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Tuesday, August 20, 2019

Lending scheme for those at risk from loan sharks

SECURITY Bank Corp. (SBC) rolled out a new personal loan facility that will allow customers to avail themselves of short-term loans through an automated mobile cash facility that serves as a safer alternative to dealing with loan sharks.

Launched in 2017, SBC’s Salary Advance (SALAD) loan facility provides safe, convenient and affordable installments to individuals who do not usually qualify for regular loan products, as the bank aims to reduce Filipinos’ borrowing from informal lenders that offer risky terms and high interest rates.

“Majority of those who borrow do not think twice about approaching loan sharks because they think it is faster and easier without realizing the repercussions and high interest rates. We plan to reach out to that segment and give them a viable option,” said Maki Tingson, executive vice president and retail banking segment head of SBC.

“Our objective is to provide affordable credit access to everyone. Giving an opportunity for borrowers, especially during emergencies, is part of our BetterBanking promise. Our loan facility will provide formal credit access to those who fall prey to loan sharks, causing more burden to their financial condition,” Tingson said.

Approval time for loan proceeds is as fast as 10 minutes and can be requested and re-availed via SMS. Loan proceeds will then be transferred to the payroll account of the borrower, which can be withdrawn through any ATM.

Security Bank added that it is planning to offer a higher loan amount and employee benefits to clients with good payment behavior, including interest rates discounts to help them build a good credit history.

Employers may get in touch with the Security Bank team for accreditation, while employees of salary advance-accredited companies may fill out and sign one time enrollment form and submit documentary requirements for enrollment. (PR)
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