Fuse Lending and GCash Partner to Offer Nano Loans to Filipinosby Fintech News Philippines September 5, 2023
This new nano loan offering is designed to help Filipinos borrow small amounts of money conveniently without any paperwork.
GCash Sakto Loans is available to GCash users who are not yet eligible to borrow through GLoan and GGives.
Borrowers can borrow amounts as small as PHP 100 up to PHP 1000, with a processing fee from PHP 6.50. There is no interest charged on the loan, and it can be repaid either after 14 or 30 days.
The loan is available now through the GCash app. To apply, users can tap on the “Borrow” tab to see the terms and conditions of the loan, as well as the amount they are eligible to borrow.
Once they are approved for a loan, the money will be deposited into their GCash wallet immediately.
Since 2016, Fuse has disbursed PHP 100 billion in loans for over 3 million Filipinos.
Tony Isidro, CEO of Fuse said,
“Sakto Loans serves as an expansion of our suite of lending options GLoan, GCredit and GGives, which has provided users with a convenient way to borrow money with just a few taps on their phone.
Through access to fair lending, we are able to provide more Filipinos access to borrowing means that truly prioritises their needs. And we are grateful that in the course of helping borrowers nationwide, we have also grown three times more than we did in 2022.”
Martha Sazon, CEO of GCash said,
“We’re reimagining lending to ensure that it is not only hassle-free and convenient, but is also driven by the individual circumstances of our user base.
By putting their stories at our core, we hope to break down barriers so that Filipinos can access the loans that they need to support financial progress.”