Guide on the GCash Cash Loan Offer “GLoan”
GCASH CASH LOAN – Through its GLoan, virtual wallet platform GCash brings users an option in addressing their needs for some money.
In the Philippines, GCash is undeniably the most popular virtual wallet platform. Millions of Filipinos have GCash accounts as they rely on these accounts for many purposes involving their finances, personal transactions, business transactions, and a lot more.
GCash offers several services to its users. Through the years, it has continuously grow its offers as well. Here are some of the basic offers of the e-wallet platform:
- Pay Bills
- Buy Load
- Cash In
- Send Money
- GInsure
- GInvest
The GCash also has a cash loan offer — the GLoan. It is packed with the best features. Here is a guide on its excellent loan offer:
Who are qualified to apply for the GLoan? Here are the eligibility requirements set under the GCash cash loan offer:
- 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
GCash noted that the loan offers and approvals are subject to the evaluation and approval of the virtual wallet platform. Thus, the approval is not guaranteed even if the user meets the above-mentioned qualifications.
With regards to the loanable amounts under the offer, you may borrow from Php 1,000 up to Php 125,000. The borrowed amount is payable from five (5) months to 24 months. With regards to the fees, here are some fees you must keep in mind:
- 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.
How to know if you are eligible to apply for the GCash cash loan offer? It is just either of these two (2) things:
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.
To apply for the GLoan offer, there are only a few steps that you need to follow. Here is a guide on the application to the GCash cash loan offer:
- 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.