GCash Introduces GLoan Sakto "Nano Loans" Accessible Financial Solutions

In a groundbreaking move to assist underserved and unserved Filipinos in quickly bridging the gap between daily necessities and taking the first step toward creditworthiness, leading finance app GCash, through its lending arm Fuse, has announced the expansion of its GLoan with an extended feature: the GLoan Sakto. This game-changing fintech innovation aims to empower Filipinos, particularly in the D&E sectors, by allowing them to buy basic necessities. ​

GLoan Sakto is designed to help Filipinos thrive every day through responsive and inclusive digital services, reflecting GCash's dedication to developing meaningful financial solutions that meet the everyday needs and long-term financial well-being of many Filipinos.

According to the Bangko Sentral ng Pilipinas (BSP)'s 2021 Financial Inclusion Report, around 43% of Filipino adults borrow money for daily needs via informal sources. This practice implies a considerable lack of access to official financial services, as only 22% of Filipinos use formal credit institutions. The high reliance on informal lending for basic requirements like transportation and school fees highlights the critical need for more inclusive financial solutions that improve accessibility and reduce reliance on possibly strained personal relationships. 

This is the financial gap that GCash hopes to bridge with GLoan Sakto. Filipinos will benefit from GCash's nanoloans by having quick and easy access to finances for daily necessities without having to rely on informal sources or jeopardize personal relationships. This service provides a regulated and dependable means to handle modest, urgent financial demands, hence increasing financial inclusion and ease. 

Loan amounts for GLoan Sakto are P100 and P300, with repayment within 14 days. The loan bears no interest, and borrowers pay only a P6.5 and P19.5 processing fee, respectively. More than merely a loan product, GCash sees GLoan Sakto as a stepping stone for Filipinos to long-term financial freedom. It is the initial stage in assisting users in developing their creditworthiness, with the goal of eventually advancing them to GCash's main loan services, such as GCredit, GGives, and GLoan, and further integrating them into the formal financial system.

“GLoan Sakto represents our commitment to empowering ordinary Filipinos with essential financial tools by providing them access to formal credit through this easy entry-level loan product. With this new financial tool, we are not only addressing their immediate needs but are also helping users build a good credit history," said Fuse Lending president and CEO Tony Isidro.

The introduction of GLoan Sakto, Fuse, and GCash has transformed the lending landscape in the Philippines. By effortlessly integrating accessible, nano-sized loans into the daily financial practices of millions, particularly the lowest-income parts of Filipino society, with 89% of users hailing from the D&E market segments, 78% of whom live outside the National Capital Region. GLoan Sakto has not only increased financial inclusion but also provided individuals with the skills they require for personal growth and stability. This novel method has greatly increased loan activity, promoting economic participation and developing a more dynamic, robust financial ecosystem in the country.

​For example, three out of every four first-time borrowers return for additional loans, establishing a new standard for financial integrity and customer trust, particularly in lending. Similarly, 9 out of 10 borrowers return their loans on time, despite having no prior formal credit line, and 15% of all borrowers have taken out more than five loans. By allowing Filipinos to easily and conveniently borrow loans using only their mobile phones, GLoan Sakto has not only simplified the borrowing process but also instilled a renewed sense of trust in borrowers, demonstrating a commitment to responsible lending and contributing to a more credible and inclusive financial landscape.

​As GCash maintains its aim to promote financial inclusion, GLoan Sakto represents an important milestone, particularly in terms of reaching the most vulnerable segments of society. It is an effective tool in GCash's continued efforts to strengthen its position in national development through financial empowerment.

Fuse Lending, Inc. is a company that offers simple, affordable, and secure loans in the Philippines. Its primary goal is to enable individuals to achieve financial security and growth through various digital lending products. Fuse Lending is a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines. It’s also regulated by the Securities and Exchange Commission (SEC).

​Mynt is the first and only $5 billion unicorn in the Philippines. It's a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology. Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash—the #1 finance App in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.

GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.

Mynt and GCash are staunch supporters of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.