Eligible Grab users can now access up to P30,000 instantly through Maya Easy Credit “without any wait, collateral, or paperwork” after the two companies teamed up to “make borrowing money faster and easier for Filipinos.”
In a news release, the two companies said borrowing is just a two-step process:
Complete a form on the Grab app, providing a mobile number and consent to Maya.
Download the Maya app, sign up, and upgrade the account.
“Apply for Maya Easy Credit within the Maya app, and funds will be available instantly upon approval, which is subject to credit evaluation,” the news release said.
Martha Borja, regional head of Payments of the Grab Financial Group, said the new partnership is part of her company’s mission to “drive progress in financial inclusivity for millions of Filipinos.”
Eligible Grab customers can also now use Maya Easy Credit to top up their Maya Wallet and pay for Grab rides or food deliveries, giving them more budget flexibility within the Grab app.
Maya Bank president Angelo Madrid said this initiative will address Filipinos’ primary financial challenge of lack of access to reliable and trustworthy lending services. “So, we’re very excited to partner with Grab to make it easier than ever to open a credit line of up to P30,000 with Maya Easy Credit,” he said.
Maya has simplified payments for Grab users within Grab’s super app. Users can now link their Maya accounts using their mobile numbers and connect their Maya Cards for seamless payments across all services.
Additionally, Grab users can grow their savings or invest in stocks and mutual funds through Maya’s partner marketplace, all directly within the Maya app.
Every transaction also contributes to increasing the user’s Maya Savings interest rate, which can reach up to 14% per annum, while helping to boost their future credit limits.
The two companies said this new partnership propels Maya closer to bridging the financing gap in the Philippines.
Since beginning its lending operations in 2022, Maya had disbursed P47 billion in loans to approximately 1.2 million borrowers by end-June 2024, with 59 percent of whom choosing Maya as their first bank partner for loans.