Showing posts with label GScore. Show all posts
Showing posts with label GScore. Show all posts

Thursday, October 24, 2019

GScore 101: What it is and why it's worth understanding

Many Filipinos find it hard to take out loans in banks and other financial institutions. There are too many requirements, including documents that, ironically, those in most need do not have.

And so, with limited choices in the face of financial emergencies, some would turn to loan sharks who impose hefty interest.

It is because of such gap in financial services that Mynt, the company behind GCash, designed a way to make loans more accessible for Filipinos while at the same time giving them a dignified way to borrow.

GCredit, the country’s first mobile, QR-based credit line, aims to make loans available to everyone. It allows users to pay their bills and buy from partner merchants using credit.

GCredit has over 250,000 credit lines and impressive default rates, reaching underserved sectors.

At the heart of GCredit is the GScore, the first trust-based score in the country. So how does it work? Read on.

The GScore is a 3-digit number that represents a user’s relationship with GCash. The score is based on how users transact with GCash, whether by sending money, buying load or making payments, among others.

One’s GScore is earned through frequency of GCash use: the higher it is, the higher the credit limit.

Maintaining a good GScore is vital in keeping access to GCredit. The credit limit starts at P1,000, but keeping a good GScore gives users a chance to avail themselves of bigger loans.