Cashalo, the on-demand money lending and financial service app launched in the Philippines!

On-demand money lending and financial services app Cashalo launches in the Philippines with loan approval in as fast as 10 minutes with only one (1) valid ID!

Cashalo's app User interface!

Filipino technology and financial services company Cashalo is commited to accelerating financial inclusion by delivering access to affordable and secure credit for millions of underbanked consumers and MSMEs in the Philippines who need access to trusted and reliable financial options.

Their aim is to provide on-demand lending and personalized financial services to the millions of underbanked filipinos (77% of the Philippine Population) and MSMEs in the country using proprietary technology that provides robust alternatives to the traditional credit scoring of banks.

Bangko Sentral ng Pilipinas proactively supports Cashalo!

It has developed a strong partnership ecosystem to accelerate the financial inclusion and literacy of the Philippine people with the full and active support of the Bangko Sentral ng Pilipinas.

One way of achieving this is the use of the extensive offline retail partner network of 250 stores nationwide that will drive Online to Offline (O2O) offerings to consumers.

Through the Cashalo app consumers have access to small cash loans, consumer goods financing and other purpose-based financial options. This also includes Cashaloan which allows for 24/7 paperless and collateral-free access via their own smart mobile device. 

Cashalo also offers the lowest non-bank interest rates on the market that goes as low as 3.95 percent with no hidden fees with approval time in as fast as 10 minutes because of the real-time credit scoring.

Customers also have the liberty of choosing when the repayment schedule will be.

CashaQuick is their latest service that allows consumers access cash loans for as small as PHP 1,500 with only one valid ID.

Cashacart on the other hand is a new solution that enables consumers access to digital credit for specific shopping needs from retail stores that allows for multiple product purchases like electronics, appliances, household items from the 250 retail partners nationwide. (These brands include OPPO, Cherry Mobile, MemoXpress, Robinsons Appliances and Robinsons Department stores.)

Cashalo is able to provide these services at significantly lower interests rates by leveraging robust alternatives to the traditional credit scoring using its own proprietary credit engine that is able to collate and analyse a variety of alternative data signals including social consumer behavior, enabling the system to develop reliable alternatives to risk and credit assessments in real time.

What do you guys think?