By Denise A. Valdez

A LOCAL company is seeking to provide a digital platform for Filipinos that will allow users to access paychecks ahead of payday.

Advance Tech Lending, Inc. (Advance.PH), a Filipino lending firm founded last year, said it is allowing regular employees of partner companies to get their salaries in advance with zero interest.

“We cater to the sachet mentality of many Filipinos who are used to drawing or getting a little bit of what they need when they need it… That’s something that no one in the market is doing today,” Advance.PH Co-founder Jaime N. de los Angeles said in a media briefing Monday.

The product, which is currently accessible via web but will have its own mobile application by the fourth quarter, went live in October and so far has around 300,000 to 500,000 users with access to its platform.

These users, Advance.PH Co-founder and Chief Financial Officer Addi A. Guevara said, are regular employees of its about 25 partner firms from the past 10 months.

“How it works is we partner with companies… Once we sign a memorandum of agreement with these companies, we provide their employees with a flexible credit line,” he said.

The company is targeting to disburse P100 million in loans by the end of the year, and is so far “about halfway there.”

Advance.PH offers lending at 0% interest, but charges a 3.5% processing fee which will be collected as part of the repayment through salary deduction.

Users may advance paychecks for as low as P1,000 and as much as 50% of their monthly salary.

Mr. de los Angeles said Advance.PH is working with the Philippine National Bank and Asia United Bank Corp. for its institutional lending capital, and is getting support from UnionBank of the Philippines, Inc. for integrated services.