GCash, the leading mobile wallet in the Philippines, is making it easier for Filipinos to have access to a credit line that they can tap amid the national health emergency caused by the spread of the coronavirus disease 2019 (COVID-19).
GCredit, which works like a flexible loan or credit card, gives GCash access to money that they can use to buy groceries from supermarkets like Puregold, medicines from pharmacies like Mercury Drugs, and even utility bills.
“We at GCash are aware of the need for access to credit, especially during emergencies. With GCredit we are providing Filipinos with an alternative source of finance to help them cope with the effects of the COVID-19 outbreak,” GCash Chief Data Officer and Head of Financial Services JF Darre said.
GCredit is a revolving credit facility that can be tapped when a GCash user has a healthy GScore, the first trust score in the country. GCash users earn points in their GScore whenever they use GCash to settle any payment or even when simply cashing in.
Any GCash user with a GScore of 400 and up are entitled to use GCredit. The higher the GScore is, the higher the credit limit that a user can tap. A GCash user may have access to up to P10,000 in credit line with a low prorated daily interest rate.
While it is similar to a credit card, GCredit does not require users to submit extensive documentary requirements and wait in long lines to gain access to the revolving credit facility.
Today, GCredit may be used to transact with over 6,000 merchants, including billers such as Meralco, Globe Telecom, and Maynilad, among others. GCredit users may also tap their credit lines to pay for their physical transactions via QR or Barcode.
“With everyone affected by COVID-19, we at GCash are helping our users gain more access to financial tools such as GCredit, which allows users to extend their budgets,” Darre said.
Amid the national health emergency, GCash is providing GCredit users with temporary relief from penalty fees. GCredit customers with existing loans and due dates from March 17 to April 30, 2020 are eligible for the waiving of penalties.
With this, GCredit users may settle their accounts on their next due date next month. However, customers may still opt to pay for their GCredit to ensure that their credit lines are replenished and they have more flexibility during emergencies.
“These are uncertain times that require us to be prepared for emergencies. With GCredit, we are providing Filipinos with another safety net. We hope that this financial service will be of great help to many people,” Darre said.