GCredit Terms and Conditions

Last Modified: August 8, 2018

Hello! Welcome to GCredit’s Terms and Conditions. Please read this carefully before using our services. This is a contract between you (“Customer”) and Fuse Lending, Inc. (“Fuse”) with respect to your use of GCredit, a credit limit which may be used to pay for goods and services from GCash merchants. A complete list of these GCash merchants can be viewed at www.fuselending.com/gcredit/stores.

Fuse reserves the right to revise and modify the GCredit Terms and Conditions (“Terms and Conditions”) at its sole discretion. Any changes made will be posted in www.fuselending.com/tc/GCredit and shall become binding. You are obliged to be informed and access GCredit’s website from time to time for the latest version of the Terms and Conditions. Availing of GCredit after such updates have been made is considered an acceptance of any revision or modification of the Terms and Conditions.

Application

As a GCredit user, you affirm that all information provided in the application form and the supporting documents submitted through the GCash app or select Fuse and/or GCash sales channel are true and correct. As such you hereby consent that:

  1. Fuse will validate such submission from available information on your accounts, transactions, log-ins, usage details, credit information, credit status, from Globe Telecom, Inc., G-Xchange, Inc., BAP Credit Bureau, Inc., applicable banks, credit bureaus and other financial institutions as may be indicated on the application form or entities that you have additionally indicated on the application form
  2. Such holder, controller, and processor of the information from the foregoing sources to confirm, release and verify the existence, truthfulness, and/or accuracy of such information to Fuse.

Any incorrect information provided will result to delay or disapproval of the application. If any incorrect information, misrepresentation, misleading information that if known to Fuse at the time of application then Fuse would not have approved the same, Fuse has the right to demand immediate payment of any outstanding amount in accordance with the law.

Fuse, its subsidiaries, affiliates, and third-party vendors or partners such as, but not limited to, Globe Telecom, Inc. and G-Xchange, Inc. may send short messaging services (SMS), mobile and/or email alerts/messages to you for the purpose of confirming your application, as well as any/all information submitted.

Fuse has the right to cancel/deny the application if reply or feedback has not been received within the specified period of time.

Background Check

Fuse determines your qualification for GCredit by credit investigation and credit scoring. By providing your information in your application, you agree to let Fuse process your:

  1. Personal profile;
  2. Credit information;
  3. Data usage records;
  4. Promo subscription and redemption records;
  5. Voice calling data records;
  6. SMS sending and receiving records;
  7. Customer relationship management records (e.g. correspondences, photos, etc.);
  8. Pre-paid load balance, top up and usage records;
  9. Value-added service records;
  10. Postpaid billing and collection records;
  11. GCash balance and transactional records;
  12. Borrower status; and
  13. Monthly purchase data as applicable

from Globe Telecom, Inc., G-Xchange, Inc., BAP Credit Bureau, Inc., applicable banks, credit bureaus, and other financial institutions that may have been indicated on the application form by you.

Fuse shall inform you via email/SMS/call of your approved credit limit and interest rate. Failure to object within seven (7) calendar days shall mean acceptance of the limit, interest rate, and all other terms stipulated in these Terms and Conditions.

If you do not pass the evaluation criteria, Fuse is not liable to disclose the reason for disapproval.

Availment

After being approved, you may use GCredit by scanning the QR code of authorized merchants to pay for your goods or services and by paying authorized billers in GCash. You will receive an SMS notification for every successful transaction.

All availments transacted via your GCredit and each corresponding crediting of funds to partner merchant’s GCash wallet shall be conclusive proof of your indebtedness to Fuse. Every month, we will send your billing statement to the email you submitted during your application. You hereby acknowledge the integrity of the billing statement as an electronic document pursuant to the provisions of the Electronic Commerce Act and agree to pay on due date any amount stated without need for presentation of signed documents.

The billing statement generated by Fuse’s loan system on all your availment(s), outstanding balance and payment shall be conclusive upon the lapse of twenty (20) calendar days from your receipt via email if no error has been reported.

You can report any billing error by sending an email to wecare@fuselending.com.

Account Security

To protect your account, do not share your Mobile Personal Identification Number (MPIN) and other security passwords to anyone. You agree that you are responsible for safeguarding your own account and that you will be liable for any transactions on your GCredit.

In the instance that your account security is compromised (e.g. lost phone containing GCash and GCredit), you must report the incident to Fuse within 24 hours. Fuse will have the right to deactivate your account for the specified incident report or request.

To reactivate your account, you shall submit a written report with a detailed description of the incident. Fuse shall decide on account reactivation based on the validity of the incident report.

Finance Charges

You shall be informed of your interest rate upon approval and this is subject to change by Fuse from time to time. Fuse shall inform you of such through SMS or email.

All your transactions are subject to interest charges, computed by multiplying interest rate by the average daily balance (ADB) of your availments. ADB is computed based on the amount outstanding and the number of days that amount has been outstanding. Sample computation is provided below.

Sample Interest Computation:

Approval Date: Jan 8

Billing Date: Feb 8

Steps for ADB Computation:

  1. Take note of your availments / daily purchases.
  2. Determine Unpaid Purchases. Unpaid Purchases shall mean sum of unpaid daily purchases.
  3. Determine Days Unpaid. Days Unpaid shall mean number of days the unpaid purchases did not change.
  4. Multiply Unpaid Purchases by Days Unpaid.
  5. Determine Billing Days. Billing days shall mean number of days between your billing dates.
  6. Add the results from number 4 and divide it by Billing Days.

Step 1

Step 2

Step 3

Step 4

Date

Purchases

Unpaid Purchases

Days

(in Php)

(in Php)

Unpaid

Jan 12

1,000

1,000

6

P 6,000

Jan 18

1,000

2,000

7

P 14,000

Jan 25

1,000

3,000

14

P 42,000

Step 5:

Billing Days = Feb 8 – Jan 8 = 31 days

Step 6:

ADB = (P 6,000 + P 14,000 + P 42,000)/31 days = P 2,000

Steps for Interest Computation:

  1. Divide your interest rate by 30 to get your Daily Interest Rate (DIR)
  2. Multiply ADB, DIR, and Billing Days

Step 1:

DIR = 5%/30 days = 0.166667%

Step 2:

Interest = (P 2,000)(0.166667%)(31 days) = P 103.33

Fuse shall also impose penalties for late payments:

<=30 days past due: P 200

<=60 days past due: P 500

<=90 days past due: P 900

>90 days past due: P 1,500

Sample Computation with Penalty and Additional Interest:

Assuming you did not pay anything using the example above and there were no additional availments, on Mar 8 (your next billing day) you would need to pay a penalty fee plus the additional interest on top of the amount unpaid from your Feb 8 billing statement.

Penalty Fee = P 200

Additional Interest = (P 3,000) ( 0.166667%) (28 days) = P 140

Payment

On your due date, Fuse will auto-deduct the due amount from your GCash wallet so you need to ensure that you have sufficient balance in your GCash wallet for your payment. You may fund your GCash wallet by:

  1. Cashing-In to your GCash through accredited partner outlets (a complete list of partner outlets can be found at www.gcashpromos.com/gcashtouchpaycashin
  2. Transferring funds from bank accounts enrolled in your GCash account

Upon successful payment, you will receive an SMS confirming total payment and the corresponding reference number, date, and time as proof of settlement.

Payment shall be settled in the following order: a) unpaid fees, b) unpaid penalties, c) unpaid interest, and d) unpaid principal. Sample computation is shown below.

You expressly waive the benefit of Article 1252, Civil Code of the Philippines, Republic Act No. 386, on applications of payment.

If for any reason, you cannot fund your GCash account, you can also pay Fuse Lending to settle your due amount via other payment channels:

  1. Bills payment via partner banks: BPI, AUB, Metrobank and BDO
  2. Bills Payment via partner outlets: ECPAY, Bayad Center, and 7-Eleven CLiQQ

When paying via other payment channels, input your GCredit mobile number as reference number, Amount to be paid, and Fuse Lending as Biller Name. Fuse will send you an SMS confirmation for your payment.

Right of Set Off Against All Existing GCash Wallets/Accounts

In the event that you fail to pay any amount due, you hereby assign and transfer to Fuse any monies and securities equivalent to your amount due which are in the possession, custody and control of Fuse and G-Xchange, Inc. without need of demand. For this purpose, you hereby consent, authorize, and appoint Fuse or any of its subsidiary or affiliates to inquire about and assert their legal claim on such monies and securities. You hereby allow Fuse to deduct any amount due from other GCash wallets registered under your name.

Solidary Liability

Your spouse shall be jointly and severally liable for any amount due incurred from the use of your GCredit.

Customer Data

Fuse by itself or through the third party partners of Fuse such as but not limited to Admerex Solutions, Inc., Asticom Technology Inc., BAP Credit Bureau, Inc., CIS Bayad Center, Inc., Consumer CreditScore Philippines, Inc., Digital Space Explorer, Inc., EFL Global Ltd., Electronic Commerce Philippines Inc., Globe Telecom, Inc., G-Xchange, Inc., HC Consumer Finance Philippines, Inc., InnoVantage, Inc., Lenddo Pte. Ltd., Mambu GmbH, Outsource Network Contact Center and Bank Office Services, Inc., Pointwest Technologies Corporation, Tech Mahindra Limited, Inc., Telan Hipe Flores Telan & Associates, Trident Credit Support and Collection Services, Inc., Trusting Social Co., and Zendesk, Inc. will execute business services such as credit investigation, credit scoring, credit collection, product and systems development, sales and marketing activities, communications relating to our products and/or services, and similar and/or analogous services. You hereby authorize Fuse to share any and all your information with aforementioned third party partners which includes but not limited to:

  1. Personal profile;
  2. Credit information;
  3. Credit score;
  4. Data usage records;
  5. Promo subscription and redemption records;
  6. Voice calling data records;
  7. SMS sending and receiving records;
  8. Customer relationship management records (e.g. correspondences, photos, etc.);
  9. Pre-paid load balance, top up and usage records;
  10. Value-added service records;
  11. Postpaid billing and collection records;
  12. GCash balance and transactional records;
  13. Borrower status;
  14. Monthly purchase data; and
  15. Payment and collection records as applicable

Moreover, you hereby understand and agree that Fuse shall have the right to retain all documents submitted in connection with your GCredit application for a period of time required to comply with applicable laws, rules and regulations, as well as to use the information contained in said documents for legitimate business purposes such as processing any application or request for availment of any product and/or service which Fuse, or its subsidiaries and affiliates, may offer, improving existing products and services, credit investigation and scoring, advertising and promoting new products and services.

You may, at any time, withdraw the aforementioned consents and authorizations by contacting Fuse’s Data Privacy Office (fuse.dataprivacy@mynt.xyz) and informing Fuse in writing of your intent; provided that such withdrawal of consent shall be without prejudice to Fuse’s right to collect any outstanding balance you may have incurred, by itself or through third party collectors upon your receipt of the collection notice.

Unless you express the intent to withdraw the aforementioned consents and authorizations and the withdrawal is acknowledged by Fuse in writing, the aforementioned consents and authorizations shall continue for as long as any outstanding balances covered in this GCredit Terms and Conditions remains unpaid. Moreover, Fuse can keep and use all records necessary for taxation, accounting, and/or any legitimate purpose for a period of time as may be allowed by applicable laws.

Update and Change of Customer Information

You shall update Fuse annually or as required by Fuse any change in your personal information indicated in your application such as but not limited to current and permanent address, mobile/landline number, and email address. All correspondences regarding your GCredit shall be sent to the most updated contact details received by Fuse and deemed to be sufficient receipt of said notifications.

Product Features and Enhancements

Fuse has the sole right to increase or decrease your credit limit and interest rate. Fuse also has the right to offer you different product features/services and/or promos based on but not limited to your use and payment of GCredit, GCash usage, GScore, market conditions, credit records from other financial institutions, and other partner data.

You will be notified by Fuse through SMS/email/call for any change/update in your GCredit and if no objection has been received in writing within 7 calendar days, this shall mean acceptance of the change/update.

Customer Default

Failure to pay outstanding balances on your due date as detailed in your billing statement shall result to default and Fuse will have the right to execute necessary and legal measures to collect such as but not limited to suspending your GCredit, sending emails/SMS/letters to remind you to pay, collecting your GCash cashback (during an applicable promo run) from any wallet under your name as payment for due amount, reporting to BAP Credit Bureau, filing court cases, and such other remedies available to Fuse under law or equity.

Other instances considered as default:

  1. Failure to comply with or perform any of the terms and conditions in all notifications and any agreement between you and Fuse;
  2. Any representation or warranty made in connection with the approval of GCredit have been proven incorrect or misleading as of the time it was made or deemed to have been made;
  3. Voluntarily suspension of operations of your business or you become insolvent or unable to pay your debts when they become due or commits or permits any act of bankruptcy or insolvency;
  4. Any final judgment or decree for a substantial sum of money, damages or for a fine or penalty is entered against you by a court of competent jurisdiction and is not paid, discharged or fully bonded within fifteen (15) days after the date when payment of such judgment or decree is due under applicable laws;
  5. Death or conviction of a criminal offense with final judgment carrying with it a penalty of civil interdiction affecting you, or in any of the cases covered by Article 1198 of the Civil Code of the Philippines, Republic Act No. 386;
  6. Material change in your financial circumstances or condition reckoned from the approval your GCredit, which, in Fuse’s reasonable opinion would adversely affect your ability to perform the obligations under these Terms and Conditions.

If Fuse is compelled to seek judicial relief by reason of your breach of its obligations under these Terms and Conditions, you shall, in addition to any other damages awarded by the court, pay to Fuse an amount equivalent to twenty five percent (25%) of the amount due but in no case less than Ten Thousand Philippine Pesos (PhP 10,000.00) as and by way of attorney’s fees, aside from the costs and expenses incurred by Fuse in the enforcement of these Terms and Conditions.

Assignment

Fuse may sell, transfer or assign (and you hereby consent to such sale, transfer or assignment) any of its rights and obligations hereunder to any person, company or entity. You shall be bound to fulfil and perform all of your obligations to such buyer, transferee or assignee, including the payment of the Credit in accordance with these Terms and Conditions, as if such buyer, transferee or assignee was the original lender. For this purpose, you hereby waive any rights you may have under Article 1634 of the Civil Code of the Philippines, Republic Act No. 386.

You may not, without the consent of Fuse, sell, transfer or assign any of its rights and obligations hereunder. Such buyer, transferee or assignee shall be bound to fulfill and perform all of your obligations under these Terms and Conditions as though it was the original Borrower.

Taxes

All payments due to Fuse, whether of principal, interest, fees, or otherwise, shall be made without set-off or counterclaim, free and clear of, and without deduction or withholding for or on account of, any taxes, including documentary stamp tax, value-added tax, and gross receipts tax, all of which shall be for your account. If you shall be required by any law or regulation to make any deduction or withholding in respect of taxes from any payment hereunder, the sum payable by you shall be increased as will result in the receipt by Fuse, after such deduction or withholding, of the amount that would have been received if such deduction or withholding had not been required.

No Waiver

No failure, omission, or delay on the part of Fuse in exercising any right or power under these Terms and Conditions shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power preclude any further exercise thereof. Acceptance by Fuse of any payment after its due date or after an event of default has occurred or after legal proceedings have been commenced against you shall not constitute an extension of time.

Cancellation/Termination

You may voluntarily cancel your GCredit by sending an email to wecare@fuselending.com using the email registered for your billing statement, subject to immediate payment of any outstanding balance.

Fuse retains the sole right to terminate your GCredit account as well as determine, modify, change, increase or decrease your GCredit limit without notice to you and without any liability to you.