A personal revolving credit line similar to a flexible loan or credit card is called GCredit. This means that you can only borrow a certain amount of money at any given time. As long as the total amount of the loans you take out does not exceed your credit limit, you are permitted to take out multiple loans at the same time.
For instance, if you borrowed 600 to pay off your phone bill and have a credit limit of 1,000, you can still borrow the remaining 400. You can then borrow up to 1,000 or your credit limit, whichever is greater, after you have paid off your 600 loan plus interest. The maximum amount that can be borrowed is 30,000.,'_com-medrectangle-3','ezslot_5',191,,_('div-gpt-ad-_com-medrectangle-3-0');
The individual's GScore, which is a trust rating based on your GCash transactions, determines the credit limit. Your credit limit and GCredit borrowing capacity increase proportionally with your GScore.
By making more GCash transactions, such as cashing in, paying bills, saving or investing money, buying prepaid load, and other activities, you can increase both your credit limit and your GScore. By early repaying your GCredit loans, you can also raise your GScore. Simply put, the higher your GScore, the more GCash you use.
The fact that you can get a loan with GCredit right away is the best part. There are no forms to fill out, and no one will look into your creditworthiness. 300,250],'_com-medrectangle-4','ezslot_6',192,,_('div-gpt-ad-_com-medrectangle-4-0'); Fuse Lending, a licensed lending institution regulated by the Securities and Exchange Commission (SEC), backs GCredit.
However, there are a few drawbacks. First of all, GCredit loans cannot be exchanged for cash; however, you can use them to shop at establishments that accept GCash QR payments. GCredit loans can only be used to pay bills and make payments in-store using a QR code. It is hoped that users of GCash will one day be able to convert their loans into regular GCash balances, allowing them to withdraw cash or transfer funds to bank accounts.
Do you want to know more about GCredit and how you can use it to lower your living expenses? Let's get going!
Table of Contents GCredit Requirements and Eligibility GCredit Interest Rates How to Use GCredit to Pay Your Bills How to Use GCredit to Shop How to Pay Your Loan Parting Words GCredit Requirements and Eligibility Your GScore must meet the minimum requirement for eligibility in order to be considered. GCredit is open to verified GCash users with GScores of 400 and higher.
When you reach the GScore threshold for opening a GCredit account, you will receive a text message notification. '_com-box-4','ezslot_7',193,,_('div-gpt-ad-_com-box-4-0'); The initial credit limit for new GCredit users is $1,000.
After achieving the required GScore of 400, you can apply for GCredit in the following manner:
On the GCash app, select ""Manage Credit."" Check your email to ensure that it is accurate. Fill in any additional information that is required. Beginning using GCredit
On the GCash app, tap ""Manage Credit"" to view your credit limit. You can see how much of your credit has been used and how much is left, as well as any outstanding fees, penalties, or total amounts due.
Interest Rates on GCredit At the moment, the GCredit interest rate is set at 5% per month. The interest rate is prorated, which means that it is based on how many days you borrowed the money from the lender. Therefore, you will still be subject to the prorated interest rate even if you pay off the loan within one day.
The following is how the interest rate is calculated:
Total Interest Amount = 300,250 [Principal Amount x 5% Interest Rate x (Number of Days 30 Days)],'_com-banner-1',);
For instance, if you borrowed 500 Yuan for 12 days and the principal is 500 Yuan, the interest is calculated as follows:
Because 500 x 0.05 x (12 days 30 days) = 10, you will need to pay 510 (500 principal + 10 interest) to pay off your loan.
How to Pay Your Bills With GCredit If you're short on cash and have unpaid bills, you can use GCredit as a temporary solution to your financial woes. On GCash, more than 400 billers accept GCredit for bill payment, including:
PLDTSmart CommunicationsGlobeMeralcoMayniladSkycableBDO Visa/MasterCardSSSand numerous others... To pay your bills with GCredit, tap ""Pay Bills"" on the GCash app, select the biller category (such as Telecoms), and then the biller name (such as PLDT).
Enter the account number, amount, and email associated with your payment. To continue, tap ""Next.""
Choose ""GCredit"" as the payment method. You won't be able to use GCredit to pay the bill if the amount is more than your available credit limit. To continue, select ""Next.""
Keep in mind that some billers will add a service fee to the amount of your principal loan to cover their costs. Therefore, don't be surprised if the principal ends up being higher than the bill you paid.,,_;
Press ""Confirm"" to make a payment with your GCredit balance after verifying the details of your payment.
You will be notified via text message and email that your bills have been paid successfully after you pay them. Select ""Manage Credit"" to access your GCredit balance. There, you can see your total amount due, including principal, interest, and any applicable penalties, as well as your used and remaining credit limits.
How to Use GCredit for Shopping GCredit can be used to pay for meals at restaurants, buy medicines, and buy groceries. Over 60,000 merchants and stores accept GCredit, including:
PuregoldThe SM StoreJollibeeMcDonald'sPenshoppeMercury DrugShellWatsonsand many more... To use GCredit as payment when shopping at GCash partner stores, select the ""Credit"" tab rather than ""Balance"" and then tap ""Pay QR.""'',_('div-gpt-ad--0');
Scan the merchant's QR code by selecting ""Scan QR,"" which is typically displayed on a sign that reads ""GCash Accepted Here."" Enter the amount to be paid and, if applicable, select GCredit as the payment method. Before leaving the store, review and confirm your payment, and then wait for the text to confirm your payment.
You can generate a QR code and barcode and have it scanned by their QR code or barcode scanner if the merchant accepts GCredit payments but does not have a QR code (you must first confirm this with the merchant).
Go to ""Pay QR"" and then ""Generate QR/Barcode"" to accomplish this. Make certain that you have previously selected ""GCredit,"" not ""Balance."" Give the barcode and QR code to the cashier so they can scan them.
When the payment terminal successfully reads your generated QR code or barcode, the amount will be deducted from your GCredit balance. Additionally, you will receive a text message confirming your payment. '_com-large-mobile-banner-2','ezslot_15',198,,_('-2-0');
Can you make online purchases with GCredit? On Shopee, you can use GCredit to make online purchases. At checkout, simply select GCash and then GCredit before making a payment. Learn how to pay for your Shopee orders with GCredit by reading this article.
Lazada does not yet provide this choice at this time.
How to Pay Your Loan GCredit loans have a 45-day due date. Because GCredit operates on a 30-day billing cycle, you will be billed 30 days after you took out the loan and given another 15 days to pay it off.
For instance, on November 12, you borrowed money. Your bill will arrive on December 12, and you have until December 27 to pay off your loan obligations. The interest you pay will be lower the sooner you pay off your loan.
Your GCredit loan payment options are listed below. Check to see if you have sufficient funds in your GCash wallet to pay off the loan first. Online banking, remittance centers, and other cash-in options are available for adding funds.
Next, on the GCash home screen, tap ""Manage Credit."" Now that the interest has been added, you can see the total amount due. Select ""Pay for GCredit."" ”{580,400],'_com-leader-2','ezslot_16',199,,_('div-gpt-ad-_com-leader-2-0');
Enter the amount that will be deducted from your GCash balance as payment. You can pay less than the entire amount that is due, but it is preferable to pay the full amount to avoid paying additional interest. Click ""Next"" to move on.
Tap ""Confirm"" after verifying that you entered the correct amount.
You will receive a text message with a confirmation if the payment goes through. Go to ""Manage Credit"" to see if your payment has been posted to your GCredit account.
Final Words There they are. You now know what GCredit is and how to pay your bills and other personal expenses with it. It is unquestionably of great assistance to many Filipinos who are having trouble making ends meet during these trying times.
If you take out a GCredit loan, you should always pay your bills on time to avoid accruing interest and the possibility of defaulting on your loan, which could hurt your credit score and make it harder for you to get loans from other lenders. Penalties and the possibility of your loan going to collections may result from your failure to pay your loan.300,250],'_com-leader-3','ezslot_17',600,,_('div-gpt-ad-_com-leader-3-0');
Call the toll-free number 2882 or send an email to support@gcash.com if you have any additional inquiries regarding GCredit and GCash.
Tags: ""Mobile wallet GCashGCredit""" - https://www.affordablecebu.com/
