Filipinos can look forward to more alternative financing via online loans marketplace Lendr with the recent agreement forged between digital pawnshop startup PawnHero and FinTQ, the financial technology arm of PLDT and Smart’s Voyager Innovations.
Currently, FinTQ’s Lendr already offers digital loan products from bank and financial institution partners. Upon integration, PawnHero will be the first digital pawnshop service to be available in the Lendr marketplace.
Through PawnHero, customers no longer need to go to a brick-and-mortar pawnshop to avail of alternative secured financing as all they have to do is accomplish the forms and instructions online via their mobile phones.
Pawnhero is Southeast Asia’s first online pawnshop startup and it is registered with the Bangko Sentral ng Pilipinas.
With the Lendr collaboration, PawnHero can extend the reach of its current base and provide also Lendr users with alternative financing options aside from loans.
“We’re committed to provide our customers with help for those who need it most, at the most convenient financing means possible. With this partnership with Lendr, more Filipinos can discover that they can choose to avail of our digital pawnshop service for their quick cash needs and at the same time, enjoy the more affordable interest rates that we offer,” said David Margendorff, PawnHero chairman and founder.
“Pawnshops are ubiquitous among Filipinos as a source of accessible, fast secured short term credit. PawnHero has led innovations in this space by fully going digital and we’re excited to see them as part of the Lendr marketplace,” said Lito Villanueva, managing director at FinTQ.
PawnHero is the most recent partner to get on board Lendr. To date, Lendr has the most extensive digital lending footprint covering 100% of 81 provinces, 90% of 145 cities and 15% of 1,490 municipalities.
Approximately 23% of borrowers in Lendr are from low-income areas. So far, Lendr has disbursed more than P23 billion in loans to more than 200,000 clients since its launch in 2015, registering annual growth rates of 50% and 33% in loans released and number of borrowers, respectively.