Consumers looking to get a car loan may now do so now as Lendr, the country?s first 24/7 digital loans marketplace, has gone live with China Bank Savings (CBS) as inaugural partner.
Lendr is the latest financial technology or ?fintech? platform from PLDT-owned tech company Voyager Innovations.
Initially offering automotive loans from China Bank Savings (CBS) and soon, other consumer loans available through a wide network of partner banks and financial institutions, Lendr is envisioned to provide consumers the convenience of applying for a loan and tracking their applications through the Lendr mobile and desktop site.
?With Lendr, we aim to be the leading organization in promoting digital financial inclusion in the Philippines and other emerging markets. Lendr is our flagship platform that allows bank partners to reach more customers, while it provides consumers easy, fast and secure access to funding anytime, anywhere, with the use of their mobile devices,? said Manuel V. Pangilinan, chairman of Smart and Voyager Innovations.
Through Lendr, consumers availing of loans from China Bank Savings can now do the following:
? Complete the loan application process online: once they have chosen the loan products that they want, users can sign up and fill out the application forms via Lendr, eliminating the need to go to the bank to submit paper-based application forms;
? Track their loan applications: Through the intuitive interface of Lendr accessible via the desktop and mobile site, users will be able to get instant updates and SMS notifications about their loan applications every step of the way; and
? Monitor their monthly loan payments, balances, and amortizations: Once their loans have been fully approved and released, Lendr also allows users to keep track of their payments and balances, so that they do not miss out on their monthly dues.
China Bank Savings is the first bank to have its loan offerings made available on Lendr, but Voyager managing director for fintech, digital inclusion, and alliances Lito Villanueva said that other rural, thrift, and universal banks including non-bank credit institutions will soon be onboard.
Earlier, Voyager signed a collaboration agreement with the Rural Bankers Association of the Philippines (RBAP), and the Chamber of Thrift Banks (CBT) with 499 and 54 member-banks, respectively. This excludes a number of commercial and universal banks currently in the process of integration.
As more partner banks “go live” using the platform, the Lendr marketplace aims to give banks and consumers an always-available online and mobile platform solution that addresses their respective needs.
?Our goal is for Lendr to empower consumers with one-stop-loan-shop convenience complete with relevant data and information that could help them decide which loans to apply for and which banks provide the best rates and product benefits,? explained Orlando B. Vea, president and CEO of Voyager Innovations.
Villenueva said banks, on the other hand, will be able to save on costs and expand their clientele to reach individuals without investing heavily on brick-and-mortar branches.
?Over 100 million mobile subscribers could now become the bank?s customer touchpoints in accessing financial services. And since everything is online, customers can transact and apply for a loans loan even outside of banking hours using only their mobile devices. This is branchless banking in action,? Villanueva added.
Once more loan products are available, Lendr will also enable consumers to compare loan products and interest rates of various banks and financial institutions as well as get the best pricing and terms in one go.
The commercial availability of Lendr is expected to further enable banks with their digital transformation, allowing them to reach customers beyond the traditional brick-and-mortar banking establishments.
Its launch comes at an opportune time as consumer lending in the Philippines continues to grow, posting a 19.3% increase in the second quarter of 2015 to reach P959.18 billion worth of loans disbursed during the period.
There is still much room for growth since consumer loans represent only 17% of the total loan portfolio in the Philippine banking-system, according to a report by credit rating agency Standard & Poor?s.