Online lending firm eyes Cebu’s BPO market

AN ONLINE lending company aims to tap the fast growing outsourcing industry in Cebu.

The Philippines including Cebu would a fertile market for the firm’s services, said Richard Eldridge,  Lenddo.com.ph co-founder and chief executive office for Asia Pacific, during an interview last week.

Eldridge said that they would be looking at a huge pool of at least 400,000 business process outsourcing (BPO) employees for their company which opened only last year.

“We provide small loans from P5,000 to P43,000 for our members which have now reached 40,000 since we opened,” said Eldridge.

Lenddo.com.ph is one of the world’s first lending company that uses the online social networking platform to target the emerging middle-class sector to gain access to life improvement loans for medical, career, education and death.

Eldridge, said the members would only need to sign up as a member and use their social connections to build their credit worthiness or credit scoring, which would then allow them access to Lenddo’s financial services.

“The system measures a member’s credit worthiness through the ‘Computational Neurological Behavior’ developed by an American expert. It calculates your credit worthiness through your behavior in the social network sites like Facebook and Twitter,” said Eldridge.

Eldridge said they would aggressively market their services in Cebu, which is the second largest BPO destination in the country today.

“As soon as we build a huge network in Cebu, we are looking at setting up a physical office here especially that Cebu has over 70,000 employees in the BPO sector and is projected to grow more in the coming years,” said Eldridge./Reporter Aileen Garcia-Yap