Filipinos are turning more frequently to digital lending platforms, with users spending an average of 12 minutes and 14 seconds per month on such apps in 2024, according to a report released on May 6 by financial technology firm Digido.

The report found that consumers collectively logged about 1.54 billion seconds on lending apps last year, marking a 16% increase from 2023. Most of that time—roughly 76%—was spent on apps offering personal loans, underscoring the rising popularity of short-term credit tools among Filipino borrowers.

“Personal loans, in particular, remain a key driver of this industry due to its flexibility, ease of access, and competitive rates,” Rose Arreco, Digido’s business development manager, said.

Following personal loans, “buy now, pay later” (BNPL) services accounted for 21.4% of usage, while installment loan platforms made up just 2.2% of app activity.

App usage growth mirrored a broader surge in adoption. Downloads rose more than 42% year-over-year, from 89.7 million in 2023 to 127.7 million in 2024. The number of unique users climbed to 67.8 million, up from 47.5 million, while active users jumped from 7.7 million to 11.8 million.

Arreco said the increases point to sustained demand for financial tools that offer more accessible alternatives to traditional lending, particularly for consumers who may face strict credit checks at banks.

While greater time spent on apps doesn’t necessarily mean more loans are being taken out, the data reflects a growing appetite for digital financial services. Arreco cautioned users to engage only with platforms registered with the Securities and Exchange Commission (SEC) and to review loan terms carefully before borrowing.

The findings are based on an analysis of 47 non-bank digital lending platforms legally registered to operate in the Philippines, including Digido.