Philippines’ mobile wallet GCash announced that it has disbursed more than PHP 40 billion worth of loans as it expanded to more relevant lending products.
Taking into account its lending offerings GCredit, GLoan and GGives, GCash has logged one million active borrowers as of end June.
GLoan provides pre-approved access to up to PHP 25,000 cash loans instantly. It does not require any collateral and allows borrowers to choose their payment terms of between 9 and 12 months.
Meanwhile, GGives is a Buy Now, Pay Later (BNPL) solution where users have access to flexible payments with low interest rates when they shop up to PHP 125,000.
Lastly, GCredit is a revolving mobile credit line on the GCash app that can also be used to pay for goods and services.
GCash had recently announced plans to launch its in-app stock trading feature GStocks in partnership with the Philippine Stock Exchange (PSE) and brokerage AB Capital Securities.
“The company’s good performance has been driven by continuous innovation. The services that have disrupted the payment space have further undergone innovations, whether in savings, investing, insurance, and lending.
We partner with and are trusted by the most innovative and biggest market players as we continue to pursue financial inclusion,”
said Martha Sazon, GCash President and CEO.
