GCash microcredit doubles to P2 billion

by Richmond Mercurio (The Philippine Star), 14 Aug 2020

MANILA, Philippines — Microcredit extended by GCash amounted to P2 billion in the first half, double the amount from the same period last year as the fintech compacontinues to provide more Filipinos access to alternative credit facility.

Likewise, the volume of GCredit transactions in the first semester rose by 26 percent to over two million from 1.7 million transactions in the same period last year.

“GCredit, the pioneering digital credit facility available via the GCash app, has helped extend the budgets of Filipinos from the onset of the pandemic,” GCash president Martha Sazon said.

“We at GCash are mindful of the challenges that Filipinos face during these trying times, and providing them with a flexible, affordable and convenient credit facility is one of our ways of helping them cope with the effects of the health situation,” Sazon said.

GCredit works like a flexible loan or credit card. It gives GCash users access to extra budget that they can use to buy groceries, medicines and even pay utility bills.

GCredit is a revolving credit facility that can be tapped when a GCash user has a healthy GScore.

GCash users earn points in their GScore whenever they use GCash to settle any payment or even when simply cashing in.

GCash said any user with a high GScore is entitled to use GCredit, with a higher GScore leading to higher credit limit.

A GCash user may access up to P10,000 in credit line with a low pro-rated daily interest rate.

GCredit may be used to transact with over 17,000 merchants. Users may also tap their credit lines to pay for their physical transactions via QR or barcode.

“GCredit is available to over 20 million GCash users. The always-ready credit line is easy to access and use, and offers low and flexible interest rates. GCredit users often use their credit lines for emergencies and necessities, others even use GCredit to start their businesses,” Sazon said.