By Benise Balaoing, ABS-CBN News
MANILA — RCBC is teaming up with GCash to offer collateral-free loans to more Filipinos.
In a statement, the Yuchengco-led lender said GCash users can now use the fintech app to apply for their Pasado Loans, where they can borrow any amount from P30,000 to P500,000.
Pasado Loan has a decision engine that allows it to measure the creditworthiness and profiles of potential applicants, and delivers results within seconds.
Once approved, the amount will be sent to the user’s RCBC Diskartech account. Loans can also be paid for by setting up an auto-debit arrangement with RCBC Diskartech.
On its website, DiskarTech said loans are payable in 6 or 12 monthly installments. The monthly interest rate ranges from 1.58 percent to 2.83 percent, which is about 19 percent to 34 percent annually.
Tony Isidro, chief executive officer of GCash lending arm Fuse, said the company is committed to boosting financial inclusion in the Philippines.
“By partnering with RCBC, we’re not just making loans accessible; we’re opening doors to opportunities for countless Filipinos. Together, we’re shaping a more inclusive future for all,” he said.
GCash also offers other loan products like GLoan, which allows users to borrow as much as P125,000; GGives, which lets users buy items then pay later in zero-interest installments; and GCredit, whichgoves clients a credit line of up to P30,000 to pay bills.
It also offers GLoan Sakto, hwhich allows those in the lower income brackets to borrow P100 or P300 with no interest, then pay it back within 14 days.
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