Online lending provider partners with Rent.ph

CEBU, Philippines - Online lending provider Lenddo.com.ph has partnered with  local developer Rent.ph to expand its services to its growing clients, not only providing financial access to tech-savvy middle-earners but also products that will help borrowers ease problems in looking for residential rental requirements.

Rent.ph, which is a Cebu-based online platform that offers products for rent, especially residential, office and commercial spaces, will now be part of Lenddo’s international network of clientele, who may need rental requirements in different areas in the Philippines.

Rent.ph founder Anthony Leuterio announced yesterday in an interview that this partnership was spawned after Lenddo noted a huge number of clients needing financial assistance for home transfer, particulary the growing business process outsourcing (BPO) employees.

Lenddo.com.ph is one of the world’s first online platforms that helps the emerging middle class use their social connections to build their creditworthiness and access local financial services. It provides a new form of lending facility tapping the active social networking community, as loan applications and releases will be made online.

According to Leuterio, both online platforms will be sharing their database and clientele in order to give more convenience to clients.

Lenddo is the first international entity that entered an agreement with Rent.ph, although Leuterio said there are a a number New York-based venture capitalists who expressed interest to partner with them.

Part of the partnership’s agreement is to give Lenddo clients who are needing residential units available for rent, including apartments, condo units, among others.

In an earlier interview with Lenddo co-founder and chief executive officer (CEO) for Asia Pacific Richard Eldridge, he said that creditworthiness can now be measured through a new strategy called “computational neurological behavior”, wherein credibility of a creditor can be spotted or studied through their behavior on social network, such as Facebook, Twitter, Instagram and others.

Lenddo.com.ph is largely tapping the growing BPO working community in its operations both in Cambodia and the Philipines.

Cebu, which is the second largest BPO destination in the country, offers huge opportunity for this kind of business, he said in an interview.

The company offers loan applications from P5,000 to P40,000 depending on the size of salary an applicant is getting every month. Lenddo noted that most loan applications are for home transfer.

Because of this, the company saw the need to partner with an online portal that offers wide array of products for rent, specially residential inventories for rent around the Philippines.

Since its introduction to the Philippine market in March of last year, Lenddo has a membership size of over 40,000, which is now availing loans from the company for educational, medical, debt consolidation, home repairs/renovation, and even entrepreneurial capital purposes.

“Majority of our clients are from BPO sector and we advocate the value of giving them access to financial services and provide them additional lifeline in improving their lives,” Eldridge said.

The company’s business model revolves around using an online platform where members can use their status on social networking sites like Facebook, Twitter, and Linkedln to build their creditworthiness and have access to financial services, such as life-improving loans.

Lenddo has recently acquired an US$8 million investment to support expansion of team, services and operations.

The company aims to help create an economically empowered and thriving middle-class segement  in developing countries around the word, starting with the Philippines and Cambodia. —/JMD (FREEMAN)