About lender
GCash is a smartphone app developed by the Filipino Telco. It is a leading virtual wallet used in the Philippines to pay bills, top up mobile phones, gaming pins, cable TVs, transfer funds, and shop online from local and international stores.
Features
GCash was first introduced to the Philippines' finance market in 2004 by Mynt. Given the rise of digital transactions induced by the pandemic outbreak, GCash has garnered over 55 million registered users and 4.5 million partner merchants nationwide from 2004 to May 2022. GCash is supervised by the Bangko Sentral ng Pilipinas. Users do not have to worry about the safety of their accounts and funds as GCash is Bsp-licensed to provide payment and remittance services. In the event of an unauthorized transaction, GCash guarantees a 100% refund for any costs as stated in the Customers Protect Program.
GCash's ultimate goal is to help Filipinos make daily bank transactions at their convenience. With just a few clicks on their mobile phones and a strong internet connection, Filipinos can solve their financial issues even on the go. They can instantly enjoy a lot of lifestyle and financial services inside the GCash app.
Pros and cons
There are a few benefits and drawbacks to consider when using GCash.
Pros
- Users can pay any kind of bill and even apply for loans anytime, anywhere.
- Users can book flights and tickets for the movies and other events without waiting in lines.
- Users can transfer money securely to another bank account for free. A simple QR scan can easily do these transfers.
Cons
- Customer service's direct response to users of GCash is slow.
- GCash has a monthly and annual limit on how much users can transfer.
Loan conditions
The applicant must be a Filipino citizen aged 21 to 65 to apply for a loan. The applicant must have good credit history and qualified GScore, which enables them to get up to ₱30,000 credit line, a 3% interest rate, and exclusive benefits and bonuses. Applicants must also have a valid email address, fully verified GCash account, and valid government-issued identity card. When GLoan is approved, applicants can loan up to ₱25,000 with no collateral requirement, and pay in installments for as low as ₱2,730 per month within the duration of 5, 9, or 12 months. The interest rate computed by the GCash app is based on a user's GScore. A 3% processing charge is deducted from the total amount loaned for each processed loan. Furthermore, late loan payments attract a penalty fee waiver of ₱100, plus a 0.15% daily of the outstanding principal balance.
Funding a loan
Qualified GCash users can apply for cash loans using the app. Go to the GCash dashboard, select View allGCash Services, click onGLoan, press theGet Started button, choose desired loan amount and loan tenure, select the purpose of the loan, review all loan details, click on Get ThisLoan, then selectContinue. Check personal information, Agree to all stated terms and conditions and Confirm the loan amount to be received. Upon loan confirmation, enter the 6-digitverification code sent to a registered mobile number, wait for an email or SMS confirmation and the GCash loan application is complete. GCash users can use loans to pay bills to over 400+ billers and shop or dine at over 70,000 partner stores across the country. Through the GCash sendmoney feature, users can cash out received loans to chosen bank accounts or cash out partner channels such as Puregold, Palawan Pawnshop, or Villarica Pawnshop.