Many Filipino employees regularly deal with financial stress. Statistics show that 71% of adult Filipino workers don’t have an emergency fund, 47% borrow money for food, education, medical expenses and emergencies, and 72% resort to predatory lenders.
When employees encounter financial stress, their morale tends to be significantly impacted, leading to reduced productivity and more frequent absenteeism.
But while the financial need of every worker differs in nature and is caused by varying factors, what is more important to note is that 60% of these Filipino employees believe that their employers should help them manage their finances.
Armed with a shared vision of providing working Filipinos with easily accessible financial support, Cebuana Lhuillier, one of the strongest financial service companies, has partnered with Advance, a Philippine-based fintech company providing innovative on-demand access to credit and other financial solutions, to introduce Cebuana Lhuillier Advance.
Cebuana Lhuiller Advance is a platform that enables employers to provide on-demand financial assistance to their employees at no cost and no liability to their companies. Companies that sign up to be Cebuana Lhuiller Advance partners will enable their employees to access a portion of their salaries as a revolving line of credit at any time. Users choose from convenient short-term repayment periods, ensuring that repayment transactions are viable. Credit lines are automatically replenished upon repayment.
Cebuana Lhuiller Advance provides employers and employees instant disbursement, 24/7 access to credit, fast and paperless application and approval, account management, customer support and other value-added services. All that is needed is to download the highly innovative and simple Cebuana Lhuiller Advance App from the Google Play Store or App Store.
By providing employees a convenient, fair, and manageable means of dealing with financial problems, companies improve employee engagement, enhance productivity, increase employee retention, and reduce costs.
Cebuana Lhuillier President and CEO Jean Henri Lhuillier expressed excitement over Cebuana Lhuillier’s partnership with Advance and the Cebuana Lhuillier Advance platform: “I am very excited with this new product as it is a great way to assist MSMEs that want to help their employees navigate their way through unforeseen financial challenges.”
Jaime de los Angeles, Advance CEO and co-founder, shared the same excitement about the partnership as he stated, “We are proud to be part of Cebuana Lhuillier’s ecosystem promoting financial inclusion and mobility. With this product, we know we can help both employers and employees as they both take the journey towards financial stability and wellness”.
Learn more about how a Cebuana Lhuiller Advance partnership works from any Cebuana Lhuiller branch personnel or visit the Cebuana Lhuiller website for contact details of Cebuana Lhuiller’s Customer Care Unit.