First published in Manila Standard
Online mortgage broker Nook is driving for a more inclusive banking and loaning system in the Philippines as it strengthens its partnership with local banks and provides Filipinos with more home loan options across its online platform. By being a part of Nook’s growing list of partners, these banks also open more opportunities to reach their market in all parts of the country.
Despite various initiatives of both the private and public sectors in bridging the gap between financial institutions and the unbanked Filipinos, a huge number of the total population of the Philippines still remains bereft of securing, applying for property and commercial loans.
As the first online mortgage broker in the country, Nook aims to provide easy application access to many Filipinos without any charges and help a borrower save thousands in home loan repayments. With its partnership with PH banks, more Filipinos will have access to easier home loan processes that would allow them to secure their dream properties in no time.
Today, every Filipino around the country who has access to the internet can now easily adopt online systems and perform convenient digital transactions. Nook encourages people to utilize such platforms to avoid having the need to go out, visit banks, and procure options from various institutions.
“Our continuous search for more bank partners is a testament to our commitment to push for a more inclusive banking and loan environment in order to help Filipinos to get to their properties faster. Especially during this time, we aim to bridge our customers to their banks of choice at the comfort and safety of their homes,” Chris Elder, Chief Executive Officer of Nook, said. “We are excited to add more banks to our list of partners as we continue to expand and understand the Filipino market.”
While the platform has initially partnered with the top banking institutions, Nook has also been contacted by rural banks to provide more Filipinos in the countryside areas access to the platform.
“We recognize the importance of tapping into these smaller institutions and providing them a platform that would allow them to reach out to more customers across the country. The company champions financial inclusivity not just within our customers but also within our partner community,” Elder added.
The company allows a potential borrower to find the right housing loan and assist them throughout the application process – thereby sparing them from having to go to different banks to compare what each one has to offer. Through Nook, one will be able to get a preview of the amount of monthly repayments they have to make, fees, and other requirements from each bank and get pre-qualified in just a few minutes.