GCash, the leading e-wallet in the Philippines, not only provides seamless transactions but also offers various loan products to help users meet their financial needs. In this review article, CashLoanPH will delve into the three primary loan options offered by GCash: GLoan, GGives, and GCredit. By understanding the features, qualifications, and application processes of each, users can make informed decisions to improve their financial condition.
GLoan: A Lifeline in Times of Need
What is GLoan?
GCash’s GLoan feature serves as a lifeline during emergencies, providing users with access to an instant loan directly through their GCash wallets. The loan amount can be as high as ₱125,000, offering immense flexibility for various financial requirements. Whether it’s paying bills or making purchases at non-partner GCash merchants, GLoan ensures that users can address pressing financial obligations with ease.
Features of GLoan
Available to Pre-Qualified Users
Before applying for GLoan, it’s crucial to understand that approval is contingent upon the user’s GScore, a dynamic rating calculated based on active usage of GCash services. Factors such as GCredit payments, wallet balance, and bill payment history contribute to the GScore. A high GScore not only increases chances of GLoan approval but also offers additional perks, such as a credit line of up to ₱30,000 with a competitive interest rate of 3%.
Borrow Up to ₱125,000
With GLoan, users can borrow any amount between ₱1,000 to the maximum limit of ₱125,000, providing them with much-needed financial flexibility.
Enjoy Easy Payment Terms
Users can enjoy affordable terms tailored to their loan amount. For instance, a ₱50,000 GLoan can be repaid in monthly installments as low as ₱215.90 over a five-month period.
Understanding the GLoan Interest Rate
The interest rate for GLoan varies for each user, and it can be calculated using the GLoan interest computation tool available on the GCash app. As an example, a ₱50,000 GLoan may have an interest rate of 1.59%. Additionally, GLoan comes with a processing fee of 3% of the loan amount, which is deducted from the total loan receivable.
To qualify for GLoan, users must meet specific criteria, including being a Filipino citizen aged between 21 and 65 years old, having a good credit history, possessing a qualified GScore, maintaining a fully verified GCash account, and maintaining a good credit record.
How to Borrow Money with GLoan
Borrowing money with GLoan is a simple and straightforward process. Qualified GCash users can apply for a GLoan directly through their GCash wallet. The step-by-step process involves tapping on “Borrow” from the GCash dashboard, selecting “GLoan,” reviewing loan details, choosing the desired loan amount and tenor, selecting the purpose of the loan, agreeing to the loan details, confirming the loan amount with a six-digit authentication code, and awaiting confirmation of the loan application.
How to Repay GLoan
Repaying GLoan is equally convenient, as users can do so directly through the GCash app. By navigating to “Borrow” and selecting “GLoan,” users can view their GLoan breakdown and make their monthly installment payments hassle-free.
FAQs on GLoan
How many GScore points are needed to unlock GLoan?
Currently, there is no specific GScore threshold to guarantee GLoan approval. However, regular use of GCash for transactions and maintaining a healthy wallet balance significantly improves the user’s GScore, enhancing eligibility for GLoan.
How can I increase my GLoan amount?
To increase the GLoan limit, users should actively use their GCash accounts for various transactions, such as cashing in, paying bills, using GSave, GInvest, and GInsure, and consistently repaying GCash loans on time.
Is GLoan a safe option?
Absolutely. GLoan offers a secure credit line under the umbrella of GCash, powered by Fuse Lending, Inc., a subsidiary of Globe. Users are advised to read the terms and conditions before proceeding with GLoan transactions to ensure a smooth borrowing experience.
GGives: Empowering Your Purchases with 0% Installments
GGives is an installment loan product that revolutionizes the shopping experience for GCash users. This feature allows users to purchase items from GCash partner merchants and pay for them later in 0% installments, eliminating the need for a credit card or additional documents. GGives empowers users to make significant purchases without compromising their budget or credit score.
Qualifications for GGives
GGives, while a game-changer, is not available for all GCash users. To qualify, users must be Filipino citizens aged between 21 and 65 years old, have a fully verified GCash account, possess a good GScore, and maintain good credit standing with no history of fraudulent transactions.
How to Sign Up for GGives on the GCash App
If eligible, users can sign up for GGives by following a simple registration process. From the GCash app dashboard, selecting “Borrow” and then “GGives” will lead users through the necessary steps, including verifying personal information and submitting the GGives activation request.
How to Use GGives
Using GGives for purchases is a breeze. Whether it’s in-store or online, users can leverage GGives for flexible installment plans.
For in-store purchases:
- Open the GCash app and tap “Pay QR” on the dashboard.
- Scan the merchant’s QR code and input the purchase amount.
- Choose GGives as the payment option and select the desired installment plan.
- Agree to the Disclosure Statement and complete the payment process.
For online purchases:
- Choose GCash as the payment method during checkout.
- Tap “GGives” and select the desired installment plan.
- Agree to the disclosure statement and complete the payment process.
FAQs on GGives
Where can I use GGives payment?
GGives can be used in over 100,000 GCash partner stores, including supermarkets, pharmacies, transportation, and convenience stores.
What’s the GGives interest rate?
GGives interest rates vary based on the loan term and the user’s GScore, ranging from 0% to 5.49% per month. Users can easily estimate monthly interest and payments using the GGives calculator.
Are there penalties for using GGives?
Yes, GGives imposes penalties for late payments. Users failing to pay on the due date are subject to a ₱100 penalty fee and an additional 0.15% of their Daily Outstanding Principal Balance each day after the due date.
How can I increase my GGives limit?
To increase the GGives limit, users should regularly use GCash for transactions, maintain a good GScore, and responsibly manage their credit obligations.
Can I refund GGives purchases?
Yes, GGives purchases can be refunded within 30 days from the date of purchase, provided no payments have been made for the loan.
GCredit: Unleashing Your Financial Potential
What is GCredit?
GCredit empowers users with a credit line of up to ₱30,000, enabling them to pay for online transactions at over 100,000 billers and stores at their convenience. Unlike GLoan and GGives, GCredit does not require additional documents; users only need to repay the borrowed amount and its corresponding interest.
Qualifications for GCredit
The qualifications for GCredit align with those of GLoan and GGives. Users must be Filipino citizens aged between 21 and 65 years old, have a fully verified GCash account, possess a good GScore, and maintain good credit standing.
If eligible, users can activate GCredit by following a simple process. After logging into GCash, navigating to “View All,” and selecting “GCredit” under “Borrow,” users confirm their email address and review personal information before submitting the GCredit application.
How to Use GCredit
With GCredit, users can seamlessly pay bills and make online purchases. Whether it’s settling bills or shopping at partner stores, GCredit ensures that users can meet their financial obligations with ease.
For online transactions:
- During checkout, select GCash as the payment method.
- Log in to the GCash account and choose GCredit as the preferred payment option.
- Complete the payment process.
For bills payment:
- Log in to GCash and navigate to “Bills.”
- Choose the category and biller.
- Enter the account details and proceed.
- Opt to pay with GCredit and complete the payment process.
FAQs on GCredit
How do I know my GCredit limit?
The GCredit dashboard displays the user’s credit limit, including the remaining and total credit limit.
Where can I pay my GCredit?
Users can pay their GCredit directly through the GCash app, at any GCash payment partner, or via GCredit Auto-Deduct.
How can I increase my GCredit limit?
To increase the GCredit limit, users should regularly use GCredit for bill payments, online shopping, and other GCash services.
Comparing GCash Credit Products: GLoan, GGives, and GCredit
When it comes to GCash credit products, the array of options can be overwhelming. To simplify your choice, here’s a brief comparison of GLoan, GGives, and GCredit, so you can easily find the one that suits your needs best.
Features GLoan GGives GCredit How often can you apply for or avail of the loan?
- You can apply for GLoan as long as you have no existing or active GLoan and possess a fully verified GCash account.
- GGives allows you to have multiple active loans, up to the maximum loan amount and allowable loan count.
- GCredit enables continuous usage, provided 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?
- GLoan funds are credited directly to your GCash account, without requiring a separate GCash loan app.
- GGives loans are released directly to the merchant for your convenience.
- GCredit is available on your GCash app as a payment method and is also released directly to the merchant.
What is it best for?
- GLoan is ideal for purchasing big-ticket items from non-partner merchants.
- GGives is designed for buying big-ticket items from partner merchants.
- GCredit is suitable for smaller purchases, such as paying bills and buying emergency items.
How much is the maximum loanable amount?
- GLoan allows a maximum loanable amount of ₱125,000.
- GGives also offers a maximum loanable amount of ₱125,000.
- GCredit provides an upper limit of up to ₱30,000.
What are the available payment terms?
- GLoan offers payment terms of 5, 9, 12, 15, 18, or 24 months.
- GGives allows flexible payment terms of 14 days, or 6, 9, 12, 15, 18, or 24 months.
- GCredit offers a payment term of 45 days.
What is the interest rate?
- GLoan comes with an interest rate of 1.59% to 6.57%.
- GGives offers an interest rate of 0% to 5.49%.
- GCredit has an interest rate ranging from 5% to 7%.
Is the loan renewable?
- GLoan is non-renewable, requiring borrowers to reapply four to seven days after full payment of the previous loan.
- GGives, on the other hand, allows automatic replenishment after full payment.
- GCredit also allows automatic replenishment after full payment.
GCash offers an array of loan products, namely GLoan, GGives, and GCredit, to cater to diverse financial needs. GLoan serves as a lifeline during emergencies, GGives empowers users with 0% installments for significant purchases, while GCredit unlocks a credit line for seamless online transactions.
By understanding the features, qualifications, and application processes of these loan options, GCash users can effectively manage their finances and make informed decisions to secure a brighter financial future. Embrace the power of GCash loan products today and take control of your financial journey.