GCash disburses P40-B loans – Manila Bulletin
GCash has disbursed more than 40 billion pesos in loans after expanding into more loan products like GLoan and GGives, the e-wallet service announced on Monday, September 26.
In total, with GCredit, GLoan and GGives, GCash had one million active borrowers at the end of June.
GLoan offers pre-approved access to cash loans of up to P25,000 instantly.
It does not require any collateral and allows borrowers to choose their payment terms between 9 and 12 months.
On the other hand, GGives is a buy now, pay later solution with affordable payout terms of up to 24 gives in 12 months.
Users can purchase up to 125,000 pesos worth of items from partner merchants to enjoy flexible payments with low interest rates.
GCredit is a revolving mobile line of credit on the GCash app that can also be used to pay for goods and services.
Apart from loans, GCash offers other financial products such as GSave, GInsure and GInvest.
In the first half of the year, GSave accounts reached more than 3.3 million, with one in five banked Filipinos already having a GSave account.
For its part, insurance provider GInsure has sold more than 2 million policies to date.
It has over 24 product offerings, ranging from health and online shopping to vehicles and pets, as it has partnered with over 10 reputable names in the industry.
Meanwhile, the GInvest investment marketplace registered more than 3.4 million investors in the first half of the year, with about one in five mutual fund investors in the country already on the GInvest platform.
It also has seven local and global funds.
“The company’s strong performance is due to continuous innovation,” said Martha Sazon, President and CEO of GCash.
“Services that have disrupted the payments space have further undergone innovation, whether in savings, investing, insurance and lending,” she explained.
“We partner with and trust the most innovative and important market players as we continue to pursue financial inclusion.”
GCash is the country’s leading e-wallet service and the only dual unicorn startup in the Philippines with a $2 billion valuation.
SUBSCRIBE TO THE DAILY NEWSLETTER
CLICK HERE TO JOIN