Online loans marketplace and digital lending platform Lendr signed an agreement with digital pawnshop startup PawnHero and FINTQ, the financial technology arm of PLDT and Smart’s Voyager Innovations.
Currently, FINTQ’s Lendr already offers digital loan products from bank and financial institution partners. Upon integration, PawnHero will be the first digital pawnshop service to be available in the Lendr marketplace. Through PawnHero, customers no longer need to go to a brick-and-mortar pawnshop to avail of alternative financing as all they have to do is accomplish the forms and instructions online via their mobile phones.
Pawnhero is Southeast Asia’s first online pawnshop startup and it is registered with the Bangko Sentral ng Pilipinas.
“We’re committed to provide our customers with help for those who need it most, at the most convenient financing means possible. With this partnership with Lendr, more Filipinos can discover that they can choose to avail of our digital pawnshop service for their quick cash needs and at the same time, enjoy the more affordable interest rates that we offer,” said David Margendorff, PawnHero chairman and founder.
PawnHero is the most recent partner to get on board Lendr. To date, Lendr covers 100% of 81 provinces, 90% of 145 cities and 15% of 1,490 municipalities. Approximately 23% of borrowers in Lendr are from low-income areas. So far, Lendr has disbursed more than P23 billion in loans to more than 200,000 clients since its launch in 2015.