Are you in need of quick and hassle-free financing? Look no further than PayMaya Lending Corporation! Whether it’s a car loan, credit card, or mortgage, they have something that will fit your needs. In this review, we’ll dive into what PayMaya Lending Corporation is, their product features, borrower requirements, and the benefits of using PayMaya for your financial needs.
| Loan Name | PayMaya Philippines |
| Loan Amount | up to PHP 15000 |
| Loan Term | up to 60 days |
| SEC Registration No. | 2020090002308-07 |
What is PayMaya Philippines?
PayMaya, now known as Maya Bank (MB), is a digital bank and the largest digital payments processor in the Philippines. It started out as a digital wallet but has now evolved into a full-service bank with support for all the digital services it previously offered.
PayMaya operates in the legal and financial field, providing over 35 million Filipinos access to financial services. Customers can use PayMaya to pay for goods and services, add money, cash out, or remit money.
Registered users can get their own card and use the app for on-the-go payments. Plus, PayMaya offers a 6% interest rate on your savings to make your money grow.
Product Features:
PayMaya Lending Corporation offers a range of loan products to fit different needs. Here are some of their product features:
- Min. financing amount: ₱500
- Max. financing amount: Up to ₱15,000
- Min. loan term: 14 days
- Max. loan term: 60 days
- Interest rate per day: 0.08% – 0.1%
- Approval duration: Up to 24 hours
- Debt consolidation: Yes
Borrower Requirements
To be eligible for a PayMaya loan, you must:
- Be between 21 to 65 years old
- Be a Filipino national
- Have a valid ID, such as a Driver’s License, Passport, Postal ID, Professional Regulations Commission (PRC) ID, Social Security System (SSS) ID, Unified Multipurpose ID (UMID), Voter’s ID, Home Development Mutual Fund (HDMF)/ Pag-Ibig ID, or PhilHealth ID.
To fully verify your GCash account and avail of PayMaya Lending Corporation’s loan products, visit their website for more information.
Is PayMaya Legal?
Yes, PayMaya is a legitimate payment system in the Philippines. It is regulated by the Securities and Exchange Commission (SEC) and registered as PayMaya Lending Corporation with the registration number 2020090002308-07 and Certificate of Authority number 3324.
The SEC has granted Maya Bank (MB) permission to integrate an online portal to provide a checkout payment gateway, allowing Filipinos to use VISA, Mastercard, and JCB cards.
Benefits of PayMaya
PayMaya provides a safe and convenient way to send money and make purchases online. Some of its benefits can be summarized below:
Send Money Online
PayMaya allows its users to send money instantly to anyone who has a QR code or phone number. All you need to do is open the app and go to Send Money, enter the amount you want to send, and your recipient will immediately receive the money in their bank account. This feature eliminates the need to queue at banks or remittance centers.
Shop Online
With PayMaya, shopping online has never been more effortless, with its secure and convenient way of paying for online purchases. You only need to link your debit or credit card, and you can start shopping online with ease. Additionally, the app allows you to track your spending and transactions in real-time.
Buy Cryptocurrencies
For users who want to invest in cryptocurrencies, PayMaya is an excellent platform to buy and sell Bitcoin, Ethereum, and other cryptocurrencies. You can do this through the app, which offers a hassle-free process, enhancing financial freedom.
Rewards
PayMaya offers rewards to its users in the form of cashback. You can get P20 just for joining, and you can earn up to P100 for referring your friends and family members. The more you use the app, the more you earn.
Free App
PayMaya is free to download and available on both Android and iOS devices. You only need to provide your basic information, and upgrade your account to access some of its advanced features.
How to get Loan at PayMaya
CashniJuan Payday Loan
With SnapCash Lending Inc.’s partnership, PayMaya is able to provide emergency cash loans to its registered users. This type of emergency loan is called CashniJuan Payday Loan. If you are running short on cash, just follow these simple steps:
- Step 1: Register on the PayMaya app
- Step 2: Upgrade your account by downloading PayMaya apk
- Step 3: Activate the credit scoring option
- Step 4: Wait for approval on loan eligibility
- Step 5: Once eligible, the app will display an approval banner
- Step 6: Once approved, apply for the loan and receive the cash instantly
Loan Requirements:
- Must be of legal age
- Must be a regular PayMaya app user
- Must confirm identity
- Must be pre-approved or eligible
After you have successfully paid off each loan, the amount of funds you can borrow in the future will increase. Now let’s take a look at more details regarding terms and conditions:
Loan Terms:
- Minimum loan amount: 2000 Pesos
- Maximum loan amount: 5000 Pesos
- Loan period: 14 days
- Interest rate: 0.08% per day
Maya Credit
The Maya Credit service enables you to open a line of credit within seconds. You can easily apply for it by following these three steps:
- Step 1: Navigate to the Credit Dashboard in the PayMaya app and select “Sign up for Maya Credit”
- Step 2: Check your eligibility
- Step 3: If eligible, click on “Activate Now” and start using your line of credit
Loan Requirements:
- You must have an upgraded account
- You must have been active within the last six months
- You must have a good credit standing
Loan Terms:
- Minimum loan amount: 500 Pesos
- Maximum loan amount: 15,000 Pesos
- Service fee: 5% of used limit
- Documentary stamp tax: 0.75%
- Late penalty: 0.17%
FAQs
Where to Cash In Your PayMaya?
Withdrawing money from your account has never been easier. Simply head to any BancNet ATM and withdraw your funds hassle-free.
Can I borrow cash from PayMaya Philippines?
With PayMaya, you have the option to apply for a CashniJuan Payday Loan which is offered in partnership with SnapCash Lending Inc. This loan provides emergency funds for registered PayMaya users. To apply for either PayMaya or CashniJuan Payday Loan, you must first register for a PayMaya account.
Reasons for a loan denial by PAYMAYA Philippines?
Possible reasons why a loan application may be denied by PAYMAYA Philippines include not meeting the loan requirements, having a poor credit history, not having the minimum balance in your PAYMAYA account, and not fulfilling certain spending criteria. It is important to carefully review the loan agreement to identify the specific reasons for loan denial. If you have any inquiries, do not hesitate to contact PAYMAYA Philippines for clarification.
How to Use the PayMaya Lending App?
PayMaya offers a range of services, which include:
- Paying bills through the PayMaya app
- Sending and receiving money
- Online payments on e-commerce stores through the PayMaya app
- Booking airline reservations
- Recharging mobile phone accounts
An additional advantage of using PayMaya is the availability of their physical card. You can link this card to your PayMaya mobile app for extra benefits. You can use it to pay bills at stores that accept debit and credit cards.
How to pay SSS loan using PayMaya?
The steps to pay your SSS loan using PayMaya are:
- Open the PayMaya app and select the “Bills” icon.
- Click on “Government” and select “SSS Contributions.”
- Input your name, amount due, and PRN.
- Double-check the information you provided and confirm your payment.
How to pay Tala loan using PayMaya?
To pay your Tala loan through PayMaya, follow these steps:
- Open the PayMaya app and tap on the “Bills” icon.
- Look for “Tala” among the biller options and select it.
- Enter your name and the amount you need to pay.
- Review the details you provided, and once you’re sure everything is correct, confirm the payment.
How to Contact PayMaya
PayMaya offers different ways to get in touch with them. You can visit the PayMaya head office at 7th Floor, Launchpad Building, Sheridan, Mandaluyong, Metro Manila, Philippines.
If you prefer to contact them online, you can visit their official website at maya.ph. You can also email them at [email protected], [email protected], or [email protected].
For phone support, you can call their domestic toll-free number at 1-800-1084-57788 or their hotline at (+632) 8845-7788. If you need help with PayMaya loans, you can call their domestic toll-free number at 1-800-10-845-7777 (for PLDT users) or their hotline at (+632) 8-845 7777.
PayMaya is also available on various social media platforms, including Facebook, Twitter, Instagram, LinkedIn, YouTube, and TikTok.
Conclusion
PayMaya is a reliable and convenient mobile wallet app that Filipinos can use to manage their financial activities. With its many features and benefits, including easy money transfers, online shopping, buying and selling cryptocurrencies, cashback rewards, and loan services, PayMaya has become a go-to app for many Filipinos.
With PayMaya, users no longer have to go to banks or remittance centers or wait in long lines to avail of financial services. They can do it all through their mobile devices. PayMaya has made it possible for Filipinos to complete their financial activities safely while staying at home.
Overall, PayMaya’s goal is to provide Filipinos with financial freedom, enabling them to access different financial transactions with just their fingertips.
