Leading digital banking services provider CIMB Bank PH and leading digital wallet GCash through its lending affiliate, Fuse Lending, have onboarded an all-time high of 2 million customers for GCredit. Powered by CIMB, GCredit is a revolving credit product available on the GCash app, which can be activated without the need to present any income document. This can be used for cashless payments in all GCash QR-accepting merchants, bill payments and online purchases in selected e-commerce merchants.
Previously, GCredit customers could get a credit line of up to PHP 30,000 and maintain the same by paying the minimum amount due of 15% of their principal balance. Considering GCredit’s significant growth and customers’ continuous support for the product, starting April 2023, GCredit users can now get a credit line of up to PHP 50,000, along with that, the minimum amount due has also been lowered to 10% of customers’ principal balance, to make the repayments more affordable, making GCredit a more practical credit option for users.
“CIMB has always been committed to providing financial solutions that are convenient, accessible, and provide real value. GCredit is a testament to this mission. Through this collaboration with GCash, we are proud to drive financial inclusion and make formal credit easier for Filipinos. By providing a higher credit limit and a lower minimum amount due, we hope that this makes GCredit more accessible, enabling our customers to use it to live their life purpose,” shares CIMB Bank PH Chief Executive Officer Vijay Manoharan.
For her part, GCash President and CEO Martha Sazon says, “In line with our mission of bringing ‘Finance for All’, GCredit offers users a way to conveniently and safely access extra funds to support themselves in their day-to-day lives. Through this partnership with CIMB, we have raised the credit limit and subsequently lowered the minimum amount due so that users pay only for what they borrow, reducing financial stress and providing the flexible and accessible terms that our customers have come to associate with GCash.”
CIMB Bank and GCash are working continuously to provide a better experience for their customers and to further increase financial inclusion in the country.
Know more about GCredit here.
