With many banks offering easy credit card application processes, one might be led to think that indeed, getting a credit card has become simpler than ever before. While that might be the case, approval isn’t always guaranteed, especially for those applying for a credit card for the first time. Banks consider several factors when assessing an applicant’s creditworthiness. These include their credit standing, income, and overall financial health, which may not be well-established for new applicants.
In such cases, a good bank would likely offer an alternative lending option that’s more accessible to people who may not have a solid credit history yet. Maya, for instance, has Maya Easy Credit—a virtualcredit line that allows users to access funds quickly without the hassle of excessive paperwork or complicated requirements. All you need is to meet the following criteria, and you’ll receive approval within in no time (subject to credit evaluation):
- You are 21 to 65 years old
- You are a Philippine national and a resident
- You have an upgraded Maya account
Once your application is approved, you can use the funds to manage your finances and start building your credit history, which can be beneficial if you decide to apply for a credit card and other Maya lending products down the line. To determine if you’re using Maya Easy Credit responsibly, here are some key indicators that will help you assess your usage of this credit line.
You Understand the Associated Fees
While Maya Easy Credit provides convenient access to funds, it's important to be aware of the potential costs that can come with it. Like most lending products, Maya Easy Credit comes with different fees. For instance, depending on your eligibility, you may be charged a service fee of as low as 3.99% on the amount you have to borrow. If you want to know how this will impact your loan, you can use the credit computation table on the Maya Easy Credit page.
Another fee you should keep in mind is the late penalty fee. You’ll be charged this fee if you fail to pay your balance on time. You want to avoid incurring this fee as much as possible as you’ll be charged per day, starting from the day after your due date until your outstanding balance is fully settled. Your Maya Easy Credit account will also be locked, preventing you from using this service.
You’re Using it to Pay for Essentials
Financial tools like Maya Easy Credit are best used to cover the costs of essential expenses, such as groceries, utility bills, and necessary medical expenditures. These types of purchases are easier to plan for and budget, which makes it simpler to manage your repayments. If you use Maya Easy Credit for non-essential items, you might have difficulty staying on top of your repayments. Since these purchases may not be part of your regular budget, it can be harder to track and manage the costs, leading to a higher risk of debt accumulation. That said, prioritizing essentials ensures that you’re borrowing for practical needs, helping you avoid financial strain and keeping your credit usage in check.
You’re Not Relying on It For Survival
Another key sign that you’re using Maya Easy Credit responsibly is that you’re not relying on it to cover your basic living expenses. Credit is meant to be a helpful tool for managing short-term financial needs, not a crutch for ongoing survival. If you find yourself frequently using Maya Easy Credit to pay for basic living costs—like food, rent, or utilities—this may indicate that you’re living beyond your means, which could lead to an accumulation of bad debt.
You Know How to Pay on Time
Being aware of your financial situation and ensuring that you can settle your outstanding balance on time is key to maintaining good financial health. Staying on top of your repayments allows you to manage your credit effectively, avoid unnecessary stress, and maintain access to financial opportunities from Maya. When you plan your payments wisely and ensure you have enough funds to cover your obligations, you’re using Maya Easy Credit as a helpful tool rather than relying on it out of necessity. This habit not only strengthens your financial discipline but also builds a positive credit history, setting you up for better financial prospects in the future.
Using Maya Easy Credit responsibly is an important step toward financial independence and security. Not only does it help you manage your expenses effectively, but it also builds a foundation for better credit habits. Making thoughtful decisions and staying aware of your financial habits can lead to improved creditworthiness, ensuring that you have access to more financial opportunities in the future.
