GCash users can now loan up to PHP 125K!

Planning to have a home renovation or a gadget upgrade soon?

Up to PHP 125,000 of loanable amount for GCash users (Photo from GCash Facebook)

The loanable amount varies according to the user's eligibility

GCash now offers up to PHP 125,000 loan amount via GLoan, depending on your GScore. To recap, GLoan is a personal cash loan straight from the GCash app. Before the maximum amount, you may borrow is PHP 50K but the e-wallet company bumped it to a six-digit amount.

To apply for one, make sure first that your GCash account is fully verified. You only need to take a clear photo of your face and a valid government-issued ID.

The borrowed amount will be directly deposited into the GCash wallet and can be cashed out later to a chosen bank account or channels using the GCash Send Money feature. Note that the account owner can avail of a loan, one at a time with a payment duration of 5 months to a year.

The e-wallet will deduct a one-time payment of 3 percent from the disbursed amount for the loan service. In case of a missed due date, the borrower will have to pay PHP 100 fixed amount plus a .15 percent daily of the outstanding principal balance.

Meanwhile, GScore refers to the score that reflects how active you are when using GCash and/or if you are paying your GCredit loans on time. It is computed based on the different activities you do in the app such as your maintaining a healthy wallet balance, bill payments, and GCredit Payment.

Viewing your GScore

You may check your GScore by tapping your profile on the dashboard and then find GScore with the gauge icon. Then finally, a screen will appear flashing your GScore.

Before applying for credit, you may click this and use the loan calculator on the website. You may also view how much you have to pay every month. In this way, you may assess on how much you can borrow without stressing too much about debt.

What do you think?

Source: GCash