GCash has launched GLoan Sakto, allowing Filipinos in lower income brackets to borrow small amounts of P100 or P300 with no interest, to be repaid within 14 days.
While there are processing fees of P6.50 for P100 loans and P19.50 for P300 loans, the service aims to help users in the D&E sectors manage their daily expenses.
This initiative provides an alternative to informal borrowing methods, reducing the reliance on personal connections.
GCash emphasizes that the new loans can also help users build a positive credit history, which may facilitate access to other financial products like GCredit, GGives, and GLoan in the future.
According to the Bangko Sentral ng Pilipinas, around 43% of Filipinos turn to informal lenders, highlighting the need for more accessible credit options.
Source: PhilNews24 | September 21, 2024
GCASH ROLLS OUT ‘SAKTO’ LOANS OF P300 TARGETING LOW-INCOME BORROWERS
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