Advance: New salary advance platform facilitates employee lending

MANILA, Philippines – Need cash for a sudden need but pay day’s a week away? A new fintech platform, Advance, may have you covered.

Advance, as its name indicates, is all about making it easier for an employee to get a salary advance or bale in Filipino. The company works with employers to provide flexible credit on-demand, to help employees without basic credit services. 

“Expenses often come at the most inopportune times or the so-called petsa de peligro. Advance is solving this problem by allowing employees to access their salaries on-demand, which is critical especially when faced with a sudden, unexpected need for cash,” Advance CEO and co-founder Jaime de los Angeles said. 

Advance says that their service is available anytime, with the employee able to make a transfer of credit to their bank account whenever, ranging from a minimum of P1000 to their credit limit. The credit limit will only be a percentage of the employee’s salary, says Advance, so as to help employees avoid unmanageable debts. 

There will be no interest on the loan, but there will be a processing fee every time an employee makes an advance. 

Advance says their service has several advantages over traditional bank salary loan programs. Not everyone has access to those loan programs, and they say that the banks’ processes aren’t “as fast as what Advance offers because of all the physical requirements and manual processes,” and that “approvals aren’t always guaranteed, and loan amounts are usually much larger and for  longer tenors.” The company also said that other online lenders charge very high interest rates.

Through Advance, partner employers are able to basically outsource such employee financial services to Advance, which provides the service for free. 

Along with the official launch, Advance was also inaugurated as a part of the Fintech Philippines Association, Monday, July 22.

Interested companies can check out for more information on the services and partnering inquiries. –

Gelo Gonzales

Gelo Gonzales is Rappler’s technology editor. He covers consumer electronics, social media, emerging tech, and video games.