Home Banking & Finance UnionBank ties up with Lazada for loan product

UnionBank ties up with Lazada for loan product

UNIONBANK of the Philippines, Inc. has partnered with Lazada Philippines for a loan product for its payroll customers. — BW FILE PHOTO

UNIONBANK of the Philippines, Inc. has partnered with Lazada Philippines to offer a more “flexible” loan option for its payroll customers when shopping on the e-commerce platform.

The recently signed memorandum of agreement on the “Quick Gives Program,” 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’s 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.

“Many 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’s growing base of shoppers with more options when purchasing big-ticket items as they gain access to loans with flexible payment terms,” UnionBank Transaction Banking Center and Platform Development Head Ramon G. Duarte said in the statement.

“We are glad to help Tech-Up the e-commerce industry, further enabling Filipinos to make the most out of their online purchases,” Mr. Duarte added.

“With ever-changing consumer needs and shopping behaviors, Lazada’s 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,” Lazada Philippines Chief Executive Officer Carlos Otermin Barrera said.

UnionBank’s 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’s shares went up by 25 centavos or 0.31% to close at P79.95 apiece on Monday. — Ana Olivia A. Tirona