MORE Filipinos are turning to non-bank financing alternatives to buy the latest gadgets.
This is why Flexi Finance Asia Inc. is confident of growing its presence in Cebu.
Richard Lorincz, chief marketing officer and executive manager of Flexi Finance, on Wednesday, Nov. 7, said they are taking advantage of the expanding number of borrowers who want quick access to finance and takeout loans to buy the latest gadgets.
Since its operation in Cebu in 2015, Flexi Finance has been offering loans for gadgets and is now pilot-testing holiday or travel loans, which is another growing loan product attractive to Filipinos.
“We initially focused on gadget loans because we noticed Filipinos love mobile phones,” said Lorincz.
Lorincz said they will be expanding their loan products for motorcycles and appliances, among others.
Wider reach
Lorincz explained non-bank financing is gaining popularity around the world, as it caters to those who don’t have bank accounts or credit cards. It also appeals to those who want hassle-free financing.
Banks require a number of documents and collateral upon loan application, unlike non-bank or micro-finance facilities.
In their case, Flexi Finance borrowers need to present two valid identification cards (IDs) and certificate of employment of at least three months. They should also be Filipino citizens.
Lorincz said loan application approval only takes 30 minutes. Loans are payable up to 36 months with interest rates depending on the chosen payment term.
A borrower can loan up to P35,000 during his first loan. The loan amount increases during the next loan application.
Borrowers may opt to pay their dues through their partner-stores, partner remittance outlets or through bank transfers.
Flexi Finance opened in Cebu City in 2015. It has been a member of the Profireal Group, a global financial company that has operated in several countries in Europe, since 2017.
Flexi Finance boasts of 3,000 partner-stores and over 2,800 employees located across the country. (KOC)