Electronic-wallet GCash yesterday said it has disbursed more than P40 billion worth of loans in the first half of the year.
In a statement, GCash, which has 66 million users, said it has logged one million active borrowers as it expanded to more lending products — GCredit, GLoan and GGives.
GCash said it has made borrowing more attainable for Filipinos in need of financial support as many recover from the impact of the pandemic, through its lending products.
“The services that have disrupted the payment space have further undergone innovations, whether in savings, investing, insurance, and lending. We partner with and are trusted by the most innovative and biggest market players as we continue to pursue financial inclusion,” said Martha Sazon, GCash president and chief executive officer.
GLoan provides pre-approved access to up to P25,000 cash loans instantly. It does not require any collateral and allows borrowers to choose their payment terms of between nine and 12 months.
On the other hand, GGives is a buy now, pay later solution with affordable installment terms of up to 24 “gives” in 12 months. Users may shop up to P125,000 worth of items at partner merchants to enjoy flexible payments with low interest rates.
GCredit is a revolving mobile credit line on the GCash app that can also be used to pay for goods and services.
Aside from lending, GCash has other financial products such as GSave, GInsure and GInvest.
As of the first semester, GSave accounts have reached more than 3.3 million, with one in five banked Filipinos already having a GSave account, the company said.
Insurance provider GInsure, meanwhile, has sold more than 2 million policies to date, GCash added. It has more than 24 product offerings, from health and online shopping to vehicles and pets, as it has partnered with more than 10 reputable names in the industry.
Investment marketplace GInvest has registered more than 3.4 million investors in the first half of the year, with around one out of five mutual fund investors in the country already on the GInvest platform. It also has seven local and global funds. – Myla Iglesias
