Ayala-backed mobile e-wallet GCash wants to expand its lending business to bring accessible financial services and products to more Filipinos, aiding their recovery from the pandemic.

In a statement, GCash said it seeks to make borrowing easier for Filipinos in need of financial support through lending products like GCredit, GLoan and GGives, which altogether have about a million active borrowers as of end of June 2022.

"We at GCash remain committed to empowering Filipinos to pay for everything they want and need conveniently. With our suite of lending products, more people can manage their finances better and live the life they deserve," GCash chief customer officer Winsley Bangit said on Tuesday.

"GGives, GCredit and GLoan are available for fully verified GCash users with a good GScore standing. To increase your GScore, maintain a healthy account balance by cashing in regularly, and use various GCash services such as Pay Bills, Send Money, and Pay Online," Bangit added.

Pre-approved access

GLoan provides pre-approved access to up to P25,000 cash loans instantly. It does not require any collateral and allows borrowers to choose their payment terms of between 9 and 12 months.

Meanwhile, GGives is a buy now, pay later solution with affordable installment terms of up to 24 "gives" in 12 months. Users may shop up to P125,000 worth of items at partner merchants to enjoy flexible payments with low-interest rates.

GCredit is a revolving mobile credit line included in the GCash app that can also be used to pay for goods and services. Aside from lending, GCash has other financial products such as GSave, GInsure and GInvest.

GCash has likewise breached the P3-trillion mark in gross transaction value or GTV in the first half of the year, which reflects the strong growth momentum of the digital financial space.

Also, GCash disbursed more than P40 billion worth of loans during the first half of the year. A financial super app with a full suite of services including cash loans and buy-now-pay-later products, it is the lone double unicorn in the Philippines valued at over $2 billion.