GCash loan disbursements reach PHP 2.5 billion in 10 months

Gcash, the country's leading mobile wallet, has already disbursed PHP2.5 billion in cash loans, 10 months after the launch of GLoan.

Mobile wallet GCash

GLoan records strong demand

The company said in a statement the huge figure echoes Filipinos' demand for "affordable and fair lending rates".

With GLoan, pre-qualified users can tap loans ranging from PHP 1,000 to PHP 50,000. The loans are payable in five, nine, or 12 months, it noted.

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.

Aside from GLoan, the platform also has the “buy now, pay later" service, dubbed as GGives, allowing users to make immediate purchases without shelling out cash or using a credit card.

Last year, GCash secured USD 300 million in new funding, aimed at expanding its operations, including its loan services.

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.

The company earlier said 83 percent of the Philippine adult population, or 60 million Filipinos, have GCash accounts. Just in March alone, its gross transaction value breached the PHP500-billion mark.

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