In just 10 months since the debut of GLoan, the leading e-wallet platform GCash has distributed more than USD 2.5 billion in cash loans. This shows the strong demand among Filipinos for inexpensive and fair lending rates.
GCash’s GLoan and GGives
GLoan offers pre-qualified consumers to accept loans ranging from PHP 1,000 to PHP 50,000 with affordable and simple payment plans. There are no further requirements, and the money is due in five, nine, or twelve months. To assess a borrower’s capacity to pay, GLoan uses the in-house trust platform GScore.
“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.
Furthermore, GCash’s “buy now, pay later” offer GGives has disbursed 345 million with 85,000 merchants from December 2021 to May 2022 since its accessible installment offer was released. This is a popular financing option among Filipinos, allowing them to make fast purchases without using cash or a credit card.
GLoan and GGives are two of GCash’s top priorities. It already used some of the USD 300 million in the capital it received late last year to expand its lending activities, develop the platform, and scale the business.
“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,” Sazon said.
Moreover, GCash is currently trusted by around 83 percent of the adult population in the Philippines, or 60 million Filipinos. Its merchant and social seller base has also expanded to five million, 2.7 times that of the first quarter of 2021, becoming GCash the Philippines’ largest cashless ecosystem.
Where to find the GLoan and GGives?
Lastly, if you need more information about GCash’s GLoan and GGives, just check the Financial Services category in the app itself. However, just make sure to check all the terms and conditions before proceeding with the loan.
