Installment loans open financial window for MSMEs

UnaCash, an in-app and in-store financial solutions provider, announces its latest Installment Loan service. This service provides customers with access to loans amounting to P3,000 to P50,000 and flexible repayment terms between two and 12 months.

Installment Loans complement UnaCash’s current “buy now, pay later” service, which has since been upgraded to offer point-of-sale (POS) loans. Installment Loans are being provided to existing customers with outstanding credit history with UnaCash.

“UnaCash recognizes the increasing demand in the Philippine market for access to formal credit. We initially addressed this need by introducing POS loans in our platform in July 2023. With the launch of Installment Loans, UnaCash aims to cater to more individuals with strong credit profiles,” said Aleksei Kosenko, president of UnaCash. “This provides more opportunities for individuals to upgrade their lifestyles and manage unexpected expenses.”

The application process for Installment Loans is integrated into the UnaCash app, providing a seamless customer journey. Aside from an additional valid ID, this eliminates the need for additional verification documents for the approval process, as these clients have already been pre-approved prior to availing of the POS loans. Furthermore, disbursement is facilitated in real-time upon an application’s approval, following UnaCash’s recent partnership with AllBank (A Thrift Bank) Inc., allowing a seamless process through InstaPay.