Asialink raises P1.8B for car, truck ‘sangla’ business
Asialink Finance Corp (AFC) has raised P1.8 billion from various banks to fund its sangla or lending business with cars and trucks as collateral.
“Demand for quick loans from small and medium business owners and individuals have always been high and we have always been there to meet their needs. This year, as we recover from the pandemic, that demand is even higher,” said Apples Mangubat, president and chief operating officer of Asialink.
The company offers quick processing with the least required documentation and steps, which Asialink customers find convenient, she said.
“Most of our customers won’t qualify for bank loans while banks are not designed for this business. So we bridge that gap, partnering with banks in effect and lending to the end borrowers,” she said.
Asialink also offers competitive rates and has 94 branches all over the country, making its services affordable and accessible, according to Mangubat.
Asialink has been in this business for 25 years and has earned the trust of a slew of banks that readily provide it the funds it needs.
Among the lenders that provided Asialink P1.8 billion for this year alone are Development Bank of the Philippines, Philippine Business Bank, Small Business Corporation, Philippine Veterans Bank, and Cebuana Lhuillier Bank, CTBC Bank, EastWest, UnionBank, Robinsons Bank, and Chinabank.
Asialink was formed in June 1997, with a capitalization of just P3 million. Today, it has more than P10 billion in assets and about 800 employees and thousands of independent loan consultants across the Philippines.
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