GCash offers 'Sakto' P300 loans for lower-income market | ABS-CBN
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GCash offers 'Sakto' P300 loans for lower-income market
GCash offers 'Sakto' P300 loans for lower-income market
MANILA -- GCash is offering its smallest loans for Filipinos in the lowest income classes.
MANILA -- GCash is offering its smallest loans for Filipinos in the lowest income classes.
With GLoan Sakto, users can borrow P100 or P300 with no interest, then pay it back within 14 days.
With GLoan Sakto, users can borrow P100 or P300 with no interest, then pay it back within 14 days.
Customers, however, will be charged a P6.50 processing for P100 loans, and a P19.50 fee for P300 loans.
Customers, however, will be charged a P6.50 processing for P100 loans, and a P19.50 fee for P300 loans.
GCash said this will allow Filipinos, especially in the D&E sectors, to buy their daily needs.
GCash said this will allow Filipinos, especially in the D&E sectors, to buy their daily needs.
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The fintech platform also said this gives its clients access to loans without relying on informal sources or straining personal relationships.
The fintech platform also said this gives its clients access to loans without relying on informal sources or straining personal relationships.
"With this new financial tool, we are not only addressing their immediate needs but are also helping users build a good credit history," said Tony Isidro, president of GCash lending arm Fuse.
"With this new financial tool, we are not only addressing their immediate needs but are also helping users build a good credit history," said Tony Isidro, president of GCash lending arm Fuse.
GCash said a good credit history will eventually allow users to borrow money from their other services like GCredit, GGives, and GLoan.
GCash said a good credit history will eventually allow users to borrow money from their other services like GCredit, GGives, and GLoan.
Citing data from the Bangko Sentral ng Pilipinas, the fintech firm said about 43 percent of Filipinos rely on informal sources for borrowing cash because only 22 percent of Pinoys are served by formal credit institutions.
Citing data from the Bangko Sentral ng Pilipinas, the fintech firm said about 43 percent of Filipinos rely on informal sources for borrowing cash because only 22 percent of Pinoys are served by formal credit institutions.
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