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Moca Moca App Problems and Complaints

Moca Moca App Problems?


Have you heard about Moca Moca App? You might get across this online lending app at some point while browsing Facebook since they had been so aggressive at advertising on the platform.  This is an app that claims to provide you with quick loans online whenever you need them but are they legit and legal? What do people say about them?

My Encounter with Moca Moca App

I got a chance to see this app when I did click on their ad and became curious about them.  I checked on how much I can loan.  It says you can repay from 3 months to 12 months at easy installment terms.  While checking the amount that I can loan and then clicking the next step, the app then told me that they are now sending Php1,300 to my account and I have to repay Php2,100 in 7 days. 

What? I had to repay Php2,100 while I only received Php1,300? That's a whopping 800 pesos in advance charges and interest which constitutes 40% of the loan plus they even added Php100 to your original loan of Php2,000.

I was so frustrated that I immediately reviewed their app on Google Play giving them 1 star and posted on my official Facebook page about the ongoing scam of this app.  That's when more people are revealed to have been fooled by Moca Moca as more and more people commented on my post telling about the horror stories they have with this online lending app.


Alas, my loan is due and a representative called me.  I specifically told the person calling that I am recording her call, I did not take out a loan since they fooled me during the process and I will not be paying them back. The conversation lasted about 3 minutes and since then about 2 weeks had passed until now, they had not called me again.  Once they call, I will record the conversation again.

What Needs to be Done?

Someone should definitely file a complaint whether with the Securities and Exchange Commission (SEC), the Bangko Sentral ng Pilipinas (BSP), the National Bureau of Investigation (NBI), or with all of them.

What they are doing by harassing people and duping them to get a loan with very high interest is definitely illegal.  Another thing that is definitely against the law is the fact that this app will hijack your contact details and contact them if you will not pay the loan.  That same hijacked contacts might also be sold to other apps and then they will be contacted offering different things.

I also noticed that various other loan apps are also contacting me and calling me and saying the loan is ready for me but the thing is I did not even apply for a loan with them.



Here is what I am seeing:

  1. This company is violating the Lending Law with its very high-interest rate and its method of deceiving people through its app.
  2. I found out that it is sharing the personal information they get with other similar loan apps which is a violation of the PH Data Privacy Act.
  3. Accessing all of your contacts and details without your direct consent is illegal as well.
  4. Are they even registered with the SEC and the BSP?

Sign the Online Petition to Shutdown Abusive Online Lending Apps (OLA)

An ongoing petition at Bataris.org is calling on the government to shut down tons of Online Lending Apps (OLA) for being abusive and charging over-the-top interest rates.  The list includes the following:

Sign the Online Petition to Shutdown Abusive Online Lending Apps (OLA)



We call for an end to the operation of these abusive online lending apps, which threaten, embarrass, intimidate, and cause utter grief to the unfortunate victims.

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What's your Experience with Moca Moca App?

Here are some of the people who shared their experiences about Moca Moca App and since my post is public I am posting the screenshots here as well.  






Have you had the same experience with Moca Moca App or other similar online lending apps? It would be good to share this post and comment about your experience as well.

ABOUT THE AUTHOR
 
David 'Master Pogi' D'Angelo
Social Media Specialist | Blogger | 
Environmental Advocate | Events Organizer

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