Philippine e-wallet GCash and its credit affiliate Fuse Lending, a consumer and business loan marketplace, have launched ‘GCash Sakto Loans’.
This new nano loan service is designed to help Filipinos borrow small amounts of money conveniently without any paperwork.
GCash Sakto Loans are available to GCash users who are not yet eligible to borrow through GLoan and GGives.
Borrowers can borrow amounts ranging from PHP100 to PHP1,000 with a processing fee of PHP6.50. The loans are interest-free and repayable within 14 or 30 days.
Loans are now available through the GCash app. To apply, users can tap the “Borrow” tab to view loan terms and conditions and the amount they are eligible to borrow.
Once their loan is approved, the money will be instantly deposited into their GCash wallet.
Since 2016, Fuse has disbursed Php100 billion in loans to over 3 million Filipinos.
Tony Isidro
Tony Isidro, CEO of Fuse, said,
“Sakto Loans is an extension of our loan options GLoan, GCredit and GGives, providing users with a convenient way to borrow money with just a few taps on their mobile phones.
Through Fair Lending, we are able to provide more Filipinos with access to lending options that truly prioritize their needs. We are extremely grateful that we have also tripled our growth from 2022 as we help borrowers nationwide.”
Martha Sassoon
GCash CEO Martha Sazon said,
“We are reimagining lending to ensure it is not only easy and convenient, but also driven by the individual circumstances of our user base.
By putting their stories at the heart of our story, we hope to break down barriers so Filipinos can access the loans they need to support financial progress.”