Filipinos spent an estimated 1.54 billion seconds—or the equivalent of 49 years—using non-bank digital lending applications in 2024, underscoring the growing dominance of fintech platforms in delivering financial services, according to a new analysis from online lender Digido.
A study covering 47 Securities and Exchange Commission-registered digital lending apps, including Digido, revealed that personal loan platforms accounted for the bulk of user activity at 76.4 percent. They were followed by “buy now, pay later” (BNPL) services at 21.4 percent, while installment loan products made up the remaining 2.2 percent.
Overall engagement with digital lending apps rose by 16 percent compared to 2023, the analysis found. On average, users spent 12 minutes and 14 seconds per month on these apps, with each session lasting just under a minute at 58 seconds.
The personal loans segment not only led in usage time but also drove app adoption. Total downloads surged by 42.4 percent year-on-year (YoY), from 89.66 million in 2023 to 127.69 million in 2024. The number of unique users increased by 43 percent to 67.84 million, while active users rose by 53 percent to 11.78 million people.
“Non-bank, digital-forward lenders maintain their current market growth rates despite the already high level of fintech penetration and saturation of offerings,” said Rose Arreco, business development manager at Digido. “Personal loans, in particular, remain a key driver of this industry due to their flexibility, ease of access, and competitive rates.”
Arreco emphasized that the increases in downloads, user engagement, and active usage not only reflect sustained consumer interest but also highlight the sector’s critical role in expanding financial inclusion across the Philippines.
“We also continue to implore the general public to transact with online lending platforms that are duly registered with the Securities and Exchange Commission, as well as thoughtfully study the terms and conditions before proceeding with any loan transaction,” she added.
