Pinoys spending more time on lending apps

Filipinos spent about 1.3 billion seconds equivalent to 42 years using digital lending applications in 2023, with financial tools and credit services becoming more accessible to consumers, according to a study conducted by consumer credit service Digido.

- Keisha Ta-asan

Digido said the average user of digital lending apps spent around 14 minutes and seven seconds per month in 2023 while the average duration of a user's session was 54 seconds.

Around 63.4 percent of that time was spent on platforms offering personal loans, followed by "point-of-sale" and secured loans at 17.5 percent, "buy now, pay later" (BNPL) services at 16.6 percent and installment loans at 2.5 percent.

The analysis included 70 online lending applications that are dulyregistered to operate in the Philippines, including Digido.