Frequently Asked Questions
1
What are some ways I can use GCN?

GCN is a virtual cooperative network for online savings and credit. By using GCN you savings money for the future life; can get a loan if needed in a easy way; make money transfers between users; store funds in a secure electronic account and receive profit;

2
Have signup bonus?

Yes, when you signup, you will a get $0.20 bonus on your main balance.

3
Have referral bonus?

Yes, when a referral member signup, you will a get $0.20 bonus on your reserve balance.

4
Is a limit of referrals member?

Yes, you can make 10 peoples to your referral.

5
What is the minimum and maximum savings limit?

At a time have to deposit minimum $1. There is no maximum deposit limit.

6
Can I get a profit against my savings?

Yes, you will get a profit against your savings. In the end of the every month if your balance is minimum $20 you will get 1% profit. 

7
Is my savings are reliable?

Faith, confidence, prosperity, peace is the key of GCN. So, all the members can trust the GCN undoubtedly.

8
How can I get a loan?

Yes, if you have minimum 5 referrals members, you can get a loan must.

9
What are GCN supported currencies?

Now support only USD. But our future plan, each user account is a multicurrency one. It is subdivided into 3 different currency accounts:

  • USD ( The equivalent of United States dollar)
  • EUR (The equivalent of Euro)
  • BDT Bangladeshi taka);
10
How do I become a member of GCN?

To become a member of GCN, you need to register in the system.

11
How do I register in the system?

If you want to register in the GCN system, you need to click on the “Sign up” link at the top of the home page, and then enter your information.

12
Why didn’t I receive my account activation e-mail?

It is possible that you have entered a wrong e-mail address during registration, or your spam filters blocked an automatically generated message sent by our system. Check your Spam folder; the message will probably be delivered in a few hours. Otherwise please register again using another e-mail address.

13
What should I do if the system does send any email verification link?

You need to send your account username in our support tiket. After that we will activate your account.

14
Can I have multiple accounts for one IP?

Yes, but all the accounts should contain the same personal data.

15
What is the purpose of the My account section?

“My Account” is the first page you see upon logging into the Member area. Here you can find your recent transactions history, information about your accounts, as well as details about the security tools used in your account.

16
What is a list of recipients, and why do I need it?

A list of recipients is a feature designed to conveniently store the account numbers of your recipients in an organized manner.

17
What is the fee for dend to another user?

The service fee remains the same - 0.5% of the transfer amount for verified and premium accounts. For unverified accounts the fee is 1.99% of the transfer amount. The fee is always deducted from the account balance of the sender.

18
How does the system choose an account to send money from?

The system selects an account with sufficient funds. If a user has several accounts with sufficient balances, the system will ask the user to make this choice. 

19
What is the minimum amount of deposit?

A member currently can deposit minimum $2 at a time. This number may change with no prior notice.

20
What is the fee for deposits?

There is no fee for deposits.

21
In what currency can I take a loan at the Credit Exchange?

At the moment only USD loans are offered.

22
How much will it cost to make a loan?

If a member gets a loan, there is no interest. But 3% service charge will added per month until the loan adjustment against the principle amount. 

23
What happens if I fail to pay my loan back?

The system will automatically block your account. As well as the loan will be adjust from the referrals account which were mortgaged against the loan. Any funds from the account used for the loan will be used to pay off your obligation. In addition, you may be subjected to legal prosecution on behalf of a lender.

24
Shall I create my own loan application or choose one of the existing ones?

It all depends on your preferences. If time is of essence, choosing an existing loan offer is a smart choice as you will receive money fast. When you create your own application, you can ask for better terms for yourself, but you will have to wait for a lender who is willing to accept them.

25
What is the minimum amount I can withdraw?

Normally every member can withdraw minimum $10. But a borrower member can withdraw -$500 (as a loan).

26
What is the maximum amount I can withdraw?

The maximum amount is $500 at a time.

27
Why does the system not allow me to withdraw all the money from my account?

The commission for withdrawals is charged from the account balance. When you identify the amount you wish to withdraw, you need to make sure that your account balance can cover the commission you have to pay.

28
What is the commission paid to the referrer for the activity of his/her referrals?

We pay $0.20 balance in the account of each active referred user (Max 10 referrals).

29
How often do you make payments under the Affiliate Program?

Payments are made at the end of each month.

30
How do I find my referral link?

Your referral link looks like https://gcn20.com/?ref=account, where `account` is your Member username.

31
What is the Loan or Credit?

The Loan/Credit is a service offered by the GCN system to its users who wish to borrow or lend money at a service charge and on mutually beneficial terms. More information on how to get or issue a loan, visit the “Loan Activities” section at https://gcn20.com/index.php?view=credit

32
In which currencies are loans offered?

All operations on the Credit are carried out in USD.

33
What happens if a borrower fails to repay a loan on time?

If a borrower fails to repay a loan, the system will automatically block his/her account and its balance as well as mortgagor account’s balance will be used to pay off the loan.

34
How do I protect myself from dishonest borrowers?

You can screen borrowers by looking at their reliability rating or Trust Score: the higher, the better. A lender has a right to set lower limits for Trust Score rankings for loan receivers. A lender also has a right to choose who to issue loans to or to deny applications. Please ask the borrower to disclose all information about his account and analyze the information carefully. Generally you can, and should, ask as much information as necessary to rest assured that the loan will be returned.
You can create your own list of agents to work with.

35
What is the minimum and maximum loan term?

The minimum loan term is 1 day. The maximum loan term is 365 days.

36
How do I borrow money?

To obtain a loan you need to transfer the whole balance to Reserve Balance. Then you will withdraw –(minus) amount (such as -200 USD). You can get maximum $500 for a loan. But you have to need consent from your referrals member of a mortgagor. If the referrals member agrees to mortgage their account, then you will withdraw expected loan amount. 

37
Can I move my deposit from "Main Balance" to "Reserve/Purchase Balance"?

Yes, you can transfer of  your deposit from "Main Balance" to "Reserve/Purchase Balance"