GCredit transforms borrowers into business owners amid pandemic

“It’s easy to access and easy to understand. During times like this, GCash is always happy to have at least helped alleviate the burden of ordinary Filipinos by coming up with new ways to secure them financially.” ~Martha Sazon, GCash President 

GCredit transforms borrowers to business owners amid a pandemic

As the country plunges into a technical recession, GCash, the undisputed leader and preferred mobile wallet in the Philippines, has helped enhance the lives of entrepreneurial Filipinos by providing them with flexible financing deals that jump-started their now-thriving business.

Through GCredit, Filipinos have found a new way to fund their entrepreneurial ideas. A special feature in the GCash app, GCredit functions like a flexible loan or credit card. It can be used to shop with QR partner merchants or even to pay utility bills.

During the pandemic, GCredit became more than just an extender of budgets--it provided hope to ordinary Filipinos by giving them an accessible credit line to secure loans to shoulder different needs, from as simple as buying supplies for a sari-sari store to set up their own establishments.

GCredit has helped over 175,000 small merchants and online sellers gain access to funding for their businesses, disbursing over P1.7 billion in loans to date to small business owners.

Jason Arevalo, 24, said that his using the credit line has made a positive impact on his life. As both a sales clerk and a part-time online seller, the safety net provided by GCredit frees him from worrying about running out of money.

“While I save some of my profits, I usually use the money I make online as capital. When I run out of money for my daily needs such as groceries, GCredit is always there to help.” ~Jason Arevalo, 24

Gonzales Carmela, a sari-sari store owner, prefers GCredit over other ways of accessing a credit line because it does not make her dependent on other people. Instead of borrowing money from her friends and family, she can simply make use of her own credit limit instead and even work towards expanding its maximum.

Aside from using this feature to improve their business, merchants also turn to GCredit when it comes to family expenses.

“I can use GCredit to pay bills, groceries, and gas. Once, I even used it to buy school supplies for my child.” ~Marly Cortes, a Rent-a-Van Business Owner

Like  Cortes, Margarita Alunam also uses this feature as an extension of her monthly budget. As an online seller, having an accessible credit line also allows her to keep a revolving fund.

“My family was really happy about this feature when I told them how much it helped me. In fact, they also said they’d be using GCredit for their next expenses.” ~Margarita Alunam

Needless to say, GCredit has inspired many Filipinos to start their own enterprise despite the bleak economic landscape brought by the pandemic.

Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.

GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/.

GCredit users may now transact with over 17,500 billers and merchants nationwide

“GCredit is broadening the possibilities for all of us. GCash through GCredit is offering a revolutionary way to still keep our lifestyle, provide for our needs, and achieve our goals when we have fewer resources compared to the pre-pandemic period. We at GCash are cognizant that many Filipinos are struggling to make both ends meet.  GCredit seeks to provide modest relief for Filipinos to still be able to pull through during these challenging times, while also contributing to the rally of financial inclusion in the country. We have seen strong growth of GCredit usage throughout the country. We at GCash continue to complement the country’s ability to still persist and be resilient in the face of challenges. We continue to expand our current offerings like GCredit and create key services for the wise and flexible Filipino.” ~Martha Sazon, GCash President

As the demand for more digital services continuously rises amid the pandemic, GCash has partnered with over 17,500 merchants to accept GCredit as a mode of payment. This allows GCash users to use a revolving credit facility to purchase goods and services, especially during emergencies.

GCash, the undisputed leader and preferred mobile wallet in the Philippines, has empowered its over 20 million users to transact with over 17,500 establishments via GCredit, the pioneering mobile-first digital credit facility powered by Fuse Lending, Inc. that helps extend the budgets of GCash users.

GCredit is one of the many innovative features of GCash where users are enabled to borrow amounts within a certain credit limit from GCash to pay for goods, services, and bills to partner merchants and billers. It serves as a preferred easy-access and hassle-free option to borrowing compared to traditional bank loans or credit cards.

GCredit is a revolving credit facility that can be tapped when a GCash user has a healthy GScore, the first trust score in the country. GCash users earn points in their GScore whenever they use GCash to settle any payment or even when simply cashing in.

Any GCash user with an eligible GScore is entitled to use GCredit. The higher the GScore is, the higher the credit limit that a user can tap. A GCash user may have access to up to P10,000 in credit line with a low prorated daily interest rate.

While it is similar to a credit card, GCredit does not require users to submit extensive documentary requirements and wait in long lines to gain access to the revolving credit facility.

An in-app borrowing facility is an essential tool for Filipinos in surviving the COVID-19 pandemic as evidenced by the surge in GCredit availments during the Petsa de Peligro week or the days leading to the payday when employees struggle with their remaining cash at hand.

GCash account holders use GCredit to do QR code payments for grocery runs and pharmacy purchases, as well as for settling home bills such as electricity, telephone, and internet lines.

Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.

GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/.

GCash extends Over P2B in microcredit facility in H1

“GCredit, the pioneering digital credit facility available via the GCash app, has helped extend the budgets of Filipinos from the onset of the pandemic. We at GCash are mindful of the challenges that Filipinos face during these trying times, and providing them with a flexible, affordable, and convenient credit facility is one of our ways of helping them cope with the effects of the health situation. GCredit is available to over 20 million GCash users. The always-ready credit line is easy to access and use, and offers low and flexible interest rates. GCredit users often use their credit lines for emergencies and necessities, others even use GCredit to start their businesses.” ~Martha Sazon GCash President

The value of GCredit transactions is double versus a year ago, showing that Filipinos are now more adapting to the digital lifestyle, as the government continues to put in necessary safeguards to lessen human interaction due to the pandemic.

GCash, the undisputed leading and preferred mobile wallet in the Philippines, extended over P1.8 billion of microcredit facility during the first half of the year through its sister company Fuse Lending, helping stretch the budget of Filipinos amid the national health situation.

Meanwhile, the volume of GCredit transactions during the same comparative periods rose by 54 percent to over 2 million transactions from 1.3 million transactions the previous year.

GCredit, which works like a flexible loan or credit card, gives GCash access to extra budget that they can use to buy groceries from supermarkets like Puregold, medicines from pharmacies like Mercury Drug, and even utility bills.

GCredit is a revolving credit facility that can be tapped when a GCash user has a healthy GScore, the first trust score in the country. GCash users earn points in their GScore whenever they use GCash to settle any payment or even when simply cashing in.

Any GCash user with a high GScore are entitled to use GCredit. The higher the GScore is, the higher the credit limit that a user can tap. A GCash user may have access to up to P10,000 in credit line with a low prorated daily interest rate.

While it is similar to a credit card, GCredit does not require users to submit extensive documentary requirements and wait in long lines to gain access to the revolving credit facility.

Today, GCredit may be used to transact with over 17,000 merchants, including billers such as Meralco, Globe Telecom, and Maynilad, among others. GCredit users may also tap their credit lines to pay for their physical transactions via QR or Barcode.

“With the help of GCredit, I was able to finance my small business and grow it to what it is today. I now have a revolving fund that helps me further grow my business.” ~Janine Dessa Pabellosa, A Young Online Seller

Janine Dessa Pabellosa, a young online seller who sells necessary supplies such as face masks and face shields, said GCredit has helped her in funding her small business.

“GCredit is exciting, especially at my age. Even if I have cash on hand, I know that I have a safety net if ever emergencies arise.” ~Adrian Macaraeg, a 46-year-old Call Center supervisor

Others find GCredit as a lifesaver during emergencies. Such is the case for Adrian Macaraeg, a 46-year-old call center supervisor.

Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.

GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/.

Finding a digital ally during the pandemic

"Ibinili ko ng gatas ng anak ko. Malaking tulong talaga siya… Ngayong lockdown kasi, kelangan ng dobleng diskarte lalo pa't hirap sa pamamasada, and nakakatakot lumabas. Meron kang magagamit na pang-alalay...may matatakbuhan ka, kasi alam mong andiyan lang siya, steady lang, kumbaga meron kang katulong." ~Andrew Bautista, Tricycle Driver, Delivery Rider

GCredit

The pandemic has left every Filipino dangling over the cliff of uncertainty. With three children, Bautista sought the helping hand of GCredit, the credit platform of the country's leading digital wallet, GCash. 

In a situation as precarious as today, everyone tends to gravitate toward a sense of security and stability, especially financially.

For Andrew Bautista, all he needed was the assurance that he would be able to provide for his family. The 33-year-old father wears many hats--tricycle driver, delivery rider and now, with the help of GCredit, sari-sari store owner. When he gained access to GCredit, Bautista immediately sought the essentials.

The Pasig City resident recently started a small business, the quintessential sari-sari store, to help his family get through the lockdown that forced thousands of Filipinos in Metro Manila to stay at home.

Household staple

Boasting a 700-percent year-on-year growth in May alone, driven primarily by bank cash-ins and online payments, GCash has become a new household staple.

Now, over 20 million GCash app users obtained a credit score with GScore, even without a prior credit history. Through increasing their GScore, users are able to gain access to GCredit, a surprisingly easy process credit facility in contrast to the usual requirement-heavy applications in traditional banks.GCredit, is able to provide eligible users with their own credit lines, extending their budgets during the quarantine.

GCredits acts just like a traditional credit card, without all the fuss and hassle of getting one. It makes credit accessible to all—helping users in far-flung areas as well—as many of the formal requirements in banks may not be available to many Filipinos.

Since it was first introduced in 2004, GCash has offered various digital solutions to the unbanked and underbanked. Staying true to its mission of financial inclusion, it introduced its digital credit facility, GCredit two years ago.

Seeing an unprecedented growth in the middle of a pandemic, the financial technology giant filled their role in the “new normal" with ease.

Last June, GCash disbursed P5 billion in loans through GCredit, making it more accessible to over 550,000 Filipino users.

"Karamihan ng supplier ng garments ay sarado, dahil hindi siya kabilang sa ‘essentials,’ kaya ang impact sa kanila ay kailangan talaga maghigpit ng sinturon. Dun sa mga pagkakataon na hindi dumadating yung inaasahan kong pera, pero may kelangan ng bayaran na dues, meron akong mapagkukunan." ~Arnie Martinez, Owns a Sewing Business

For 37-year-old Arnie Martinez, her small sewing business, was, quite literally, hanging by a thread. With the new coronavirus disease limiting the capacity of every Filipino, most have turned to the power of technology, with applications like GCash thrust into the spotlight.

Even under lockdown, the responsibility of bills and necessities continues to burden many Filipinos. Martinez turned to GCredit when it came to paying bills, especially with the quarantine making it more difficult for everyone to access cash.

With a stay-at-home order dangling over everyone's heads, grocery runs have turned into an occasional practice. With lines snaking around our local groceries and everyone geared with their own personal protective equipment, buying the essentials has become a chore that entailed arduous planning.

With GCredit, users are able to breathe a sigh of relief. Because of quarantine, most Filipinos prefer to buy in bulk, and the digital credit facility has given users more purchasing power. Users are able to buy more with the credit line, instead of being restricted with their budget, in order to minimize exposure to the deadly virus.

Over the past 12 months, the digital credit provider boasts a 115-percent increase in activated credit lines, entailing the growth of its user base. Disbursements in the past 12 months also doubled, boasting a 214-percent increase and providing greater financial support to Filipinos.

Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc. 

GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/.

With the questions of a murky future remaining unanswered, Filipinos have found an ally in GCredit.