UnaCash, an in-app and in-store financial solutions provider, has introduced its latest service, Installment Loans, to diversify its offerings.
UnaCash’s Installment Loans aims to cater to the increasing demand for formal credit access in the Philippine market, providing customers with loans ranging from P3,000 to P50,000, coupled with flexible repayment terms spanning from two to 12 months.
“UnaCash recognizes the increasing demand in the Philippine market for access to formal credit,” said Aleksei Kosenko, president of UnaCash. “We initially addressed this need with the introduction of POS loans in our platform in July 2023, and with the launch of Installment Loans, UnaCash aims to cater to more individuals with strong credit profiles.”
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The introduction of Installment Loans complements UnaCash’s existing ‘buy now, pay later’ service, which has recently undergone enhancements to offer point-of-sale (POS) loans. Targeted primarily at existing customers with a proven track record of responsible credit management with UnaCash, Installment Loans seeks to extend financial assistance to individuals with strong credit profiles.
The application process for Installment Loans is integrated within the UnaCash app, streamlining the customer journey. With pre-approval granted to clients before availing POS loans, the approval process requires minimal documentation, with only an additional valid ID needed for verification purposes. Disbursement is expedited in real-time, thanks to UnaCash’s recent partnership with AllBank (A Thrift Bank) Inc., enabling swift processing through InstaPay.
Kosenko underscored UnaCash’s commitment to fostering responsible financial behavior among its clients through the new service.
“We wish to promote responsible repayment behavior among clients through this service,” he said. “This also ensures that our commitment remains in providing accessible and beneficial financial solutions, catering to the evolving needs of every Filipino.”