Discover how you can enhance your financial situation by leveraging a GCash loan. If you frequently use GCash, mastering the art of borrowing within the app is essential.
Explore the ins and outs of GLoan, GGives, and GCredit with our comprehensive guide.
Mastering GCash Loans: A Complete Guide to GLoan
Understanding GLoan
GLoan is a borrowing facility tailored for GCash users. With GLoan, you can access emergency funds of up to ₱125,000, deposited directly into your GCash wallet.
These funds can be utilized to settle bills or make purchases at GCash-affiliated vendors. Alternatively, you can transfer the borrowed amount directly to your designated bank account.
Key Features of GLoan
Delve into the following features of GLoan:
Exclusive Access for Pre-Qualified Users
Before applying for a GCash loan, bear in mind that approval hinges on your GScore, a metric determined by your active engagement with GCash. Factors such as your GCredit repayment history, wallet balance, and bill settlement record influence this score.
Achieving a favorable GScore not only qualifies you for a GCash loan but also grants access to a credit line of up to ₱30,000, coupled with a competitive 3% interest rate and a host of exclusive benefits.
Flexible Borrowing Limits
With GLoan, you can borrow anywhere from ₱1,000 to the maximum amount of ₱125,000, tailoring your loan to meet your specific financial needs.
Convenient Repayment Terms
Enjoy flexible repayment options based on your loan amount. Repay your GLoan in manageable installments, starting from as low as ₱215.90 per month over five months.
Understanding GLoan Interest Rates
The interest rate for GCash loans varies for each user. For instance, considering a ₱50,000 GLoan, the interest rate stands at 1.59%. Here’s a breakdown of the interest computation and how to determine the amount due, processing fees, and monthly installments:
- Select Your Loan Amount: Choose an amount ranging from ₱1,000 to ₱125,000 by adjusting the cursor to your preferred sum.
- Loan Terms: Note that the GCash loan calculator presets different repayment periods based on the loan amount:
- ₱1,000 to ₱2,000 payable in five months
- ₱5,000 to ₱15,000 payable in nine months
- ₱16,000 to ₱50,000 payable in 12 months
- ₱51,000 to ₱75,000 payable in 15 months
- ₱76,000 to ₱125,000 payable in 24 months.
- Interest Rate Display: The applicable interest rate will be visible.
- Loan Date Selection: Choose the date for your loan.
- Calculation: Click the Calculate button. If you need to modify any details, select Reset.
- Loan Summary: A summary of your loan details will appear on the right corner of your screen.
In addition to the interest rate, GLoan incurs a processing fee of 3% of the loan amount, deducted from the total loan receivable. For instance, for a ₱50,000 loan, a processing fee of ₱1,500 is deducted, resulting in a total receivable amount of ₱48,500.
Considering the example of a ₱50,000 loan repaid over 12 months, the total payment amounts to ₱59,540.04. Subtracting the initial loan of ₱50,000, the remainder is ₱9,540.04. Adding the processing fee of ₱1,500 brings the total charges for the GCash loan to ₱11,040.04.
GLoan Requirements
To qualify for GLoan, ensure you meet the following requirements:
- Be a Filipino citizen aged between 21 to 65 years old
- Maintain a good credit history
- Possess a qualified GScore
- Hold a fully verified GCash account
- Maintain a good credit record
Applying for a GLoan
Qualified GCash users can apply for a loan directly through the GCash wallet by following these steps:
- From your GCash dashboard, tap Borrow and select GLoan.
- Review your loan details, including loanable amount, repayment period, interest rate, and processing fees.
- Select Get Started.
- Adjust the loan amount and tenor using the cursor.
- Specify the purpose of your loan.
- If you agree to the terms, tap Get This Loan.
- Review all details and click Continue.
- Confirm the loan amount by entering the six-digit authentication code sent to your registered mobile number.
- Wait for confirmation via email or SMS, and your loan amount will be disbursed within 24 hours.
Repaying Your GLoan
Repaying your GCash loan is seamless through the GCash app:
- Launch the app and navigate to Borrow, then select GLoan.
- View your GLoan breakdown and amount due.
- Tap Pay for GLoan and follow the prompts to confirm your payment.
- Upon confirmation, GCash will notify you of the successful payment.
Common Questions about GLoan
1. How many GScore points are needed to unlock GLoan?
Currently, there isn’t a specific threshold of GScore points required to unlock GLoan and other lending products on GCash. Continuously engage in GCash transactions and maintain a healthy GCash wallet to elevate your GScore and gain access to GLoan.
2. How can you increase your GLoan amount on GCash?
There are various methods to maintain or boost your GScore. Alongside having a fully verified GCash account, ensure consistent engagement with GCash transactions, such as cashing in and bill payments.
Regular deposits into GSave or frequent investments through GInvest can also positively impact your GScore. Additionally, consider utilizing GInsure products and GCredit to maximize your credit line. Crucially, aim to settle your GCash loans promptly or ahead of schedule.
3. Is GLoan safe?
Indeed, GLoan provides a secure credit line under the auspices of GCash. Furthermore, it is backed by Fuse Lending, Inc., a subsidiary of Globe, with SEC Registration No. CS201617622 and Certificate of Authority to Operate a Lending Company (CA) No. 1897.
In addition to perusing GCash loan reviews, always ensure to thoroughly review the terms and conditions before proceeding with your GLoan transaction.
GGives Guide: How to Utilize it for Buy Now, Pay Later in GCash
Understanding GGives
GGives is an installment loan product that empowers you to procure items from GCash partner merchants and defer payment into interest-free installments. With GGives, you can distribute payments across up to 24 installments without the necessity of a credit card or supplementary documents.
In essence, GGives facilitates a buy now, pay later scheme ideal for significant or urgent purchases.
Qualification for GGives
At present, GGives isn’t universally accessible to all GCash users. To become eligible, ensure the following criteria are met:
- Filipino citizenship within the age bracket of 21 to 65 years old
- Possession of a fully verified GCash account and a favorable GScore
- Maintenance of a sound credit standing
- Absence of involvement in fraudulent activities
Signing Up for GGives via the GCash App
If your account qualifies, commence the registration process by following these straightforward steps:
- Launch the GCash app.
- From the dashboard, select Borrow.
- Tap GGives, then proceed with Get Started.
- Verify that your pre-filled personal information is accurate. If adjustments are necessary, tap the User Profile and make the necessary modifications. Proceed by tapping Next.
- Input the requisite information, then tap Next.
- Enter the six-digit authentication code and submit.
- Upon successful completion, a confirmation of GGives activation will be displayed.
Utilizing GGives
To utilize GGives for in-store purchases, adhere to the following steps:
- Open the GCash app.
- Access Pay QR from your dashboard.
- Align your phone’s camera with the merchant’s QR code.
- Input the desired item amount and proceed.
- Opt for GGives as the payment method and review installment options.
- Select your preferred installment plan and agree to the Disclosure Statement.
- Complete the transaction by tapping Pay with GGives.
- A confirmation receipt will be issued upon successful payment.
For online purchases, the process remains similar:
- Select GCash as your payment method during online checkout.
- Log into your GCash account and choose GGives.
- View installment options and select your plan.
- Accept the disclosure statement, then proceed with Pay with GGives.
- Upon successful payment, a confirmation receipt will be provided.
Common Questions about GGives
1. Where can I use GGives payment?
GGives can be used at over 100,000 GCash partner stores, including supermarkets, pharmacies, transportation services, and convenience stores.
2. What’s the GGives interest rate?
GGives interest rates range from 0% to 5.49% per month, depending on the loan term and your GScore. Utilize the online GGives calculator to estimate your monthly interest and payments for your purchase.
3. Are there penalty charges for using GGives?
Yes, GGives imposes penalty charges for late payments. A ₱100 penalty fee is applied one day after the due date, along with an additional 0.15% of your Daily Outstanding Principal Balance for each subsequent day after the due date.
4. How can I increase my GGives Limit?
To increase your GGives limit, continue using GCash for transactions and maintain a favorable GScore.
5. Can I make a refund for my GGives purchases?
Yes, refunds for GGives purchases are possible. Ensure you meet the following GCash loan requirements:
- Initiate the refund request within 30 days from the purchase date.
- Qualify for a full refund request.
- Ensure no loan payments have been made before requesting a refund.
GCredit Guide for GCash Users
Understanding GCredit
GCredit serves as your credit line on GCash, providing you with a credit limit of up to ₱30,000 to facilitate payments for online transactions across over 100,000 billers and stores. No additional requirements are necessary to access this feature; however, you must repay the borrowed amount along with the corresponding interest.
Unlike GLoan, GCredit enables repeated access to your credit line up to your limit, provided that payments are made early or on time.
Qualifying for GCredit
To qualify for GCredit, ensure you meet the following eligibility criteria, akin to those of GLoan and GGives:
- Filipino citizenship within the age range of 21 to 65 years old
- Possession of a fully verified GCash account and a favorable GScore
- Maintenance of a sound credit standing
Activating GCredit
If eligible, activate and apply for GCredit by following these steps:
- Log in to GCash and tap View All.
- Under Borrow, select GCredit.
- Confirm your email address and proceed with Next.
- Review your personal information, then tap Next.
- Fill out the required form details and proceed with Next.
- Review your GCredit application and tap Submit.
- Upon successful completion, a confirmation message will be displayed.
Using GCredit
Utilize GCredit to pay bills or make purchases or transactions online. It can also serve as a backup payment option for purchases from the Apple Store or Google Play Store.
For purchases or online transactions:
- During checkout on the GCash partner’s app, select GCash.
- Log in using your GCash details.
- Choose GCredit and tap Pay.
For bill payments:
- Log in to GCash and tap Bills.
- Select the category and biller.
- Enter the account details and proceed with Next.
- Choose to pay with GCredit and tap Next.
- Upon completion, a confirmation page or payment receipt will be provided for your records.
Common Questions about GCredit
1. How can I find out my GCredit limit?
Your GCredit limit is accessible on your GCredit dashboard. Simply log in to GCash, navigate to Borrow, and select GCredit. There, you can view both your remaining credit limit and your total credit limit.
2. Where can I make payments for my GCredit?
You can settle your GCredit dues conveniently through the GCash App, at any GCash payment partner, or opt for GCredit Auto-Deduct.
3. How can I raise my GCredit limit?
To expand your GCredit Line, continue utilizing your GCredit for bill payments, online shopping, and availing of GLife and GInsure services.
Comparison of GGives, GLoan, and GCredit
Having multiple options can be overwhelming. Here’s a brief comparison of these three GCash credit products to assist you in selecting the one that best suits your requirements.
| Feature | GLoan | GGives | GCredit |
|---|---|---|---|
| How often can you apply for or avail of the loan? | You can use it as long as you have no existing or active GLoan and have a fully verified GCash account | You can have multiple active loans up to the maximum loan amount and allowable loan count | You can use it continuously if you have an available credit limit and pay your minimum amount due or the total amount on time |
| How do you receive the loan amount? | Credited to your GCash account (no need for a separate GCash loan app). | Released directly to the merchant | Available on your GCash app as a payment method and released directly to the merchant |
| What is it best for? | Buying big-ticket items from non-partner merchants | Buying big-ticket items from partner merchants | Small purchases like paying bills and buying emergency items |
| How much is the maximum loanable amount? | ₱125,000 | ₱125,000 | Up to ₱30,000 |
| What are the available payment terms? | 5, 9, 12, 15, 18, or 24 months | 14 days, or 6, 9, 12, 15, 18, or 24 months | 45 days |
| What is the interest rate? | 1.59% to 6.57% | 0% to 5.49% | 5% to 7% |
| Is the loan renewable? | No, borrowers need to reapply four to seven days after full payment of the previous loan | Yes, automatic replenishment after full payment | Yes, automatic replenishment after full payment |
