UnaFinancial launches installment loans in the Philippines

By Gloria Mathias

Unacash, UnaFinancial’s service in the Philippines, has announced the launch of installment loans. The app will provide customers with access to loans amounting from ₱3,000 to ₱50,000, with flexible repayment terms between 2 and 12 months.

UnaCash, an in-app and in-store financial solutions provider, was launched in 2021 in the Philippines as part of UnaFinancial, a Singapore-headquartered fintech group. UnaCash was started as a buy now, pay later service, while in July 2023 it was upgraded to offer point-of-sale (POS) loans to customers. The service also provides installment loans amounting to ₱3,000 to ₱50,000 with a repayment period of 2 to 12 months. They are being offered to existing customers with outstanding credit histories.

Aleksei Kosenko, president of UnaCash shared, “UnaCash recognises the increasing demand in the Philippine market for access to formal credit. We initially addressed this need with the introduction of POS loans on our platform in July 2023, and with the launch of Instalment Loans, UnaCash aims to cater to more individuals with strong credit profiles. This provides more opportunities to upgrade their lifestyle and manage unexpected expenses effectively.”

Natalia Ishchenko, CEO of UnaFinancial, said, “There is a growing interest in installment loans in Southeast Asia, which is confirmed by our recent analysis – search requests for this type of loan grew by 50% in 2023 compared to 2020. We hope that our new product will help meet the increasing demand and give our customers more flexibility in choosing the most suitable option for their goals. The new product will also add variety to UnaFinancial’s offering, reflecting our strategy to diversify the business.”

UnaFinancial is a group of companies developing easy-to-use digital financial solutions in the Middle East, Asia, and Europe. Through its AI-based, machine learning and data-driven technologies and processes, UnaFinancial provides precise and comprehensive risk management, comfort, and speed for customers.

UnaCash offers people-centric, in-app and in-store digital financial solutions tailored to the evolving needs of Filipinos. Its ‘Buy now, pay later’ service has been upgraded to include point-of-sale loans, accessible via online and in-store partner merchants.