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News and Events

JG Summit-Backed Fintech Unit OKs Loans In 10 Minutes, Releases Proceeds in Half Hour

Will Cashalo become the McDonald's of lending?

According to the latest Financial Inclusion Survey by the Bangko Sentral ng Pilipinas (BSP), the proportion of Filipino adults with outstanding loans fell from 47.1 percent in 2015 to only 22.3 percent in 2017.However, the reason isn’t that fewer Filipinos needed to ...

by Lorenzo Kyle Subido  | October 24, 2018 08:00:00
Business Ideas

Amid Rising Interest Rates, PH Fintech Startup Cuts Lending Costs to Small Businesses

Thanks to smarter credit scoring, First Circle can offer more competitive rates for small businesses

Established in 2016, First Circle aims to make the lending process easier and more convenient for SMEs. From left: Brian McKiernan, vice president for product management; Patrick Lynch, CEO; Tony Ennis, chief technology officer; Axel Regnström, chief commercial officerLast September 28, the ...

by Lorenzo Kyle Subido  | October 17, 2018 09:00:00
News and Events

Freedom from Debt? Filipinos With Loans Plunge to 22.3% in 2017 from 47.1% in 2015

Almost half of borrowers needed the extra money for daily needs while almost a third used it for business

Perhaps it’s because of the improving economy, rising household incomes or fewer borrowing options in light of the government’s crackdown on informal lending schemes.Whatever the reason, the proportion of Filipino adults with outstanding loans more than halved from 2015 to 2017, according ...

by Lorenzo Kyle Subido  | July 16, 2018 06:00:00
Business Ideas

Believe or Not: Your Mobile Phone Usage Can Predict If You’re a Good or Bad Borrower

Startup aims to help financial institutions lend to people without banking accounts

According to an internet data and trends report published by We Are Social early this year, Filipinos spend an average of three hours and 57 minutes a day online. Six out of 10 Filipinos access the internet through mobile phones with the country ...

by Elyssa Christine Lopez  | February 18, 2018 09:00:00
News and Events

Gov’t Wants to Tap PLDT’s Online Loans Platform to Boost Micro Lending Program to Fight ‘5-6’ Loan Sharks

DTI Secretary Ramon Lopez wants the partnership with Lendr to be formalized as soon as possible

The Department of Trade and Industry (DTI) is looking into partnering with Lendr, the digital loans platform of telecommunications firm PLDT Inc., to improve its Pondo sa Pagbabago at Pag-asenso or P3 Program, which aims to provide affordable and accessible loans to ...

by Lorenzo Kyle Subido  | January 04, 2018 09:00:00
News and Events

Lending Startup Makes It Easier to Own New Appliances

Home Credit quadruples borrowers by tapping unmet demand for appliance loans

Enter a typical Filipino home and you're likely to find a television set, a cellphone or telephone and an electric fan among the most common appliances. But look for VCD/DVD player or component, and you'll likely to encounter those in only less ...

by Elyssa Christine Lopez  | February 16, 2017 11:00:00
News and Events

Despite High Rates, 'Bombay 5-6' Loans Helped After Asian Crisis, Study Says

A 2003 academic paper found that Filipinos, not just Indians, were also major providers of the costly loans

When President Rodrigo Duterte railed this week against "five-six" loans, he also ordered the arrest, even without a court warrant, of Indian nationals engaging in the high-cost lending scheme.The loans entail the payment of six pesos for every five pesos lent out ...

by Entrepreneur Staff  | January 13, 2017 11:00:00
Run & Grow

Financial Adviser: 5 Mistakes to Avoid When Lending to Friends and Relatives

Lending money to friends and relatives is always tricky as it puts your relationships at risk

Q: My long-time friend from college came to see me last week and told me that she needed to borrow some cash. She promised to pay me as soon as possible. I wanted to help her but I don’t know if I ...

by Henry Ong  | January 03, 2017 01:00:00
Run & Grow

The Basics of Borrowing From Friends and Family

It’s important to be as disciplined about it as you would be in dealing with a professional investor

Borrowing from friends and family makes sense. People with whom you have close relationships know you’re reliable and competent, so there should be no problem in asking for a loan, right?While borrowing money from family and friends may seem an easy alternative ...

by Entrepreneur US Staff  | December 24, 2016 12:00:00
News and Events

New PH Startup Cuts SME Loan Application From Weeks To Days

First Circle wants to revolutionize lending to SMEs by taking the entire process online

The executives of First Circle. From left: Tony Ennis, CTO; Patrick Lynch, President and CEO; Timothy Glynn, CFOWhat does it take for small and medium enterprises (SMEs) to apply for a loan?Traditionally, the process takes hours of filing paperwork and around a ...

by Entrepreneur Staff  | December 22, 2016 11:00:00
Run & Grow

5 things to consider before lending money to friends and family

If you feel you must extend credit to a family member or friend, follow these rules.

When a friend or family member asks to borrow money, think about why they're asking you and not someone else. They may see lots of money coming into your business, payroll being met, maybe your nice house and car. What they don't ...

by J.D. Roth  | September 10, 2015 12:00:00
News and Events

BSP expands CSFs to support more MSMEs

The central bank has announced the launch of credit surety funds (CSFs) to MSMEs. This is expected to further provide assistance to more small businesses that need financing.

Good news for micro, small and medium enterprises (MSMEs): The Banko Sentral ng Pilipinas (BSP) will give support to small businesses, by launching more of its credit surety funds (CSF) nationwide, over this year and 2015.A CSF is a credit enhancement scheme ...

by Rae Marrie L. de Mesa  | May 06, 2014 08:00:00
Business Ideas

Social lending

A microlending website banks on online reputations to give easier credit access to underserved individuals.

Besides saving up, most people get business capital by borrowing money from family and friends and applying for bank loans. But in these tough times, start-up entrepreneurs with little savings face these stumbling blocks: family and friends may not have enough cash ...

by KC Calpo  | August 22, 2012 01:00:00