Demand for credit products is rising among Filipino consumers, but high costs and eligibility barriers are preventing many prospective borrowers from completing their applications, according to TransUnion.
A new financial technology platform called Luvit is entering the Philippine market, offering consumers quicker access to credit and installment-based payment options through an AI-driven lending system.
E-wallets emerged as the most common first financial product for Filipinos, especially among Gen Z and Millennials, overtaking traditional bank accounts.
Not wanting to go into more debt and lose control of their finances remain as the top reasons why Filipinos are still hesitant on taking advantage of credit products and services, consumer credit reporting agency TransUnion said on Tuesday, June 14.
