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 micro-lending 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 other 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 micro-entrepreneur, who make up most of their clients.