GCash, the Philippines’ top financial super app, 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.
The two companies are set to introduce new features for GCredit which aim to help current users manage finances even better and make it accessible for more users.
GCash and CIMB 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 among the 2 million customers who have been empowered by GCredit. Like many Filipinos, she had no experience borrowing from formal financial institutions. But thanks to GCredit, she can now easily pay bills or buy essential goods even if she’s short on cash.
“Actually never ako nagkaroon ng credit card. Dito ako kay GCash naka-experience ng GCredit. Hindi mo kailangan mangutang mismo sa tao, o sa 5-6 (loan sharks). Mas mababa ang interest na binibigay ni GCash so hindi ka hassle. Hindi ka nahihirapan unlike sa iba na mas malaki pa yung interest dun sa principal na hiniram mo,” Martinez recounted.
That’s why Martinez recommends GCredit to her family and friends so that they can access affordable and safe credit.
With more GCredit innovations, Fuse Lending and CIMB aim to reach more users, especially those who resort to usurious informal credit just to make ends meet. The two companies are also working together to make GCredit available for Paleng-QR Ph transactions. Soon, GCash users can pay for goods in Paleng-QR Ph-ready public markets across the country, allowing them to buy their essential day-to-day goods even if they’re short on cash.
