GCash Surpasses PHP 2.5 Billion in Loan Disbursements Within 10 Monthsby Fintech News Philippines June 14, 2022
Philippines’ mobile wallet GCash has disbursed more than PHP 2.5 billion in cash loans in just 10 months since the launch of GLoan.
According to GCash, this reflects the significant demand for affordable and fair lending rates among Filipinos.
Offering low and easy payment schemes, GLoan allows pre-qualified users to apply for loans from PHP 1,000 to PHP 50,000. The repayment period varies from five, nine or 12 months, with no other requirements needed.
GLoan uses its in-house trust platform GScore for credit scoring purposes.
Meanwhile, GCash’s buy now, pay later (BNPL) offering GGives has disbursed PHP 345 million from December 2021 to May 2022 with 85,000 merchants.
GLoan and GGives are among the priority businesses of GCash.
The mobile wallet has already partially deployed the US$300 million funding it secured late last year to grow its lending operations, improve the platform, and further scale its business.
“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.
We have not fully deployed the capital raised, and we plan to do so by further investing in our lending initiatives, our wealth management aspirations, and the digital ecosystem in rural areas in the country,”
said Martha Sazon, President and CEO of GCash.