Fuse Lending, Inc. on Monday reported surpassing the P118 billion mark in life-to-date loans disbursed through GCash app as of the end of 2023, empowering nearly four million Filipinos.
“By providing non-collateralized and affordable loan products such as GLoan, GCredit, and GGives through the GCash app, Fuse Lending has successfully supported almost four million Filipino loan borrowers, helping millions of Filipinos achieve their financial aspirations and goals in a more convenient, easier, and simpler way,” Tony Isidro, president and chief executive of Fuse said.
Non-collateralized loans are extended on the basis of one’s good name, hence the “clean” reference.
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 P100, 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 more than six 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.
