AND Financing Corp. (AND FC) operator of loan app lendpinoy yesterday launched its “beep Pamasahe Loan” which allows commuters to borrow money to pay for fares in point-to-point buses, modern jeepneys and railways in Metro Manila.
The beep’s 7 million users can avail the P500 loan starting this month by downloading the lendpinoy app. Users can then tap their beep cards at a stored value updater and they can ride now and pay later, choosing a repayment term of 14, 21 or 30 days.
“With technology and innovation, we empower the unbanked and underserved Filipinos who until now do not have access to banks and financial services. And we know how these financial services can be so crucial in being able to work and aspire for more in life,” said Arvin Blanco, AND FC marketing head.
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 Metro Rail Transit (MRT) Ayala station from MRT Quezon Avenue station and vice versa.
Customers receive cash and non-cash loans – in the form of load or credits – in full without collateral, no down payment and no hidden charges. They also enjoy reasonable interest rates and flexible payment terms, the company said.
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. Users receive the cash in their bank account in less than five minutes. They 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, AND FC 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.
As a non-bank financial institution, AND FC is registered with the Securities and Exchange Commission. It aims to provide accessible and inclusive financial services to Filipinos. It was established in November 2018 to serve millions of underbanked Filipinos through machine learning and artificial intelligence.
