GCash disburses over P2.5-B in cash loans in 10 months

ABS-CBN News

Posted at Jun 13 2022 11:02 AM

MANILA - GCash on Monday said it has released over P2.5 billion in cash loans within 10 months since the launch of its lending feature GLoan.

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, it said. 

“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,” GCash president and CEO Martha Sazon said.

Digital solutions aim to curb the prevalence of informal lending and other forms of financial services unsupervised by the central bank, such as "five-six", which usually charges exorbitant interest rates. 

GCash said it also offers a "buy now, pay later" service.

It said it has partially deployed the $300 million funding it has secured in November.

GCash earlier said it now has over 60 million registered users nationwide.

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