SigiLoan
Detailed information
Detailed review
Are you having a hard time with your finances and looking for a quick loan app that can provide cash within the day? Recently, SigiLoan has been getting attention in the Philippines for advertising approval in as little as 3 minutes, loan amounts of up to ₱50,000, and no harsh or threatening debt collection.
But are these claims really true, or are they simply part of the app’s advertising? In this detailed SigiLoan Philippines review, we’ll take a closer look at what the app actually offers, what happens during the application process, and the legal information available about the company.
What Does SigiLoan Advertise?
Right on its homepage, SigiLoan presents several offers that may look appealing to people who urgently need money:
- Loan amount: You can supposedly borrow up to ₱50,000.
- Loan term: The advertised repayment period is 91 to 360 days, or around 3 months to 1 year.
- Easy eligibility: The app claims that students and unemployed applicants can also apply.
- No credit history check: SigiLoan claims that it does not check whether you currently have outstanding loans with other online lending apps.
- Simple requirements: The app accepts different types of IDs, including PhilHealth ID, National ID, and others.
What Happens When You Actually Apply?
Once you download the app and go through the application process, the actual experience may be very different from what is shown in the advertisements.
Information You Need to Provide
- Personal information: The app asks for your Viber account, Facebook account, and contact references. At least two contact numbers are required.
- Actual offer for new users: Instead of the advertised ₱50,000, first-time applicants may only be offered around ₱1,000 to ₱2,000.
- Installment plan shown in the app: The app displays the loan as six installments, with each payment scheduled 15 days apart. The amounts shown for each installment can be very small. For example, a ₱2,000 loan may show a first payment of only ₱35, followed by ₱52 for the second payment, and so on.
- Service fee deducted upfront: If you apply for a ₱2,000 loan, you may receive only ₱1,970 because a ₱30 service fee is deducted upfront.
High Late-Payment Penalties
If you are even one day late, SigiLoan reportedly charges a fixed ₱1 penalty, plus an additional 3% of the total outstanding balance for each day of delay. That can quickly become a significant amount if the balance remains unpaid.
Fast Application, But Easy Rejection
Although the app advertises fast approval, the actual application experience described here is different. After uploading an ID and completing facial verification, the application may be automatically marked “Rejected” in less than a minute.
Legal Status: SigiLoan Is Marked as Delinquent by the SEC
When the company name was checked through the Securities and Exchange Commission (SEC) Philippines database, its status appeared as “Delinquent.”
- Reason: The company reportedly failed to submit required periodic reports, such as its Annual Financial Statements (AFS) and General Information Sheet (GIS).
- What this means: A company with a delinquent status may face restrictions on continuing its operations until it complies with the SEC’s requirements and restores its good standing.
- Current situation: Despite the reported SEC status, the app remains available and continues to collect personal information from people who try to register.
User Complaints About SigiLoan
Some of the 5-star ratings on the app may consist of very short comments. However, looking through the 1-star reviews reveals several serious complaints from users.
Large Deductions From the Loan Amount
One user reportedly applied for a ₱7,000 loan, but only ₱4,500 was actually received. That means ₱2,500 was deducted from the original loan amount. At the same time, the total amount reportedly required for repayment reached ₱7,713.
Loan Term Reportedly Only 7 Days
The six-installment, three-month repayment information shown in the app has also been questioned by users. Some borrowers reported that they were instead required to repay the full loan within just 7 days.
Spam SMS and Suspicious Links
After being rejected by the app, some applicants reportedly received SMS messages offering “pre-approved loans” together with links.
If you receive similar messages, be careful with the links and avoid clicking on unfamiliar URLs. Doing so can expose you to additional risks, including phishing or other unwanted loan offers.
SigiLoan: Advertised Claims vs. Reported Experience
| Feature | Advertised | Reported Experience |
|---|---|---|
| Loan amount | Up to ₱50,000 | New users may only be offered ₱1,000–₱2,000 |
| Loan term | 91 to 360 days / 6 installments | Some users reported a 7-day repayment period |
| Legal status | Presented as an operating loan app | Company status appeared as Delinquent in the SEC database |
| Approval | Approval in as little as 3 minutes | Some applications were reportedly Rejected within 1 minute |
| Fees | Small and clearly presented | One reported case: ₱7,000 loan, ₱4,500 received, ₱7,713 repayment |
Should You Borrow From SigiLoan?
Based on the information reviewed above, there are several things worth checking carefully before applying for a loan through SigiLoan.
The concerns include differences between the advertised and reported loan terms, potentially large deductions from the amount received, short repayment periods reported by some users, and the company’s reported Delinquent status in the SEC database.
If you are considering the app, check the company’s current SEC status, read the complete loan agreement, and make sure you understand exactly how much money you will receive, how much you will have to repay, and when the payment is due before accepting any offer.
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