To further broaden financial accessibility, Fuse Lending Inc., the lending arm of finance app GCash, introduced a new addition to their lending services: GLoan Sakto. This nano-loan product enables Filipinos to borrow amounts as low as P100, catering to short-term needs and urgent expenses, all without the hassle of extensive documentation or lengthy application processes.
“By providing non-collateralized and affordable loan products such as GLoan, GCredit, and GGives through the GCash app, Fuse Lending has successfully supported almost 4 million Filipino loan borrowers,” said Tony Isidro, president and CEO of Fuse.
Fuse reported that it has disbursed over P118 billion in loans as of the end of 2023.
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According to a study by GCash, 9 out of 10 Filipinos require financial assistance but lack access to formal lending channels. To address this gap, Fuse has extended fair lending opportunities to individuals from various grassroots sectors, including farmers, sari-sari (neighborhood) store owners, public market vendors, and micro, small, and medium-sized enterprises.
GCash and Fuse recognize the role of digital financial tools in driving economic growth. GCash has expanded its network to include over 6 million partner merchants, facilitating credit and installment payments through the GCash app. At present it has a user base of over 94 million.