‘Maya Pay in 4’ loan service, how it works

We recently discovered a new feature inside the Maya app called ‘Maya in 4’, a loan service allowing you to purchase goods and services in installments at 0% interest. If you’re hearing this for the first time, here’s how it works.

‘Maya Pay in 4 564‘ is a new feature from Maya Bank, Inc. It is a loan product that lets you pay for goods and services in a total of 4 installments due every 2 weeks at 0% interest using your Maya Wallet. It is separate from Maya Credit 192 which has its own limit.

Take note, though, that at the time of writing this article, Maya said that ‘Maya Pay in 4’ is still in beta and there might be changes once it rolls out to more users.

How to qualify

Maya said that you need to meet the following qualifications to be eligible for Maya Pay in 4:

• 21 to 65 years old
• Upgraded Maya account
• Shopping with a brand that offers Maya Pay in 4 (Maya will be listing its Pay in 4 partner merchants here soon).

What is listed so far in the Maya app is Vamos Performance Apparel.

Maya said that you’ll find out about your approval status within 5 minutes.

Maya Pay in 4 loan limits

The minimum loan you can get is PHP 1,000USD 17INR 1,445EUR 16CNY 124, while the maximum is PHP 10,000USD 170INR 14,446EUR 162CNY 1,241. The limit is based on how frequently you use Maya’s services. The more consistently and actively you use the Maya app prior to applying, the higher your potential loan limit.

When you reach your maximum loan limit, you can’t use Maya Pay in 4 until you fully repay some of your outstanding loans.

You can also use Maya Pay in 4 as many times as you want as long as it’s within your total loan limit and you have no delayed outstanding loans.

How to use

When shopping in-store, just follow these steps:

Step 1: Upon payment, scan the QR offered to you by the cashier and choose Maya Pay in 4 Installments
Step 2: Press ‘Continue’
Step 3: View the installment offer
Step 4: Confirm offer by pressing ‘Pay now’
Step 5: Enter your One-Time PIN
Step 6: Wait for the SMS confirming your Pay in 4 transaction

When shopping online, follow these steps:

Step 1: Upon payment, scan the QR offered to you by the cashier and choose Maya Pay in 4 Installments
Step 2: Press ‘Continue’
Step 3: View the installment offer
Step 4: Confirm offer by pressing ‘Pay now’
Step 5: Enter your One-Time PIN
Step 6: Wait for the SMS confirming your Pay in 4 transaction

All successful payments reflect in real-time.

When and how to pay Pay in 4 loans

Maya Pay in 4 has no billing statement but you will receive SMS notifications 5 days, 3 days, and 1 day prior to your due date. In the near future, you will also receive push notifications for any billing reminders.

Your Maya Pay in 4 amount dues are automatically deducted from your Wallet on your due date until the loan is fully paid off. If you don’t have enough money in your Wallet, Maya will use the available amount to partially pay for your loan and use the unpaid balance as the basis for your late payment charges.

Maya said that you can also pay for your loans anytime, whether partially or in full, using your Maya app.

To access Maya Pay in 4 can be accessed via the Maya app. Just swipe at the top tabs and you’ll see it beside Credit.

Click here for more information.