GCash has disbursed over 2.5 billion pesos in short-term loans in 10 months
GCash, Globe Telecom’s mobile wallet, has disbursed over 2.5 billion pesos in cash loans in the 10 months since the launch of GLoan, reflecting the high demand for affordable and fair lending rates among Filipinos.
“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 GCash President and CEO Martha Sazon.
GLoan, which offers low and easy payment schemes, allows pre-qualified users to take loans from P1,000 to P50,000. The amount is payable in five, nine or 12 months without any other requirements. GLoan uses the internal GScore trust platform to verify a borrower’s ability to pay.
Meanwhile, GCash’s ‘buy now, pay later’ proposition, GGives, disbursed P345 million from December 2021 to May 2022, with 85,000 merchants since it introduced its accessible installment offering.
A popular financing option among Filipinos, “buy now, pay later,” allows consumers to make immediate purchases without cash or credit cards.
GLoan and GGives are part of the priority activities of GCash. The mobile wallet partially deployed the $300 million in funding it secured late last year to expand lending operations, improve the platform and further grow the business.
“We have not fully deployed the capital raised, and we plan to do so by further investing in our lending initiatives, wealth management aspirations and digital ecosystem in rural areas of the country,” said Sazon.
About 83% of the adult population of the Philippines, or 60 million Filipinos, now trust GCash. Its merchant and social seller base grew to 5 million, 2.7 times more than in the first quarter of 2021, making GCash the largest cashless ecosystem in the Philippines.
GCash is a holding company of 917Ventures, a wholly owned subsidiary of Globe.