Pata money

What Pata Money offers and who it suits

Pata Money is a short personal loan service rather than a general money tool. The listing presents it as a way for people to cover urgent expenses by borrowing a sum in soles. Borrowing is limited to Peruvian residents aged 18 to 60.

The loan is repaid in a single payment at the end of the term, not in monthly instalments. The listing describes the term as 93 to 120 days, so the full amount, with its charges, falls due together.

Applying and getting a decision

According to the listing, the process has four steps. The user downloads the app, completes an application that the developer calls simple and quick, and receives an instant decision. Approved funds go directly into the applicant's account.

The amount offered depends on credit history and other factors the developer assesses. Two applicants can therefore be offered different sums. Decisions are described as taking minutes.

Loan amounts, charges and the repayment example

Loans range from S/100 to S/1,200, adjusted to the borrower's needs and capacity to pay. Interest is 0.04% per day, which the listing gives as an annual rate of up to 15.2%. A separate service charge of 5.6% also applies.

The listing works through a S/1,000 loan over 93 days. On those figures, interest comes to about S/38 and the service charge to about S/56, so the total repaid is S/1,094 in one payment after 93 days. The example is the developer's own and uses the rates above.

Repayment is made on time through options the listing describes as flexible.

Privacy policy and contacting the company

The listing says Pata Money protects personal data and handles it securely and transparently. It links to a privacy policy hosted on the developer's website.

Questions, concerns or requests about the privacy and security policy can be sent to hola@patamoney.com, the only contact address the listing gives.