Gcash disburses P40B in loans

6:46 pm on 27 September 2022, Tuesday

GCash said it continues to work on making financial services accessible, affordable, and easy to understand by the masses by disrupting traditional banking.


In a statement, the popular mobile wallet app said it has disbursed more than P40 billion worth of loans as it expanded to more relevant lending products like GLoan and GGives.


With GCredit, GLoan and GGives altogether, GCash has logged one million active borrowers as of the end of June, the company added.


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 9 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. In addition, users may shop up to P125,000 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.


Insurance provider GInsure, meanwhile, has sold more than 2 million policies to date. 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.


Meanwhile, 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.


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