Pamasahe Loan for Commuters Made Available by Lendpinoy

Filipino commuters who frequent public modes of transportation that are powered by Beep services may now borrow money from Lendpinoy, a micro-lending app, for their fares.

The app recently launched its Beep Pamasahe Loan which allows users to top up their Beep cards with an amount of up to ₱500 if they ever fall short during their daily commutes.

Commuters are also provided the option to repay the loan within 14, 21, or 30 days. According to Lendpinoy, there will be no processing fees for the Pamasahe Loan but it will have an interest rate of ₱3 a day.

“In keeping with the times, it is a service that responds to a specific need – a lifeline for our kababayans (countrymen) this pandemic – at the same time supporting the government’s call for cashless transactions given the new health and safety protocols,” said AND Financing Corporation’s CEO Nouella Kristi Bautista.

Lendpinoy also said that users simply need to accomplish their know-your-customer procedure and they will easily qualify for this type of loan. Of course, they will also need to have a Beep card.

Lendpinoy is a subsidiary of Singaporean financial tech company AND Global. Common public modes of transportation that accommodate Beep cards include point-to-point buses, LRT Lines 1 and 2, and the MRT.

Source: Rappler