Cash loans in Cebu go dig­i­tal

Cebu Daily News - - EN­TER­PRISE - Sheen Mañigo CNU IN­TERN CASH LOANS 23

CASH loans in Cebu are go­ing dig­i­tal, pa­per­less, and more ac­ces­si­ble thanks to a new dig­i­tal fi­nan­cial ser­vice made pos­si­ble by Cash Credit in col­lab­o­ra­tion with FINTQ, Voy­ager In­no­va­tions, and Smart Padala.

Called “Pera Agad”, this lat­est fi­nan­cial tech­nol­ogy in­no­va­tion is a mi­crolend­ing ser­vice that pro­vides a plat­form for easy loan trans­ac­tions for Smart Pre­paid, TNT, and even­tu­ally Sun Cel­lu­lar sub­scribers.

After a suc­cess­ful de­but in Metro Manila and South­ern Lu­zon, this new ser­vice was launched in Cebu this year on May 5.

Lito Vil­lanueva, man­ag­ing di­rec­tor of FINTQ, said this new ser­vice will greatly ben­e­fit Ce­buanos, par­tic­u­larly those who are un­der­priv­i­leged and do not have for­mal ac­cess to fi­nan­cial ser­vices.

“Def­i­nitely this will have a ma­jor im­pact to these peo­ple, be­cause 70% of the pop­u­la­tion in the coun­try re­main to be ‘un­banked’, mean­ing, these peo­ple do not even have ac­cess to fi­nan­cial ser­vices,” he said.

Clients can bor­row up to P10,000 through this ser­vice. It also has a sys­tem where more fre­quent loan­ing de­creases in­ter­est rates and raises the amount of money that can be loaned.

Clients are also given the op­por­tu­nity to set the time pe­riod for which they pay back the loans.

Vil­lanueva said that the ser­vice al­lows for eas­ier loan trans­ac­tions which can be done through mo­bile with net­works con­nected to Smart and TNT.

He said that the process of mak­ing loans through “Pera Agad” is much quicker and more con­ve­nient for the pub­lic than what they are usu­ally used to when avail­ing of loans through banks.

“The re­quire­ments of most banks would be for them to pro­vide col­lat­eral, for them to pro­vide so many doc­u­men­ta­tions, for you to even go to the phys­i­cal branches. And you have to spend for your trans­port, your time, etcetera,” he said

“In this par­tic­u­lar case, the only way by which you can do this is for you to make use of your mo­bile phone through Smart or Talk & Text and ap­ply im­me­di­ately, any­time, any­where,” he added.

The only re­quire­ments for those who will avail of the loans are a gov­ern­ment-is­sued ID and an SSS card to be pre­sented to the “Pera Agad” provider for val­i­da­tion.

Vil­lanueva said he is pos­i­tive that this ser­vice would reach the same level of suc­cess in Cebu as it did in Metro Manila.

“We’ve seen a num­ber of in­ter­ested in­di­vid­u­als in Cebu. In fact, we have gen­er­ated a num­ber of ap­pli­ca­tions al­ready while we are do­ing the launch. So I think the level of in­ter­est of the Ce­buanos will def­i­nitely be equal or even more than what he had in Metro Manila,” he said.

Lalaine Hu­sain, area de­vel­op­ment head of Smart, said that plans are un­der­way to ex­pand the cov­er­age of “Pera Agad” to oth- er net­works.

“If you are a Sun sub­scriber, very soon we will also be of­fer­ing the Pera Agad ser­vice wher­ever you are in Cebu,” she said.

She also said that there are al­ready many “Pera Agad” providers in Cebu, mak­ing it much eas­ier for Ce­buanos to avail of the ser­vice.

Diana Kru­mova, pres­i­dent and chief com­mer­cial of­fi­cer of Cash Credit, said that “Pera Agad” is part of their cam­paign to pro­vide fi­nan­cial stew­ard­ship and ed­u­ca­tion to “un­banked” and “un­der­banked” in­di­vid­u­als.

Kru­mova also said that this ser­vice would be of great help to those who need help in their in­vest­ments, es­pe­cially sari-sari store own­ers and mi­croen­trepreneur, who make up most of their clients.

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