Lazada to offer installment credit with AsiaKredit in Philippines

Lazada Philippines customers can now buy goods online and pay by installments.

Called eShopaLoan, the service targets the increasing population of middle-class Filipino shoppers offering monthly installment options for purchases made via Lazada’s platform.

Consumer loans range from PHP4000 to PHP20,000 (US$77 to $384) over a six-month period. EshopaLoan finances products within the PHP 5000 to PHP 50,000 price range. To apply for eShopaLoan service, Lazada customers can install the AsiaKredit pera247 app and fill out the application.

“Our partnership with Lazada Philippines marks the beginning of many exciting and transformative retail partnerships we hope to embark on to improve access to finance for millions of underbanked Filipinos left out of the traditional financial system,” said Michael Singh, CEO and co-founder at AsiaKredit.

“The World Bank considers credit as one of four key enablers to drive financial inclusion. The Philippines remains two to five times behind in unsecured consumer loans per capita compared to markets like Indonesia and Malaysia. This is a very positive development for our market.”

Ray Alimurung, CEO of Lazada said the collaboration with AsiaKredit was a privilege as they shared the same goal in creating a secure and inclusive digital economy in the Philippines.

Headquartered in Singapore, AsiaKredit currently operates in the Philippines, with plans to enter other Southeast Asian markets. AsiaKredit provides advanced installment-based finance products through a mobile app to Southeast Asia’s half a billion unbanked people.