MANILA -- Maya is partnering with Grab to give users of the ride-hailing and food delivery app access to loans up to P30,000.

In a statement, Maya said eligible users can borrow up to P30,000 from Maya Easy Credit by filling up a form on the Grab app, giving a mobile number, and giving consent to Maya. Next, they need to download the Maya app and upgrade their account by submitting and ID. After this, they can apply for Maya Easy Credit within the Maya app. After credit evaluation, funds will be available immediately upon approval. 

"One of the biggest financial challenges that Filipinos face is the lack of access to reliable and trustworthy lending services," said Maya Bank president Angelo Madrid. 

Aside from this, Grab users can now use Maya Easy Credit to top up their Maya Wallet and easily pay for Grab rides or food deliveries.

Customers can now also link their Maya Cards to the Grab app and quickly pay for rides or food. Grab users can also invest in stocks and mutual funds through Maya’s partner marketplace in the Maya app. 

Grab also noted that every transaction boosts the user’s Maya Savings interest rate, which can reach up to 14 percent per annum, and increase their future credit limits.

Growing your money: Should you put your savings in digital banks?

In March, Maya founder and chief executive officer Orlando Vea said the PLDT-backed fintech is expected to finally break even in the last quarter of this year.

Maya's parent firm PLDT earlier said this does mean that the fintech will launch an IPO right after breaking even as it still needs to demonstrate profitability in 2025.

PLDT Chairman Manny Pangilinan said in June that Maya has 3.4 million depositors with P29 billion deposit balance as of March, and P34 billion worth of loans disbursed.

RELATED STORY: