Recent changes in economic conditions brought about by the COVID-19 pandemic have introduced a growing need to move to alternative resolutions to ensure financial security.
Lack of job opportunities, below average salary and homelessness are just some of the issues identified among people facing financial challenges. Filipinos living and working abroad are also included, and there is a need to provide other means to respond to them.
Before the pandemic, the Philippines was already experiencing inflation and rising cost of goods.
While the economy remained healthy with help from various industries and remittances received from Overseas Filipino Workers (OFW), citizens were not financially secure in various obligations.
This was easily proven when COVID-19 hit the country and the pandemic plunged the economy. In the first year, businesses had to close and employees were fired from their workplaces.
The subsequent years of the pandemic saw some improvement, but the overall situation remained the same.
There were still uncertainties about the general security outlook. Financial situations remained stagnant or individuals sought other options to protect their finances.
Many institutions and start-ups have sprung up to help solve some of these problems. One of them is JuanHand, a new Philippines-based digital lending partner from trusted lending company WeFund. It aims to provide quick cash loans through an app and offers itself as a helping hand to users.
Its loan terms are easy to use and it can process approvals in seconds. It seeks to provide financial assistance exactly when it is needed.
The company recently relaunched its app to improve its security features and provide better services while being government compliant.
Solutions like these have been sought by Filipinos because available government loans are scarce and these alternatives are faster to process than bank loans.
Another reason this is preferred is that apps like JuanHand limit the information requested to only what is needed to approve fast cash loans.
Privacy is a big issue these days, especially in the age of social media. The Philippines passed the Data Privacy Act in 2012 to promote the protection of public information.
Filipinos have subscribed to privacy-compliant apps and are careful about the amount of information exchanged online.
Have more control over your finances while staying safe. Download the JuanHand app on Apple App store find out more.
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