Launch of a new online payroll loan facility during a pandemic

TO help the workforce have more access to loans to increase their limited income in this pandemic, the MFT group of companies has launched a new product that provides employees at its partner companies with a platform for rapid payroll loans. and hassle free.

Quick Loans Online (QLO), a loan facility under MRACC Credit Corp., has fully automated processes accessible through its portal, making it easier for employees who benefit from it to track their finances. Its app dashboard allows the user to see upcoming payment deadlines and payment history.

“It is vital to motivate and sustain the energies of the companies’ talent pool. Through QLO, the MFT Group extends its resources to our partner companies to help them through difficult times and stay focused on their respective missions, ”said Mica F. Tan, CEO of MFT Group.

With the growing number of unbanked and underserved segments of the country’s population, the majority of Filipinos do not have enough savings.

With that in mind, QLO offers employees a line of credit for their urgent financial needs, according to Mary Ruth A. Oquendo, MFT Group Vice President for QLO.

“We understand the stress of having insufficient funds for something important, so this option of borrowing when needed can be a saving grace that companies can offer their employees. QLO enables businesses to respond quickly to the urgent financial needs of their employees, ”she explained.

“We also offer this service to businesses outside of Metro Manila. We want our offering to reach the people who need it and be accessible to as many Filipinos as possible, ”added Oquendo.

In collaboration with a company’s human resources (HR) department, QLO makes its processes as transparent as possible for partner companies and offers them personalized offers. The disbursement of the loan proceeds to qualified employees takes a period of 24 hours after approval by their respective HR groups.

Borrowers can choose the payment terms they deem appropriate to their ability to pay. The deadlines range from three to 12 months to fully settle their accounts. The loan settlement is automatically deducted from their monthly salary.

QLO offers businesses customized facilities as an added benefit that boosts employee morale through flexibility and ease of processes. In collaboration with Sun-Life, it is the only facility that offers eligible borrowers individual accident insurance valid for an entire year.

Partner companies must have at least 100 regular employees. But the group has its own ways of helping the less numerous.

Rates are affordable with QLO. The loans are also transferred to the employee’s bank account within days of the loan being processed with company HR.

QLO is a member of the Fintech Philippines Association and is registered with the Securities and Exchange Commission and the National Privacy Commission.

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