Just how far can your P1,000 GCredit take you?
For two mothers, it helped provide the means to make their ends meet for a time when they were grappling with their own personal hardships.
Iona Ison and Judy Moreno are two women who have found the purpose of GCredit, a revolving credit line of GCash, in their daily lives since they started using the service last year.
A mother of four, Iona recalled that her family took to the app when they were short on cash as her husband lost his job. Meanwhile, Judy used the service to make ends meet when she landed a new job as a senior supervisor a few months ago.
“There was a time in our lives that we were really struggling financially. GCredit really helped keep our afloat when we were in dire need,” Iona said.
Both women, mothers, were approved with a P1,000 initial credit line through the GCash app and have been consistently building up their scores with the mobile digital platform since. From buying diapers, and medicine to load transactions, both women said they now use GCredit almost daily as it “serves a purpose” for their family. With GCredit being as “good as cash,” both mothers use GCredit when they need the extra money or use it as a revolving fund.
“My family uses GCredit regularly, especially when during desperate times. We use it to buy groceries and school supplies of the kids. It helps cover a lot of our expenses for the house,” Judy said.
While it is one of the newer services on the platform, GCredit has already touched the lives of individuals and their families, including Iona and Judy.
GCash, launched GCredit to provide practical and convenient credit option for its users, GCredit is a credit line that users can avail for QR-based physical payments and digital services such as online shopping and bills payment, among others.
While it is similar to a credit card, GCredit makes it easier for more Filipinos to have access to credit without the extensive documentary requirements and long lines.
GCash Head of Lending Geena Alindato said GCredit is one of the cornerstones of GCash’s push towards financial inclusion that embrace the ordinary Filipino.
“Delivery of basic financial services through a convenient and easy platform is our goal here at GCash. And we are glad to offer GCredit, an easy and necessary credit service needed by many Filipinos without the hassle,” said Alindato.
Both Judy and Iona highlighted GCredit’s low interest rates, which starts at five percent but can be reduced if it is paid early as it is prorated.
To avail of GCredit, users simply have to build up their GScore, which is basically the credit scoring system that GCash built to determine the creditworthiness of clients. The higher the GScore is, the lower rates they get.
Alindato noted that with GCredit, Filipinos can avoid the pitfalls of loan sharks or even pawning their valuable items just to make ends meet.
With the two mothers steadily increasing their GScore, GCredit has already given them access to higher amounts, now ranging from P3,000 to P5,000.
“To touch people’s lives like this, slowly but surely, is our purpose at GCash,” Alindato concluded.