MANILA, Philippines — Filipinos allocated more of their time using digital lending applications in 2024 as personal loans become more accessible.
A recent analysis conducted by consumer finance firm Digido showed that Filipinos spent a total of 1.54 billion seconds or 49 years worth of time in maneuvering around various digital lending apps in 2024.
Activities seen in lending applications also rose by 16 percent.
According to Digido, the average monthly duration of use in lending apps was at 12 minutes and 14 seconds, while the average duration of a user’s session was 58 seconds.
The study showed that the bulk of the activity remained with platforms specializing in personal loans at 76.4 percent followed by “buy now, pay later” services at 21.4 percent and installment loans at 2.2 percent.
The personal loans segment was also the primary driver of the total number of application downloads, which increased by 42.4 percent year-on-year to 127.69 million units from 89.66 million.
Similarly, unique users jumped by 43 percent to 67.84 million people, while the number of active users grew by 53 percent to 11.78 million people.
Digido business development manager Rose Arreco said personal loans remain a key driver in the lending industry due to their flexibility, ease of access and competitive rates.
“The growth in downloads, active and unique users, as well as the increase in total time spent in applications indicate continued consumer interest and high demand for such financial instruments,” Arreco said.
Amid the increase, Digido warned the public to only transact with online lending platforms that are duly registered with the Securities and Exchange Commission.