HCM CITY — Easy Credit, a brand name under the consumer credit division of EVN Finance, is expanding its business network to provinces in the Mekong Delta and Southeastern region, three months after its official launch in early October. 

The company began offering services early this month to nearly 20 cities and provinces and expanded cash loan services in the Mekong Delta and southeastern regions, especially in rural areas. 

The move is part of the company’s plan to expand its business to the entire country.

In the second quarter, Easy Credit expects to launch its business in Hà Nội and northern provinces and will continue to expand its nationwide service network until the end of this year.

Easy Credit is now offering cash loan packages that do not require customers to visit designated locations.

After completing an online loan application via the company’s website or filling in a loan application form over the phone with the support of staff, customers only need to set up an appointment with representatives from Easy Credit at the most convenient location for them. Representatives from Easy Credit help customers complete their documents. 

According to the latest figures from Easy Credit, nearly 90 per cent of customers received approval within 24 hours after submitting online forms on the company website.

The number of Easy Credit’s monthly loan applications is growing over 150 per cent per month on average. Based on statistics in December, the current average cash loan of customers was around VNĐ25 million (US$1,200) with an average loan term of 27 months. 

Nguyễn Mai Long, the company’s general director, said: “I think consumer finance demand in Việt Nam will keep rising in 2019.”

Last year, the average GDP per capita in Việt Nam was $2,540, which is still far from the target of $3,500 for 2020, according to statistics by the Ministry of Planning and Investment. But consumer demand continues to rise thanks to demand from the retail enterprise community.

Although Easy Credit just launched in early October, it has received positive consumer feedback for its consumer loan services.

“We’re trying our utmost to expand the business so that cash loan packages can reach residents in the western region, offering them loan packages when needed, and helping them get rid of traps from loan sharks and illegal money lending, based on recent recommendations by the State Bank,” Long said.

EVN Finance Joint Stock Company (EVN Finance) was established on September 1 last year.

EVN Finance provides credit to enterprises in various industries with priority given to enterprises and partners in the electric power sectors.

The company also provides useful financial services to customers, including capital consultancy and arrangement, corporate bond issuance consultancy, and clean development consultancy, especially focusing on renewable power and energy projects. — VNS