THE digital bank GoTyme as well as the online payments processing company PayMongo signed an agreement that would lead to their creation of an offering of a lending product, the ‘PayMongo Capital powered by GoTyme Bank.’

In a statement, the company said that they are offering up P500,000 loans that can be offered to the small and medium-scale enterprises (SMEs) which is under the PayMongo’s merchant ecosystem. 

Meanwhile, the eligible merchants will be granted the loan and can get the amount within one business day.

This eliminates the long process and other paperwork in traditional loan applications. 

The loan group said that there will be no collaterals that may be required, as the officials noted that there are no hidden fees or other charges.

What they do have is a flat rate that will depend on the loan amount and the status of the business as well.

“The opportunity that we are presenting to the SMEs is the ability to expand their business by carefully managing their funds, by carefully using capital as basis which they can grow their business successfully,” said PayMongo President & CEO Jojo Malolos.