Maya Pay in 4 loan service now available in the Philippines!

Maya just quietly launched a new loan service called "Maya Pay in 4". It allows you to purchase items via installment plans with 0 percent interest.

You can now buy items in installments via Maya Pay in 4!

What is "Maya Pay in 4"?

As the name implies, Maya Pay in 4 is a loan service allowing you to buy items via a 0 percent installment plan. You can pay for the item in 4 installments every 2 weeks via your Maya Wallet balance. Isn't it the same as Maya Credit? No, because it is a completely separate service with its own credit limit.

To qualify for Maya Pay in 4, the user must be between the age of 21 and 65 years old and have an upgraded Maya account. The service is currently only available for brands that support Maya Pay in 4 which is currently Vamos Performance Apparel only.

Approval of your loan will take place within 5 minutes. The maximum loan amount you can take is PHP 10,000 while the minimum amount is PHP 1,000. Your loan limit is based on how much you use Maya's banking services.

If you max out your limit, the service will be unavailable to you until you have paid your balance in full. Maya will be diligent in reminding you about your due date with notifications as early as 5 days before your due.

To be hassle-free, your balance will be deducted from your Maya Wallet every 2 weeks. Late payments will also incur penalties, so make sure you pay on time!

Maya Pay in 4 is available on the Maya app on the "Loans" tab beside the "Credit" tab.

What do you guys think?

Source: Maya