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In late March while traveling in the U.S., I received an email from Tesla Philippines that I had two weeks to finance my new Model Y, priced at approximately 2.5 million pesos—or about $47,000. This timeline posed a challenge, especially as it coincided with Holy Week—a lengthy religious holiday in the Philippines—when banks would be closed for several days. Coordination with traditional banking institutions would be nearly impossible.
Given my circumstances, I turned to the DeFi route, particularly using a lending protocol known as A. This was an incredible alternative to traditional banks, which typically require lengthy processes, including tedious credit investigations.