Gcash Loans, Credit, and Other Services
In 2020, the world required minimal contact towards both living and non-living things. Grocery stores, pharmacies, hospitals, and all other establishment preferred no contact payments to lessen the chance of Covid-19 from spreading further. This is when online payment systems peaked its usage. It is also when a lot of micropayment systems had their downloads boosted. Along with the online loans which you can easily avail, just like Gcash Loan.
Micropayment is a transaction that involves a small amount of money. Usually, it is spent on products which can be bought online. Aside from making payments, other micropayment processors or also known as e-wallets allow transfers from e-wallets to other banks, and some even provide savings, loan, and investment services.
What is Gcash?
In the Philippines, one of the most used and popular e-wallet or micropayment service is Gcash. It is an e-wallet which can be downloaded and installed in smartphones. The app is owned and operated by Mynt, formerly Globe Fintech Innovations and is a joint venture of Ant Group, Ayala Group, and Globe telecom.
Gcash allows the users to make transactions digitally which could vary from bills payment, money transfer, online shopping, savings, investment, and their newest product, the Gcash loans or what they call, GLoan. However, it is only available in the Philippines and is only accessible to Filipino merchants and users.
In addition, users can also apply for a Gcash Mastercard that can be used all over the world as long as Mastercard is accepted. This spreads up to 35.9 million merchants in 210 countries and 150 currencies, making your digital wallet usable almost anywhere you go.
Gcash ‘Borrow’ Services
Gcash has several services offered for their users. Through this, transactions are more convenient and accessible. Imagine sending and receiving money with just a few taps of your phone. Further, a lot of people might have seen the newest products in Gcash. It is ‘borrow’ which are divided into three. They are GLoan, GCredit, and GGives. Read further to see how to avail online loan via Gcash and how to start your Globe Gcash loan application.
GCredit is a mobile credit line available through the Gcash app that can be used to pay for your purchases. Users become eligible if they have more than 500 Gscore. Eligible users can avail up to ₱30,000 credit line with a 5% pro-rated interest. The credit line can be used to pay for purchases in more than 20,000 stores, billers, and online merchants.
So how do you avail this loan? First, you will need to reach the Gscore requirement which ranges from 400-500+. You can achieve these through paying bills, sending or transferring money, using Gsave, Ginvest, and other products or services offered by the app. In addition, you can also increase your score through maintaining a good standing on the other availed loan thru Gcash.
GGives is an easy installment borrow product Gcash offers to users which is powered by CIMB. Just like Gcredit, high Gscore is the answer to how to loan using Gcash. This easy Gcash loan product allows you to purchase items on accredited merchants without hurting your pocket. Getting pre-approved is how to loan Gcash credit. When approved, you can get up to ₱125,000 loan which can be paid in flexible terms of either 3, 6, 9 or 12 months installment.
If you want to check your monthly amortization on your chosen term before you avail, you can have it pre-computed through the Gcash loan calculator. Although this borrow product has 0% interest rate, penalties and fees can be incurred when paid later than your due date. Gcash charges a late payment fee of ₱100. They also charge penalties which will be computed depending on how many days you’re past due.
GLoan is the easy and fast way to borrow from Gcash. It is somewhat different and similar compared to the other two mentioned above. GLoan can be easier explained as Gcash personal loan. One of the fast loan in 15 minutes Gcash releases. Through this product you can get cash loan using Gcash, its difference with Ggives and Gcredit.
For this loan on Gcash, interest rate is at the standard of 1.59% per month and you can avail a Gcash cash loan of until ₱50,000 immediately. It is also helpful when you need to avail emergency loan Gcash provides since it is pre-approved and is released instantly.
If you’re wondering how to avail loan in Gcash, the very first thing to take note of is increasing your Gscore. It is because Gscore is the main basis of Gcash’s pre-approval of their loan products. It is also the basis of how much money can you loan in Gcash. Also, make sure to check your amortization in the loan calculator before you decide to avail. This is because the Gcash loan interest rate might be low but it might hurt your pocket if not paid on time.
How to Loan in Gcash App?
Once your Gscore is eligible for the three borrow products, availing the loan will flow like the breeze. You can just open your Gcash app, and go to ‘borrow’. This feature was just recently added around the time of the pandemic. After clicking, you will see the three products, Gloan, Gcredit, and Ggives. Usually, Gcash pre-approves your loanable amount depending on your Gscore and how much is your usual wallet balance in the app.
Among the three, the hardest borrow product to achieve is the Gcredit. Majority of the people who are eligible have a Gscore of 500 or more. This means that they use the app’s services frequently, some may have used their accounts as a business accepting bills payment, money transfers, sss or other loan payments. Through this, their Gscore has increased over the time. This is what has made them eligible for the new products the micropayment processor offers.
Is Gcash Legit & Secure?
Other than the speed and convenience the Gcash app has offered its users, the safety and legitimacy of its operations should also be taken into consideration. First, Gcash’ legitimacy has been established as it is owned by a partnership of some of the prominent business tycoons in the Philippines. As mentioned above, Gcash is owned by Mynt. Mynt is a partnership between Globe Telecom, one of the largest telecommunications company in the Philippines with 84 million subscibers.
The Ayala Corporation that has a diverse business profile including the Ayala malls with assets that total to over $48.7 billion. Lastly, the Ant Group which is an affiliate of the Alibaba group that also owns Alipay – China’s largest digital platform. Gcash has also been awarded by the Bangko Sentral ng Pilipinas as the Outstanding Partner for Innovative Financial Services in 2019 and many other awards since 2004.
For its security features, Gcash has made sure to prevent hackers from penetrating. Starting from MPIN, which is required in your every log in. The OTP, often used when you are trying to log in through an unfamiliar device. Then the biometric log in which is common in the more advanced smartphones. If hackers still get through all this, Gcash has placed a Customer Protect program which resolves the issue of unauthorized transactions.
If these does not convince you of how legit and secure Gcash is, you should experience its services firsthand. Take your time to register, use the products and services they have in their app. Claim the rewards and freebies frequent users get to see if it is just a hype or if the experience is really that much of a ride.
Also, Gcash has a 24/7 Customer Support which can be accessed through their Facebook page messenger and app, as well as through email. You can also file a ticket for issues and concerns you need help with and they promise to respond immediately. They also have a Frequently Asked Questions or FAQs page in their app, page, and website.
Through the FAQs, you can see the most common concerns users has asked Gcash to solve. This means you don’t need to wait for their customer support representatives to give you help, as the solutions and answers to your questions are already posted. There are also several forums you can find online for the more common issues Gcash users experience.
Tips for getting the most of Gcash ‘Borrow’ Products
Year by year a lot of Filipinos decide to avail cash loan especially since the pandemic hit the world. Every one has different reasons why they decide to avail the personal loans. In this case, they avail online loan thru Gcash app. Even though loans help us pay for our responsibilities, we should also know how to loan money in Gcash efficiently. In this part of the article we will be giving you tips along with the advantages and disadvantages of the Gcash loan 2021 products.
If you wonder how to loan on Gcash or can I loan money in Gcash often, take a look at these tips. First, you should always consider the interest rate attributed to the monthly amortization. Always go for loans that have the lowest rates. Also consider the length of your loan or the loan duration which you can afford. Most often, the longer the loan duration is, the bigger the interest will be. Also, loans that require you collaterals might be quite expensive. So before you submit your loan app thru Gcash, take note of these tips.
In addition, always consider the legitimacy of the loan institutions you’re availing at. Just like Gcash loan online that can be availed anytime and anywhere with the lowest interest rate and flexible payment scheme. Since you already know how to loan in Gcash efficiently, just opt for Gcash loan money.