Guide on the GCash Cash Loan Offer “GLoan” for Easier Access to Funds
GLOAN – Popular virtual wallet platform GCash now has a cash loan offer that its qualified users can turn to for access to some extra or much-needed funds.
Undeniably, GCash has grown to prominence that is quite hard to surpass when it comes to virtual wallets. A huge part of the Filipino populace has a GCash account and they use it for various different purposes.
Many GCash users use their virtual wallet accounts for personal purposes like sending money to loved ones, making payments for online purchases, load buying, and paying for subscriptions.
In other cases, many GCash users utilize their account for business transactions. There are several services that this online wallet platform offers such as the following:
- Pay Bills
- Buy Load
- Cash In
- Send Money
- GInsure
- GInvest
Aside from the insurance offers and other above-mentioneed services provided by GCash, the virtual wallet platform also offers a cash loan — the GLoan. The provider made sure that it is crafted with the best features.
With regards to the eligibility requirements in applying for the cash loan offer, here are the qualifying criteria to be eligible to apply for the GLoan:
- at least 21 years old but not more than 65 years old
- a Filipino citizen
- a GCash user with a fully-verified account
- uses GCash services
Despite the clear standards stated above, GCash reserves the right to provide the cash loan offers and the approval of the application is subject to the evaluation and assessment of the cash loan providder.
How much is loanable under the GLoan? According to GCash, the minimum loanable amount is Php 1,000 while you may borrow up to Php 125,000 depending on the assessment of the virtual wallet provider.
The loan term is from five (5) months up to 24 months. In applying for the loan offer, there are fees that you must keep in mind such as the following:
- Interest Fees: Between 1.59% and 6.99% per month, depends on the eligibility of the GCash user and the loan amount
- One-time Processing Fee: 3% of the total amount borrowed and it is deducted from the total loan proceeds
- Late Payment Fee: GCash charges a late payment fee equivalent to 1% of your loan amount for each unpaid installment, plus 0.15% of your total outstanding balance each day until it’s paid off.
You ca check if you are qualified to apply for the GLoan. Here’s how to check your eligibility for the GCash cash loan offer:
If you are ELIGIBLE
Go to the GCash homepage and tap Borrow > GLoan. “If you’re eligible, you’ll see a loan offer amount available to you”.
If you are NOT ELIGIBLE
Go to the GCash homepage and tap Borrow > GLoan. If you are not eligible to apply for the loan offer, you will see some steps on how to unlock the GLoan.
In applying for the GLoan, there are only a few steps. To apply, here’s what you need to do:
- Read through the GLoan information > Get Started
- Enter your loan amount, choose your purpose of loan, and click/tap Get this Loan
- Review your loan terms, then click/tap Continue
- Enter your personal information and click/tap Next
- Review your GLoan application, then click/tap Continue
- Agree to the Disclosure Statement and the Terms and Conditions of the Loan. Click/Tap Continue
- Check the amount you will receive from GCash. Choose/Select Continue
- Enter the 6-digit authentication code sent to your GCash-registered mobile number.