UnionBank ties up with Lazada for loan product
UNIONBANK of the Philippines, Inc. has partnered with Lazada Philippines to offer a more 鈥渇lexible鈥 loan option for its payroll customers when shopping on the e-commerce platform.
The recently signed memorandum of agreement on the 鈥淨uick Gives Program,鈥 between UnionBank and Lazada targets to give pre-selected UnionBank payroll subscribers an alternative payment option through a microsite, the bank said in a statement on Monday.
The program provides a quick loan to a borrower鈥檚 Lazada wallet, which shall be approved in real time within one to two days. It will be available within the month.
Qualified payroll accountholders will be allowed to borrow from P1,000 to P50,000 with a minimum interest rate of 1.25% monthly. The program also offers workable payment terms of one month to a year.
鈥淢any Filipinos trust Lazada as the e-commerce platform to go to for online purchases. Being a household name in the e-commerce space, our partnership will enable Lazada鈥檚 growing base of shoppers with more options when purchasing big-ticket items as they gain access to loans with flexible payment terms,鈥 UnionBank Transaction Banking Center and Platform Development Head Ramon G. Duarte said in the statement.
鈥淲e are glad to help Tech-Up the e-commerce industry, further enabling Filipinos to make the most out of their online purchases,鈥 Mr. Duarte added.
鈥淲ith ever-changing consumer needs and shopping behaviors, Lazada鈥檚 focus continues to be elevating the end-to-end online shopping experience for Filipinos consumers by providing them a trusted platform that will complement their needs and lifestyles,鈥 Lazada Philippines Chief Executive Officer Carlos Otermin Barrera said.
UnionBank鈥檚 net income dropped by 2.5% to P3.45 billion in the second quarter of 2022 from P3.59 billion in the same period in 2021.
The lender鈥檚 shares went up by 25 centavos or 0.31% to close at P79.95 apiece on Monday. 鈥 Ana Olivia A. Tirona
