For many Philippines-based startups and small- and medium-sized enterprises (SMEs), securing funding is a critical challenge, especially when collateral requirements serve as a significant barrier to approval. However, a few financial institutions in the country have introduced "no-collateral" business banking loans to address this issue. Special business loans like Maya’s Flexi Loan product offer SMEs a viable alternative to difficult-to-secure traditional loans and risky informal borrowing channels. In this short guide, we’ll explore how a no-collateral Maya Flexi Loan works and why SMEs could benefit from this financing option.
What Is a No-Collateral Loan?
As the name suggests, no-collateral loans are financing options that do not require borrowers to provide collateral as security. Where traditional loans mitigate the lender’s risk through the securing of tangible assets such as property or equipment, no-collateral loans place more emphasis on the borrower's creditworthiness, cash flow, and business performance.
As a no-collateral loan product, Maya Flexi Loan does not require borrowers to offer any property as security. Maya uses a borrower’s Maya Business and Maya Business Deposit histories to quickly determine the allowable credit in a given loan offer. Generally, the more that a borrower uses Maya’s suite of business solutions, the more favorable the terms will be for the borrower.
How Can I Get a Maya Flexi Loan?
Securing a no-collateral Maya Flexi Loan is easy. To be eligible, borrowers must meet the following criteria:
To ensure that you’ll get the best loan offers, make sure to actively use Maya Business solutions for payments and cash transfers. Likewise, make sure that you’re actively using your Maya Business Deposit account for the day-to-day management of your business’s finances. Sign up for Maya Business and get a Maya Business Deposit today to start securing your Flexi Loan.
How to Apply for a Flexi Loan
To apply for a Maya Flexi Loan, you need to create a Maya Business account and then create a Maya Business Deposit account. Once these accounts have been created, simply do the following:
It may take a short time to process your Maya Flexi Loan application. Once your application is approved, you will be sent a loan offer. Maya Flexi Loan offers can be as high as PHP 2,000,000 but the actual amount offered will depend on your Maya Business and Maya Business Deposit histories as well as your overall credit profile. To accept an offer and complete the loan process, simply follow the prompts and you will have the offered amount in your Maya Business Deposit immediately.
If your loan request was not approved, you’ll be informed of when you can resubmit your Flexi Loan application. You can revisit the Loans tab on Maya Business Manager to check if your eligibility status has changed.
How Fast Are Maya Flexi Loan Approvals?
Traditionally, loans for businesses can be a difficult and drawn-out process. Thankfully, Maya Flexi Loans are not only collateral-free but their approvals have quick turnarounds as well, ensuring there are minimal delays in securing the funding your business needs. If you frequently use Maya Business solutions and your Maya Business account, you’ll also improve the chances of immediately getting a great loan offer.
Enjoy Your First Maya Flexi Loan Today
With Maya Flexi Loans, SMEs can enjoy fast, collateral-free, and safe funding to grow and support their business. Entrepreneurs based in the Philippines can benefit immensely from Maya’s incredible suite of payment options and favorable interest rates on both Maya’s Business Deposit and Flexi Loan products. Sign up for Maya Business and open a Maya Business Deposit account to access a new source of collateral-free funding for your SME.
While Flexi Loan may be the best business loan Philippines has today, Maya's 1-2-3 Grow Bundle makes things even better. Maya’s 1-2-3 Grow promo is open to Maya Business account owners, offering a 1% merchant discount rate (MDR) on all QR Ph sales (valid for 3 months from the time of promo onboarding). Even better, this bundle also entitles Maya Business Deposit accountholders to an interest rate of 2.5% per year, making their funds grow up to 25 times faster than what other banks offer. With Maya, your SME has the kind of financial support it needs to grow in the country’s digitally transformed business environment.
