What Is GCredit
GCredit is a new feature in GCash mobile app of Globe which offers users another payment mode in the form of a normal credit without having a credit card. Once a Gcash user is qualified for a GCredit application, the user will be entitled a credit limit which can be used as payment source for QR transactions in partner merchants and paying bills.
What Can I Use My GCredit For?
GCredit can be used like your normal Gcash to shop at QR partner merchants or pay their bills. (List of GCredit partner establishements can be found here.) During payment, the user has the option to use either GCash balance or GCredit.
How Is my Interest In GCredit Computed?
The interest rate for GCredit is 5% and is computed based on the number of days availed.
For example, if you avail P1,000.00 credit for paying your bill and wish to pay the credit after 10 days, the interest is computed as:
Interest = P1,000.00 X 5% X 10/30 = P16.67
Therefore, your must pay a total of P1,016.67 to settle your GCredit balance.
What are the requirements To Avail GCredit?
- User must be fully verified in GCash
- User needs to meet the required GScore and pass the credit evaluation parameters
*GScore is the trust rating computed based on the GCash transaction of the user. Therefore, the more the user use the GCash for payment transactions, the more the user will earn the GScore.
How To Apply For GCredit?
To activate your GCredit line in GCash, you need to do it in your GCash mobile application. Start by clicking the Gcash icon as shown below.
Then input your MPIN (Mobile Personal Identification Number) to access your GCash account:
Once you are in the main panel of the GCash app, click the Manage Credit icon as boxed in yellow below:
On the next page, GCash will be sending all your GCredit correspondences to your nominated email address when you opened your GCash account. Just verify your address if correct then click the Proceed button at the top right most corner as shown below:
Likewise, verify your personal identification details on the succeeding pages as shown below. Complete all other missing details then click the Next button at the upper right corner of the page.
Your GCredit application will guide you to Fuse lending and Gcredit Terms and Conditions page. Kindly read the details to learn how their interest is computed as well as your payment terms. Once finished reading, click the Done button located at the right top most corner of screen:
Then you will be brought back to your Personal Information page. Just click to check the checkbox next to Fuse Terms and Condition and Privacy Policy. Then click the Confirm button at the upper right corner of the screen as shown below:
Then voila! Your GCredit Application request is successful. Just click Done button to complete.
Once your application is approved, you will receive an email notification from fuse lending about the activation of your GCredit line as shown below. The email will contain your GCredit details including the credit limit, interest rate, billing date and the due date.
Once you go back to the Manage GCredit page, you will see the amount of credit limit entitled to you based on your GScore. You can now start using your GCredit for paying your QR and bill transactions. See below sample as mine.
Final Thought
When I applied for GCredit, my GScore was 671 and the maximum credit limit endowed to me was P10,000. During my GCredit activation request, my application was approved that same day. I don’t know how Globe scale this GScore to the credit limit they will be awarding to user but their maximum credit limit that they can grant to user can reach as high as P30,000. Just continue using your Gcash to earn more GScore and eventually increase your GCredit limit.
Personally, I don’t recommend anyone to use their GCredit if their GCash is sufficiently enough to pay their transactions. Just use GCredit for emergencies or during “Petsa de Peligro” so no one will get any unnecessary interest on top of their payments.
