SECURITY Bank Corporation’s consumer finance arm, SB Finance Corporation (SBF), has launched a new car title loan program that will provide vehicle owners with access to cash in exchange for GOLD. / CR (official receipt and registration certificate) of their car.
In a statement on Wednesday, SBF said its “Car4Cash” loan program intends to help Filipinos recover from financial distress they may have experienced as a result of the pandemic.
The program was initially a product in Thailand and was introduced here in the Philippines through its joint venture with Bank of Ayudhya (Krungsri).
SBF said it has leveraged Krungsri’s risk management expertise and Security Bank Corporation’s knowledge of the local market to provide an attractive loan offer for Filipinos who need cash quickly when needed.
“A key competitive advantage of Car4Cash is that we only keep customers’ OR / CRs secure and we don’t encumber them. We want customers to be assured that their vehicle remains their property while they use the funds they receive from our loan product to finance their needs, whether it’s home improvement or business expansion. or increase in financial liquidity, ”said Abbie Casanova, President and CEO of SBF. .
The finance company said applicants simply need to complete an application form, submit a copy of their RO / CR and wait 1-2 days for processing. Vehicles up to 10 years old are accepted.
“Helping Filipinos recover from the pandemic is a key part of all of the products we plan to launch for SB Finance. Thanks to Security Bank’s expertise in the local market and Krungsri of Thailand’s success in risk management, we are able to design suitable loan products to support the success of Filipinos, ”said Casanova.
In February 2021, Security Bank and Krungsri obtained board approval to inject PHP 3 billion into SB Finance upon receipt of the required regulatory approvals. The additional capital will be used to fund investments in the latest cloud-based technology to support end-to-end customer journeys that are driven by continuous digital transformation.