A new financial technology platform called Luvit is entering the Philippine market, offering consumers quicker access to credit and installment-based payment options through an AI-driven lending system.
Launched by Finvolution Group, the product targets Filipinos who often struggle to access traditional financial services because of strict lending requirements and limited credit history.
The platform requires only one valid ID for application and promises approval times of as fast as 90 seconds. Users may initially receive spending limits starting at P6,000, with potential increases of up to P200,000 depending on credit standing.
Backed by Mastercard, Luvit offers both virtual and physical payment cards that can be used for online and in-store purchases. The service also includes installment payment plans ranging from three to six months, with introductory 0% interest offers.
The company held a preview event on May 4 ahead of its official public launch scheduled for May 11.
According to the company, the service is aimed at young professionals, first-time card users, and digitally oriented consumers seeking alternatives to traditional credit products.
“Luvit is here to empower Filipinos, giving them the financial access and flexibility needed to live the life they deserve,” said Francisco Mauricio, president and CEO of WeFund Lending Corp., a member company of Finvolution Group.
Mauricio said users should also practice financial discipline and literacy to maximize the benefits of the platform and avoid irresponsible spending.
The company said the platform encourages users to prioritize essential expenses such as bills and salaries, while also allowing recurring payments like subscriptions to be linked to the service.
Luvit enters a growing Philippine fintech and digital lending market where providers are increasingly using artificial intelligence and alternative credit assessment systems to reach consumers underserved by traditional banks.
