The lion’s share of activity remained with platforms specializing in personal loans.
Filipinos collectively spent a staggering 1.54 billion seconds—equivalent to 49 years—using non-bank digital lending applications in 2024, according to a new analysis from Digido, a leading digital lending platform.
The study analyzed usage patterns across 47 SEC-registered digital lending apps operating in the Philippines, including Digido. The findings revealed that personal loan platforms dominated user activity, accounting for 76.4% of total usage. They were followed by Buy Now, Pay Later (BNPL) services at 21.4%, and installment loans at 2.2%.
Overall app activity rose by 16% compared to 2023, signaling the continued demand for fast, flexible, and accessible financing solutions. On average, active users spent around 12 minutes and 14 seconds per month using digital lending apps, with each session lasting 58 seconds.
The surge in user engagement was also reflected in app adoption metrics:
- App downloads jumped 42.4% year-on-year (YoY), from 89.66 million to 127.69 million.
- Unique users grew by 43%, reaching 67.84 million, up from 47.46 million.
- Active users climbed 53%, from 7.7 million to 11.78 million.
Rose Arreco, Digido’s Business Development Manager, commented on the continued momentum:
“Non-bank, digital-first lenders continue to show strong growth despite high fintech penetration and a crowded marketplace. Personal loans remain the leading driver, thanks to their convenience, flexibility, and competitive terms.”
She added that the growing number of downloads, unique users, and overall time spent on these platforms underscores increasing consumer trust and demand. This also reflects how digital lenders play a vital role in advancing financial inclusion by widening access to formal credit channels.
However, Arreco urged caution:
“We strongly encourage consumers to transact only with digital lenders registered with the Securities and Exchange Commission (SEC). It’s equally important to carefully review loan terms and conditions before proceeding with any transaction.”
