Starting next month, farmers can already apply for loans which could help them finance and increase their farm production, through the country’s first mobile-based digital agricultural crop loan service offered by thrift bank Producers Savings Bank Corporation (Producers Bank) via Lendr, FINTQ’s award-winning and pioneering digital lending platform.
By signing up and availing of the Mobile Crop Loan product via Lendr (www.lendr.com.ph), farmers will have a more convenient source of financing for crops and seed types, including palay (hybrid and inbred seeds), sugar (rattoon and sugar cane seeds), onion and corn, among others.
“Consistent with our mission of helping grow the agriculture sector especially in the countryside, our partnership with Lendr will allow us to expand our reach to even more farmers nationwide, particularly through the Mobile Crop Loan product which will be helpful and convenient for farmers looking to finance their farm production,” said Andres Cornejo, Chairman and CEO of Producers Bank.
“The Bangko Sentral ng Pilipinas welcomes this development in starting the journey towards digitizing lending for the agriculture sector. This is well aligned with the government’s thrust of promoting responsive and responsible banking. Technology will bring about inclusive growth and development. It likewise promotes speed, convenience, cost efficiencies and transparency benefitting customers even at the bottom of the pyramid,” said BSP Deputy Governor Nestor Espenilla, Jr.
Lendr allows its users to look and apply for various loan products using only their mobile devices. Through this digital mobile lending platform, users can choose a loan product, fill up an application form, submit their requirements and get notified regarding the approval of their loan application all within their mobile device.
Lendr has been enabling banks and other financial institutions to offer their loan products online and on mobile devices thereby reaching more potential customers that are beyond the reach of the traditional banking system.
“By enabling banks with their digital transformation, we enable more people to take part and benefit from the growing digital economy,” said Lito Villanueva, Managing Director at FINTQ.