NPC Reminds Online Lenders On Use Of Customers’ Personal Information

Online lenders are popping here and there for a reason – it helps bridge the financial gap and give access to thousands of unbanked Filipinos. Finally and even without a savings account or a credit card, you can now apply for a loan to finance your needs. Application is easier, too, because you simply have to download the lender’s app for free.

Similar to banks, applying for an online cash loan requires submission of your personal information. This includes address, current employment, monthly income, and even references. Online lenders need these information so they can properly evaluate if you are qualified.

Here’s the thing: there are lenders that use personal information to harass customers. In fact, the National Privacy Commission or NPC received numerous complaints about how online lenders use the submitted information to harass and publicly shame those who were unable to pay their loans on time. NPC was able and still acting on it, closing 26 online lending companies as of this writing. Since there are still lenders who continuously harass their customers, the agency issued NPC Circular No. 20-01, which serves as a guideline on how to process personal data during loan transactions.

What’s written in the said circular? 

The said circular was issued for a reason: online lending privacy rules must be tightened. 

Here’s a simplified version of the circular:

  • Online lenders must follow rules in relation to “Know Your Customer” or KYC policy when collecting information.
  • Collection of information must be limited to determining the borrower’s credit worthiness, fraud prevention, and for purposes of collecting payments. As soon as these purposes are achieved, the online app must prompt the borrower to disallow or turn off the said permissions.
  • Entities that engage in collection of personal data information for purposes of granting loan facilities must ensure protection of these information using organization, physical, and technical security measures. In other words, personal data must be protected against third-party entities, hacking, and other activities that could compromise the information shared by the customer.
  • Borrowers must be informed of the purpose of collecting personal data. It should be used strictly for evaluation and processing of loan. If information will be used other than for loan processing, then the borrower must be informed first.
  • Online lenders are prohibited from requiring unnecessary permission involving sensitive information.
  • Submission of photo or selfie is part of the application process because of the KYC. Once the photo is taken, the app must turn off permission to access the camera by default. If this cannot be done automatically, then at least prompt the borrower through pop-up notification that they can turn of the permission.
  • Photo of the borrower must NOT be used to harass or publicly shame the person.
  • Copying phone contacts and email list, and harvesting of social media accounts are strictly prohibited and must never be used to publicly shame the borrower.
  • Lenders must provide a separate interface where borrowers can provide character references or co-maker. Consequently, online lenders must inform the character reference about the purpose of the call and how the contact details were gathered.
  • There must be an option for a person to be removed as a character reference.
  • Pursuant to SEC Memorandum Circular No. 18, series of 2019, online lenders are prohibited from using personal data to engage in unfair collection practices. Unfair collection practices include but not limited to use or threat to use violence, using obscene or insulting language against the borrower, publication of names and other personal information of the borrower in case of non-payment, and using deceptive means to collect or attempt to collect loan payment. You can learn more about the said circular here.

Simply put, online lenders CANNOT publicly shame, insult, distribute personal details, or harass a borrower due to non-payment of loan obligations. In return, borrowers must be financially responsible to pay off existing loans.

Keep in mind that online cash loans are often unsecured, which means there is no security to guarantee the money you borrowed. As a borrower, you are expected to pay off your financial obligations on time and in full. Otherwise, it could adversely affect your credit standing, too.

Grocery Now, Pay Later With Jungle

We’re already seven months (and counting) into this pandemic. How are you doing so far?

The Covid-19 pandemic took a toll in many of us, especially when it comes to financial aspect. Thousands lost their jobs and many are struggling on how to get by everyday. Unfortunately, bills won’t stop coming and expenses such as grocery will keep knocking at your door. After all, we need food, right?

What if we tell you that there is a service that lets you borrow money for groceries and then pay them on installment basis.Believe it or not, this exists and it goes by the name Jungle. 

Who is Jungle? 

Jungle is a Buy Now, Pay Later app that lets you buy products or avail of a service and then pay on fixed monthly installments. The good thing about this is that credit card or making downpayment are NOT needed to enjoy this service.

At present and as part of their Covid-19 initiative, the company is offering Grocery Now, Pay Later service in the form of Puregold e-vouchers. Aside from this service, Jungle also offers a revolving credit line. This means instead of one-time borrowing, you can borrow multiple times as long as it is within the limits of your credit line.

It is registered under Jungle Lending Inc. with the Securities and Exchange Commission.

For purposes of this post, only the Grocery Now, Pay Later feature will be discussed.  

Features of Grocery Now, Pay Later

  • Interest rate at 3.5 percent or about P315 for three months. However, this may still be subject to change.
  • It is a grocery loan and NOT a cash loan. This means if approved, you can only use the amount to pay for groceries.
  • The e-voucher can be used in all Puregold and Puregold Jr. branches nationwide.
  • The loan is payable within three months in three equal installments.

How to Apply For Jungle’s Grocery Now, Pay Later

Step 1: Download the app. 

The Jungle – Buy Now, Pay Later app is available in App Store (for iPhone users) and Google Play Store (for Android users). This app is also for free.

Step 2: Registration 

Launch the app after download. Then, you will be asked to register using your Facebook login.

Thereafter, input a four-digit PIN for security.

Step 3: Information

To get credit, you will be asked to provide necessary information such as address, current employment including company and job title, and gross monthly income among others.

You will also be asked to upload documents including government-issued ID, latest payslip, and a copy of lates utility bill showing your address.

Once you completed the information, you can now request for credit.

Step 4: Loan Processing

Jungle will now evaluate your application. If approved, then you will receive a SMS within 24 hours. You will also be required to check your email address for further instructions, including how to claim your e-voucher.

You can now use the e-voucher in any Puregold branches for your grocery.

Tips To Remember When Applying With Jungle 

  • Facebook account is a must.
  • Make sure you have TIN and SSS numbers. These are needed to make sure that Jungle can effectively conduct background and credit check. Without these two, your loan application will not be processed.
  • Make sure you provide complete information. This is also Jungle’s way of verifying your identity as a borrower.
  • Upload complete documents to support your loan application. They need to see that you are capable of paying your loan.
  • Keep your phone ready. Jungle will call to verify information or ask for supporting documents. If you missed their call, then it could affect your loan application, too.
  • Be honest. There’s no point of exaggerating your information since Jungle can check whether the information you provided is truthful or not. Plus, it could adversely affect your loan application, too.

Take note that this service is only temporary. We are not sure until when Jungle will offer Grocery Now, Pay Later and while you’re at it, give it a try.

7 Borrowing Tips At The Time Of Pandemic

Millions of people around the world were heavily affected by the coronavirus pandemic. In the Philippines, millions of people lost their jobs as companies were forced to either reduce workforce or permanently close their stores to minimize further losses.

Unfortunately, the financial aid from the government is not enough to sustain you and your family for the next six months.

What do you do? Well, there is a tendency to borrow money, especially when you need it immediately. Since friends and family are out of the option because they need money as well, you turn to online cash lenders to help you in times of need.

Before you hit the Apply button, here are some of the tips and things you need to remember:

Tip No. 1: Do your research. 

The truth is there are more than a dozen of online cash lenders in the market. There’s Tala Philippines, Loan Ranger, BillEase, Cashalo, and the list goes on. However, each lender offers something different in the market.

That being said, make sure to explore your options first. Interest rate, loan amount, loan term, and penalty fees differ per lender, so make sure you check on these factors.

Tip No. 2: Know thy lender. 

Now that you know your options, it’s time to get to know the lenders a little bit better.

Online Cash Loans also look into different online cash lenders, including reviews from customers. Simply type the name of your preferred lender on the Search bar. Or you can also check their website and social media pages. This will give you an idea on what type of lender your preferred company is and help you decide whether or not they can be helpful.

Tip No. 3: Stick to the amount you need. 

It’s tempting to borrow the maximum amount especially during this time of pandemic. You will need all the funds you could get in order to survive.

Still, keep in mind that this is loan and there is an interest fee you have to pay on top of the borrowed amount. If you are unable to pay, then you will have to worry about penalty fee as well, which is usually computed per day of delay.

Therefore, only borrow what you need. This way, you won’t end up in debt, which could be a bigger problem.

Tip No. 4: Focus on the essentials. 

Now that your loan is approved, don’t use it for things that are unnecessary. Buy what you need or better yet, grow your money. Use it to start a small business or consider investing it in stocks. It’s a good time to buy now since stock prices are more affordable compared to last year.

Tip No. 5: Always use the loan calculator. 

Online cash lenders have loan calculators in their website or app. Take advantage of this. This will give you an idea on how much you can pay every month, interest included, depending on your chosen loan term.

Tip No. 6: Prepare your documents. 

Online cash lenders are more lenient compared to banks. Still, this doesn’t mean that you won’t submit any proof of your identity or capacity to pay.

Before you hit the Apply button, make sure you have the needed documents such as government-issued ID, proof of billing (to verify your address), and payslip (some require, some don’t).

Tip No. 7: Avoid loan sharks, at all cost. 

No matter how tempting, avoid borrowing from loan sharks (popularly known as 5-6). They prey more on those vulnerable, which is why you need to keep your guard up. If you’re not careful, you’ll end up swimming in debt more because of sky-high interest, which is not ideal at a situation like this.

It’s okay to borrow as long as you use it wisely. At this point, focus on what you and your family need first and your wants must come in later.

6 Things To Remember Before You Apply For A Lazada Loan

Back then, shopping was only for those who can afford it. If you’re not comfortable bringing cold cash with you, then you can always use a credit card to pay for your purchases. Convenient, isn’t it?

Thankfully, fin-tech companies entered the market and changed the game. Fin-tech companies became a bridge for many unbanked Filipinos who don’t have access to products and services offered by banks. In fact, even without a credit card, you can now pay for your items on installment basis.

If you’re shopping in Lazada, then you’ll be happy to know that the company partnered with several fin-tech companies that allows you to shop now and pay later for your purchases.

Still, don’t get too excited. Even if shopping is made easier and more convenient, this doesn’t mean you can apply for a Lazada loan anytime.

Here are things you need to remember to make sure that you won’t swim in debt:

Tip No. 1: Buy Only What You Need

During this challenging time, it is advisable that you only stick to the essentials. Lazada Loans won’t limit you as to what you can buy, but do you really need those kitchen containers and baking equipment when you already have tons?

Therefore, be mindful of what to buy. Buy only what you really need instead of satisfying your craving for something new.

Tip No. 2: Know Your Options

As of this writing, Lazada Loans partnered with eight merchants, all offering competitive and reasonable products for Filipinos.

Before you say yes to one, make sure you explored the other seven as well. Not all merchants will offer lower interest rate or longer term. Some merchants will only limit you to P10,000 while there others who could let you borrow as much P30,000.

Check out what each company can offer to help you determine the best partner for you. You can learn more about these merchants here.

Tip No. 3: Longer Is Not Always Better

At least when it comes to loan term. Loans payable in less than a month have minimal fee, although this could be heavy on the pocket. On the other hand, aiming for the maximum loan term would mean paying a recurring interest every month, which could also be heavy on the pocket.

Lazada partner merchants have built-in calculators in their website, which you can use to give you an idea on how much you can pay given a certain amount and loan term.

Tip No. 4: Take Note Of Your Loan Details 

This is important. Lazada Loan merchants will send a copy of the Loan Contract, which indicates important details such as term, due date, amount due, and schedule of payment among others.

Keep a copy of this loan contract and take note of the details, particularly the schedule of payment.

Merchants take payment behavior seriously. Any delay in payment could negatively affect your standing and you might have a hard time applying for another loan.

Tip No. 5: Take One Loan At A Time 

This is also important. Lazada won’t stop you from borrowing from various merchants to finance your shopping needs. Still, at the end of the day, can you pay for all of those loans come due date?

That being said, take one loan at a time. Stick to one lender first and then apply to another lender AFTER you pay the earlier loan. This will make it easier for you to manage your loans and prevent you from drowning from debt.

Tip No. 6: Always Pay On Time 

This is a must. Borrowing money means you need to pay your lender at a given time. Make sure to pay them exactly and accordingly. Any delay will not only incur you additional interest fee but also penalty fee, which is computer per day of delay from the scheduled payment.

For instance, your due date is on September 1 and you were able to pay your loan on September 10. You will pay an additional interest and penalty for 10 days. You don’t want this to happen.

Lazada Loans offer ease and convenience in shopping. Still, don’t get too excited. Take note of these tips to ensure that your financial standing remains positive.

Cashalo: Your Latest Lazada Shopping Partner

Online shopping made everyone’s lives easier. For many, it also helped them get through during pandemic as their form of outlet. Aside from the usual modes of payment (bank deposit, credit card, and cash on delivery), Lazada offered another service that made everyone’s lives easier, at least when it comes to payment.

Through the Lazada Loan program, the online shopping giant partnered with several fin-tech companies to offer the Buy Now, Pay Later or BNPL scheme.

Aimed towards unbanked Filipinos who don’t have access to credit card, BNPL allows consumers to pay for their purchased items on installment basis.

So far, Lazada partnered with eight merchants, including its latest partner: Cashalo. 

Who is Cashalo?

Cashalo is a registered fin-tech company that offers financial services to millions of unbanked Filipinos. It offers the following products:

  • Cashaloan, which is a quick cash loan that allows you to borrow minimum of P2,000
  • Shop Now and Pay Later, which lets you shop at partner merchants and pay at 0% installment

But, Cashalo’s latest offering is the Lazada Loan.

All About Cashalo’s Lazada Loan

Yes, this is similar to their Shop Now, Pay Later service but for this new product, the BNPL scheme is solely dedicated to Lazada.

Below are its features:

  • Borrow up to P4,500 to P5,000
  • Payment terms between 30 and 90 days
  • No downpayment needed
  • Various repayment channels such as remittance centers, 7/11, Robinson’s Department Store, and BDO

How To Apply For A Lazada Loan With Cashalo     

Take note that at this point, let’s assume you already created an account with Lazada. 

Step 1: Cashalo App

Download the Cashalo app. It is available in App Store for Apple users, Google Play Store for Android users, and Huawei App Gallery for free.

Once you downloaded the app, register for an account. Make sure you input all necessary information required. This will help Cashalo representatives evaluate your application properly and effectively. 

Step 2: Pay With Cashalo 

After completing the registration, click Pay with Cashalo and then click Lazada Loan. 

A new window will appear. Click Apply Now. 

Step 3: Connect Your Lazada Account

Under the Cashout option, don’t forget to input your Lazada account. 

Thereafter, choose your desired loan amount and term. 

Step 4: Finalize Loan Terms

Make sure to read through and accept the loan terms. If you agree, input the OTP code sent to your registered mobile number and click Submit.

You will get a SMS if your application is approved. 

However, here is the limitation: the approved amount cannot be disbursed in real time. The loan will be sent to your Lazada wallet within one to three business days.  

Repayment Channels

This is important to take note of. Here are ways on how to pay for your loan:

  • 7-11
  • Bayad Center
  • Remittance centers like Cebuana
  • LBC
  • Robinson’s Bank Bills Payment (online banking is also available)
  • BDO (online banking also available) 
  • Robinson’s Business Centers in the Robinson’s Department Store 

Tips To Remember Before You Apply For A Lazada Loan With Cashalo

  • Mobile number and email address are the same for both Cashalo and Lazada accounts
  • Make sure you activate your Lazada wallet. This is where the approved amount will be credited.
  • You must not have any existing cash loans with Cashalo. Make sure you fully paid those loans otherwise, your Lazada loan application won’t be approved.

Give this a try, yes? Let us know about your experience in the comments section below. 

Frequently Asked Questions About Buy Now, Pay Later Scheme

Can you imagine yourself buying a new laptop or smartphone and paying for it in cash? Even if you can, do you feel safe bringing cold cash inside your bag and walking around the mall with it? Definitely not.

Unfortunately, you don’t have a credit card that allows you to pay for your items even without bringing the cash with you. Or let’s say you want to extend payment terms, credit card is still necessary to enjoy Buy Now, Pay Later scheme.

Until fin-tech companies came into picture. Even without a credit card, you can pay for your items on a staggered basis.

Before you get excited, here are frequently asked questions about Buy Now, Pay Later or BNPL.

What is BNPL? 

Buy Now, Pay Later is a payment scheme offered by fin-tech companies like BillEase and TendoPay. Through this scheme, you can purchase items and have it delivered to your doorstep while paying for the given amount on installment.

For BNPL, take note that Loan Contract will also be sent to you. Make a list of your payment schedule to make sure you won’t miss the due date.

How much can I borrow?

This depends on the lender. You can borrow from P1,000 to as much as P50,000.

Take note that for first time borrowers, most lenders won’t give you the maximum amount. You can start with P5,000 and could go higher depending on your payment behavior. If you pay on time and in full, then there is a higher possibility that you can get an increase in your credit limit.

What about interest rate? 

This will also depend again on the lender. So far, BillEase offers the lowest interest rate at 2.49 percent. Some lenders could go as high as 4 or 5 percent.

What are the available loan terms?

You can pay for your loan anytime between 30 to 90 days. There are lenders that also offer up to 6 months.

How can I repay my installments? 

There are several ways to pay for the amount you borrowed. Payment channels include but not limited to:

  • GCash
  • PayMaya
  • Bank transfer
  • 7/11
  • Remittance centers like Cebuana Lhuillier
  • Bills Payment counters in SM and Robinson’s malls
  • Bayad Center
  • LBC
  • ECPay

Can anyone apply? 

Yes, as long as you are of legal age (above 18 years of age) and you can show proof of your capacity to pay. Freelancers are likewise welcome to avail of the BNPL scheme.

How can I apply? 

Application process varies per lender. Still, one thing is for sure: everything happens online.

You can click the links to find out how to apply per lender:

How long does the approval process take? 

It could take within minutes up to one day. Make sure you submitted all requirements to facilitate faster approval. It is also recommended that you apply on weekdays since most fin-tech companies don’t process loan application on weekends.

What documents do I have to submit?

This varies from lender-to-lender. To be sure, make sure you have the following minimum requirements:

  • Government-issued ID like passport, driver’s license, and SSS ID
  • Proof of billing to prove the validity of your address
  • Latest payslip, which shows your capacity to pay

Do I need someone to guarantee my loan? 

No. Unlike home and auto loans, BNPL has smaller amount; hence a guarantor is no longer required. This is why a copy of your payslip is a must to show that you are capable of paying your loan.

What other fees do I have to pay for aside from the interest? 

Most fin-tech companies with BNPL don’t charge upfront fees like processing fee, although there are some that do. Generally, you will only be charged with interest rate every month.

Is the loan amount given in full? 

Yes. Even if the payment is installment, the amount will be credited to your account in full.

How can I get my money? 

Take note that in the BNPL scheme, you won’t physically hold the money. The amount will be credited to your account digitally, depending on where you will use the money.

There are several ways to get the amount borrowed. This includes:

  • Lazada wallet
  • Shopee wallet, which is currently offered by BillEase
  • GCash account

The amount borrowed may also be credited directly to the merchant. Your obligation at that point is to pay the lender.

What happens if I can’t pay on time? 

This is not recommended. A loan is still a loan even if you didn’t borrow from traditional banks.

In case you can’t pay on time, inform your lender right away. This way, you can discuss and negotiate possible options on how to pay your loan even if it’s already due. Otherwise, you’ll end up paying for interest fee and penalty fee, which is charged per day of non-payment. Worse, it could have an adverse effect on your credit standing.

Where can I shop? 

Many online merchants are offering BNPL as a payment option. This includes Linen & Homes, Monarc, and Henry’s Camera among others.

To make this payment scheme easier, you can check out Lazada. BNPL through Lazada Loans allows consumers to shop and pay for their items on an installment basis.

Got more questions? Leave a comment on the comments section below and we will do our best to answer your concerns. 

Frequently Asked Questions About Online Cash Loans In The Philippines

According to the Bangko Sentral ng Pilipinas, 77 percent of Filipinos are unbanked or doesn’t have a bank account. Apparently, having a bank account is a basic indicator of financial inclusion because this means you can have access to various services such as savings, bills payment, and loan availments.

Yes, loan availments. This is also the bank’s way of checking how financially responsible you are, which will help determine if they will approve (or reject) your loan application.

What about those unbanked? This is where fin-tech companies come in.

According to financial experts, unbanked Filipinos will decline by 20 percent by 2025 as fin-tech firms help bridge and fill the inclusion gap.

Before you get excited, here are the most common questions asked about online cash loans offered by fin-tech companies:

What is an online cash loan?

Online cash loan is a type of loan that you can apply for directly and online even without going physically to the lender. Application, communication, crediting of loan amount, and payment are online, which means there’s no need to go out.

Unlike traditional loans offered by banks, online cash loans have minimal documentary requirements like government-issued ID and billing statement. This type of loan is also unsecured, which means it is not backed up by any form of security.

More importantly, approval is fast, which could take few minutes to a day. Just make sure to submit all required documents for faster processing. 

How much can I borrow?

Every lender imposes a certain loanable amount. The minimum amount is P1,000 while maximum amount you can borrow is P10,000. Some online lenders could extend up to P50,000.

Take note that for first time borrowers, you cannot avail of the maximum amount immediately. Repeated borrowings as well as paying the loan on time will qualify you for a higher loan amount.

What are the documentary requirements?

This varies per lender but the most common documents are:

  • Valid government-issued ID
  • Billing statement to check the validity of your address
  • Proof of income such as payslip, which proves your capacity to pay
  • Certificate of Employment in lieu of payslip

Is credit card needed?

No. Online cash loans are meant to help those who are not given access to financial credit. This means owning a credit card is not among the requirements needed to be able to qualify.

Can freelancers apply?

Definitely. The purpose of fin-tech companies is to fill the gap and provide financial services to those who are often shun by banks. Just make sure you can provide proof of income for the past three months to show capacity to pay.

How can I receive the money?

You can get the borrowed amount through any of the following:

  • Bank transfer
  • Coins.ph account
  • Cash pickup from remittance companies
  • Credit to digital wallet like Lazada wallet

Are online cash loans legitimate?

It depends on the provider. There are many fly-by-night companies that targets unbanked Filipinos and get their money. SEC regularly releases a list of scammers to prevent Filipinos from getting victimized.

On the other hand, legit online cash loan providers must be registered with the SEC. It should have a physical address you can go to just in case as well as phone numbers you can call for any concerns.

What are the loan terms?

This will also depend on the lender. Typically, an online cash loan must be paid within 30 days with some lenders extending up to six months.

Payment on installment basis is also available wherein the amount will be divided into equal installments.

What about interest rate?

Since online cash loans are unsecured, expect interest rate to be higher. It could range between one and three percent, so make sure to check with your preferred loan provider.

How do I apply for an online cash loan?

The procedure varies per lender. Nonetheless, the procedure is almost the same:

  • Go to your preferred lender’s website or download their mobile app.
  • Apply online by filling our the needed information.
  • Upload necessary documents for verification and credit checking.
  • Wait for approval.
  • Digitally sign the loan contract to proceed. The lender will also credit the loan amount upon submission of loan contract.

What are the usual payment options?

  • Bank transfer
  • Payment thru Bayad Center
  • Remittance center like Cebuana and M Lhullier
  • 7-11 via DragonPay

Make sure you check with your lender regarding payment terms.

What happens if I wasn’t able to pay my loan on time?

This could have a negative effect on your credit score. A loan is a loan, regardless of where you availed it. In case of default and inability to pay the loan despite demand, it will show up in your credit record where other financial entities have access to.

You might also be asked to pay penalty fee multiplied with the number of days you weren’t able to pay the loan.

Are you ready to borrow? You can also check this link for comparison of rates of online cash lenders in the Philippines.

Pay Your Lazada Purchases Through Installment Plan

Lazada is one, if not the most sought after selling platforms in the Philippines. In fact, you can buy almost anything – electronics, furniture, accessories, food, books, and the list goes on. Simply type what you need in the search bar and you will be presented with tons of options that can be overwhelming at times.

But you know what’s more overwhelming? Paying for those purchases.

Here’s some good news: you can now pay for your Lazada purchases on an installment basis. The better news is that you don’t need a credit card to avail of this service.

Lazada partnered with several online fin-tech platforms to provide an additional payment option: Buy Now, Pay Later (BNPL) scheme. Through this option, customers can now pay in equal installments, thereby making it easier for them to buy what they need.

Below are Lazada’s installment payment partners:

ATOME

If you’re looking for an installment partner with the fastest application process, then Atome is the perfect one for the job. Financial inclusion is among its goals, thereby extending credit to many unbanked Filipinos.

To apply for an installment plan in Lazada with Atome, this post will help.

BILLEASE

One of the pioneers in the BNPL scheme is BillEase. A product under First Digital Finance Corp., BillEase provides, among others, an installment scheme that will make shopping easier and more convenient to customers. It also offers the lowest interest rate at 2.49 percent compared to other lenders and money can be directly credited to your Lazada wallet.

Here’s how you can apply with BillEase.

PAYLATER

Unlike other partner-lenders with different products under them, Paylater is differant. In fact, it is solely dedicated to Lazada. This means when you apply, proceeds will be directly credit to your Lazada e-wallet. This makes it easier for customers since money doesn’t have to go through various channels.

This post will serve as your guide on how to apply with Paylater.

PERA247

Pera247 is a digital lending company powered by Asia Kredit, an international tech-based financial firm providing services to Southeast Asia. Its vision is to provide financial access to unbanked Filipinos. At the same time, it aims to educate millions of Filipinos on better financial management.

It offers eShopaLoan, Pera247’s facility that allows customers to pay on installment basis.

Check out this post for a step-by-step procedure on how to apply and use it in Lazada.

PERAJET

PeraJet offers short-term, micro-finance services particularly to Metro Manila residents. You can borrow up to P5,000 and have the amount credited to your Lazada wallet in two minutes.

Here’s how you can apply with PeraJet.

PONDOPESO

If you need to borrow a bigger amount, say P50,000, then PondoPeso could be of service. This fin-tech company offers the highest loan value even on the first application. Everything happens online as well, which means there’s no need to go to their office and sign documents.

If you’re interested with PondoPeso, then check out this post as your guide on how to apply.

TENDOPAY

PondoPeso may have the highest loanable value but TendoPay could offer something similar. It allows you to borrow up to P30,000 and with longer repayment term of up to 24 months. Requirements are minimal, thereby allowing you to shop conveniently.

Check out this post to find out how to apply with TendoPay.

Have you tried any of these fin-tech platforms? How was your experience?

Pros And Cons Of Buy Now, Pay Later Scheme

Have you been online shopping lately? If yes, then you are not alone.

Because of the pandemic, people were obligated to stay at home to prevent the spread of virus and reduce the risk of getting infected. As a result, many people resorted to the World Wide Web to do what they need – paying bills, transferring funds, and even shopping.

Here’s the thing: not everyone has money within their disposal anytime they life. Most people have to wait for the 15th and 30th (or 10th and 25th, depending on your employer) for salary.

Thankfully, many online selling platforms such as Lazada and Kimstore are offering Buy Now, Pay Later (BNPL) scheme. This means you can pay for your purchases on installment basis for a given term by signing up with your preferred partner like BillEase and TendoPay.

But why should you give BNPL scheme a try? Here’s why:

  • Not Everyone Has A Credit Card

One of the features of credit card is that it allows you to pay in installment. This means you can stretch a particular purchase for months, thereby giving you more time to save up for it. Unfortunately, owning a credit card is not as simple as it seems, especially if you are unbanked.

BNPL scheme lets you pay in installment without owning a credit card. Lazada partnered with several lenders like BillEase, Atome, and PeraJet so you don’t have to pay everything at once.

  • Faster Approval 

Getting a credit card will take time. This is because you need to show that you are capable of paying and that you have an existing bank account with a particular bank before you’re given one.

BNPL scheme skips the process. In fact, application process is easier and more convenient due to minimal requirements. In just little as two minutes, you can get an approval and ensure that your purchases will be delivered in your doorstep.

  • Installment Payment 

Imagine this: your laptop broke and you need to have one since you are currently working from home. You don’t have P30k to spare instantly, but you badly need one for work. So, you go to Kimstore, add a laptop to your cart, and pay in installment for six months.

This is the beauty of BNPL scheme. You can buy necessary items and pay for those in equal installments. This makes it easier for your wallet to manage as well.

  • Affordable Interest Rate 

As of this writing, credit card interest rate is pegged at 3%. This could go higher, depending on the market situation.

Thankfully, lenders who offer BNPL schemes have more affordable rates. For instance, BillEase charges 2.49 percent, which also means payment is easier.

  • Everything Is Online

That’s right. Application is done online, which means you don’t need to line up and wait for days. This makes application more convenient.

Despite these advantages, BNPL scheme has not-so-good sides, too. This includes:

  • Shopping Overboard

Application is online. Plus, you can get approval in minutes without submitting tons of documents. While shopping became convenient, you might be tempted to “abuse” this scheme. It’s easier to shop now and before you know it, you might be drowning in debt.

  • May Affect Credit Score

It’s okay to borrow as long as you pay on time and in full. Otherwise, unpaid loans will reflect on your credit score and could negatively affect your financial standing. This means when it’s time for you to apply for a loan, banks could turn you down because of existing financial obligations.

Therefore, make sure you only borrow what you need and pay on time.

  • Loan Term Is Decided

When you apply for an installment plan, you have no choice but to abide by the terms set by the lender. Surely, they will give you time before they start with the first installment but generally, you cannot negotiate.

Overall, it is important to be responsible with how you use BNPL scheme. Although it offers convenience and ease in shopping, the system is not meant to be abused. At this time, it is important to be mindful of your spending.

DiskarTech: Your One-Stop For Everything Digital

A lot of things have changed since the pandemic started. To minimize the possibility of getting exposed to the coronavirus, more and more businesses and various institutions are bringing their products and services in the digital world.

In fact, digital banking is on the rise; thus making it easier and more convenient for people to transfer money from one bank to another, pay bills, and do online shopping among others.

In line with this trend, RCBC launched DiskarTech, the bank’s latest online platform aimed to target millions of unbanked Filipinos.

Getting To Know DiskarTech 

DiskarTech is the Philippines’ first “all-in-one Taglish inclusion super app.” Its primary purpose is to provide, among others, banking services for unbanked and underserved Filipinos, especially those in the grassroots communities.

Since the app is in Taglish, it will be easier for ordinary Filipinos to understand banking and financial terms. This will erase confusion and feeling of intimidation since people can easily understand the language.

More importantly, it is fully supported and commended by various government agencies including the Bangko Sentral ng Pilipinas and Department of Trade and Industry.

Features And Services

  • Opening of deposit account, which does not require an initial amount or maintaining balance. This is easier and more convenient because it requires one-time registration via electronic know-your-customer (eKYC) digital process.
  • Deposit and withdrawal facility in real time from partner channels like Bayad Center and 7-Eleven
  • E-load
  • Bills payment
  • Fund transfer
  • QR code transfer
  • Payment of government fees / membership
  • Telemedicine
  • Loan and insurance application
  • Additional income through its referral program where you can earn up to P30,000

Requirements:

  • Filipino citizen
  • At least 18 years old and above
  • Government-issued ID such as driver’s license, passport, UMID, SSS ID, Postal ID, PRC ID

How to Register:

  1. Download the DiskarTech app in Google Play Store (Android users) or Apple Store (iPhone users).
  2. Launch the app and then click Gumawa ng Account to register.
  3. Input your username and mobile number. A one-time code will be sent so make sure to input it.
  4. Set your password to finish registration.

You might also be asked to set your goals. This is optional, although goal setting could help you focused and more serious when it comes to saving.

It is also recommended to upgrade your account. This allows you to enjoy up to 3.25 percent per annum, which is higher than most banks’ less than one percent. To upgrade, you will be asked to fill out several information about yourself such as name, email address, and address among others.

Why download DiskarTech? 

Digital banking is on the rise these days. In fact, it makes our lives easier and more convenient since we could do transactions with just a few clicks and without leaving the house. To do digital banking, one must have a bank account first. To have a bank account, you need to submit a lot of documents.

This is why DiskarTech is reaching out. It aims to help millions of Filipinos who do not have access to what banks offer. This includes the working class from C, D, and E income segments who are often not given priority. This will also benefit micro, small, and medium enterprises, including sari-sari store owners and market vendors.

This will help “level the playing field” by giving the underbanked opportunities for financial growth. For RCBC, financial inclusion is a must and no one must be left behind.

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