For Maya Easy Credit, you have a payment term of 30 days as it functions as a credit line. This means you typically repay within approximately one month.
Maya offers different credit products, and the payment terms vary depending on the specific product you utilize. It's important to distinguish between Maya Easy Credit and Maya Personal Loan as they have different structures and repayment periods.
Understanding Maya Easy Credit
Maya Easy Credit operates as a revolving credit line. When you use Maya Easy Credit, you have access to a credit limit that can be borrowed multiple times, and each borrowed amount is typically due within a 30-day period. This structure allows for flexibility as you only pay for what you use, and once repaid, the credit line becomes available again for future use.
Key Characteristics of Maya Easy Credit:
- Loan Term: A 30-day credit line.
- Credit Limit: Up to ₱30,000.
- Frequency: You can borrow multiple times, provided you stay within your credit limit and manage your repayments.
Maya Personal Loan vs. Maya Easy Credit
While the term "Maya credit" might broadly refer to any credit offering from Maya, it's crucial to understand the distinct features and repayment schedules of their primary credit products. The table below highlights the differences between Maya Personal Loan and Maya Easy Credit:
| Feature | Maya Personal Loan | Maya Easy Credit |
|---|---|---|
| Loan Term | Up to 24 months | 30-day credit line |
| Credit Limit | Up to ₱250,000 | Up to ₱30,000 |
| Borrowing Style | Only 1 loan at a time | Borrow multiple times |
For a more detailed comparison, you can refer to the official Maya support page on How is Maya Personal Loan different from Maya Easy Credit?.
Understanding Maya Personal Loan
In contrast to Maya Easy Credit, the Maya Personal Loan is a fixed-term loan designed for larger expenses. With a Personal Loan, you receive a lump sum and repay it over a set number of months through regular installments.
Key Characteristics of Maya Personal Loan:
- Loan Term: You can choose a repayment period of up to 24 months.
- Credit Limit: Up to ₱250,000.
- Frequency: You can only have one Personal Loan outstanding at a time.
In summary, when discussing "Maya credit," if you are referring to Maya Easy Credit, the payment term is a 30-day period. If you are considering a Maya Personal Loan, the payment terms can extend up to 24 months.
