Meet the DiskarTech App Loan Marketplace, a place where general consumers such as overseas Filipino workers, seafarers, and working professionals can find a loan that fits their specific needs. The Rizal Commercial Banking Corp.’s (RCBC) owned digital banking app, DiskarTech will start offering loans starting next month through this new feature. For its initial offering, there will be 10 micro-loan products supported by their partner financial technology companies and institutions.
In the first phase of the loan marketplace rollout, DiskarTech aims to disburse about Php 500 million worth of loans funded by their lending partners. DiskarTech which functions as a marketplace provider will have a revenue-sharing arrangement between their partner-lender. Among the first to onboard with them is AsiaLink Finance Corp. with RCBC will also join the list of lending partners in the next phase of this feature’s rollout. DiskarTech aims to grow the platform by targeting 20 lending companies to onboard with them.
The DiskarTech App Loan Marketplace is designed to benefit general consumers and micro, small and medium enterprises (MSME). DiskarTech described one of their initial loan products should enable individuals to purchase livelihood tools, for example, a car, truck, motorcycles, or other similar types of public utility vehicles. Users should be able to choose a loan product from its various lenders. Loans can be as small as Php 15,000 or up to as much as Php 1 million, with interest rates ranging between 1.3 to 2.5 percent per month depending on the product. The application is subject to a 24 to 72-hour approval process.
The DiskarTech App is known for its inclusive approach to underbanked Filipinos. To encourage more users to switch to Diskartech its e-banking platform has a Taglish. They have also rolled out a Visayan interface for better reach of segments, particularly in the Visayas and Mindanao regions.