MICROFINANCIAL services provider Cebuana Lhuillier and financial technology firm Advance have inked an agreement that will enable the latter to expand its lending to both individual employees and small and medium-sized enterprises.
“Advance has been a valued partner of Cebuana Lhuillier since we joined hands in 2022,” said Cliff Cabungcal, chief finance officer (CFO) of Cebuana Lhuillier.
Advance is a fintech company operating out of the Philippines and Vietnam.
“Through our Cebuana Lhuillier-Advance Salary Loans product, we have seen firsthand how Advance shares Cebuana Lhuillier’s vision of enhancing the financial wellness of every Filipino,” Cabungcal added.
“With this signed loan facility agreement solidifying our partnership, we at Cebuana Lhuillier are excited to see how Advance will unlock the growth potential of businesses across industries.”
Advance CEO Jaime de los Angeles said “we are excited to work closely together and expand our coverage to more businesses in need of growth capital through Advance’s financial programs.”
In May 2023, Cebuana Lhuillier partnered with Advance to launch and introduce Cebuana Lhuillier Advance, which enables employees to access a portion of their salaries as a revolving line of credit.
In addition to round-the-clock access to credit, it also provides instant disbursement, fast approvals, and paperless transactions.
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