Apply for Loans as Low as PHP 100 for Daily Essentials
In a pioneering move to support underserved and unserved Filipinos, leading finance app #GCash, through its lending arm Fuse, has expanded its GLoan feature with the introduction of #GLoan Sakto. This innovative fintech solution is designed to empower Filipinos, especially in the D&E sectors, by providing affordable loans for day-to-day essentials. #GLoanSakto
Empowering Filipinos with Financial Solutions
GLoan Sakto is part of GCash’s commitment to developing meaningful financial solutions that cater to the everyday needs and long-term financial well-being of many Filipinos. This initiative aims to help Filipinos thrive every day through responsive and inclusive digital services.
According to the 2021 Financial Inclusion Report by Bangko Sentral ng Pilipinas (BSP), approximately 43% of the Filipino adult population rely on informal sources for borrowing money for daily expenses. This highlights a significant lack of access to formal financial services, as only 22% of Filipinos are served by formal credit institutions. The heavy dependence on informal lending for everyday needs, such as transportation and school expenses, underscores the urgent need for more inclusive financial solutions to improve accessibility and reduce reliance on potentially strained personal relationships.
Bridging the Financial Gap
GCash aims to bridge this financial gap with GLoan Sakto. Filipinos can benefit from GCash’s nano loans by gaining quick and easy access to funds for daily essentials without relying on informal sources or straining personal relationships. This service offers a structured and reliable way to manage small, urgent financial needs, enhancing financial inclusion and convenience.
Loan Details
- Loanable Amounts: PHP 100 and PHP 300
- Repayment Period: 14 days
- Processing Fees: PHP 6.5 and PHP 19.5, respectively
- Interest: No interest charged
More than just a loan product, GCash envisions GLoan Sakto as a stepping stone for Filipinos toward lasting financial freedom. It helps users build their creditworthiness, eventually graduating them to GCash’s core loan offerings, such as GCredit, GGives, and GLoan, thereby integrating them further into the formal financial system.
Transformative Leap in the PH Lending Landscape
The launch of GLoan Sakto marks a transformative leap in the lending landscape in the Philippines. By seamlessly integrating accessible, nano-sized loans into the everyday financial practices of millions, especially the lowest income segments of Filipino society, GLoan Sakto has broadened financial inclusion and empowered individuals with the tools needed for personal growth and stability. This innovative solution has significantly boosted lending activity, driving economic participation and fostering a more dynamic, resilient financial ecosystem in the country.
For instance, 3 out of 4 first-time borrowers return for additional loans, setting a new standard for financial integrity and customer confidence. Likewise, 9 out of 10 borrowers repay their loans on time, despite having no prior formal credit line, and 15% of unique borrowers have already taken out more than five loans. By enabling Filipinos to easily and conveniently borrow loans using only their mobile phones, GLoan Sakto has simplified the borrowing process and cultivated a renewed sense of trust among borrowers, demonstrating a commitment to responsible lending and contributing to a more credible and inclusive financial landscape.
As GCash continues its mission to foster financial inclusion, GLoan Sakto stands as a significant milestone, particularly in serving the most marginalized sectors of society. 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.
FAQs
Q: What is GLoan Sakto? A: GLoan Sakto is a nano loan feature by GCash that offers loans as low as PHP 100 to help Filipinos with day-to-day essentials.
Q: How much can I borrow with GLoan Sakto? A: You can borrow amounts of PHP 100 and PHP 300.
Q: What are the repayment terms for GLoan Sakto? A: The loans are payable within 14 days with a processing fee of PHP 6.5 for PHP 100 loans and PHP 19.5 for PHP 300 loans. No interest is charged.
Q: How can I apply for GLoan Sakto? A: You can apply for GLoan Sakto through the GCash app. Simply follow the instructions to apply for a loan.
Q: What is the purpose of GLoan Sakto? A: GLoan Sakto aims to provide quick and easy access to funds for daily essentials, helping Filipinos manage small, urgent financial needs and build their creditworthiness.