mega Peso-PesoCash access my phone contacts and photos?

The app's permission requests are not detailed in the available search results. However, based on how similar online lending apps in the Philippines operate, you should assume the app may request access to:

Your phone contacts

Your SMS messages

Your device storage

Your location

WARNING: Many online lending apps in the Philippines have been accused of using contact access to harass borrowers' friends and family when payments are late. The SEC has shut down multiple apps specifically for this reason .

If you install this app, carefully review what permissions it requests. DO NOT grant access to your contacts unless absolutely necessary.

8. What happens if I cannot repay my loan on time?

The exact collection practices of Mega Peso-PesoCash are not documented in available sources. However, given the industry pattern:

Similar apps have been known to engage in aggressive collection tactics, including calling borrowers' contacts and sending threatening messages

The SEC has taken action against multiple apps for abusive collection practices

The use of third-party collection agencies (like WeWill Tech Corp.) is common in this industry

If you cannot repay on time, contact the lender immediately to discuss options. Do not ignore the debt, as this may escalate collection attempts.

9. Is it safe to use Mega Peso-PesoCash?

Given the regulatory environment and the pattern of enforcement actions against similar apps, you should exercise extreme caution.

Red Flags to Watch For:

If the app requests access to your contacts or SMS messages

If you cannot find the company's SEC registration number

If the app does not provide a physical address

If customer service is unresponsive or non-existent

If the interest rates or fees seem unclear or hidden

If you notice any of these red flags, do not use the app. Report it to the SEC instead.

10. What should I do if Mega Peso-PesoCash harasses me?

If you experience harassment from this or any lending app:

Step 1: Document everything. Save screenshots of messages, record call logs, and note dates and times of calls.

Step 2: Do not engage with harassers. Do not argue or threaten back.

Step 3: Report the harassment to the Philippine SEC. The SEC has shown it is actively taking action against abusive lending apps .

Step 4: File a complaint with the National Privacy Commission if your data privacy has been violated.

Step 5: If threats involve violence or criminal activity, report to the Philippine National Police.

11. Are there better alternatives to Mega Peso-PesoCash?

Yes. Before turning to any online lending app, consider:

Credit cooperatives: These offer lower interest rates and are regulated

Banks: Many banks now offer small personal loans with competitive rates

Salary loans: If you are employed, check with your employer about salary loan programs

Family and friends: While potentially awkward, borrowing from trusted individuals carries 0% interest

Government programs: Check for any emergency assistance programs you may qualify for

12. How can I verify if an online lending app is legitimate?

To verify any lending app's legitimacy in the Philippines:

Check if the company is registered with the SEC

Verify that the company has a valid Certificate of Authority to operate as a lending company

Look for a physical office address

Read reviews from multiple sources — especially negative reviews

Test customer service responsiveness before borrowing

The SEC has warned that operating an unrecorded OLA places borrowers "outside the protection afforded by the Financial Products and Consumer Protection Act" .