Text and photo by Monsi A. Serrano
Given that cashflow problems are inevitable for any working person, even more so for the growing number of new entrepreneurs, Advance.Ph shared has come up with its latest innovation for a fast and easy cash advance in the country.
Advance.Ph CEO Jaime de los Angeles called it a quick fix to immediate financial needs as he and his company co-founders CFO Addi Guevarra and Chief Product Officer Stef Lim faced media at Via Mare, Greenbelt 3, Makati City recently.
Around 80 percent of Filipino employees live from paycheck to paycheck with little access to credit, and limited financial assistance from employers. Furthermore, expenses come at the most inopportune times. What’s worse is that these sometimes come just days before one’s next paycheck. Advance.Ph solves this problem by providing ready access to funds for when employees are faced with a sudden, unexpected need for cash.
Speaking to THEPHILBIZNEWS, Guevarra said Advance.Ph has seen how many work and save and, yet, encounter financial needs. “You don’t have a credit card and your ATM has zero balance. Then what will you do in this kind of situation?” he said.
This is where Advance.Ph comes in, providing an instant, convenient, and flexible credit facility to underbanked employees, particularly those who do not own credit cards.
“So we thought of having this ADVANCE cashless credit facility. But this one in collaboration with the companies of all sizes. Because we are aware of the financial needs that are immediate and unforeseen of employees. We make it easier when we developed this Apps, employees can advance as much as 50% of his monthly salary and immediately the money is sent to his payroll account tied up with his ATM card,” said Guevarra.
When asked about the additional workload to the company’s payroll clerk, the Advance.Ph CFO said: “They will be surprised. There is no additional workload. That is the reason in our very own experience, those company owners and payroll clerks are surprised that our system is so efficient and would not be an added burden to the companies whose employees are availing of our cashless credit facility. We designed it in such a way it is simple and user friendly. To be consistent with how we want the money to get quickly to the borrowers.”
Financing with a heart
But more than just a cash helpline, Advance.Ph is envisioned by the three co-founders and executives as a means to keep the gainfully employed and the budding entrepreneurs embraced by their advocacy to attain financial literacy and better money management.
“Advance is a credit platform specifically designed to turn ‘petsa de peligro’ into a myth that no longer exists because employees will always have a credit facility to fall back on,” De los Angeles said.
“It has a credit-card-like facility that gives employees 24/7 access to their salary so they can make cash advances any time of the day, any day of the week. It acts very much like a credit card for times when employees need quick cash.” he said.
Asked how Advance.Ph differs from other lending companies in the market, he said: “We are not a loan shark. We make sure that we are providing advantages to our borrowers. Unlike other money lending company that charges interests and other hidden charges, we only charge a 2.5% processing fee which will just be added to the repayment amount. It is also hassle-free as it is paid through salary deduction.”
FinTech as partner
Meanwhile, FinTech Philippines Executive Director Amor Maclang said, “We are very proud to be partnering with a one-of-a-kind platform like Advance. I do believe that this is an opportunity for many employees to have more access to financial security than ever before.”
Fintech Philippines Association is the largest and most inclusive association in the Philippines that promotes digital entrepreneurship.
In closing, the CEO of Advance shared why they introduced ADVANCE Cashless Credit Facility to the Filipino employees.
“We know the struggles of the employees. And ADVANCE provides them with ‘peace of mind’ that at anytime, they can get an emergency cash advance of up to 50 percent of their salary, which will be credited to their payroll account immediately after they apply.
Employees of partner companies are pre-approved by the Advance system such that applying for a loan and getting it in their payroll accounts take only a matter of seconds.
“I believe that this helps employee retention with happier and more engaged workers—all these at no s
Companies and employees may enroll for a partnership with Advance through www.advance.ph to be credited for a salary advance instantly.
