E-wallet platform GCash has disbursed over P2.5 billion in cash loans in just 10 months since the launch of its GLoan offering.
GCash said the amount disbursed reflects the strong demand among Filipinos for affordable and fair lending rates.
GLoan allows pre-qualified users to take loans from P1,000 to P50,000, which are payable in five, nine or 12 months, with no other requirements needed.
Offering low and easy payment schemes, 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,” GCash president and CEO Martha Sazon said.
“We want Filipinos, especially the unbanked, to have access to funds whenever they need it,” she added.
Meanwhile, GCash said its “buy now, pay later” proposition, GGives has disbursed P345 million from December 2021 to May this year with 85,000 merchants as partners.
The accessible installment offer was introduced to allow consumers to make immediate purchases without cash or credit card.
GCash said both GLoan and GGives are among the priority businesses of the company.
The mobile wallet has partially deployed the $300 million funding it secured late last year to grow its lending operations, improve its platform, and further scale its 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.
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