Home GUIDE: How to Apply for Loan in PayMaya (Steps, Requirements, Process)

GUIDE: How to Apply for Loan in PayMaya (Steps, Requirements, Process)

guide how to apply for loan in paymaya steps requirements process

Estimated reading time: 5 minutes

Understanding loans can be overwhelming, but PayMaya makes it straightforward and convenient. Whether you’re looking to fund a major purchase, cover unexpected expenses, or finance a significant life event, PayMaya offers accessible loan options catered to your needs. This guide will walk you through the process, requirements, and steps on how to loan in PayMaya, ensuring you make the most informed decision.

Can I loan in Paymaya?

Short answer: Yes, you can loan in PayMaya. Maya (formerly PayMaya) is one of the most popular mobile wallet applications in the Philippines, known for facilitating safe and hassle-free financial transactions using your cell phone. With PayMaya, you can pay bills, transfer money, and apply for loans from the comfort of your home. PayMaya Philippines, Inc. is regulated by the Bangko Sentral ng Pilipinas.

How to loan in Paymaya

Applying for a loan through PayMaya is a straightforward process that can be done entirely through their mobile app. Follow these steps to understand how to loan in PayMaya, how to get a loan in PayMaya, and how to avail a loan in PayMaya effectively.

Step 1: Assess Your Financial Situation
Before applying for a loan, evaluate your financial needs and situation. Ensure that borrowing is necessary and that you have a plan to repay the loan.

Step 2: Choose the Right Loan Option
PayMaya offers two main borrowing options:

  • Maya Credit: Borrow up to ₱30,000 with a 30-day repayment period.
  • Maya Personal Loan: Borrow up to ₱250,000 with flexible repayment terms ranging from 6 to 24 months.

Step 3: Apply for the Loan
To apply for a loan, open the Maya app, fill out the online form, and provide the necessary information. PayMaya will assess your application and notify you of the approval status.

Step 4: Use and Repay the Loan Responsibly
Once your loan is approved, use the funds wisely and ensure timely repayment to avoid interest charges and penalties.

What is Maya Personal loan?

Maya Personal Loan helps you fund big life decisions with a loan of up to ₱250,000 that you can pay in flexible monthly installments. You may use your loan to get a home upgrade, pay for tuition, or plan an intimate wedding with zero service fees and no collateral or guarantor needed. Once approved, your Personal Loan is sent immediately to your Maya Wallet so you can use it right away.

What is Flexi Loan in Maya?

Maya Flexi Loan is a credit line that lets you borrow money anytime to fund your business. Once your loan is approved, you can withdraw any amount within your available credit line instantly to your Business Deposit account. You may enjoy low service fees and automatic payments so you can focus on funding your next great business idea.

Eligibility to Avail Loan in Paymaya

Maya Personal Loan is currently in early access and is available to select users. You may be eligible for loan if:

  • You are at least 21 years of age and over 65 years old
  • You are a Filipino resident
  • You have an upgraded Maya account
  • You actively use your Maya account for payments and transactions

Meanwhile, to qualify for a Maya Flexi Loan, you must meet the following criteria:

  • Be an active Maya Business solution user
  • Have an active Maya Business Deposit Account
  • Pass credit evaluation requirements

Maya Easy Credit vs. Maya Personal Loan

When it comes to borrowing money, PayMaya offers two distinct options: Maya Easy Credit and Maya Personal Loan. Understanding the differences between these two can help you make the right choice for your financial needs.

Maya Easy CreditMaya Personal Loan
Amount that you can borrowUp to ₱30,000 credit limitLoan offer from ₱15,000 – ₱250,000
Document RequirementsNo documents neededFor salaried
(Any of the following)

• Latest pay slip
• Certificate of employment and compensation
• Latest income tax return (ITR)

For self-employed

1. Proof of income
2. Business registration
Payment TermsUp to 30 days6 – 24 months(Increasing to 48 months soon!)
Service FeeAs low as 3.99% of the principal amount (subject to credit
evaluation)The exact service fee will be reflected in your Maya Appand in the disclosure statement.
Waived (Early access promo)
Documentary Stamp Tax (DST)₱1.50 for every ₱200 of the principalamount, multiplied by 30 out of 365 days(subject to applicable laws andregulations)Waived (Early access promo)
InterestNo interest charges**In compliance with regulation, the Effective Interest Rate(EIR) only includes service fee and DST that are applicablefor your Maya Easy Credit transactions.As low as 0.77% monthly add-on rate for 24 months (1.40%
monthly effective interest rate)

The exact monthly add-on rate and its equivalent monthly
EIR will be reflected in your Maya App and
in the disclosure statement.
Late Penalty Fee0.17% of unpaid principal amount per day until full settlement

Sample Computation

Maya Easy Credit

  • Total credit limit used during billing period: ₱1,000
  • Service Fee: 5%
  • Payment made during coverage period: ₱0 (no payment made yet)
  • Service fee: ₱50
  • DST: ₱0.62 (0.75% x 30/365 of used limit)
  • Total bill amount: ₱1,050.62

Maya Personal Loan

  • Loan amount: P25,000
  • Monthly add-on interest rate: 0.83%
  • Tenure: 6 months
  • DST/fees: P0
  • Monthly installment amount: P4,374.17
  • Total repayment amount: P26,239.19
  • Daily penalty: 0.17%

Final Thoughts

This guide provides you with the steps on how to loan in PayMaya, from assessing your financial needs to choosing the right loan type, applying, and repaying responsibly. Whether you’re asking “can I loan in PayMaya?” or looking for detailed instructions on “how to get a loan in PayMaya,” truly, this guide has you covered. Follow these steps and make informed decisions to take advantage of PayMaya’s loan offerings for your financial needs. By understanding how to avail a loan in PayMaya, you can ensure a smooth and efficient loan experience.

Sources: (1), (2), (3)

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