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.
“GCredit has been an essential tool in
helping 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.”
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.
"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 has further reduced the minimum
monthly repayments (minimum amount due) to be more amiably affordable for our
customers and encourages more people to turn to digital payments which is
safer, faster and more rewarding,” shared CIMB Bank PH Chief Executive Officer
Vijay Manoharan."
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.
