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GCash is poised to give more users access to affordable formal credit as it launches innovations for GCredit, in partnership with leading digital banking services provider, CIMB Bank PH.
“GCredit is an important tool to help us achieve our goal of providing fair loans to more Filipinos,” said Tony Isidro, President and CEO of Fuse Lending, GCash’s lending affiliate. In fact, GCredit has already empowered over 2 million users across the Philippines through our partnership with CIMB – giving users a much-needed lifeline to help them achieve their goals. purpose
The two companies are set to introduce new features for GCredit that aim to help existing users manage finances better and make it accessible to more users.
“GCredit now offers a higher maximum credit limit of up to P50,000, which they can use to pay bills and buy products online or in physical stores, and further reduces the minimum monthly payment (minimum amount due) to be cheaper. for our customers and encourage more people to turn to digital payments that are safer, faster and more rewarding,” shared CIMB Bank PH Chief Executive Officer Vijay Manoharan.
GCash and CIMB have lowered the monthly minimum amount due to 10% of the principal loan amount plus interest and fees in line with making the service more accessible.
Accessible and affordable credit for all
Maria Victoria Luz Martinez is one of the 2 million customers empowered by GCredit. Like many Filipinos, he had no experience borrowing from formal financial institutions. But thanks to GCredit, he can easily pay bills or buy essential items even if he is short of money.
“Actually I don’t have a credit card at all. Here at GCash I experienced GCredit. You don’t need to borrow directly from the person, or from 5-6 (loan sharks). The interest rate provided by GCash is lower, so you don’t have to worry about it. Unlike others, you will not have difficulty because the interest is greater than the principal you borrowed,” said Martinez.
(“Actually, I’ve never had a credit card. But with GCash, I was able to experience GCredit. You don’t need to borrow money from others or from loan sharks. GCash has lower interest rates so it’s not a hassle. You will not be burdened with paying your debts unlike others [informal] lender where the interest is greater than the principal amount.”)
That’s why Martinez recommends GCredit to his family and friends so they can access affordable and safe credit.
With more innovations in GCredit, Fuse Lending and CIMB aim to reach more users, especially those who turn to usurious informal credit just to make ends meet. The two companies are also working together to use GCredit for Paleng-QR Ph transactions. Soon, GCash users will be able to pay for goods at Paleng-QR Ph-ready public markets across the country, allowing them to buy their essential daily items even if they are short on cash.
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