GoTyme Bank has partnered with TikTok through a new financing program called TikTok Shop Loans. It offers loans catered to micro, small, and medium enterprises (MSMEs) through the TikTok Shop e-commerce platform.
It uses real-time transaction data from sellers to offer personalized loan amounts and payment terms based on business performance. Qualified sellers can receive loan offers in minutes, with disbursement as early as the next business day.
GoTyme Bank CEO Nate Clark said that ‘By using real-time sales data to power prequalified offers, we’re helping entrepreneurs get access to the business capital they need, right when they need it.’
Loan amounts range from PHP 250,000 to PHP 300,000, with repayment terms from 3 to 12 months. Interest rates vary between 1.5% and 2.5% per month, depending on the borrower’s profile and sales activity.
https://www.facebook.com/tiktokshopphilippinesofficial/posts/tiktok-shop-and-gotyme-bank-have-launched-tiktok-shop-loans-a-fast-flexible-fina/745839568165011
GoTyme said it has already onboarded 16 merchants since the program’s launch last week. The company aims to reach up to 20% of TikTok Shop’s merchant base by loan volume before the end of the year.
0 Comments
Leave a Reply