Financing company UnaPay, registered in the Philippines under the business name Digido Finance Corp., is helping Filipinos overcome financial challenges by offering salary loans to mid-income employees through their companies.
While Lazada loans provide funds to customers in the form of Lazada Credits, UnaPay Salary Loans offers financial assistance to companies’ employees in times of emergencies and financial needs – sans the stringent application process and collateral.
UnaPay Salary Loans: What is it and how does it work?
UnaPay Salary Loans is a type of money lending service where employees of UnaPay’s partner companies can apply for loans from ₱2,000 to ₱100,000 that they can repay in installments from 2 to 12 months with flexible loan terms and an interest rate of 5% monthly.
As soon as an interested company is onboarded and integration of UnaPay Salary Loans is completed, employees from 21 to 60 years old can submit a completed application form with one (1) valid ID, and 1 company ID. Typically, it takes 24 hours for the loan application to be processed and approved.
What are the advantages of UnaPay Salary Loans?
- Safe and reliable
Getting a loan from a pawn shop or loan sharks may give employees the initial relief of instant cash, but the long-term impact of these loans may do more harm than good.
Salary loan options also save the employee from potential harassment when loan sharks collect their dues. Though receiving calls from loaners are natural in the loan collection process, verbal and physical harassment is never acceptable.
UnaPay Salary Loans allows the employees to choose the installment terms that best suit their financial capabilities. For employees who still find it difficult to repay their loans, UnaPay assists employees by offering payment options to make sure their loan does not incur more debt due to penalties.
- Faster integration, onboarding, and approval
Depending on the company’s existing processes and their submitted documents, the integration and onboarding process can take as little as a week to complete.
- Easy application for employees
Employees interested in applying for UnaPay Salary Loan can skip the stringent paperwork and complete the application process with just a completed application form, 1 valid government ID, and their company.
Once approved, employees will receive the full amount of their loan within 24 hours; no service fees or additional charges will be deducted from the loan amount.
- Easy repayment options
- Auto-debit arrangement with HR and Payroll
Loan repayments are easier through auto-debit arrangements with the company HR and accounting department. UnaPay Salary Loan will send the statement of accounts every cut off and employee loans will be automatically deducted from their salary.
- Employees can pay thru partner banks and outlets
Employees are still given the option of settling their monthly dues online and over-the-counter through banks and outlets in partnership with UnaPay. Learn more about them here.
- No collateral or contribution needed to apply
Collaterals are common themes among loans as a form of insurance in case the borrower fails to repay their loan. Other salary loans may require the applicant to have a certain number of contributions to the lending company before they can apply for a salary loan. There is no such requirement for employees to apply for UnaPay Salary Loans. There’s also no need for the employees to pawn anything to apply, since UnaPay does not require any collateral from the employee.
Is UnaPay a legitimate financing company?