Fintech firm AsiaKredit has forayed into the mainstream consumer finance space in the Philippines by introducing a pair of low interest digital installment loan products.

Among the offerings are ShopaLoan and AffordaLoan, which will be offered through the firm’s mobile app pera247.

The products are targeted at the underbanked middle-class.

With ShopaLoan, one can make large purchases on installments set up at the point of sale.

The service can be availed at participating household, homeware, and consumer goods retailers.

AffordaLoan enables consumers to apply for loans in the range of $190 to $570.

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The amount can be repaid in installments over three to six months.

pera247 has already been facilitating short-term consumer loans for underbanked and unbanked consumers in the Philippines.

AsiaKredit CEO and co-founder Michael Singh said: “With product level profitability achieved on our first digital loan product launched in 2017, we are moving into the next phase of growth and are focused on serving the underbanked middle-class in the Philippines.

“We want to improve the lives of these consumers who are often overlooked by traditional banks and financial institutions, and for that to happen, they need affordable, longer-term credit that can be repaid in easy, fixed monthly installments.”

Plans are on to extend more services such as a digital revolving credit line for this customer segment soon, Singh said.