GCash serves 1M borrowers, disburses P40B in loans
Archpresspk.com | GCash serves 1M borrowers, disburses P40B in loans | GCash continues to work on making financial services accessible, affordable, and easy to understand by the masses by disrupting traditional banking.
For one, it has made borrowing more attainable for Filipinos in need of financial support as many recover from the impact of the pandemic. 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 end June.
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. 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.
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.
“The company’s good performance has been driven by continuous innovation. 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 CEO.
GCash is the leading e-wallet service in the country and is the only double unicorn startup in the Philippines with a valuation of $2 billion.
To learn more about GCash, visit https://www.gcash.com/.