TO help the work force get more access to lending to augment their limited income in this pandemic, the MFT Group of Companies has launched a new product that provides the employees of its partner-companies a platform for quick, hassle-free salary loans.
The Quick Loans Online (QLO), a loan facility under MRACC Credit Corp., has fully automated processes accessible via its portal qlo.com.ph, making it much easier for the availing employees to track their finances. Its application dashboard enables the user to see upcoming payment dues and payment history.
“Motivating and sustaining energies of companies’ talent pool are vital. Through QLO, the MFT Group extends resources to our partner companies to help them cross over challenging times and keep their focus on their respective missions,” said MFT Group Chief Executive Officer Mica F. Tan.
Given the increasing number of the unbanked and the underserved portions of the country’s population, majority of Filipinos do not have sufficient savings.
With this in mind, QLO offers employees a credit line for their urgent financial needs, according to MFT Group Vice President for QLO Mary Ruth A. Oquendo.
“We understand the stress of having insufficient funds for something important, so this option to borrow during a time of need can be a saving grace that companies can offer their employees. QLO enables companies to swiftly respond to their people’s urgent financial needs,” she explained.
“We also offer this service to companies outside Metro Manila. We want our offer to reach the people who need it and be accessible to as many Filipinos as possible,” Oquendo added.
Working with a company’s Human Resources (HR) department, QLO makes its processes as seamless as possible for partner-firms and provides them with customized offers. Disbursement of loan proceeds to qualified employees takes a period of 24 hours upon endorsement of their respective HR groups.
Borrowers may choose the payment terms that they deem fitting for their paying capacity. Terms range from three to 12 months to fully settle their accounts. Loan settlement is automatically deducted from their monthly salary.
QLO offers companies customized facilities as additional perks that boost employee morale with the flexibility and ease of the processes. Collaborating with Sun-Life, it is the only facility that gives eligible borrowers personal accident insurance valid for one whole year.
Partner-companies must have at least 100 regular employees. But the group has its own ways of assisting those with a lesser number.
Rates are affordable with QLO. Loans are also wired to the employee’s payroll bank account within days of processing the loan with a company’s HR.
QLO is a member of Fintech Philippines Association and is registered with the Securities and Exchange Commission and the National Privacy Commission.