According to the Bangko Sentral ng Pilipinas' (BSP) latest Financial Inclusion Survey in 2021, about 5 out of 10 Filipinos had outstanding debts. The top three reasons for borrowing among Filipino adults are day-to-day costs, emergencies, and achieving financial or life objectives.
However, only two out of every ten Filipinos have access to formal financial services provided by banks and government institutions such as the Social Security System (SSS) and Pag-IBIG, with some resorting to borrowing at unfairly high-interest rates from individuals or lending companies.
Furthermore, the BSP reports that 25% of Filipino adults were forced to spend their savings during the pandemic, implying that in addition to dealing with everyday finances, they may not have enough cash to cover emergency expenses.
GCash, an e-wallet software, presents new options for Filipinos to simply manage their money, in accordance with its mission of making inexpensive loans available to more Filipinos. Users may now effortlessly borrow money with GLoan, GGives, and GCredit in addition to utilizing the GCash app to pay bills, send money, buy goods, or pay for online and in-store purchases.
“We at GCash are working hard to give every Filipino access to fair loans not just to help them meet their basic needs but also empower them to achieve their life goals,” said Zo Canaria, FUSE Lending Growth Marketing Head. “Through GCash’s in-app innovations, we hope to give Filipinos an easy way to fund the lifestyle they deserve and fulfill long-standing goals they were previously unable to achieve due to financial challenges.”
GLoan: Fast-cash loan offering
GLoan, the loan product of GCash, offers instant cash up to P125,000 straight to eligible users’ GCash wallets, which can be used for starting or expanding a business, cover emergency expenses, celebrate special occasions or even to pay for different necessities. Through GLoan, eligible users can borrow from P1,000 to P125,000 as good as cash, with an interest rate of as low as 1.59%.
To borrow, users simply submit their loan application within the app with no additional documents needed and wait for the loan to be reflected straight to their GCash wallet within 24 hours. The loan can then be paid for as low as P265 a month for 5-24 months.
GGives: Light and easy installment plan
Meanwhile, GGives is GCash’ light and flexible installment plan which allows eligible users to purchase big-ticket items and pay for it in up to 24 months. GGives allows eligible users to purchase items amounting up to P125,000 in one transaction and choose their payment terms in installments from 3, 6, 9, or 12 months and up to 24 gives.
GGives can be used for both in-store and online purchase of selected merchants. Unlike other installment products, GGives does not require additional documents during application and does not need an upfront downpayment and processing fees.
GCredit: Always-ready credit line
GCredit, powered by CIMB, is an always-ready credit line by GCash that can be used to pay for select bills, as well as products and services in-store and online. Eligible users can get up to a Php 50,000 credit line that they can use for bills payment, online buys, and in-store QR purchases to cover everyday expenses.
With GCredit, users are only charged based on the number of days they borrow. This prorated interest means users who pay earlier get charged a lower interest. GCredit’s Minimum Amount Due also allows users to pay as low as 15% of their dues on their billing and/or due date.
To be eligible for GLoan, GGives, and GCredit, users must have a fully verified GCash profile and must maintain a qualified GScore, which is the app’s trust rating reflecting their GCash activity. GScore is the primary basis to qualify for GLoan, GGives, GCredit and enjoy benefits such as lowest interest rates and highest credit line or loan amount.
As your GScore is computed based on GCash activity, users must maintain an active GCash wallet balance by cashing in regularly and using different GCash services. For those who are already using any of the GCash borrow products, such as GLoan, GGives or GCredit, they must pay their dues early or on time to maintain their GScore and be eligible for future credit transactions.
Users may access GLoan, GGives and GCredit through the GCash dashboard or find it under “Borrow.” No GCash yet? Download the GCash App on the Apple App Store, Google Play Store, or Huawei App Gallery! Kaya mo, i-GCash mo!
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