Grab users can now apply for loans on the platform, the Southeast Asian super app said Thursday as digitalization continues to sweep the Philippines during the COVID-19 pandemic.
Users, drivers, and merchant-partners of Grab can apply for loans up to P2 million using the app which partnered with Security Bank Corporation’s consumer finance arm SB Finance Corporation for the service.
Loan applications will be done online and applicants can expect the funds to be released in five days. The loans can be repaid for up to 36 months, Grab said.
“Our strategic partnership with Grab Philippines aims to assist Filipinos by conveniently extending personal loans for their needs,” said SB Finance President and CEO Abbie Casanova.
From purely a ride-hailing app, Grab has expanded into food delivery, bills payment, and online grocery as demand for such services grew due to lockdowns.
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