Grab’s lending arm recalibrates the loan product, improving the disbursement period, application process, and interest rate
By THEPHILBIZNEWS STAFF
There’s no denying that the coronavirus pandemic disrupted the lives of everyone we know. It has caused anxiety as health and safety concerns coupled with economic and income uncertainties weighed down every Juan and Juana, setting back a broad spectrum of businesses.
Mindful of these challenges encountered by many Filipino MSMEs, GrabFinance, Grab’s official lending arm, enhances the configuration of its Quick Cash loan product to better serve the needs of micro, small, and medium enterprises in the post-pandemic era. Quick Cash has been upgraded on three main fronts: a shorter disbursement period, an easier application process, and lower interest rates.
GrabFinance remains steadfast in its commitment to stimulating the recovery and growth of MSMEs as they battle a new challenge in the post-pandemic era – inflation. The Asian Development Bank forecasts inflation to average 6.2% in 2023 before easing to 4.0% in 2024. A headwind to growth and recovery, inflation was identified as one of the biggest hurdles faced by entrepreneurs today in a recent survey conducted by Grab Philippines. Respondents shared that inflation is exacerbating the cost of raw materials, supplies, and operations — affecting overall business stability and profitability.
In light of the emergence of inflation-related challenges, loans such as Quick Cash serve as lifelines for budding entrepreneurs. GrabFinance recalibrated the product to make it a more fitting solution for MSMEs. Firstly, Quick Cash loans are now disbursed within 24 hours post-approval – an uplift from the previous lead time of seven days. Interest rates are now as low as one percent, with guaranteed zero additional charges and hidden fees. And lastly, to make the application process and loan monitoring more seamless, GrabFinance has activated Quick Cash on the Grab Merchant App! The in-app application makes it easier for merchant-partners to access Quick Cash as it eliminates the need for documents, forms preparation, and collation of other requirements. The process was also streamlined to make approvals in real-time.
Through the in-app Quick Cash application, merchant-partners can request customized loan offers with a few taps. The in-app application process also allows merchant-partners to choose their preferred loan amount and customize their loan tenure thereafter. The last segment of the application process includes the review of the loan agreement and verification of identity.
President of GrabFinance Philippines Martha Borja shares:
“Grab is fully determined to be the most reliable growth partner for every Filipino entrepreneur. We want our merchant-partners to have unfettered access to above-par solutions that not only keep their businesses afloat but also spur stability, scalability, and resiliency. By equipping entrepreneurs with essential financial lifelines, we enable them to be more adaptive and bullish as they navigate the post-pandemic era.”
Grab merchant-partners who have been on the platform for six months, have good credit standing, and have stellar delivery performance are eligible for a Quick Cash loan. With the Quick Cash loan being available on the merchant app, merchant-partners can easily monitor their payment progress and other loan details.
Interested merchant-partners may check out the details of Quick Cash on this page.