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Jakarta Post

Pintek launches fast lending product to help education funding amid pandemic

  • Eisya A. Eloksari

    Jakarta

PREMIUM
Jakarta   /   Sat, October 17 2020   /  01:00 am
Illustration for Peer-to-peer lending (Courtesy of/dollarsandsense.sg)

Education-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 onl...