GLoan GCash Loan Review Philippines (2024)

In the Philippines, GLoan GCash loans offer a quick way to get cash when you need it. However, knowing what you’re getting into is crucial. This GLoan GCash loan review will cover the essentials, including potential benefits, downsides, and how to protect yourself.

What is GLoan?

GLoan is a financial lending service available directly within the popular GCash mobile wallet app. It specializes in quick, relatively small loans that are disbursed into your GCash wallet if you’re approved.

GLoan GCash Loan Review Philippines

Let’s dissect the details:

Key Features

• Loan Amounts: Up to ₱125,000
• Loan Terms: Flexible payback periods up to 24 months.
• Fast Approval: Loan decisions can sometimes be made within minutes.
• Convenient: Application and access to funds are all within the GCash app.

Pros

• Speed: Great for emergencies if you meet the qualifications.
• Accessibility: Available through the GCash app.
• No Collateral: No physical assets are needed to secure the loan.

Cons

• Processing Fee: A 3% fee is deducted from your loan amount.
• Limited Loan Amount: The maximum loan amount is lower compared to some traditional lenders.
• Potential Debt Trap: High-interest rates, especially for long repayment terms, can quickly snowball into a bigger problem.

GLoan complaints harassment Philippines

Some GLoan customers have reported experiencing aggressive collection practices after missing payments. It’s crucial to be aware of these potential issues and borrow responsibly.

Is GLoan GCash Legit?

Yes, GLoan is a legitimate loan service offered by GCash, a subsidiary of Globe Telecom, a reputable company in the Philippines. GCash is registered with the Bangko Sentral ng Pilipinas (BSP), the Philippine central bank. You can find their registration number on the GCash website.

Who Should Consider GLoan GCash Loan?

GLoan is best for those who need smaller amounts of cash quickly and have a positive history of using GCash services. A good GScore (GCash credit score) significantly increases your chances of approval and getting better interest rates.

GLoan GCash Loan Interest Rate

Interest rates on GLoan are tailored to each user’s profile. They generally start from around 1.59% per month but can range up to about 6.57% or higher. The GLoan calculator within the GCash app will show you a specific rate based on your situation.

How to Apply for GLoan GCash Loan

Eligibility Requirements:

• Filipino citizen
• Between 21 and 65 years old
• Fully verified GCash account
• Good GScore

Step-by-Step Application Guide:

1. Install GCash: If you don’t have it, download the app and register.
2. Check Availability: See if the GLoan icon is visible to you within the app.
3. Apply: Provide the required information as prompted.
4. Decision: Wait for approval or denial, which usually comes fast.
5. Disbursement: If approved, funds are added to your GCash wallet.

Required Documentation

Expect to potentially provide:

• Proof of Identity: Valid government-issued ID.
• Proof of Income: Payslips, bank records, or business income statements.
• Proof of Address: A utility bill or similar in your name.

How to Pay GLoan GCash Loan

1. GCash App: Go to the Pay Bills section.
2. Biller: Choose GCredit.
3. Details: Enter your loan account number, payment amount, etc.
4. Pay: Funds will be deducted from your GCash balance.

Frequently Asked Questions

Is GLoan safe?

Yes, GLoan is a legitimate service offered by a registered company (GCash). GCash’s registration number can be found on their website.

Does GLoan increase after payment?

No, your loan amount shouldn’t increase after successful payments. However, interest continues to accrue on your outstanding balance.

Why did my GLoan decrease?

The processing fee is deducted from the initial loan amount you receive.

When can I reloan in GLoan after payment?

Successful repayment can improve your GCash score, potentially allowing you to re-apply for GLoan after completing your current loan.

Is there cashback in GLoan?

Currently, there are no specific cashback rewards on GLoan, but keep an eye out for potential promotions.

Conclusion

GLoan can be a lifesaver if you need small funds fast, but comes with limitations. Weigh the high interest, possible fees, and reported collection practices. Borrow responsibly, and remember: never take a loan you’re not sure you can repay.