Unacash, UnaFinancial’s service in the Philippines, announces the launch of installment loans. The app will provide customers with access to loans amounting from ₱3,000 to ₱50,000, with flexible repayment terms between 2 to 12 months.
Singapore | April 4, 2024 — UnaCash, an in-app and in-store financial solutions provider, was launched in 2021 in the Philippines as part of UnaFinancial, a Singapore-headquartered fintech group. UnaCash was started as a buy now, pay later service, while in July, 2023 it was upgraded to offer point-of-sale (POS) loans to customers. Now, the service also provides installment loans amounting from ₱3,000 to ₱50,000 with the repayment period from 2 to 12 months. They are being offered to existing customers with outstanding credit history.
Aleksei Kosenko, president of UnaCash commented: “UnaCash recognizes the increasing demand in the Philippine market for access to formal credit. We initially addressed this need with the introduction of POS loans in our platform in July 2023, and with the launch of Instalment Loans, UnaCash aims to cater to more individuals with strong credit profiles. This provides more opportunities to upgrade their lifestyle, and manage unexpected expenses effectively.”
Natalia Ishchenko, CEO of UnaFinancial, added: “There is a growing interest in Instalment Loans in Southeast Asia, which is confirmed by our recent analysis – search requests for this type of loans grew by 50% in 2023 compared to 2020. We hope that our new product will help meet the increasing demand and give our customers more flexibility in choosing the most suitable option for their goals. The new product will also add variety to UnaFinancial’s offering, reflecting our strategy to diversify the business.”
About:
UnaFinancial is a group of companies developing easy-to-use digital financial solutions in the Middle East, Asia and Europe. Through its AI-based, machine learning and data-driven technologies and processes, UnaFinancial provides precise and comprehensive risk management, comfort and speed for customers. Technologies and processes enable strong unit economics and superior growth rates driving a robust business performance. The revenue for 2022 amounted to USD 139.1 million. The net profit has seen a significant rise, reaching USD 13.1 million as of December 31, 2022.
UnaCash offers people-centric, in-app and in-store digital financial solutions tailored to the evolving needs of Filipinos. Its ‘Buy now, Pay later’ service has been upgraded to include point-of-sale loans, accessible via online and in-store partner merchants.
