Here’s a step-by-step process on how to pay for your GLoan dues
GLOAN DUES – This article will teach you the step-by-step process on how to pay for your GLoan dues.
GLoan is GCash’s cash loan solution where you can instantly loan up to PHP 125,000. You are eligible for a GLoan when you are qualified for all of the requirements needed.
You can apply for a GLoan and your loan amount will be sent to your GCash Wallet within 24 hours once your application is confirmed.
Here’s a step-by-step process on how to pay for your dues:
If you want to pay for your dues via the GLoan Management Page, you need to open your GCash app and tap “Borrow”, select “GLoan”, and tap “Pay for GLoan” when you see a breakdown of dues on your GLoan Management Page.
Next, you need to input the amount you want to repay and then tap “Next”. After that, you need to review your repayment amount and tap “Pay” after reviewing it. Once done, a receipt for the successful repayment of your cash loan will appear on screen.
If you want to pay for your dues via the GCash Wallet Auto-deduction, you need to simply cash-in your amount due and GCash will automatically deduct the amount directly from your GCash wallet.
What will happen if you don’t pay your dues on time?
If this happens, GCash will assist you through payment reminders, convenient payments via auto-deduction, or assistance from Collections Agents in order to help you manage your loan better. You will be charged with penalty fees and will also have a bad credit history if you failed to pay your dues on time.
According to GCash, any due dates on or beyond August 9, 2023, even for a GLoan that was availed of prior to Aug 9, 2023, will incur a late payment fee of 1% of your loan amount for each unpaid installment, plus 0.15% of your total outstanding principal balance that will be charged daily until you pay off your loan dues.
GCash also said that all missed loan due dates prior to August 9, 2023 that remain unpaid will retain the old penalty structure of a “fixed PHP 100 fee” with a variable 0.15% of your outstanding principal balance per day missed.
Keep in mind that the longer your loan amount due remains unpaid after your due date, the larger the decrease in your GScore.
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