Confidence in Online Lending Apps surges in 2024 as Filipinos reveal their most trusted platforms
- Agile Data Solutions Inc.
- Mar 10
- 2 min read
Confidence in Online Lending Apps surges in 2024 as Filipinos reveal their most trusted platforms
With the increase in online lending platforms (OLPs), Filipinos have become more discerning in selecting platforms they trust and prefer.
The study utilized the Hustle PH app to survey 3,544 respondents familiar with online lending services.
Trusted lending apps
A study conducted by market research company Agile Data Solutions Inc., revealed that trust is the most critical factor influencing consumers’ decisions to download and use online lending apps–an understandable result amidst the proliferation of illegal lending platforms that harass and threaten borrowers. This has prompted the average Filipino to learn more about the online lending industry and identify trustworthy brands.
GCash remains to be the dominant force in digital finance. However, its lending services have faced growing competition from specialized OLP providers. GLoans/GGives, JuanHand, Cashalo, and BillEase were ranked as the country's most trusted and reliable OLPs.
Among the leading brands, the two that emerged with the most significant increases in awareness, trial, and brand preference were BillEase and JuanHand. Additionally, the study found that of people with a different primary online lending app, 46% agree that JuanHand is easier to use than their current primary online lending app.
Debt consolidation no longer a reason for borrowing
From 2023 to 2024, loan usage patterns have been stable, with most borrowers utilizing the funds for everyday needs and bill payments. Fortunately, debt consolidation, or taking out a loan to pay for other loans, is no longer the primary reason for borrowing.
Brands that successfully convey security, transparency, and reliability are best positioned for
long-term success, as trust determines consumer decisions. As the OLP market
matures, financial literacy, digital engagement, and competitive loan offerings will dictate which brands maintain their market share.
Facebook remains as the most popular platform among OLP users
With Facebook being the most used social media platform among OLP users, social media continues to play a crucial role in raising awareness and encouraging participation. Customers demonstrated a great interest in financial literacy content, highlighting the instructional marketing strategies.
TikTok has also emerged as an essential platform for increasing app downloads and brand trust, as viral content and trends have become key factors in the adoption of online lending
services by consumers.
As the cost of living continues to rise, the increasing use of OLPs shows no signs of slowing down. With this growth comes a strong demand for trustworthy, secure platforms that provide valuable financial information to aid consumer decision-making. Brands that successfully balance these needs can set themselves apart from the competition.
1 Agile Data Solutions Inc. surveyed respondents aged 18 and above across the Philippines through the Hustle PH mini app from December 2024 to January 2025. The study was commissioned by consumer lending company WeFund Lending Corp.
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