GCash Introduces GCredit, Lets Users Borrow Up To Php30K Based On Their GScore - TeknoGadyet
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Thursday, July 5, 2018

GCash Introduces GCredit, Lets Users Borrow Up To Php30K Based On Their GScore

Fuse, a licensed lending institution owned by Mynt, which on the other hand is a fintech startup under Globe Telecom, Ant Financial, and Ayala Corporation, introduces GCredit that gives GCash users a revolving credit line based on their GScore.

GCash Introduces GCredit, Lets Users Borrow Up To Php30K Based On Their GScore
GCash Introduces GCredit, Lets Users Borrow Up To Php30K Based On Their GScore

Whoa! That's a lot of jargon, so let us start first explaining the terms. GCash has been around for quite some time now, so, most probably you already know what it is, but in case you don't, it is a secure, fast and convenient way to send and receive money, buy prepaid loads, and pay bills anytime, anywhere.

GScore is Fuse very own way of determining the financial trustworthiness of a person, it is the first Trust Score in the Philippines, which is solely based on customer relationship with GCash. It simply means that the more you spend using your GCash, the better your GScore is, the higher your GCredit limit.

GCredit is a credit line based on your GScore, and to iterate, they function in parallel, meaning if your score is high, so as your credit limit.

GCredit is still in beta phase, it has been rolled out only to about 100,000 out of 800,000 GCash users. This means that if your GScore is good, your GCredit may or may not be activated. In addition, the current credit limit is from Php2,000 to Php5,000 only, it can be up to Php30,000 once GCredit is fully implemented within this year.

Also Read: Real-Time HK-PH Remittance Made Easy with AlipayHK and GCash

This is actually a good step towards accessible financing, especially those people who do not have income traceability and bank accounts. At present, these people are forced to borrow money from loan sharks or unlicensed lenders, such as the so-called 'five-six' as these lenders usually extend loans without asking for any document or collateral.

Most Filipinos know that five-six is an easy way to get money, especially during hard times, not to mention you can pay them back a minimal amount every day, however, 20% is a huge interest. In comparison, GCredit only charge 5% per month, but that is not all, it is pro-rated. Meaning, if you returned the amount you borrowed in less than 30 days, the interest will be lower than 5%.

"We are committed to enable the aspirations of the financially-underserved. With Fuse, we aim to create and sustain opportunities for growth and stability for individuals and businesses alike through responsible and fintech-enabled lending," said Anthony Thomas, president and chief executive officer of Mynt. 
GScore, Thomas said, addresses the difficulty of most Filipinos to access credit due to absence of formal documents that prove financial capacity. Instead, GScore provides a "trust score" that people can earn without too much barrier just by engaging in regular GCash transactions such as buying load, paying bills, purchasing goods and services, among other things.

So, what can you do with your GCredit credit limit? You can use it to buy loads, pay bills, and use it at various partner merchants like Ayala Mall, PureGold, Robinson's, SM Store, Walter Mart, and many more. However, please take note that you can only use QR code payment method through the GCash app on your phone on the said merchants, you cannot use your physical GCash card.

Great, isn't it? For information, visit https://fuselending.com/gcredit/faq/

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