GoTyme Bank and PayMongo Philippines, Inc. have joined forces to enhance financial inclusion for SMEs by facilitating easier access to business loans within PayMongo’s merchant network. Through the partnership, businesses may avail of loans of up to P500,000 through GoTyme’s banking services.
“As GoTyme Bank expands to offer more banking products to our customers, we also continue to build meaningful relationships and foster financial inclusion. Through PayMongo Capital powered by GoTyme Bank, we hope to make loans and banking in general more accessible to SMEs and give them the preferred banking experience they deserve,” Nate Clarke, GoTyme Bank CEO, said
A fully digital financial program, PayMongo Capital powered by GoTyme Bank marks both companies’ initial product offering in its expansion efforts. The streamlined and efficient application eliminates traditional paperwork, offering a smooth, two-minute, two-screen experience. The first screen prompts users to input the desired amount and tenor, while the second screen requires confirmation and verification.
PayMongo merchants who qualify will enjoy seamless disbursement and receive the loaned amount in one banking day, depending on the receiving bank’s processing. Eligible merchants will receive instant approval, and a cash advance offer complete with flexible repayment options—no collaterals required. To track payments, merchants have access to a fully transparent view of loan transactions through the PayMongo merchant dashboard.
Other notable features include flexible term of the loan, transparent pricing, and flexible pay schedule based on your daily sales and unfixed monthly amount.