Leading e-wallet platform GCash has handed out more than P2.5 billion in cash loans in just 10 months since the launch of GLoan, reflecting the significant demand for affordable and fair lending rates among Filipinos.
Offering low and easy payment schemes, GLoan allows pre-qualified users to take loans from P1,000 to P50,000. The amount is payable in five, nine or 12 months, with no other requirements needed. GLoan uses the in-house trust platform GScore to check a borrower’s ability to pay.
“We want to make lending more accessible to consumers to prevent them from becoming victims of informal lenders who usually charge predatory rates. We want Filipinos, especially the unbanked, to have access to funds whenever they need it,” said Martha Sazon, GCash President and CEO.
Meanwhile, GCash’s “buy now, pay later” proposition GGives has disbursed P345 million from December 2021 to May 2022 with 85,000 merchants since its accessible installment offer was introduced.
A popular financing option among Filipinos, “buy now, pay later” lets consumers make immediate purchases without cash or credit card.