GCredit Penalty Waiving – FAQs

No. With the lifting of the Enhanced Community Quarantine/Modified Enhanced Community Quarantine and in accordance with the Security and Exchange Commission’s (SEC) announcement, payment extensions and penalty waiving are no longer effective starting June 1, 2020. Please be reminded that regular payment schedules shall apply to your GCredit account hence, you will incur a penalty fee for missing your due date.

Yes. The 30-day grace period extension will continue to apply to GCredit dues with due dates within May 1 – 31, 2020. Rest assured that any incremental penalties incurred within this period have been waived. 

Yes. Auto-deduction of dues from your GCash wallet will start on June 30, 2020. This is to help you to conveniently pay for your dues by simply cashing-in to your GCash wallet.

Only the incremental penalty fees incurred during the ECQ/MECQ period (Mar 17 to May 31, 2020) will be waived. If there’s a penalty charged to your account for due dates missed before the ECQ period, you would still need to pay these.

For reference, these are the incremental penalty fees being waived if your due date falls on the ECQ period:

  • For 1 day past due, 200 pesos 
  • For 31 days past due, 300 pesos 
  • For 61 days past due, 400 pesos 
  • For 91 and above days past due, 600 pesos

 

GCredit doesn’t charge interest on interest charges. Interest remains to  be computed based on unpaid  purchases / principal.

Penalty waiving has no effect on GScore movement. Your GScore will still  be affected by your GCash transactions, including late payments for the total amount due. For full disclosure of GCredit Terms and Conditions, please visit: https://fuselending.com/tc/gcredit/

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