Manila, Philippines – Security Bank Corporation’s consumer finance arm, SB Finance Corporation (SBF), has partnered with Grab Philippines to offer personal loans to Grab users, driver-partners, and merchant-partners through Grab’s superapp.
The partnership will enable Grab users to apply for an SB Finance personal loan of up to ₱2M with payment terms of up to 36 months. It aims to support Grab’s diverse ecosystem and provide more value-added products for a targeted market segment while growing its loan portfolio.
The loan application will be through an online process and applicants can expect funds to be released in five days.
“Our strategic partnership with Grab Philippines aims to assist Filipinos by conveniently extending personal loans for their needs. We’re optimistic that Grab users, driver, delivery, and merchant-partners will be able to experience a holistic digital lending experience as we navigate the new normal,” said Abbie Casanova, SB Finance’s CEO and president.
Meanwhile, Erwin Yamsuan, Grab’s head of financial services for the Philippines, shared that the superapp has strived to provide value to consumers and stakeholders and empower them by leveraging its technology and offering its suite of reliable and convenient products and services.
“The partnership with SB Finance will give our users more access to much-needed financing which they can use to pursue business plans, do home improvement, or pay for health emergencies, among others. We hope that through these loans, consumers can sustain or improve their quality of life, especially during this pandemic,” said Yamsuan.
Grab said that through its Grab Financial Group, it will be offering several financial products to its driver, delivery, and merchant partners. These include offline and online loans, purchase financing, and postpaid fuel cards for driver-partners. It will also offer working capital loans for merchants.
On the consumer side, Grab also has its PayLater service that allows consumers to pay for Grab services a month later, in one monthly bill, while GrabPay will also be giving its users a more rewarding experience as consumers earn GrabRewards points for their purchases using the service. These points can then be used to avail of discounts, and deals on Grab-related services and other merchant partners.