GCash lending arm Fuse empowers underbanked Filipinos with P118 billion loans disbursed

Apr 8, 2024 #GCash lending

GCash lending arm Fuse empowers underbanked Filipinos with P118 billion loans disbursed

Fuse Lending, Inc., the credit arm of GCash, surpasses the PHP118 billion mark in life-to-date disbursed loans through the country’s number one finance app as of the end of 2023 – putting both institutions well on their way towards their shared mission of financial inclusion.

“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, helping millions of Filipinos achieve their financial aspirations and goals in a more convenient, easier, and simpler way,” said Tony Isidro, president and CEO of Fuse.

A GCash study found that nine out of 10 Filipinos need to borrow money, but do not have access to formal lending institutions and banks.

To date, Fuse has given access to fair lending to Filipinos from the grassroots sector such as farmers, sari-sari store owners, public market vendors, and other micro, small, and medium enterprises.

To help more Filipinos unlock their financial goals, Fuse and GCash introduced the latest addition to their lending service offerings – GLoan Sakto, a nano-loan product that can jumpstart Filipinos’ access to formal credit. With this, ordinary Filipinos can borrow as low as PHP100, to accommodate short-term needs or even the smallest-but-urgent expenses – all without requiring users to submit numerous documents and undergo tedious application processes.

With a shared mission to foster financial progress for all, GCash and Fuse recognize that digital financial tools and services that enable enterprises big and small to serve their customers and employees are vital for economic growth.

GCash has onboarded over 6 million partner merchants, including key partners like Puregold and TikTok Shop. Over 49,000 stores nationwide make it possible to pay for purchases with credit (GCredit) or installment (GGives) with their GCash app. Currently, over 94 million users have tried GCash – making it the country’s biggest digital ecosystem.

Anchoring its shared vision of “Finance for All,” GCash through Fuse Lending continues to open up a world of opportunities for millions of Filipinos and play a significant role in shaping the country’s financial landscape into a more inclusive, and diverse ecosystem. For its part, Fuse has been doubling down to achieve its vision of providing access to fair loans that spark better everydays for all Filipinos through its mission of fintech-enabled lending delivered frictionlessly.

The GCash app is available for free on Google Play and the App Store For more information, please visit https://www.gcash.com