GrabFinance, the official lending subsidiary of Grab, recently improved its Quick Cash loan product to cater to the needs of micro, small, and medium enterprises (MSMEs) amidst the challenges brought by the post-pandemic era. The upgrade focuses on three key aspects: faster disbursement period, simplified application process, and reduced interest rates.
Inflation, which is projected by the Asian Development Bank to average 6.2% in 2023 before easing to 4.0% in 2024, is a major obstacle to MSMEs’ recovery and growth. A survey conducted by Grab Philippines also revealed inflation as one of the top challenges faced by entrepreneurs today, as it has increased the cost of raw materials, supplies, and operations, resulting in overall business instability and reduced profitability.
In response to the challenges brought by inflation, products like Quick Cash serve as a lifeline for budding entrepreneurs. GrabFinance has improved the product to better suit the needs of MSMEs.
- Quick Cash loans are now disbursed within 24 hours after approval, compared to the previous lead time of seven days.
- Interest rates have been reduced to as low as one percent, with no additional charges or hidden fees.
- To make the application process and loan monitoring more streamlined, GrabFinance has made Quick Cash available on the Grab Merchant App. This in-app application process eliminates the need for documents, forms preparation, and collation of other requirements, making it easier for merchant-partners to access Quick Cash. The process has also been streamlined to allow for real-time approvals.
Merchant-partners can request customized loan offers with just a few taps through the in-app Quick Cash application. The in-app process allows merchant-partners to choose their preferred loan amount and customize their loan tenure. The application process ends with the review of the loan agreement and verification of identity.
GrabFinance Offers MSMEs Access to Financial Lifelines
“Grab is committed to being the most reliable growth partner for every Filipino entrepreneur. We want our merchant-partners to have easy access to superior solutions that not only keep their businesses afloat but also promote stability, scalability, and resilience. By providing entrepreneurs with crucial financial lifelines, we empower them to be more adaptable and optimistic as they navigate the post-pandemic era.”
– Martha Borja, the President of GrabFinance Philippines
Merchant-partners who have been on the platform for six months, have good credit standing, and have excellent delivery performance are eligible for a Quick Cash loan. With Quick Cash now available on the merchant app, merchant-partners can easily monitor their payment progress and other loan details.
Interested merchant-partners may check out the details of Quick Cash on this page
Emman has been writing technical and feature articles since 2010. Prior to this, he became one of the instructors at Asia Pacific College in 2008, and eventually landed a job as Business Analyst and Technical Writer at Integrated Open Source Solutions for almost 3 years.