Skyro, a financial technology company, has formed a partnership with PalawanPay to provide cash loan services. PalawanPay is a financial app used by 20 million Filipinos for services such as money transfers, bill payments, and e-load top-ups.  

The partnership allows PalawanPay users to apply for Skyro cash loans directly through the PalawanPay application. Upon approval, users can receive loans up to PHP 250,000 in their PalawanPay e-wallet. Skyro offers repayment terms of up to 12 months. Users can use the loan for various financial needs.

Alexander Lelyanov, Skyro’s Head of Direct Sales, stated that the partnership aims to help more Filipinos achieve their financial goals through Skyro’s cash loans. He mentioned that the loans can support home improvement projects, businesses, and essential purchases.

Third Librea, CEO of PalawanPay, believes that the collaboration with Skyro will benefit Filipinos, particularly those with limited access to traditional banking services.

“We hope that our partnership with Skyro will help Filipinos achieve their financial goals or needs by making these financial products and services accessible to them,” Librea said.

To apply for a cash loan, PalawanPay users can click on the “Loans” feature within the app and select the Skyro option. Applicants must complete an application form, which Skyro will review. Approved funds are then credited directly to the user’s PalawanPay e-wallet.

To qualify for a Skyro loan, applicants must be Filipino citizens between 18 and 70 years old. They need a smartphone, a Philippine mobile number, and a verified PalawanPay account.

Applicants must also provide at least one valid government-issued ID. Acceptable IDs include SSS ID, Philippine passport, UMID, PhilSys, Driver’s licence, PRC ID, or Postal ID.

Skyro states that its collaboration with PalawanPay supports Filipinos in managing their finances. Skyro also reports that it has over 700,000 active loan customers nationwide.

Featured image credit: Edited from Freepik.