GCash, together with Fuse Lending Inc., recently introduced GCash Sakto Loans, a nano loan offer that enables GCash users to easily borrow small amounts as ‘pambale,’ as it seeks to provide more Filipinos with access to fair, easy and inclusive loan options without the need for bureaucratic paperwork.
This is definitely good news for folks who needs a little “breather” from financial obligations and with just the right amount, something that the borrower knows he or she can comfortably pay back in time.
A GCash study found that nine out of 10 Filipinos have to borrow money to make ends meet. But with the rigorous loan application process set by formal institutions and banks, more than half resort to borrowing from informal lenders with high interest rates and sometimes abusive collection practices.
During the GCash x Fuse: Borrow for Tomorrow, an immersive product showcase held in Maybank Performing Arts Theater last August 30, GCash officially introduced Fuse as its lending arm.
I took both of these photos when I attended the launch online. Please follow me on Instagram
Since 2016, Fuse has disbursed PHP 100 billion in loans and has helped over 3 million Filipinos achieve their dreams. With the inclusion of a nano-loan offer in its extensive lineup of lending products, GCash and Fuse hope to expand its vision of making financial services more accessible to Filipinos, including the unbanked.
GCash Sakto Loans for ‘sakto’ needs
GCash Sakto Loans is an extension of GLoan, GCash’s instant cash loan, and GGives, its light and flexible buy now pay later loan. With no additional minimum requirements needed, GCash Sakto Loans serves as an entry-level loan for those who are not yet eligible to borrow larger amounts on the app but are in need of small amounts to supplement their budget.
With a processing fee as low as PHP 6.50, GCash users may borrow amounts as small as PHP 100 up to PHP 1000 at zero interest, which could be paid either after 14 or 30 days.
Inclusivity through fair and easy loans
With its borrowing solutions, GCash hopes to level the playing field and provide equal opportunities for every Filipino. Its vision of bringing financial progress to everyone can be seen in the 85% of GCash users who come from C2DE or lower socio-economic classes, the 55% who are female, the 60% who come from the youth ages 19-35 years old and the 70% who are based outside Metro Manila.
How to access GGives, GLoan and GCredit
Login to your GCash account, go to your dashboard or find it under “Borrow.” Download the app on the Apple app store, Google Play store or Huawei app gallery.
Mindanaoan is a multi-awarded blogger, content creator, seasoned social media strategist and publicist with undeniably successful track record. 2012 International Visitor Leadership Program (for global leaders) alumnus and O visa grantee (for people with extraordinary skills and who have risen to the top of their field). Avid traveler and a proud relief operations volunteer. Regular resource person for social media, blogging and content creation. Available for work and travel – [email protected]