For decades, most Filipinos were all but left out of the formal credit system. Part of the reason was that traditional banks often had high minimum income requirements that effectively prevented wide segments of society from accessing credit. Even in cases when one did qualify, the long processing times and difficult documentation requirements often meant that traditional credit products were impractical for addressing important short-term needs.
Because of this, countless Filipinos turned to informal lending. Borrowing from relatives and unregulated “5-6” lenders was, and still is, common practice for all kinds of needs, from paying off impending school tuition fees to meeting payroll for one’s small business. The cultural reliance on informal lending runs deep enough that unregulated sources, be they online or offline, continue to be prevalent despite the steep fees and zero pathways to building a real credit history.
Thankfully, digital banks like Maya have removed many of the old obstacles with a new generation of regulated yet highly accessible credit and loan products. Offerings such as Maya Easy Credit and Maya Personal Loan are giving Filipino borrowers access to convenient credit products that are tailored to different needs.
Maya Easy Credit is a virtual credit line that lets borrowers access up to PHP 30,000 in funds, payable within 30 days and accessible for service fees as low as 3.99%, while Maya Personal Loan is an easy personal loan that offers up to PHP 250,000 in quick funding with payment terms of 6, 9, 12, 18, or 24 months and add-on rates starting at just 0.77% per month.
Below are some of the ways these and other such financial products from digital banks are empowering a new generation of Filipino borrowers.
1. Streamlined Application Processes
Traditional loan applications can be an ordeal, especially if you’re new to credit or lack regular employment. To start, they may require payslips, utility bills, and financial statements going back months. Once you do have all the documentation, you also need to prepare for weeks of back-and-forth communication. Many informal workers simply don’t have the documentation or time these institutions ask for.
Digital banks like Maya have completely upended this model. With Maya, qualified users can apply for credit and loan products directly in the easy-to-use Maya App without needing a whole stack of documents. The process is automated, mobile-friendly, and takes only a few minutes (subject to credit evaluation), making borrowing feasible even for those who were previously excluded from the country’s financial system.
2. Instant Approvals Instead of Weeks of Waiting
Because they receive a lot of requests and tend to rely on manual processes, traditional lenders may take days or even weeks to evaluate an application. If a borrower doesn’t already have an approved credit line, urgent expenses like immediate medical needs are not likely to be addressed in time. Unfortunately, this pushes borrowers toward high-risk lenders who can provide immediate cash but at very steep costs.
Maya helps everyday Filipinos overcome these challenges with fast approvals and instant access, even on personal loan applications. With Maya Easy Credit, borrowers can almost instantly receive the funds, which they can then either transfer to their Maya Wallet or use directly as a payment method by choosing Maya Easy Credit when checking out online or scanning to pay with QR in participating merchants. With Maya Personal Loan, users can likewise get their approved funds in their Maya Wallet almost instantly, avoiding the hassle of going to a physical bank branch.
3. Flexible Credit Solutions for Both Small and Large Expenses
Speaking of flexibility, Filipinos’ borrowing needs vary widely, a fact that was not always reflected in traditional credit offerings. Oftentimes, you only need a small amount to bridge a temporary cash flow gap, and other times, you may need longer-term financing for bigger commitments.
Maya provides borrowers with quality options for both needs in one ecosystem:
- Maya Easy Credit is a virtual credit line designed for small and short-term needs. It’s perfect for covering groceries, prescription medicines, or quick bill payments during those months where your cash flow doesn’t quite line up with your due dates.
- Maya Personal Loan provides larger amounts of funds that you can repay over a period of up to 2 years. This option is ideal for big-ticket goals like home repairs, school tuition payments, appliance and gadget upgrades, or raising capital for a small business.
Together, these credit and loan products fill both small and large financing gaps while contributing to one’s credit score, helping more Filipinos move away from risky informal alternatives.
4. Digital Services That Match Real-Life Spending Needs
Lastly, digital banks offer the ability to move funds digitally, which makes their loan and credit products perfect for today’s cashless environments. And if you need options to cover different spending scenarios, Maya has you covered.
As mentioned, with Maya Easy Credit, users can either transfer the money to their Maya Wallet or choose Maya Easy Credit directly as a payment method whenever possible. Meanwhile, Maya Personal Loan disburses approved amounts straight to the user’s Maya Wallet, making large funds available instantly and ready to transfer to any other bank or digital wallet account. These tools are now empowering borrowers, helping them access the better things in life, all without the need for physical cash.
A More Inclusive Way to Borrow Starts with Maya
Access to formal credit shouldn’t be limited to a privileged few. Maya is doing its part to ensure all Filipinos, regardless of background, can now borrow safely and responsibly, whenever and wherever they might be. Explore Maya’s credit and loan products today to enjoy support for everyday expenses as well as bigger life goals.
