You Can Borrow P500 for 'Pamasahe' With a New Commuter Loan Product
If you’ve ever found yourself scraping the bottom of your piggy bank to get enough coins for bus or train fare, you’re probably not alone. Every day, hundreds, maybe even thousands of commuters find it difficult to make ends meet, and many often don’t have enough to get them to their place of work.
It’s this pain point that digital micro loans provider Lendpinoy seeks to address. The company is introducing a new fare loan product that will allow over seven million commuters using the beep card to borrow up to P500 to pay for their transport fares.
Launched in March 2019, the app offers micro loans ranging from P1,000 and P10,000. Repayment terms can go between two weeks to one month.
Commuters who wish to avail of the loan may download the Lendpinoy app in their mobile phones and follow the registration process.
The company behind Lendpinoy says this fare loan product—called “beep Pamasahe loan”—is a response to the need for transport payment loans for working class citizens.
“In keeping with the times, it is a service that responds to a specific need—a lifeline for our kababayans this pandemic—at the same time supporting the government's call for cashless transactions given the new health and safety protocols," says Nouelle Kristi Bautista, the COO of AND Financing Corp.
Employed commuters are one of the hardest hit demographics due to the pandemic, and some of them are forced to choose between spending their limited income either on lunch or on transportation, says AND FC Marketing Head Arvin Blanco.
"With technology and innovation, we empower the unbanked and underserved Filipinos who until now do not have access to banks and financial services. And we know how these financial services can be so crucial in being able to work and aspire for more in life,” he adds.
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