MANILA – GCash announced Monday that it has released more than 2.5 billion pesos in cash loans within 10 months of launching its GLoan lending feature.
The e-wallet said this signifies the demand for affordable and fair lending rates for Filipinos.
GLoan allows eligible consumers to borrow up to P50,000, which is then payable in 5, 9 or 12 months with no additional requirements, GCash said.
The feature uses the in-app GScore system to measure borrowers’ ability to pay, he said.
“We want to make loans more accessible to consumers so they don’t fall victim to informal lenders who typically charge predatory rates. We want Filipinos, especially those who are unbanked, to have access to funds whenever they need it,” said Martha Sazon, President and CEO of GCash.
The digital solutions aim to curb the prevalence of informal lending and other forms of financial services not supervised by the central bank, such as “five-six”, which typically charge exorbitant interest rates.
GCash said it also offers a “buy now, pay later” service.
It said it has partially deployed the $300 million in funding it secured in November.
GCash said earlier that it now has over 60 million registered users nationwide.