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RCBC introduces new salary advance loan facility via its mobile app

Business

RCBC introduces new salary advance loan facility via its mobile app

By MB Business

Rizal Commercial Banking Corp. (RCBC) remains at the forefront of digital innovation with the launch of its groundbreaking, all-digital and real-time salary loan facility, Payday NOW.

With Payday NOW, RCBC payroll customers can conveniently and easily receive an advance portion of their next period salary all via its new mobile app - RCBC Pulz.

Qualified payroll customers can advance up to 40% of their monthly salaries with just a few taps in the mobile app and receive the funds in their payroll accounts real time. Payment will automatically be deducted from their upcoming salary credit, payable in two paydays or maximum of 45 days.

RCBC President & CEO Eugene S. Acevedo said the facility provides clients an immediate and affordable access to cash during their ‘petsa de peligro’, emergencies or when incurring expenses that cannot be covered by their available funds.

“RCBC Payday NOW enables our clients to conveniently access funds when they need it the most. Harnessing the power of digital and artificial intelligence, this is one of the many exciting products we continue to design with our customers’ needs in mind,” Acevedo added.

RCBC Credit Cards and Personal Loans Head Arniel Vincent B. Ong added that aside from the benefit to customers, RCBC Payday NOW also helps employers provide a loan benefit to their employees without the burden of administrative work on the employer that is usually required for traditional salary loan products, further strengthening RCBC’s payroll advantage.

"We are happy to be working with our partner payroll companies as we enable this feature for their employees. This is only the first step in a series of digital loan products that we are rolling out for our customers and the market at-large,” he added.

Companies interested to open an RCBC payroll relationship may email [email protected].

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