DIGITAL micro-loans provider “lendpinoy” has launched a fare loan for commuters, allowing over 7 million beep users to borrow P500 to pay for their transport fares.
Nouelle Kristi Bautista, the COO of AND Financing Corp., the operator of lendpinoy, said the “beep Pamasahe Loan’’ is a response to the “need for transport payment loans” of its target market, the working class.
“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,” Bautista said. She said repayment terms can go between two weeks to one month.
According to AND FC Marketing Head Arvin Blanco, employed commuters are one of the hardest hit demographics due to the pandemic. He said some of them are “forced to choose between spending their limited income either on lunch or on transportation.”
“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 said.
Commuters who wish to avail of the loan may download the lendpinoy app in their mobile phones and follow the registration process.
The app was launched in March 2019, offering micro loans ranging between P1,000 and P10,000 with payment terms of up to 30 days.