Just got approved for GCredit

Just got approved for GCredit

 
Recently, I’ve been receiving a lot of views regarding my old post about GCASH. It seems that the searches were all about GCredit and GScore. Because of that, I’m going to share my experience with the approval of my GCredit. So yes, I got approved recently. We’ll try to answer a few questions about my recent approval, so you guys can also take advantage of it too.

What is GCredit?


GCredit is a limit that Fuse Lending grants to an eligible verified GCash user. This limit can be used as an alternative source of payment using the GCash app QR Payment feature. It can be used on stores such as SM, Puregold, Robinsons and any merchant that accepts GCash QR payments. So far I’ve used GCash on Puregold, SM and KFC. They actually have a list of partner stores.

How did the Approval happen?


I received a text message telling me about GCredit on June 6 2018. They instructed me to check on manage credit from the GCash app. It didn’t say anything about me being approved but I followed the instructions to go to manage credit. It leads me to a form asking about personal info. After submitting it, I got a text message and an email that I got approved for 2000 php credit limit. It also has some info about the billing dates, interest rate, and due dates. In my case, my billing date was 6th of the month and the due date is 15 days from the bill date.

The approval was really quick. I believe you’ll only get a text message when you are already approved in the first place. The thing is I’ve watched out for my GScore to go up and been trying to click the apply for GCredit from time to time. However, it always tells me to keep using the GCash app and so I did. Anyways I got approved afterward so I guess it is easier to get a credit line with this.

As per the app, you can get approved from 1000 php up to 30000 php. It’s not that bad to start with a low amount of credit line since they said you can still have a higher credit limit if you continue using it and paying it on time. That was based on their FAQs.

My GScore


When the first time I saw the GScore, I initially had 350. Last May 22 2018, I updated my GCash Review about my GScore which went up to 466. I seldom use my GCash, that is why my GScore doesn’t really go up fast. I guess the GScore updates every week. June 1, I tried reviewing my GScore again and it reached 470. When they sent me a text message about applying for the GCredit, my GScore was still at 470. It appears that I’m just near half of the gauge but still got approved.

What type of transactions should you do with GCash to get higher GScore?


Gcash didn’t really provide what type of transactions may be needed for you to do to make your GScore higher. As per checking Fuse Lending’s page about GCredit they said that “Your loyalty with GCash got you a pre-qualified limit”. I believe that the GScore gets higher depending on you usage frequency and the amount of your transactions. Of course if you transact a lot, they would have an impression that you have the ability to pay the credit that they’ll provide.

Related Article: GCash Full Review

In my case, I pay my postpaid bills thru GCash, purchase apps using AMEX Virtual Card and I also use it sometimes in making purchases using QR payments. If I would talk about the frequency, I guess I’m using it at least once a week.

Using the GCredit for the first time

I’ve been using QR payments via GCash for a while now and trying out the GCredit didn’t give me a headache at all. It was just similar to the regular QR payment method. It’s just that after scanning the QR code of the store, you’ll be asked if you wanted to choose your GCash balance or the GCredit.
 
It’s pretty simple. I can also check my transaction records real time.
 
Parked question(This is now answered, click the related article)
 
So since I’m quite new to this I’ll be parking a question here, which I’m gonna update this once I knew the answer. The thing is I’m quite confused about how the interest works. I have a regular credit card and I haven’t been charged an interest ever. I usually pay my bills before due. Based on my understanding with credit cards, you’ll only get charged with the interest rate if you missed your dues.
 
With GCredit, they mentioned that the interest rate is applied every 30 days. It wasn’t stated there if it was from the billing date, transaction date or due date.

Related Article: Finance charges and interest computation of GCredit

Although they sent me a link of the TOC with sample computation, I still don’t get it. I guess this is the most confusing way of computing interest rates. Here’s the link below, if you get it let me know how. Hahaha.

 
The last thing is the repayment. I’m not yet sure if you can pay it before the billing date. I guess you should be able to do that. However, I haven’t tried. Also, when I check “Manage credit”, it only shows me how much was already used. Then when I click pay, it says 0 PHP charges on due. But I’ll try to figure it out on payday.
UPDATE:
I was able to make a  payment even the amount is still zero.
 
I hope you found the information you’re looking for about GCash and GCredit. If you don’t have GCash yet, register now for free.
 
Please share this to help others understand the GCash GCredit.

BTW People Ask How to increase GScore (update 01/17/2019)


As every creditor, they really don’t share information about how to increase the GScore. I think it would be best to use GCash regularly. If you pay bills to try to make all your bills paid here. If you shop for your groceries at Puregold, cash in all your grocery budget on GCash. All Puregold stores have a GCash QR Code which you can use for paying your purchases. It would make you more credible if you have regular spending habits with the app.

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    Miel

    Miely is a working mom that writes during free time about personal thoughts and experiences. She loves sharing things that may be useful for other people too.

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    Blog Comments

    Hi, this is Kent of Gcash. Thanks for your review regarding GCredit and glad that you got approved.
    To answer your question regarding the computation of interest, the correct formula is:

    Amount Owed x 5% interest x (# of days borrowed / 30 days)

    The interest is prorated. The earlier youu pay, the lower the interest you pay. But of course you must also pay on time. You have a maximum of 30 days from when you used your GCredit to pay to avoid penalties.

    Well that is a better sample computation than the one I saw from the terms and conditions. Thanks for addressing the question. 😊

    Hi paano po mapapapalitan yung address ko sa gcash acct ko??ngayon ko lang kasi napansin na may mali.. nung nag verify naman ako Caloocan naman nailagay ko pero ngaun nakita ko nakalagay NULL ABRA?? Walang sumasgot sa fb ng gcash care.. 😭 please pa help naman po.. thanks

    Yun lng matagal tlga cla sumagot. Try mo sa email I had a concern before nag rereply nmn cla sa email

    So, does that mean that I am still charged with interest even though I have paid my bill on the due date? Thanks.

    Based on my understanding the answer is yes.

    hi ms. Miely how can I subscribe to your blog? Im interested to know more about gcredit

    for example if my credit line is 2000 and i used 500 on july 1 and i paid for it after 5 days july 5 . will i be charge for interest for 5days ?

    It really is confusing. I use GCash for my utility bills, mobile load and QR purchases. I use it very frequently and my GScore if 605 already. Some are getting approved at 300 GScore, so I really don’t understand why I am not able to apply yet. I guess I’ll never know since they seem to have no guidelines whatsoever. shrugs

    I know. It’s really confusing but most creditors don’t share their approval processes. Try using qr payments. Because in my case I usually use qr payments.

    I didn’t know about GCredit until they texted me I was eligible. I was at 300+ then and was given a credit of 3K. I didn’t even use Gcash a lot to pay then. But I do a lot of cashing in to Gcash, I thought that was the reason. Guess we can’t say for sure.

    hi just want to ask of how can i pay or where to pay my gcredit?

    Hi Eumee,

    You can pay it through gcash app. Just click manage credit the pay button would be there it would use your gcash balance. If no balance yet you can simply cash in on 7eleven.

    Hope this helps.
    Cheers,
    Miely

    Reply

    Ugochukwu Paul Maxwell

    Hello my name isis maxwell i am a Gcash user and i got approved for 5000 Gcredit because I use my Gcash most times than my bank account. Today I paid my first cignal bill with my Gcredit so I wanna know if I can pay meralco and maynilad with Gcredit also.

    Not so sure about that but based on what I saw on my app, it would tell you if you can use GCredit for it.

    Just an advise though, it’s not preferable to use GCredit all the time because it charges interests from the day of payment. It would be better to use it for emergency purposes only.

    It would be nice if you check out my recent post about their fees https://mielygraphy.com/understanding-finance-charges-when-using-gcredit

    Hi. I can’t find in the FAQ of Gcredit if they offer cashback when you use gcredit in stores like Puregold. Do you have any idea if they offer such cashback? Thanks a lot.

    Hi paul, I haven’t really tried. But I guess it’s not included. But you can try contacting GCash for more details. You can share it with if it’s included with the promotions. Cheers!

    Thanks po sa info..try ko na pong gamitin gcredit ko approved ako for 1000.

    Hello thanks for reading this. 😀

    can i use it sa sm supermarket? thanks

    So far I haven’t seen it on sm supermarkets just on dept stores

    Hi paano po mag pa change address sa gcash?? Now ko ng kasi napansin na mali address ko.. Correct naman ang lagay ko before sa add ko pero now na mag apply ako for gcredit pag kita ko sa address na nakalagay mali.. 😭

    Hello po ng apply po aq gcash tapos d q po ngamit magkacount po b un f kelan q ggmtn o kht d q gamtn bst the day i was approve gcredit?

    Sorry nd ko masyado magets pero if you mean na May GCredit ka and you haven’t used it yet. You’re not going to be billed for anything

    Paano ko po mggamit un madam kc tinry q po kanina qla po lumabas na choice gcredit ba o gcash balance po??? Paano po b magamit? Need po b may gcash balanceaq? Thank u po

    Madam tlga. Hahaha pang qr payments lng po sya. If you go to a store na may gcash pagka scan mo ng qr papipiliin ka to choose from either gcash or GCredit

    Gcredit sucks. I applied for it—and it takes 3 weeks for their specialist to reply on the email. I wish to cancel my application and stop using Gcash. Gcash totally sucks especially when u draft money from your bank. it will totally ruin your day knowing it will take over 2 weeks to reinstate your money back to your bank. When you withdraw remittance from WU– gosh..dont expect. Its a horrible experience.

    Hi, kaka-approve lng ng Gcredit ko now, iccharge pdn ba ako ng 5% monthly even if hnd ko sya ginamit?

    Nope. You can’t multiply 5% to 0. As long as it’s unused there’s no interest. ☺️

    Hi po. When using Gcredit yung card po ba yung gagamitin?

    Nd po QR payment po thru the app

    Hi. I’m trying to apply for GCredit. What did you put under Years of Residence?

    hi we have the same situation but try mo lang chat sa gcash care they updated my address already ok na ung sa akin ..

    Hi maam miely.. can i cash out my gcredit? Or can i transfer it to my bank account or send money? I’ve got approved and has been activated but i can’t transact. I tried to buy load pero insuficient sya.. i i don get it. I don’t understand how to used gcredit. Thank u

    no po gcredit is used for qr transactions and to pay bills for some billers

    Can i cash out my grcedit? Or send money? I tried to buy load pero insuficient naman.. got approved and has been activated pero bat ganun

    no po gcredit is used for qr transactions and to pay bills for some billers

    Is there any explanation why my gscore is keep depleting or lower its already been two week sincem y gscore is rapdily keep deducting 5 points

    I’m not really sure why but in my case before it happens to be a bug and everything got updated afterwards… but GCash mentioned on their terms that it may decrease if gcredit balance are left unpaid.. if that is not the case then it may be a bug as well.

    i’m also aiming to increase my gscore to be approved a higher gcredit. But despite of continued use such as qr, cash in and pay bills, it keeps decreasing. If it’s a bug, should it be updated afterwards? thanks

    Yes in my case before it got updated after a few weeks

    Any comments?

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