There is no stopping Cebuana Lhuillier, the undisputed leader in the Philippines’ micro financial services industry, in its pursuit of financial inclusion and financial mobility for Filipinos with the launch of Cebuana Lhuillier Advance.
In partnership with Advance, the country’s leading provider of on-demand credit for employees, Cebuana Lhuillier Advance addresses financial stress, one of the most widespread concerns holding people back at work, by enabling employers to provide on-demand financial assistance to their employees. It is very convenient on the part of the employers, especially the micro, small, and medium enterprises (MSMEs), as it comes without cost or liability to them. It also simplifies the salary deduction process and allows them to provide salary loans to their employees without disrupting the cash flow used to manage and grow their business. More importantly, companies may use the product to increase and improve employee productivity, engagement, and retention.
Through its mobile app, Cebuana Lhuillier Advance provides employees with 24/7 instant access to much-needed cash that will come in handy for emergencies and daily needs. Once their company gets enrolled in the program, employees receive a revolving line of credit that is automatically replenished upon repayment. Users have three convenient short-term repayment periods to choose from, ensuring that transactions are not heavy on the pocket come payday.
“At Cebuana Lhuillier, our mission has always been to provide Filipinos with excellent products that address their financial needs and help them in their financial wellness journey. I am very excited about this new product as it not only benefits the end-users but at the same time, companies, especially MSMEs as well,” said Cebuana Lhuillier President and CEO Jean Henri Lhuillier.
Jaime de los Angeles, Advance CEO and co-founder, shares the same excitement. “We are elated to partner with Cebuana Lhuillier, the undisputed leader in the microfinance industry. Now, even more companies and employees will benefit from Cebuana Lhuillier Advance. We look forward to the positive impact this partnership will make towards narrowing the national credit gap.”
Cebuana Lhuillier Advance is the latest thrust of the company to beef up its roster of products as it cements its leadership in the microfinance industry. It is also the first addition this year to its microloans product portfolio with several more to come within the year.
For more than three decades, Cebuana Lhuillier has grown from being the country’s most trusted pawnshop into one of the most innovative and largest micro financial services provider in the Philippines, offering money transfer, microinsurance, microloans, banking, and more recently with micro-savings, jewelry selling, and a slew of digital products such as ProtectNow, eCebuana, Quikz, and Cebuana from Home. The company also boasts the widest network, with more than 3,000 Cebuana Lhuillier branches, 30,000 domestic partner branches, and three million international partner locations.