Billease is a buy-now-pay-later lending app that offers flexible financing for online purchases. Its merchant partners include local and global brands. The company was founded in 2017 and is based in Manila, Philippines.
Users can make their loan repayments using e-wallet balances or bank accounts. They can also make cash payments at authorized Billease payment centers or partner establishments, such as 7-Eleven and MLhuillier.
Plentina
The Plentina app allows consumers to buy now and pay later, helping them avoid predatory lenders. It also helps them build credit history, and it works with many large merchants, including 7-Eleven. Its BNPL model is an alternative to traditional credit cards, and it can be used by more than 90% of emerging market consumers who don’t have a credit card. It has a service fee of 5% and is available for 14-day loan terms. It also offers more dynamic loan terms as it grows its merchant partnerships and customer base.
The company’s platform uses alternate consumer data sources, including retail loyalty programs and mobile data that is obtained with user permission, to determine a borrower’s creditworthiness. It has generated more than 10 million credit scores to date, and it plans to expand its offerings as the number of users and merchant partners increase.
Plentina’s borrowers receive a starting credit limit based on their risk profile and previous repayments. This credit limit can grow with good repayments and can be used for any purchase from participating merchants. Plentina’s partners include 7-Eleven, Smart Communications, and prepaid mobile airtime providers.
Founders Kevin Gabayan and Earl Martin Valencia were previously at Google and Bump Technologies, respectively. They have received a seed round from TMV and other investors. They have raised a total of $2.2M.
Moneycat
Moneycat is an online lending company that offers a simple and convenient loan application process. It only takes a few minutes to apply, and you can get the funds in your account immediately after approval. The company uses advanced technology to assess your creditworthiness and eligibility, ensuring that you’ll receive a fair rate. You can also repay the loan early without any additional charges.
First, you’ll need to create an account on the Moneycat website or mobile app. Once you’ve done this, fill out the loan application form and provide supporting documentation, such as ID documents and proof of income. Then, wait for the company to review your application and verify your documents. Once your loan has been approved, the funds will be deposited into your bank account within 30 minutes.
If you’re in need of a quick loan to cover instant loan online philippines unexpected expenses, Moneycat may be the perfect solution for you. The company offers a variety of loan options, including unsecured loans and personal installment plans. They also offer flexible repayment terms, so you can make payments that fit your budget.
However, before you apply for a loan from MoneyCat, make sure you’re aware of the company’s terms and conditions. If you’re unable to repay your debt on time, you may face late payment penalties. These penalties can affect your credit score and impact your ability to obtain future loans.
TendoPay
TendoPay is an online payment platform that allows users to purchase items from select e-commerce merchants with the option to pay back later. Unlike other “buy now, pay later” payment plans in the Philippines, this service does not charge any hidden fees. However, your income will be verified to ensure you can afford the payments. In addition, you may be required to submit additional documents to complete the application process.
The acquisition of TendoPay by Tonik demonstrates the company’s passion for accelerating financial and credit inclusion in the Philippines, said Tonik Founder and CEO Greg Krasnov. “By delivering mass-market digital credit products that are accessible, affordable, and easy to use, we will expand the ways in which Filipinos manage their financial future,” he added.
Signing up for a TendoPay account is easier than remembering your childhood best friend’s middle name (provided you have 2 officially accepted government IDs, like a passport, SSS card, driver’s license, and Voter’s ID). You will also need to provide proof of income (like a recent payslip) and address verification (like a recent water or electricity bill). Once approved, the money will be transferred to your bank account within a few hours (or up to 1 business day for larger loans). Repayments are to be made through third party channels designated by TendoPay, and late payment fees may apply. Responsible repayment builds a good credit score and can unlock a treasure trove of financial benefits in the future, including lower interest rates on future loans and the ability to borrow more.
BNPL
BNPL, or buy-now-pay-later financing, is a type of payment technology that combines fintech and credit. Its popularity grew during the COVID-19 pandemic as consumers with lower credit scores looked for alternative ways to finance purchases. Unlike credit card or personal loan debt, BNPL is often interest-free and does not appear on your credit report unless you default. However, if you are not careful, a buy-now-pay-later transaction can lead to a cycle of debt.
Several BNPL providers offer online shopping financing with different terms and conditions. Some use a “low-and-grow” strategy that extends limited credit to new or higher-risk borrowers and then gradually increases the amount of available credit as the borrower exhibits responsible repayment behavior. Others require a hard credit pull to qualify for the service, which may impact your credit score.
Most BNPLs use a two-sided network model, where the BNPL provider enters into direct agreements with both consumers and merchants. The BNPL company pays the merchant for the goods or services, and then collects monthly installment payments from the consumer via a debit or credit card.
The repayment terms vary from provider to provider, and you should always read the fine print carefully. Ensure that you understand the payment structure, potential fees and interest rates, and how the loan will be reported to credit bureaus. You should also consider store return policies and other factors that could impact your ability to make timely payments.