Cashola AI Partner Credit Review

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Cashola AI Partner Credit is an online lending platform that has gained popularity in the Philippines by promising instant cash loans with easy approval. However, several concerning allegations have emerged regarding predatory practices, exorbitant fees, and aggressive debt collection by Cashola.

In this comprehensive review, I examine Cashola’s legitimacy, analyze its loan contracts, assess regulatory compliance, and investigate customer complaints to determine whether this financial platform can be trusted or is simply a scam.

Table of Contents

Overview of Cashola Ai Partner Credit

Cashola Ai Partner Credit was founded in 2020 and is owned by ReyLief Lending Corporation. It primarily operates as an online lending platform, where customers can apply for and receive cash loans digitally through its mobile app and website.

The company advertises loan amounts from PHP50,000 to PHP3,000,000 with repayment terms of 6 to 36 months. Cashola claims to use automated approval, allowing same-day money transfers. However, based on their sample calculations, interest rates could be as high as 35.8% APR. There will also be a late fee of 0.05% per day.

Research shows that ReyLief Lending Corporation is registered with the SEC and holds a BSP Certificate of Authority to operate as a lender. But Cashola’s physical address could not be verified.

read also: What is Cashola Ai Partner Credit: a platform for fast cash loans

How does Cashola Ai Partner Credit work?

Cashola Ai Partner Credit is a digital lending platform that offers fast cash loans to Filipino individuals in need. The app can be downloaded from the Google Play Store. Here’s an overview of how Cashola Ai Partner Credit works, based on the limited information available:

Fast online registration: Users can easily and quickly sign up for the app, without the need for extensive documentation.
Fast cash payout: Once registered, users can apply for a cash loan and expect quick approval and disbursement of the funds.
Multiple methods of receiving funds: The app offers users several options to receive their approved loan amount, ensuring flexibility and convenience.
Safety and security: Cashola Ai Partner Credit claims to prioritize the safety and security of its users’ personal and financial information.
Reliable online financial support: The app aims to provide reliable and efficient financial assistance to its users, although the degree of reliability is unclear based on the information available.
No documentation required: The app may offer a streamlined loan application process by eliminating the need for extensive paperwork.
Easy to use tools: Cashola, the parent company of Cashola Ai Partner Credit, is described as a platform that simplifies credit payments and helps users improve their credit scores. It is possible that the app offers similar tools and features to its users, although this is not explicitly stated in the search results.
Expert support: Cashola’s services are said to be supported by experts, although it is unclear how this support is provided and whether it extends to Cashola Ai Partner Credit.

Main features of Cashola Ai Partner Credit

Some of the notable features advertised by Cashola Ai Partner Credit include:

Fast approval and financing: The main appeal of the app is providing quick cash during emergencies through streamlined digital lending.
Credit management tools: Cashola offers services to help applicants improve their credit scores and manage repayments.
Data privacy guarantees: The developer claims that user data is not shared externally. This prioritization of data security is a major draw.
Accessibility: As a mobile app, Cashola offers easier access to loans compared to traditional lenders such as banks or cooperatives.

Analysis of complaints from Cashola customers

Numerous complaints against Cashola have appeared on social media, review sites and forums. Common problems include:

Hidden costs – Actual interest rates become much higher when various penalties and fees are added.
Aggressive collections – Abusive threats and illegal sharing of customer personal data.
Lack of transparency – Opaque loan terms and costs that are not clearly disclosed in advance.
Bad customer service – No ability to negotiate repayment plans or resolve issues.
Unauthorized recordings – Cashola continues to access accounts even after default settings.
Inability to verify legitimacy – Lack of transparency around licenses, address and activities.

Overall, many customers feel misled and report very low satisfaction when dealing with Cashola.

also read: Artguru AI Review: Features, Pricing and User Experience

How do I use Cashola Ai Partner Credit?

Download and install the app: Cashola Ai Partner Credit can be downloaded from the Google Play Store.
Register and create an account: Users can easily and quickly sign up for the app, without the need for extensive documentation.
Fill in the required personal and financial details: Users may be required to provide personal and financial information to apply for a loan.
Apply for a loan: Once registered and verified, users can apply for a cash loan and expect quick approval and disbursement of the funds.
Choose a method for receiving funds: The app offers users several options to receive their approved loan amount, ensuring flexibility and convenience.

It is important to note that there are complaints and reviews indicating that Cashola Ai Partner Credit may be involved in loan scams. Therefore, it is crucial to exercise caution and do thorough research before using the app.

Common problems and red flags

However, in addition to the marketed features, several worrying complaints and reviews about Cashola Ai Partner Credit have also emerged:

Accusations of predatory lending: Critics argue that opaque hyper-targeted advertising lures vulnerable borrowers into debt traps through high-interest loans.
Complaints about hidden costs: Many users report that the advertised rates are misleading, with additional fees revealed after they sign up, inflating the actual cost.
Aggressive Collecting Tactics: Some borrowers report humiliation, intimidation and threats from debt collectors due to late repayments.
Scam warnings: Reviews claiming authorized withdrawals even after loans have been paid off or other fraudulent activity raise concerns about scams.
Non-compliance with regulations: Cashola’s practices are said to violate the Bangko Sentral ng Pilipinas’ Responsible Digital Lending Rules.

These alarming issues point to potentially serious risks behind the app’s convenience.

Guidelines for the safe use of Cashola Ai Partner Credit

If you’re still considering Cashola, here are some tips to minimize the risks:

Please carefully review ALL loan terms, rates and fees before accepting any money. Be aware of hidden costs.
Understand your repayment obligations and late penalties.
Don’t borrow more than you can realistically repay on time. High debts make you vulnerable.
Be extremely careful with links or callers that ask for sensitive information such as passwords.
Avoid sharing contacts, social media, or device access with agents during collections.
Know your consumer rights against harassment. Report regulatory violations.
Monitor account activity regularly for unauthorized transactions.

Review of a sample Cashola loan agreement

To verify these complaints, I analyzed a sample Cashola loan agreement:

Fine print costs – 20-30% fees hidden in fine print, not in the headlines.
Vague terms – Ambiguous language gives lender room for interpretation.
One-sided clauses – Favors the lender by waiving the customer’s rights.
No cooling off period – Immediately bound without reconsidering the terms.
Data privacy issues – Provisions to share personal customer data appear legally questionable.

The agreement appears designed to hide the true costs and disadvantage borrowers.

Cashola’s legal and regulatory status

Investigating Cashola’s legitimacy and regulatory compliance also revealed issues:

ReyLief Lending Corporation has a BSP lending company registration. But the allowable interest rate limits are unclear.
Multiple legal complaints have been filed against Cashola for illegal lending practices.
Promotional claims such as “instant approval” are against responsible lending rules.
Exorbitant rates and one-sided terms likely violate consumer protection laws such as the Truth in Lending Act (TILA).
Law enforcement officials have warned about lending platforms like Cashola that operate unsupervised with extortionate interest rates.

Thus, despite being registered, Cashola still appears to be engaging in unethical practices that violate consumer finance laws.

Verdict: Cashola looks like a predatory credit fraud scheme

Given the information available from credible sources, I conclude that Cashola Ai Partner Credit exhibits numerous problematic indicators of predatory lending scams:

Deceives customers through promotions but charges exorbitant hidden fees that exceed legal limits.
Poor service, aggressive tactics and questionable legality raise major ethical concerns.
Intentionally lacks transparency and structures deals to take advantage of vulnerable borrowers.

Since there are more reputable loan options available, I cannot in good faith recommend Cashola. Consumers should carefully research the background, rates, terms and ratings of lenders before using their services or providing any personal information.

Conclusion

Cashola Ai Partner Credit promotes easy digital cash loans, but uses predatory practices such as unclear loan agreements, excessive fees and aggressive collections. Customers consistently report feeling ripped off and report limited legal and regulatory oversight of Cashola’s operations.

I recommend erring on the side of caution and considering more transparent lending options from reputable banks or recognized cooperatives when money is needed. Responsible lending remains the key to preventing scams in the Philippines. Conduct thorough due diligence before entering into a loan agreement or engaging a lending platform.

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