Local mobile app lendpinoy has launched its “beep Pamasahe Loan”, which allows Filipino commuters to borrow P500 for payment in P2P buses, modern jeepneys, the MRT-3, and LRT 1 and 2.
“We talked to our clients and there was a clamor for an innovative product. We realized that petsa de peligro needs to be addressed by providing transportation payment loans as well to our target market, which is the working class,” said Nouella Kristi Bautista, chief operating officer of AND Financing Corporation (AND FC).
“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 added.
beep’s 7 million users can avail of lendpinoy’s Pamasahe Loan starting this month by downloading the lendpinoy app and applying for a Pamasahe Loan. They can then tap their beep cards at a Stored Value Updater (SVU) and they’re ready to ride. They can choose a repayment term of 14, 21, or 30 days.
“lendpinoy’s passion is to be a friend to working Filipinos who are struggling to make ends meet; someone who is there to assist in their basic needs and financial worries,” said Arvin Blanco, marketing head of AND FC.
Based on AND FC’s study, the initial loanable amount of P500 should provide a minimum of three days’ worth of transportation for a commuter going to MRT Ayala Station from MRT Quezon Avenue station and vice versa.
To qualify for a Pamasahe Loan and other types of products in the lendpinoy app, applicants should have a valid ID and be employed for more than six months.
“Since most Filipinos are unbanked, credit data remains scarce. Basic, personal, and financial information are subject to AND FC’s non-conventional data processing. These are analyzed utilizing artificial intelligence to gauge credit-worthiness. So in our assessment process, we try to be fair,” Bautista said, adding that AND FC customers who repay on time and reloan continuously build good credit score with lendpinoy entitles them to bonus points to unlock certain product features.
In March 2019, AND FC introduced lendpinoy to offer micro loans ranging from P1,000 to P10,000, with payment terms of up to 30 days. Customers receive the cash in their bank account and can have unlimited repeat loans within their credit limit, earn bonus points, and are rewarded with increased loan amount and lower fee.
In May 2020, it launched lendpinoyX, which allows customers to pay in installments. They can borrow P1,000 to P12,000 for up to 30 to 45 days, payable every 15 days.
The company assured borrowers that they do not need to worry despite the proliferation of financing and lending apps engaging in harassment when collecting debt.
“We really do not resort to unethical collection practices as we aim to instill financially responsible habits for them to become responsible borrowers. We are very empathic when it comes to dealing with our clients and we are very proud that up to this date, we received zero complaints about our practices,” Blanco said.
Bautista added, “And in compliance with R.A. 9510, we are a member and supportive of the Credit Information Corporation’s mission to provide standardized information on credit history and financial condition of borrowers.”
