31 Dec SB Finance Corp. Introduces Innovative Car Title Loan Program ‘Car4Cash’ with Sangla ORCR Option
SB Finance has launched a new car title loan program, Car4Cash, that will allow car owners to access quick cash loan by exchanging their car’s OR/CR or known as Sangla ORCR . This program is intended to help Filipinos recover from the financial distress caused by the pandemic.
Initially launched as a product in Thailand, Car4Cash was brought to the Philippines through a joint venture with Bank of Ayudhya (Krungsri). By leveraging Krungsri’s expertise in risk management and Security Bank Corporation’s knowledge of the local market, SBF has introduced an attractive loan offer to Filipinos who require fast cash.
“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 program allows applicants to fill out an application form and submit a copy of their OR/CR for processing, with approval taking only 1 to 2 days. Vehicles up to 10 years of age are accepted.
According to SBF President and CEO Abbie Casanova, the goal of Car4Cash is to assist Filipinos in bouncing back from the pandemic. She said that all of the products that SBF plans to launch aim to help Filipinos recover from the pandemic. The additional capital infusion of PHP3 billion that Security Bank and Krungsri obtained board approvals for in February 2021 will be used to fund investments in the latest cloud-based technology to support end-to-end customer journeys built on continued digital transformation.