Financial technology platform Cashalo on Tuesday announced it has expanded its strategic partnership with e-commerce giant Lazada to offer zero-interest loans to Lazada customers.
In a statement, Cashalo said with the expanded tie-up with Lazada, both companies aim to provide online and easy payment options that provide access to loans for purchases that have zero interest and zero processing fee.
This allows Lazada shoppers to checkout their carts using digital credit at no extra cost or hidden processing fees, it said.
Lazada customers are entitled for a micro loan of up to P2,500, it added.
“We have seen encouraging traction for Lazada Loan since we introduced it last year. We want to be able to continue growing that momentum and empower more Filipinos to buy online by offering them a zero-interest, zero-processing fee option,” Cashalo General Manager Chino Flor said.
To apply for a Lazada Loan, users have to register online through Cashalo’s microsite, download the Cashalo app, fill out a Lazada Loan application and wait for approval.
“Through our expanded partnership with Lazada, we believe that more and more Filipinos will have greater ability to provide the joy of Christmas to their loved ones. This new payment option is best for those who would like to do their Christmas shopping online or those who simply need products that are readily available on Lazada,” Flor said.
Flor said that Cashalo also hopes to entice Lazada Loan users to avail of other Cashalo products such as the zero-interest installment in select Cashalo partner stores, and cash loans for urgent needs.
“Since day one, our goal has always been to promote financial inclusion in the country. Our vision is to provide Filipinos greater and easier access to a wide array of financial services,” she said.
To date, Cashalo said it has been downloaded in over 9.5 million devices.
Cashalo offers loans and credit financed by Paloo Financing Inc.—LDF, GMA News