In a pioneering move to help underserved and unserved Filipinos quickly bridge the gap between daily essentials and take the first step towards creditworthiness, leading finance app GCash, through its lending arm Fuse, has unveiled the expansion of its GLoan with an extended feature: the GLoan Sakto. This game-changing fintech innovation empowers Filipinos, especially in the D&E sectors, to afford day-to-day essentials.
GLoan Sakto embodies GCash’s commitment to providing inclusive digital services that support Filipinos’ daily needs and long-term financial well-being.
The 2021 BSP Financial Inclusion Report reveals that 43% of Filipino adults depend on informal borrowing, with only 22% accessing formal credit services. This dependence on informal lending for daily needs underscores the urgent need for more inclusive financial solutions.
This is the financial gap that GCash aims to bridge with GLoan Sakto. GCash’s nano loans offer Filipinos quick access to funds for daily needs, reducing reliance on informal sources and personal loans. This service offers a structured and reliable way to manage small, urgent financial needs, enhancing financial inclusion and convenience.
Loanable amounts for GLoan Sakto are P100 and P300, payable within 14 days. No interest is charged on the loan and borrowers only pay a processing fee of P6.5 and P19.5, respectively. More than just a loan product, GCash envisions GLoan Sakto as a steppingstone for Filipinos toward lasting financial freedom. It helps users build creditworthiness, leading to access to GCash’s main loans like GCredit, GGives, and GLoan, integrating them into the formal financial system.
“GLoan Sakto represents our commitment to empowering ordinary Filipinos with essential financial tools by providing them access to formal credit through this easy entry-level loan product. With this new financial tool, we are not only addressing their immediate needs but are also helping users build a good credit history,”
Fuse Lending president and CEO Tony Isidro.
Accessible nano-sized loans a transformative leap in the PH lending landscape
The launch of GLoan Sakto, Fuse, and GCash has marked a transformative leap in the lending landscape in the Philippines. GLoan Sakto broadens financial inclusion by offering nano-sized loans to millions, with 89% of users from low-income segments, 78% outside Metro Manila. This boosts lending, empowers personal growth, and strengthens the country’s financial ecosystem.
GLoan Sakto simplifies borrowing through mobile phones, with 75% of first-time borrowers returning, 90% repaying on time, and 15% taking out over five loans. This fosters trust and supports a more inclusive, responsible financial system.
GCash’s GLoan Sakto marks a key milestone in advancing financial inclusion, especially for marginalized sectors. It is a powerful tool in GCash’s ongoing effort to strengthen its role in nation-building through financial empowerment.
For more information on how to get started, visit www.gcash.com
