Lazada Philippines Teams up with AsiaKredit to Offer Shoppers Installment Plansby Fintech News Vietnam September 17, 2019
Asia Kredit announced today a partnership with Lazada Philippines which will enable Lazada shoppers to purchase and apply for monthly payment installments on the Lazada Platform through AsiaKredit’s eShopaLoan.
Filipino consumers will now have the option of paying for purchases made via the Lazada online marketplace and LazMall in fixed monthly installments. Loans range from Php 4,000 (US$75) to as much as Php 20,000 (US$380) over a repayment period of six months. eShopaLoan finances products within the Php 5,000 (US$95) to Php 50,000 (US$955) price range.
To utilise the eShopaLoan option, Lazada customers can download the AsiaKredit pera247 app and complete the loan application. Approximately within 4 to 5 hours, customers will receive an approval and a disbursement will be sent to the assigned Lazada e-wallet. Approval timings will differ on a case- by- case basis and customers are required to place a 20% down payment of their selected purchase.
Mr. Michael Singh, CEO and co-founder of AsiaKredit, said,
“We are thrilled to partner with Lazada to offer consumers affordable, instalment-based credit that helps them meet their personal and families’ lifestyle needs. Our partnership with Lazada marks the beginning of many exciting and transformative retail partnerships we hope to embark on to improve access to finance for millions of underbanked Filipinos left out of the traditional financial system.”
“It is a privilege to collaborate with companies like AsiaKredit as we work towards a common goal in creating a secure and inclusive digital economy in the Philippines. Besides driving growth in the digital consumer finance landscape, Lazada Philippines is always looking for opportunities to pass on these benefits to our Filipino customers. With this partnership, Lazada customers can now have greater flexibility and a variety of payment options when they shop on the platform,”
said Ray Alimurung, chief executive officer of Lazada Philippines.