TheJakartaPost

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Pintek launches fast lending product to help education funding amid pandemic

Eisya A. Eloksari (The Jakarta Post)

Premium

Jakarta

Sat, October 17, 2020 Published on Oct. 16, 2020 Published on 2020-10-16T20:06:29+07:00

E

ducation-focused peer-to-peer lender Pintek launched on Thursday a fast lending product to help students and parents get funds during the pandemic.

The product, called Pintek Instant, affords borrowers access to loans of up to Rp 5 million (US$339) with an hour approval time and repayment in installments over a period of up to three months.

The company’s CEO, Tommy Yuwono, said the COVID-19 pandemic had resulted in parents getting pay cuts or furloughed, making it hard for them to pay for their children’s school needs.

“This product is to help students pay for tuition, books, gadget and phone credit, among other things, to help them learn from home during the pandemic,” he said in a press briefing.

He went on to say that the company aimed to have 5,000 new borrowers using the product in the next six months.

However, Tommy said the product could only cater to partner schools, as Pintek would transfer the money directly to the education institution.

“We do not want Indonesia’s students to get left behind in school because of this pandemic, that is why we want to ease payments for education,” he said.