Frequently Asked Questions

Flash Loans and Easy Loans

What is a Flash Loan?

One of our Loan Products is the Flash Loan. This type of loan can be availed within 5 days before the borrower’s expected payday. Borrowers can only borrow from 500 to 3000 PHP with 10% interest. As soon as the borrower’s salary is disbursed through SALPay, the system automatically collects the Principal and the Interest from the borrower’s SALPay account balance.

What is an Easy Loan?

Easy Loan is a type of Loan offered by SALPay with higher amounts and longer terms. Borrowers can request for a loan by simply stating the amount, purpose, and terms. The lenders will then be able to counter offer or reject the request of the borrower. The offer can be different from what the borrower has applied for. The amount can be higher or lower and the terms can be shorter or longer. The lender’s decision for the loan offers is based from the employment details of the borrower.

How do I apply for a Flash Loan?

You can apply for a Flash Loan using the SALPay app or Salarium’s Self-Service Portal. To borrow money, log in to your ESS or through the SAL Pay app. Choose Flash Loan and select the amount that you want to borrow from 500 to 3000 PHP. After choosing an amount, a screen will pop out displaying all your loan details. Upon accepting the Terms and Conditions, the amount you chose will be disbursed instantly to your SALPay wallet.

Who provides Easy and Flash loans?

Flash Loans and Easy Loans are issued by third-party lenders — not by your employer or by SALPay/Salarium. SALPay simply serves as the platform for our partner lenders to receive loan applications, verify identities of potential lenders, and collect loan repayments. This arrangement lets you apply for and repay loans anytime and anywhere — using just your smartphone.

How do I apply for an Easy Loan?

You can apply for an Easy Loan using the SALPay app or Salarium’s Employee Self-Service Portal. For users on the ESS, log in, click on wallet, fill in the details of your loan request and click Request. For those using the app, sign in, click the Apply button under Easy Loan, fill in the details of your loan request and click Request Loan.

How long does it take for lenders to review my Easy Loan application?

Lenders have up to 7 days to review your Easy Loan application before it expires. If your application doesn’t get approved after 7 days, you can try to apply again. Please note that the approval of Easy Loan applications solely depends on our partner lenders.

Why did my Easy Loan request expire?

An Easy Loan application expires when our partner lenders are unable to make a loan offer that suits your needs. Expiry does not necessarily mean rejection. You can still apply for an Easy Loan again after your first request expires.

Why was my Easy Loan request rejected?

The Easy Loan request is rejected according to the lender’s discretion. When this happens, you may always try again with another amount or terms.

How do I cancel my Easy Loan application?

You can cancel your pending Easy Loan application by clicking the “Cancel” button below your loan application as displayed on the SALPay app or Salarium’s Employee Self-Service Portal.

If you do not want to accept a loan offer, click “Reject.” Please note that you can longer cancel or reject a loan offer that you already accepted.

How to accept or reject Easy Loan offers from lenders?

You will receive an email containing the terms and conditions of a loan offer as soon as a lender decides to offer you one. You may also receive more than one loan offer.

If you fully accept the terms and conditions of a loan offer, click “Approve.” If you receive multiple loan offers, approving one of them will automatically reject the others. This ensures that you are bound by only one Easy Loan agreement.

After you approve a loan offer, the amount of money that you borrowed will immediately be reflected in your account balance. You can no longer cancel a loan at this point so please review your loan offers wisely.

When and how do I receive the Easy Loan money?

After you accept a loan offer, the amount of money that you borrowed will immediately be reflected in your account balance. You can no longer cancel a loan at this point so please review your loan offers wisely.

How do I view the details of my Easy Loan?

The details of your Easy Loan, which includes (1) the principal loan amount, (2) interest rate, (3) outstanding balance, (4) next amount due, and (5) due date, can all be found at the following.

  • SALPay app
  • Go to Home Screen > Easy Loan > View
  • Employee Self-Service Portal
  • Go to Home Screen > Wallet

How do I repay my Easy Loan?

Your balance due is automatically deducted around your due date as indicated in your loan agreement and in the Next Payment Due portion of your loan summary. Please make sure that your account has sufficient balance to cover your repayment.

What if my account balance is not enough to cover my repayment due?

If you have a loan repayment due but do not have enough balance in your SALPay account. you can contact SALPay Support Team at support@salpay.com to make your repayment through a bank deposit. Make sure to repay your Easy Loan on time to maintain a good credit history and avoid penalty charges.

How will I repay my Easy Loan if I resign or get terminated?

Since your loan repayments are deducted from your disbursed salary, resigning or getting terminated will stop salary disbursements, leaving your outstanding Easy Loan balance, if you have any, unpaid. You can repay your loan manually, i.e. through bank deposit, by contacting SALPay Support Team at support@salpay.com.

Will my employer be held responsible for my loan if I cannot make a repayment?

Your employer will not be held responsible for your loan if you cannot make a repayment. The terms governing your loan is something you have personally accepted. This frees your employer from any obligation to repay your balance in the event you lose the ability to make a repayment.

What if I fail to make more than one scheduled repayment?

In the event that you miss too many scheduled repayments, you will be blacklisted. At this point, the lender will determine the appropriate action to take based on its collection policies. The lender may resort to other collection attempts or even to legal action, which makes you incur extra costs and penalties. Please be advised that, in such cases, your employer and SALPay will not be involved, as the loan agreement was made only between you and the lender.

What if my employer stops disbursing salary through SALPay?

If your company decides to stop using SALPay for salary disbursement, you may contact SALPay Support Team at support@salpay.com to arrange manual repayments, i.e. through bank deposit. This helps you avoid penalty charges, and a bad credit history. Please be advised that a loan agreement is only between you and the lender, so repayment methods other than salary deduction via SALPay should be made through your best efforts.

Why can I not have an Easy Loan and a Flash Loan at the same time?

This is a decision made by lending companies and SALPay to ensure responsible borrowing. It is our way of protecting you from the ill consequences of borrowing more than you can repay.

Who can make Manual Loan Payments?

Manual Loan Payments are accepted for borrowers who were not able to settle their repayment balance via the SALPay app. The following are the only cases entitled to making manual loan payments:

  • If the borrower’s employer failed to disburse through SALPay.
  • If there are any technical errors or system updates that affect the disbursement of the borrower’s salary through SALPay.
  • If the borrower’s closed loan has a remaining balance.
  • If a terminated borrower wants to pay their loan.

What are the general rules for Manual Loan Payments?

  • Payments should be made out to Salarium.

SALARIUM BANK ACCOUNT

Bank: Union Bank

Account Name: SALARIUM PAYMENTS CORP.

Account Type: Checking Account

Account Number: 000830013787

  • Manual Loan Payments take 3 business days to process.
  • Borrower must pay ON or BEFORE the due date to avoid penalties.
  • Borrower must pay the exact amount due for the amortization.
  • Excess amount in manual loan payments will be forfeited.
  • Partial payments will not be processed.
  • The date of the transaction for manual loan payments is based on the date on which the slip is sent by the borrower.
  • The penalties generated for late payments will be added to the next amortizations.
  • Penalties are 5% of the previous principal balance.

The table below explains how grace period and penalties are applied for Manual Loan Payments:

Example Due Date: 15th of the month

Manual Loan Payments
Due Date Grace Period (+3 days upon scheduled due date) Reflection of Payment (+3 business days upon Manual Loan Payment Date) Penalized
15th 16th-18th
Manual Loan Payment
15th 16th-18th 18th No
16th 16th-18th 19th Yes
14th 16th-18th 17th No
15th (Saturday) 16th-18th 20th Yes
15th (Sunday) 16th-18th 19th Yes