Money Matters

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 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 happened?

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 lead 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 watching 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 afterwards so I guess it is easier to get 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 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.
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 with 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

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. 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.
Last thing is repayment. I’m not yet sure if you can pay it before 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 pay day.
For now, that would be all. 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.
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About miely

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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4 thoughts on “Just got approved for GCredit

  1. 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.

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

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

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