Here’s what you need to know before using GLoan
GLOAN – This article will teach you the things you need to know before using GCash’s cash loan solution.
Fintech company GCash is operated by Mynt’s subsidiary G-Xchange Inc. GLoan, on the other hand, is the fintech company’s cash loan solution where you can instantly loan up to PHP 125,000.
With this cash loan solution, you can use your loan to pay bills, go shopping, and can also cash out your loan to your chosen cash out channel or bank account using the “Send Money” feature of GCash.
Here’s what you need to know before using this cash loan solution:
Availment refers to how often you can avail of the cash loan. In GLoan, you can avail of the loan one at a time.
Loan Amount refers to the cash loan amount that you want to borrow. According to GCash, this refers to “Purchase Amount – Down Payment” and you can borrow up to PHP 125,000 on GLoan.
Installment Duration (also known as payment terms) refers to the amount of time you will be borrowing with your cash loan. In this cash loan solution, the installment duration is 5, 9, 12, 15, 18, 24 months.
Interest Rate refers to the rate that is assigned to you based on your GScore. In GLoan, the interest rate is 1.59% – 6.57% per month depending on your eligibility and your chosen installment duration. Keep in mind that the shorter the installment duration you choose in your cash loan, the lower the interest rate charged to your account on GLoan.
Processing Fee refers to a one-time fee that is deducted from your GLoan disbursement amount. In this cash loan solution, the processing fee is 3% of the loan amount.
Penalty Fees refers to the fees charged when you don’t pay your cash loan amount due on or before your due date. In this cash loan solution, the penalty fee is a fixed PHP 100 fee + 0.15% daily of outstanding principal balance. You need to make sure that you pay your cash loan amount due on or before your due date in order to avoid penalty fees.