Financial super app GCash, together with Fuse Lending Inc., expanded their lending portfolio with the launch of “sakto” that enable users to borrow amounts as low as P100.
“Sakto Loans serves as an expansion of our suite of lending options GLoan, GCredit and GGives, which has provided users with a convenient way to borrow money with just a few taps on their phone,” said Tony Isidro, chief executive of Fuse, an affiliate of Globe.
A GCash study found that nine 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.
“We at GCash take great pride in the fact that our story and our success are written and rooted on the ground. We are deeply connected to all our customers,” said GCash chief executive Martha Sazon.
“We know them, we seek to understand their circumstances, and we are right there with them, providing digital solutions that ease the challenges of daily life,” she said.
