What is PayMongo Capital?

Learn how you can get a loan via Flexible Financing in partnership with GoTyme Bank.

Pam avatar
Written by Pam
Updated over a week ago

Running a business is never easy, and sometimes, you just need a financial push to grow your business and operate on the next level. PayMongo Capital, created in partnership with GoTyme Bank, allows you to easily access a loan via your PayMongo Dashboard. The best part is there's no added fee as processing is FREE!

PayMongo Capital provides:

  • A simple, 3-step digital journey to access working capital

  • Funds will be disbursed to your registered bank account in 1 business day

  • Hassle-free loan repayments, auto deducted from a portion of your sales

Note: It may take 1 - 2 more business days to receive your loan depending on how fast your bank can process it. 💰

How does this work?

This is enabled through a simple, 3-step digital journey:

How can I view my loan offer?

PayMongo Capital eligibility will be subject to review and approval from GoTyme Bank. If you qualify, you'll receive an email notification confirming your eligibility for a loan.

After a notification has been sent, you can log in to your PayMongo dashboard, click on the Capital tab on the sidebar, where you may view your offer and accept the Flexible Financing by clicking on the “Accept Flexible Financing” button.

Note: Your account is re-evaluated regularly for loan eligibility. ✔️

How will I receive my loan?

After accepting the loan offer, GoTyme will process your loan for disbursement into your registered bank account.

Note: The registered bank account information is based on the designated bank account of the merchant's PayMongo account. 🌱

How will I repay my loan?

Once the funds have been successfully disbursed, PayMongo will collect the loan repayment due by automatically deducting a fixed percentage of your gross sales. Loan repayment will start the next day after receiving the loan and will be collected from your daily sales.

Here’s an example of how the loan repayment works:

🤫 Quick Tips:

  • If a merchant's sales are continuously high, they can pay off the loan earlier than expected due to larger daily loan repayment.

  • If a merchant's sales are continuously low, loan repayment may take longer than the expected due date of the loan term. There will be no late payment fees or penalties charged to the merchant in this case. Auto-deductions towards loan repayments will continue until the outstanding balance has been fully paid.

Note: Merchants can only avail of one loan offer at a time. Once merchants have paid off their first loan, GoTyme will assess their eligibility for another offer based on their loan repayment behavior. PayMongo will then notify merchants of their updated eligibility. ✔️

How do I qualify for PayMongo Capital?

Your eligibility and the maximum loanable amount are evaluated based on your transactional activity with PayMongo. The more you regularly transact with PayMongo, the higher your likelihood of qualifying for PayMongo Capital.

What are the loan terms?

The maximum loan amount and loan term eligible for you to borrow will depend on GoTyme’s credit risk framework. This will be displayed in the email notification that you will receive if you qualify for PayMongo Capital. Based on your determined maximum loan amount, you can then decide on the loan amount that you want to borrow. Typically, loan tenors can be selected between 3 to 12 months but may vary by loan offer.

Do you have more questions in mind regarding PayMongo Capital? Feel free to send an email to [email protected] so we can assist you! 🌱

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