Pesohere Interest Rate Philippines: Full Breakdown
Borrowers commonly cite an interest rate of around 0.30% per day (roughly 9% a month) for Pesohere, based on figures reflected in public search results and borrower discussions. Rather than accept that number at face value, we compared it against the actual legal ceiling the SEC has set for exactly this type of loan.
The legal ceiling that applies to small, short-term loans
Under SEC Memorandum Circular No. 3, Series of 2022, which implements Bangko Sentral ng Pilipinas Circular No. 1133, unsecured general-purpose loans of ₱10,000 or less with a tenor of up to four months are subject to a strict ceiling:
- Nominal interest rate ceiling: 6% per month, or about 0.2% per day.
- Effective interest rate (EIR) ceiling: 15% per month, or about 0.5% per day — this includes processing, service, notarial, handling and verification fees, but excludes late-payment penalties.
- Late payment penalty cap: 5% per month on the outstanding amount due.
- Total cost cap: all interest, fees and penalties combined cannot exceed 100% of the amount originally borrowed, no matter how long the loan stays unpaid.
You can read the actual rule directly from the SEC's public advisories and circulars index at sec.gov.ph — Advisories and Notices.
Where 0.30% per day sits against that ceiling
A stated 0.30% per day nominal rate is higher than the 0.2%-per-day nominal interest ceiling, but still below the 0.5%-per-day effective interest rate (EIR) ceiling — provided no other fee is added on top. The EIR is the number that matters most because it is supposed to already include processing and service fees. If Pesohere charges a separate upfront processing fee in addition to the 0.30% daily rate, the true effective rate could exceed the legal ceiling for a covered loan.
Why the amount you receive matters more than the advertised rate
Several borrower reports referenced in our Pesohere review complaints article describe receiving a lower amount than the "approved" figure shown in the app — for example, receiving around ₱2,000 to ₱2,500 in cash for a loan recorded as ₱3,500 to ₱4,500 in obligation. If that is accurate for your loan, your real effective interest rate is significantly higher than the advertised daily percentage, because the upfront deduction is a hidden interest cost.
How to calculate your actual effective rate in three steps
1Note the amount that actually reaches your account
Not the "approved" figure in the app — the amount that lands in your bank or e-wallet.
2Note the total amount you are required to repay
Add up every installment shown in your repayment schedule.
3Divide the difference by the amount you received, then by the loan term
(Total repayment − amount received) ÷ amount received ÷ number of days in the loan term = your real daily rate. Compare that against the 0.5%-per-day EIR ceiling.
What to do if your calculated rate exceeds the SEC ceiling
You can file a written complaint with the SEC's Financing and Lending Companies Division, attaching your disclosure statement and repayment schedule as evidence. See our step-by-step reporting guide for the exact submission process, which also applies to disclosure and interest rate violations, not only harassment.
How the 2022 cap could change again soon
It is worth knowing that the SEC has proposed tightening these rules further. A draft memorandum circular released for public comment would expand coverage to loans up to ₱20,000 with terms up to six months, while lowering the effective interest rate ceiling from 15% to 10% per month (about 0.33% per day), starting with contracts entered into or renewed from December 1, 2025 onward. If adopted, this would narrow the gap between what some apps currently advertise and what regulation allows even further, so it is worth checking the SEC's advisories page periodically for the final, adopted version rather than relying on any one article, including this one, for the latest figure.
Common questions about Pesohere's interest rate
No. 0.30% per day compounds to roughly 9% per month and around 108% a year on a simple basis, which is a meaningfully larger cost than a monthly rate of the same number would be. Always double-check whether a quoted percentage is daily or monthly.
No. The SEC ceiling is a mandatory regulatory cap for covered loans, not a negotiable default; a lender cannot lawfully exceed it simply because a borrower signed an agreement accepting the higher rate.
The current cap specifically covers unsecured, general-purpose loans of ₱10,000 or less with a term of up to four months. Larger or longer-term loans fall outside this specific ceiling, though other disclosure rules still apply.
Bottom line
The advertised daily rate alone does not tell the full story. Always calculate the effective rate based on what you actually received versus what you actually repay, and compare that number — not the marketing headline — against the SEC's 0.5%-per-day EIR ceiling for loans of ₱10,000 or less.
Want to see current rates from SEC-recorded lenders side by side first? Compare loan offers in the Philippines at Pesohere.top.
Pesohere.top Editorial Team
Consumer finance research desk
We cross-check SEC, NPC, and app store records on Philippine lending apps so borrowers can verify facts before applying. Read our editorial policy.