Filipinos spent 42 years’ worth of time using digital lending apps in 2023

About 1.3 billion seconds — equivalent to 42 years — were spent by persons in using digital lending applications in the Philippines in 2023, according to new analysis from consumer credit service Digido.

An examination of 70 digital lending applications duly-registered to operate in the country, including Digido, reveal that 63.4% of that time was spent on platforms offering personal loans, followed by ‘point-of-sale’ and secured loans at 17.5%, ‘buy now, pay later’ (BNPL) services at

16.6% and installment loans at 2.5%.

Activity seen in the 70 apps increased by 37% when comparing it to activity in 2022.

The average user of digital lending apps spent approximately 14 minutes and seven seconds per month in 2023 while the average duration of a user’s session was 54 seconds.

The total number of downloads of digital lending apps reached 89.66 million units in 2023, up 52% a year earlier (or +30.81 million units), with unique users reaching 47.46 million (+64% a year earlier or +18.60 million people).

Active users, meanwhile, reached 7.7 million people (+25% a year earlier or +1.55 million people) in the same comparative period.

Commenting on the analysis, Digido business development manager Rose Arreco said:

“Duly-registered digital lending applications continue to be viewed as trusted financial partners for persons in need of accessible formal credit, especially the underserved market. The increased use of apps offering personal loans also affirm Filipinos’ growing preference for digital channels and flexibility when utilizing credit.”

Digido expects Filipinos’ interest in digital lending to remain very high and stable due to further collaboration within the fintech industry to make its services even more accessible.

“The high percentage of Filipinos with limited access to traditional financial services, combined with the growing demand for formal credit options in the current macroeconomic context, led to more consumers turning to various lending options, especially ones offering personal loans. Such platforms are reaching more low-income segments of the population through new technologies or partnerships with banks,” Arreco added.

An earlier commissioned survey by Digido published earlier this year revealed that personal loans were the most popular formal credit option, with 54% of respondents having one in 2023 due to its flexibility and variety of use while BNPL was the second most popular type of formal.


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