Investing in innovations that help move people forward, the MFT Group of Companies launches QLO or Quick Loans Online, a loan facility under MRACC Credit Corp. QLO gives partner companies the facility to provide employees access to quick, hassle-free salary loans.
QLO has fully automated processes accessible through its website qlo.com.ph, making it much easier for employees to track their finances. The application dashboard allows the user to see upcoming payment dues and payment history.
MFT Group is a private equity firm that invests in family legacy businesses. Its diverse portfolio includes, among others, firms in financial services, healthcare and food sectors. In fulfilling its mission, it has taken upon itself, through QLO, to respond to the challenges faced by partner firms in providing credit to their employees.
“Motivating and sustaining energies of companies’ talent pool are vital. Through QLO, the MFT Group extends resources to our partner companies to help them cross over challenging times and keep their focus on their respective missions,” says Mica Tan, chief executive of the MFT Group.
Mary Ruth Oquendo, vice president for QLO, says, “Majority of Filipinos do not have sufficient savings, and QLO offers employees a credit line for their urgent financial needs.”
“We understand the stress of having insufficient funds for something important, so this option to borrow during a time of need can be a saving grace that companies can offer their employees. QLO enables companies to swiftly respond to their people’s urgent financial needs,” says Oquendo.
“We also offer this service to companies outside Metro Manila. We want our offer to reach the people who need it and be accessible to as many Filipinos as possible,” she says.
Disbursement of loan proceeds to qualified employees takes a period of 24 hours upon endorsement of their respective human resource groups. Employees of partner firms may also choose the payment terms that they deem fitting for their paying capacity.
Terms range from 3 to 12 months to fully settle their accounts. Loan settlement per month is automatically deducted from their monthly salary, making it hassle-free.
QLO offers companies customized facilities as additional perks that boost employee morale with the flexibility and ease of the processes.
Collaborating with Sun-Life, QLO also gives eligible borrowers personal accident insurance valid for one whole year. QLO is the only salary loan provider with this additional benefit.
Working in close collaboration with a company’s human resources department, QLO makes its processes as seamless as possible for partner companies and provides companies with customized offers. QLO works with companies to find options that best suit them.
QLO looks at partnering with companies preferably with at least 100 regular employees though it also studies ways of assisting those with a lesser number.
Lack of preparation for emergency financial needs brings Filipinos to borrow from facilities with extremely high interest rates.
With QLO, rates are affordable. Loans are also wired to the employee’s payroll bank account within days of processing the loan with a company’s HR, making it a cushion for an employee’s unwanted anxieties.
QLO is a member of Fintech Philippines Association and is registered with the Securities and Exchange Commission and the National Privacy Commission.