Filipinos spent approximately 1.54 billion seconds — or about 49 years — using non-bank digital lending applications in 2024, according to new analysis released by digital lender Digido.
The study examined activity across 47 digital lending apps registered with the Securities and Exchange Commission (SEC), including Digido, and found that platforms specializing in personal loans accounted for 76.4% of total user engagement.
“Buy now, pay later” (BNPL) services followed with 21.4%, while installment loans made up 2.2%.
Overall activity across the platforms increased by 16% compared to 2023. Active users of digital lending apps spent an average of 12 minutes and 14 seconds per month last year, with the average session lasting 58 seconds, the report said.
Personal loan services were the primary driver of downloads, which rose 42.4% year-on-year to 127.69 million in 2024 from 89.66 million a year earlier.
The number of unique users increased by 43% to 67.84 million, while active users surged by 53% to 11.78 million.
“Non-bank, digital-forward lenders maintain their current market growth rates despite the already high level of fintech penetration and saturation of offerings,” said Rose Arreco, business development manager at Digido. “Personal loans, in particular, remain a key driver of this industry due to their flexibility, ease of access, and competitive rates.”
Arreco added that the growth in downloads, active users, and time spent on apps signals sustained consumer interest and highlights the role of digital lenders in promoting financial inclusion and providing easier access to formal credit channels.
She urged the public to transact only with lending platforms that are registered with the SEC and to carefully review loan terms before proceeding with any financial transaction.
Digido, operated by Digido Finance Corp., is registered with the SEC under Registration No. 202003056 and Certificate of Authority No. 1272.
The company offers personal loans via its mobile app and official website, targeting underbanked and underserved Filipino consumers. Its services have been recognized by international awards bodies, including the Global Retail Banking Innovation Awards and the Global Financial Market Review.