As the Philippines’ finance sector advances and consumer expectations evolve, traditional banks are now no longer the only option for securing loans. Today, a new generation of “neobanks”—fully digital banks without physical branches—are reshaping the way Filipinos borrow money. With their streamlined processes and customer-centric digital experiences, neobanks are meeting the demands of modern consumers better than traditional banks ever did, making them the preferred choice by many.
But what exactly is making neobanks so attractive to borrowers? This article explores the key factors that distinguish neobanks and explains why they are becoming the preferred choice for loans over traditional banks.
Innovative Loan Product Offerings
Loaning through traditional banks can involve lengthy and often rigid application processes. Neobanks, however, focus on enhancing accessibility by offering lending solutions that are easy to apply for directly through digital platforms like the Maya app. For example, with Maya Personal Loan, you can check your loan eligibility and apply conveniently without needing to visit a physical bank branch, making borrowing more streamlined and tailored to your immediate needs. Maya Personal Loan lets you apply for a loan for as little as PHP 15,000 up to a maximum of PHP 250,000. This range enables you to borrow only what you need, whether it’s for a small unexpected expense or a much-needed home repair, without committing to a larger amount that could strain your finances. Additionally, Maya Personal Loan comes with flexible repayment options. You can also repay your loan over a 6-month, 9-month, 12-month, 18-month, or 24-month period, making it easier to manage your loans over time. To know which term suits you best, you can use the easy loan computation table on the Maya Personal Loan page.
Fewer Documentary Requirements
Another significant advantage of borrowing from a neobank is the streamlined application process, which often requires less paperwork compared to traditional banks. Traditional banks typically ask borrowers to submit extensive documentation, including proof of income, tax returns, and sometimes even credit history reports. This can create unnecessary barriers for borrowers, especially those who need quick access to funds or who may not have easy access to all the required documents.
In contrast, neobanks leverage digital technologies to expedite the process. At Maya, we use an automated know-your-customer system to verify a borrower’s identity, income, and financial history, reducing the need for physical documents. This allows us to offer a more seamless and efficient application experience for our customers who need to access loan and credit products. Take Maya Easy Credit for example. To qualify for this credit line, all you need is to be 21 to 65 years old, a resident of the Philippines, and have an upgraded Maya account. Once you’ve met these requirements, and your credit evaluation has been approved, you can borrow up to PHP 30,000—instantly accessible via your Maya wallet, which you can pay back in up to 30 days. This digital-first approach makes the borrowing process simpler, allowing you to borrow money online without hassle.
Faster Approvals and Disbursements
One of the most appealing aspects of borrowing from a neobank is the speed at which loans are approved and disbursed. Traditional banks often require multiple steps in the loan approval process, which can involve long waiting periods, paperwork, and sometimes even in-person meetings. Neobanks, however, utilize automated systems and advanced algorithms to streamline the approval process, allowing for near-instantaneous loan decisions.
With Maya, expect to receive your loan or line of credit immediately as soon as your Maya Personal Loan or Maya Easy Credit application has been approved. For Maya Personal Loan, the full amount will be deposited to your Maya Wallet straight away. For Maya Easy Credit, the amount you borrowed will be initially credited to your Maya Easy Credit account. You can then transfer the money to your Maya Wallet or use it as an additional fund source when you pay with Maya for online purchases or QR Ph payments. This efficient, instant borrow money process is made possible by Maya’s advanced credit evaluation methods and modern fintech infrastructure.
User-Friendly Technology
Neobanks distinguish themselves with their user-friendly digital platforms, which make borrowing money more intuitive and accessible than ever before. The Maya app, for instance, has a modern, easy-to-navigate interface that allows for a seamless user experience. You can apply for loans, track your spending, and even make loan repayments all via your smartphone. The ability to manage everything digitally makes you feel more in control of your finances, which is a major draw of neobanks.
Borrow Money Anytime
With neobanks, the process is fully digital, and as such, they enable borrowers to access loan applications, approve terms, and receive funds at their own schedule—day or night. This on-demand access to borrowing is especially valuable for individuals who need quick financial assistance outside of normal banking hours or those who don’t have the time to visit a physical bank branch. Plus, this flexibility not only makes borrowing more convenient but also reduces the stress of having to plan ahead or wait for the next available time slot at a traditional bank. Whether it’s a late-night emergency, a weekend purchase, or a last-minute travel need, you can apply for and receive a loan instantly through the Maya app.
As the financial landscape continues to evolve, more people are turning to neobanks like Maya for their borrowing needs. These fintech firms offer a more flexible, convenient, and accessible way for you to apply for loans whenever you need them. Thanks to this easy borrow money approach, it’s no wonder neobanks are quickly becoming the popular choice for a growing number of people.
