SECURITY Bank Corporation’s consumer finance arm SB Finance Corporation (SBF) launched a new car title loan program that will allow vehicle owners access to cash in exchange for their car’s OR/CR (Official Receipt and Certificate of Registration).
In a release on Wednesday, SBF said their ‘Car4Cash’ loan program intends to help Filipinos bounce back from financial distress that they may have experienced because of the pandemic.
The program was initially a product in Thailand and was brought here in the Philippines through its joint venture with Bank of Ayudhya (Krungsri).
SBF said they have leveraged Krungsri’s expertise in risk management and Security Bank Corporation’s knowledge in the local market to introduce an attractive loan offer to Filipinos who need fast cash in their time of need.
“A key competitive advantage of Car4Cash is that we only safekeep the OR/CR of clients and we do not encumber them. We want clients to feel assured that their vehicle remains their property while they use the funds they receive from our loan product to fund their needs, may it be home improvement, expanding their businesses or increased financial liquidity,” SBF President and CEO Abbie Casanova said.
The financing firm said applicants simply need to fill out an application form, submit a copy of their OR/CR and wait 1 to 2 days for processing. Vehicles of up to 10 years of age are accepted.
“Helping Filipinos bounce back from the pandemic is a key element in all the products we plan to launch for SB Finance. Through the expertise of Security Bank in the local market and the success of Krungsri of Thailand in risk management, we are able to craft loan products that are tailored to supporting the success of Filipinos,” Casanova said.
In February 2021, Security Bank and Krungsri obtained board approvals to infuse PHP3- Billion into SB Finance upon receipt of requisite 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 built on continued digital transformation.
Read full article on BusinessMirror