Are you looking for a quick loan? Try Cashalo



Cashalo Sales Manager Gerard Betita (left) and Managing Director Hamilton Angluben

A nation where everyone is “included” or included financially, that is the vision of the Philippine fintech company Cashalo.

Cashalo recently launched Cashacart, the country’s first “offline-to-online” consumer basket financing solution, which enables unbanked and non-credit card consumers to shop using digital credit.

Accessible through the Cashalo mobile app, Cashacart allows consumers to access loans from 2,000P to 19,999P. The lending process begins offline: after downloading the app, a consumer can start shopping at the ‘one of Cashalo’s 250 partner merchants, including Robinsons Appliances, Robinsons Department Stores, Handyman, Oppo, Cherry Mobile and Memoxpress. After shopping, he can contact a Cashalo representative inside the store who will assist him in his loan request, all done using the application.

Alternatively, one can first apply for the amount of their loan and the payment terms they need – choose from three, six or nine month installments – on the platform before purchasing, then use the credit for buy items. The digital application requires submitting basic personal information and only one valid ID.

Approval only takes around 10 minutes, said Gerard Betita, Cashalo’s sales manager, at the launch of Cashacart in Makati City. For some purchases, the loan conditions are set at 0% interest. Cashalo agents make sure borrowers pay on time by calling them three days before their due date, and late payments result in service charges.

In the event that one is not approved for a loan, he or she can reapply in just 30 days, said Hamilton Angluben, managing director of Cashalo.

“What we want to teach people is how to responsibly lend,” he added.

Citing a survey by Bangko Sentral ng Pilipinas, Angluben said nearly 80% of Filipinos are unbanked and therefore lack access to some formal financial products, forcing them to borrow from informal lenders at low rates. ‘high interest.

“We want to be the engine of financial inclusion [in the country]”said Angluben.

In addition to helping consumers meet their personal shopping needs, Cashacart is also a tool for Filipinos to start their own businesses or improve the ones they already have, Betita said. He cited a family who were able to buy a photocopier thanks to Cashacart, with the intention of opening their own photocopy center. Others, he said, had purchased videoke machines that they planned to rent, as well as cell phones that they planned to use to run their online stores.

Betita however stressed that in order to be able to use Cashacart’s services, you must have the application installed on your smartphone, which implies that you must first have a smartphone.

“Usually when the customer purchases a smartphone, our representatives help them install the app on the device so that they can apply for the loan,” Betita said.

“The forecast is also that by the end of the year, smartphone penetration here in the Philippines will be 70%, which gives us confidence in our product,” Angluben added.

Founded in 2017, Cashalo is a joint venture of Oriente Express, the result of a strategic partnership between Express Holdings, Inc., a subsidiary of JG Summit Holdings, Inc., and the Hong Kong company Oriente (whose founders are behind the giants of Internet Skype and

The Cashalo app also offers CashaQuick, an on-demand money lending solution that Angluben said was its “entry-level” product. Consumers can access the loans, which are set at P 1,500, with just one valid ID.

There is also Cashaloan, a solution that offers loans that start at P2,000, which can increase to P5,000 depending on the customer’s successful repayment.

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