Can't make it to payday? Gokongwei group offers fix with loan app

Jessica Fenol, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/10/23/20181023-cashalo.jpg"/><figcaption>Oriente and JG Summit&#x27;s mobile lending app was officially launched in Makati City on Oct. 23. Cashalo Facebook Page</figcaption></figure></div>MANILA -- Cashalo, the financial technology venture of billionaire John Gokongwei&#x27;s JG Summit, said Tuesday it was expecting &quot;hyper&quot; growth, with 30,000 people a month using the mobile app to borrow money in less than a year.Users borrow P4,000 to P5,000 every month, enough to cover expenses until the next payday, Cashalo general manager Hamilton Angluben told ABS-CBN News.Cashalo allows users to borrow as much as P10,000, as long as they have a bank account and present 1 government ID. The loan can be paid in JG Summit&#x27;s own Robinsons Malls or in electronic kiosks at 7-Eleven convenience stores.&quot;Right now were focusing on the underserved, people who have bank accounts but don&#x27;t have other financial services like credit cards. Definitely those who cannot avail of loans or don&#x27;t have credit cards for petsa de peligro,&quot; Angluben said.&quot;Whats really important, aside from low rates is it&#x27;s really fast and convenient. When you&#x27;re near payday and funds are running low you can count on Cashalo, he added.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/06/18/gokongwei-groups-app-based-loan-service-promises-low-interest-rates">Gokongwei group&#x27;s app-based loan service promises low interest rates</a></li>	<li><a href="https://news.abs-cbn.com/business/10/15/18/cashalo-banks-on-data-science-to-provide-credit-to-the-unbanked">Cashalo banks on data science to provide credit to the unbanked</a></li></ul>Cashalo hopes to raise public awareness on financial services through long-term campaigns with the Bangko Sentral ng Pilipinas and non-government organizations.&quot;If people are financially literate they become more prudent more wise and able to make good borrowing decisions, good saving decisions, good investment decisions that&#x27;s why financial literacy is very important for us,&quot; he said.Since its beta launch earlier this year, Cashalo has been downloaded &quot;hundreds of thousand&quot; times, said JG Summit president and CEO Lance Gokongwei.JG Summit and Hong Kong&#x27;s Oriente invested an initial P10 billion over 3 years for Cashalo, Gokongwei earlier said.

Users borrow P4,000 to P5,000 every month, enough to cover expenses until the next payday, Cashalo general manager Hamilton Angluben told ABS-CBN News.

Users borrow P4,000 to P5,000 every month, enough to cover expenses until the next payday, Cashalo general manager Hamilton Angluben told ABS-CBN News.

Can't make it to payday? Gokongwei group offers fix with loan app | ABS-CBN

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Can't make it to payday? Gokongwei group offers fix with loan app

Can't make it to payday? Gokongwei group offers fix with loan app

Jessica Fenol,

ABS-CBN News

Published Oct 23, 2018 03:26 PM PHT

Read More:

Cashalo

financial inclusivity

JG Summit

Oriente

financial technology

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