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Manila Bulletin devider Business devider GCash expands lending business

GCash expands lending business

Published Oct 11, 2022 08:45 am

Mobile e-wallet GCash is expanding its lending business into GLoan and GGives, disbursing over P40 billion loans as of mid-2022, to provide more options for Filipinos to manage their finances.

“We empower Filipinos to pay for everything they want and need conveniently,” GCash Chief Customer Officer Winsley Bangit reiterated.

“With our suite of lending products, more people can manage their finances better and live the life they deserve,” he added.

GGives allows GCash users to buy-now-and-pay-later for items worth up to P125,000 from GCash-partnered merchants.

For more funds, GCash offers GCredit which offers a credit line on other services of GCash, such as Scan to Pay, Shop Online, and Pay Bills.

Borrowers can avail of a P30,000 credit line in over 20,000 stores, billers, and online merchants and pay 5 percent pro-rated interest rate.

Those with business endeavors and other immediate financial needs can borrow up to P125,000 from GLoan to be paid on installments of P265 a month.

"GGives, GCredit, and GLoan are available for fully verified GCash users with a good GScore standing," says Bangit.

"To increase your GScore, maintain a healthy account balance by cashing in regularly, and use various GCash services such as Pay Bills, Send Money and Pay Online," he advised.

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.

GCash (G-Xchange, Inc.) has 69M registered users in its GCash App, over 1,600 partner billers nationwide and more than 5.2M partner merchants and social sellers.

GCash is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.), the first and only duacorn in the Philippines.

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