Union Bank of the Philippines, one of the country’s largest banks, extended a credit facility to Wefund Lending Corp., the operator of the fastest growing financial technology lending app JuanHand.
JuanHand is a leading online cash loan app licensed by the Securities and Exchange Commission and a founding member of Consumer Lending Association of the Philippines (CLAP).
WeFund president and chief executive Francisco Mauricio and UnionBank executive vice president Bobby Abastillas signed the agreement on Oct. 3, 2023.
“We are very honored UnionBank chose WeFund as the first fintech Cash Loan company to be granted a credit facility,” Mauricio said.
“It not only shows UnionBank’s trust and confidence in our technology and operations but more importantly, it shows UB’s commitment to serve the underserved. It is our privilege to partner with UnionBank to improve financial inclusion in the country. When it comes to quick and easy financial assistance, Sagot Ka Ni JuanHand,” Mauricio said.
WeFund’s JuanHand app had over 10 million downloads, over 6 million registrations and more than 15 billion pesos in loan disbursements it was introduced in 2019.
JuanHand offers P2,000 to P25,000 credit limit, payable within 30 to 90 days or 1 to 3 months. Using basic borrower information and 1 valid ID, JuanHand’s best in class AI can approve loans in less than five minutes and disburse cash to the borrower’s bank or e-wallet in less than 45 seconds.