GCash, the No1 Finance App has everything you ever need. From savings and investments, and even for personal loans. GCash has 3 products that you can choose from that lets you borrow anytime you need extra cash with low interest rates, no collateral required, and easy processing via the GCash app.
GCash has GLoan, GGives and GCredit. GLoan allows you borrow Cash upto 9 months with low interest rates. The amount that you can borrow would depend on your GScore.
What is GLoan?
GLoan is a Cash Loan that you get as GCash credits. Once you avail of GLoan, a loanable amount with the payment terms and interest is indicated. Once you agree to this, you will see the amount reflect on your GCash balance.
GLoan caters to Filipinos seeking fast and easy access to cash. It eliminates the need for traditional bank loan applications and approvals. Here’s a breakdown of its key features:
- Loan Amounts: You can avail loans ranging from Php 100 to Php 125,000.
- Disbursement: The approved loan amount is credited directly to your GCash wallet within 24 to 48 hours.
- Repayment Terms: GLoan offers flexible repayment terms, with options ranging from 14 days to 24 months.
- Interest Rates: Interest rates start as low as 1.59% per month, subject to GCash’s assessment.
- Fees: There are minimal processing fees associated with GLoan.
Types of GLoans
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GLoan Sakto: This is a microloan perfect for first-time borrowers or those needing smaller amounts (Php 100 to Php 500). It comes with a short repayment term (14 or 30 days) and zero interest.
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GLoan: This caters to those requiring larger loans (up to Php 125,000). It offers various repayment terms and interest rates based on your creditworthiness.
Eligibility for GLoan
GCash uses a proprietary scoring system called GScore to assess loan eligibility. While the exact criteria aren’t publicly disclosed, factors like your GCash activity, transaction history, and credit behavior with other institutions likely play a role.
Here are some general pointers to improve your chances of GLoan approval:
- Be a fully verified GCash user (complete with your KYC requirements).
- Maintain a consistent and active GCash account.
- Link your bank accounts or other financial accounts to GCash (optional but may help).
- Build a good payment history by paying bills and other transactions on time through GCash.
How to avail of GLoans
The process to avail a GLoan is straightforward:
- Open the GCash app and tap “Borrow.”
- Select “GLoan” (or “GLoan Sakto” if applicable).
- Review your pre-approved loan limit, interest rate, and processing fees.
- Choose your desired loan amount and repayment term.
- Confirm the loan details and verify with a one-time password (OTP).
- The approved loan amount will be credited to your GCash wallet within the stipulated timeframes
What is GGives?
GCredit is type of loan that is like a credit card. You can avail this if you wish to purchase products from partner merchants. There will be an amount cap that you can avail and will be payable in terms. You will be able to see the credit limit in the app. GCredit is powered by FUSE Lending.
What is GCredit?
GCredit is a cash loan. It’s a no collateral loan with low interest rates and shorter term period compared to GLoan. This is a standby credit and the loanable amount depends on your GScore. You may be able to use this as to any form you wish.
What is GScore?
GScore is a score that reflects how active you are in using GCash’s products and features. Your GScore is unique to your mobile number and cannot be transferred. Your new SIM activities would be the basis for your current GScore.
What are the GCash products and features that you can use?
1 Buy Telco load with GCash. Avail load for Globe, Smart, PLDT, DITO and many more
2 Pay with GCash in groceries, restaurant and many more
3 Pay utility bills like Meralco, Internet, Telco, Cable and more
4 Pay online with select partners like Shopee, Lazada, Google Play store and more
Important factors to take note prior to availing a GLoan
- Interest Rates: While competitive, GLoan interest rates can accumulate over time. Borrow responsibly and only for what you truly need.
- Repayment Ability: Carefully assess your financial situation and ensure you can comfortably meet the repayment terms. Late payments can negatively impact your credit score.
- Alternatives: Explore other options like personal loans from banks or credit unions before opting for a GCash loan. Compare interest rates and terms to find the best fit.
- KYC fully-approved and fully verified first before you get to avail any of these loans. Also make sure to have a good GScore. Your GScore is the key to your availment of any of the loans.
How to repay your GLoan
GCash will inform you of your upcoming due dates through the app. You can repay your loan via various methods:
- GCash balance
- Bank transfers
- Over-the-counter payments through partner outlets
It’s crucial to make repayments on time to avoid penalties and maintain a good credit standing with GCash.
GCash loans offer a convenient and accessible way to address short-term financial needs. By understanding the features, eligibility requirements, and responsible borrowing practices, you can leverage GLoan to your advantage. Remember to borrow wisely and prioritize timely repayments to maintain a healthy financial standing.
With best partners life FUSE Lending Inc. and CIMB Bank, you are definitely sure that you have the financial assistance that you can get as soon as you get approved. Both of the financial institutions are duly registered under the Securities and Exchange Commission (SEC) and regulated by the Bangko Sentral ng Pilipinas (BSP), with their long experience in the Financial Industry space.
GCash is a subsidiary of the Globe Group which is owned and operated by the Ayala Corporation who serves the needs of the Filipino people, both here in the Philippines and abroad.
For more news and information, keep on visiting and checking our site elifestylemanila.com
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