I recently learned about Cashalo App which is supposed to provide access to affordable and secure credit for all Filipinos. This is interesting because the service is not your usual way of doing financial transactions where you have to deal directly to the bank. But I’m not surprised at all, having been caught up with mobile technology and saw how some of the services I use have evolved into something similar.
Established as the Filipino technology and financial services company, Cashalo is committed to making financial inclusion. That is providing financial access to all Filipinos, including millions of Filipino consumers and MSMEs who have yet to establish a financial relationship with banks.
The Cashalo App was recently launched officially. Having an app which can be downloaded through iOS and Android indeed makes the service accessible by everyone who needs it. Through Cashalo, consumers have access to:
- Multiple purpose-based financing options (small cash loans, consumer goods financing, etc)
- A service that is paperless, collateral-free and available 24×7 via their own mobile device
- The lowest interest rates (non-bank) on the market (as low as 3.95%) with no hidden fees
- Real-time credit-scoring
- Choice of repayment schedule
- Approval in as fast as 10 minutes
The app has been in beta-launch a few months ago using next-generation mobile and data technology. The financial service has apparently already empowered tens of thousands of Filipinos to take control of their financial futures. Since then, it has rolled out a number of innovative financing solutions designed to serve Filipinos where they are, and with the financing solutions they want.
Through the Cashalo App, it’s empowering Pinoys with financial freedom at their fingertips. Any consumer can apply for a Cashaloan any time whenever they need access to credit for tuition fees, household expenses, specific consumer goods, emergencies, or to start and grow their small businesses via Cashalo’s mobile app. Consumers are in full control as they can keep track of their loan application status and repayment schedule.
There’s also the CashaQuick feature. It’s the latest addition to the offering allowing consumers to access a loan amount as small as Php1,500, with just one valid ID. That’s pretty convenient as some might have no access to financial documentary requirements such as an ITR, payslip, etc.
Cashalo has also pioneered an exciting new O2O (offline to online) consumer financing product – Cashacart which has been in pilot since August. This exciting new solution enables consumers to access a digital credit line for their specific shopping needs at retail stores – allowing them to purchase multiple products (electronics, appliances, household items, etc) across a retail network of 250 partners that include Oppo, Cherry Mobile, Memoxpress, Robinsons Appliances, and Robinsons Department stores.
Building Robust Alternatives to Credit Scoring Using Technology
At the core of Cashalo’s unique product offering is the company’s ability to build on the technology infrastructure of Oriente. Leveraging this, Cashalo’s own credit engine is able to collate and analyze a variety of alternative data signals including social consumer behavior, enabling it to develop reliable alternatives to risk and credit assessments in real-time.
According to the BSP’s Financial Inclusion Survey 2017, over 77 percent of the Philippine adult population remains unbanked, making it very difficult for traditional financial institutions to have access to any financial or behavioral data points to analyze, on a majority of the population. Existing financial systems were not designed to cope with tens of millions of new customers that came with rapidly increasing populations, or the opportunity risk that came with them. This is also a major reason why, according to the World Bank, over 90 percent of this population is not covered by a credit bureau.
Financial literacy for finclusion
Cashalo understands that increasing awareness and understanding through financial literacy efforts is equally critical. It fully supports the BSP’s efforts and aims to be the engine driving finclusion in the country, enabling millions of Filipinos with no credit history build financial identities to elevate their economic well-being and participate in the global economy.
Cashalo recently partnered with social-development NGO Knowledge Community in developing a nation-wide, grassroots community engagement program to drive financial awareness and foster financially responsible habits through a set of simple learning modules.
These have been specifically created to ensure a wide demographic of Filipinos (including blue collar workers, teachers, employees, university students, farmers, and other community members) are able to attain a degree of knowledge, aptitude, and skills, necessary to be more financially aware and responsible. The program is currently underway in Metro Manila and will be rolled out in key cities in Visayas and Mindanao by mid-2019.
The move by the private sector to reach the unbank and provide assistance on cash loans is noteworthy. The idea of using an app is a good decision because most Filipinos own a smartphone nowadays. So if you need to make a quick loan, download the app now. Simply search for Cashalo App or simply Cashalo in the App Store for iOS or Play Store for Android, launch it up, sign up and follow the prompts to apply for a loan. Everything is at your fingertips.