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Billease loan is a cash-out solution for online shoppers. It allows users to buy items at partner stores and pay in installments. The app also helps users track their transactions 24 hours a day.
The Billease cash-out feature is available at most physical and online merchants that partner with the company. It is also free to use and doesn’t require a credit check or collateral.
Plentina on Billease
Plentina is a financial technology startup that offers a Buy Now, Pay Later (BNPL) service for online shoppers in the Philippines. It uses machine learning models to gauge the creditworthiness of loan applicants, drawing on founders Kevin Gabayan and Earl Valencia’s data science backgrounds. The company also focuses on making installment payment work with merchants’ legacy workflows.
The Plentina loan app Pondopeso is available to Filipinos 21 years and older who earn a steady income. Its application process is entirely online and takes one business day to process. Once approved, borrowers can receive up to Php40,000 worth of store credits that they can use to make purchases in Lazada and other online retailers. The credits can also be used to pay bills or load prepaid mobile airtime.
To use the Plentina app, borrowers must register with their email address and mobile number, verify their account through an authentication link, and upload a selfie with a valid government-issued ID. Once verified, they can choose a repayment plan and a credit limit. Borrowers can also choose to have their payments automatically deducted from their bank accounts.
After completing the application, Billease will send you an e-voucher code via text message. You can then present this e-voucher code at a participating Puregold or Southstar Drug branch to purchase products using the loan. You can also use the vouchers to pay for items at other online retail sites, such as GCash and GrabPay.
Moneycat Philippines
Moneycat Philippines is a mobile lending app that allows users to borrow small amounts of money for bills or other expenses. The app uses advanced data analytics to assess borrowers’ creditworthiness and ensures that they can afford to repay their debts. This helps protect borrowers from falling into a debt trap and promotes financial stability. Moreover, Moneycat PH offers competitive interest rates and flexible repayment terms. To apply for a loan, users must provide proof of income and have a stable source of income.
The Billease Philippines application process is simple and fast. Users can register online and apply for a loan in minutes. Once approved, the company will transfer funds to their bank account within a few hours. The process requires minimal documentation and is free of complexities. There are also high security measures in place to safeguard user information.
To make repayments, borrowers can use their e-wallet balance or linked bank account to pay off their loans. Alternatively, they can visit a designated payment center to make cash payments. The service partners with various establishments, including 7-Eleven and M Lhuillier, to provide this option. In addition, Billease offers an auto debit arrangement that lets borrowers authorize automatic deductions from their bank accounts on their due date. This service is available to both new and existing customers.
TendoPay Philippines
TendoPay is a financing platform that provides Filipinos with an online credit option for their e-commerce and offline purchases. It also offers an affordable loan amount that can be paid off over a period of time. In addition, it provides a wide network of merchant partners for various product categories.
To qualify for a TendoPay loan, users must meet certain requirements, including age and income. Additionally, applicants must be a Filipino citizen and have a valid ID (e.g., passport, driver’s license, PRC, or SSS). In the case of a company-sponsored account, employees must provide a clear photo of their employee ID to verify eligibility.
Once approved, TendoPay will deposit the borrowed funds to the Active User’s TendoPay account, which will be visible in their dashboard and other communications with TendoPay. The loan’s term, monthly repayment, and due dates will be communicated to the Active User. Upon the occurrence of an Event of Default, all outstanding balances and not settled repayments shall become immediately payable by the Active User to TendoPay.
In addition to its ‘buy now, pay later’ service, TendoPay also offers a prepaid card and a payroll-enabled financial solution for employers. Earlier this year, Tonik acquired TendoPay to boost its lending portfolio and expand its financial inclusion solutions. Both companies share a common passion for accelerating financial and credit inclusion in the Philippines.
BNPLs
A buy now, pay later (BNPL) service is a type of financing that allows you to make a purchase immediately but repay the amount in fixed installments over a set period. This is useful for high-ticket items, where paying the total cost upfront can be financially daunting or impossible.
BNPL services are typically available from retailers, fintech brands and other companies that offer payment apps. They often require you to complete a short application that does not affect your credit score and may ask for information such as name, address, email address, date of birth, phone number and Social Security number. Once you’re approved, you can use the service to make a purchase online or in stores.
The benefits of BNPLs are that they allow you to purchase something now and pay for it over time, usually with no interest if the full balance is paid within a certain amount of time. However, it’s important to be aware of the risks before using BNPLs. For example, if you miss your repayments, your credit report and score could be affected. You also might not be able to return the item if you decide you don’t want it.
A BNPL should be used only for essential purchases and not for impulse buying. Otherwise, you’ll end up with numerous debts to manage and may struggle to pay them back on time.