How to Loan in GCash with GLoan 2024: 6 Easy Steps

Are you looking for an efficient and effective way to loan money? GCash is your answer! In this GLoan guide, we will discuss the step-by-step process of how to loan in GCash with GLoan.

GCash is a mobile wallet app that allows you to make financial transactions with ease and convenience. You can use it to pay bills, shop online, send money, avail online loans, buy load, and GCash also loans cash. This post is updated in 2024 with changes from the 2022 version.

For a primer, you can read our ultimate guides to the GCash app, GCash cash in, GCash cash out, and GCash Mastercard.

How to Loan in GCash: Step-by-Step Process

Obtaining a cash loan from GCash is fast and easy. Simply follow the steps below.

1. Download the GCash app. You can download the app from the App Store or Google Play. If you don’t already have a GCash account yet, install it on your phone, register using your mobile number, and sign up for an account. Once you are logged in, you need to click the “Borrow” tab and select “GLoan”.
2. On the next page, you can view your loan limit, interest rate, and processing fee. Note: The loan limit is pre-qualified by GCash and is based on your GScore. The higher your score, the higher the loan amount you can avail. You’ll instantly see a prompt if you’re not qualified with GLoan.
3. Select the amount you want by dragging the cursor to your desired amount to borrow, the months to pay (repayment term), and the purpose of the loan. Review the details and tap “Get This Loan.”
4. Agree to the loan term conditions: confirm the loan amount, monthly repayment, interest rate, and first due date. Click the button if you agree to the data privacy agreement, loan terms and conditions, and disclosure statement.
5. Enter the OTP (6-digit authentication code) sent to your registered mobile number to verify your GCash loan application, then tap “Submit.”
6. Congrats, your loan will be disbursed instantly to your GCash wallet! You’ll see a confirmation page that your loan application is successful. Wait for an email or SMS confirmation for the transaction. The loan amount will be sent to your GCash wallet within 24 hours!

What is GCash Loan or GLoan?

GCash Loan, or GLoan, is a service provided by GCash (powered by Fuse Lending) that allows its users to borrow money from the GCash app and repay in monthly installments. It is a convenient and easy way for customers to access quick cash with minimal effort. Customers can apply GLoan for up to PHP 125,000 loan amount for as low as 1.59% monthly interest rate and up to 24 months of repayment without the need for collateral or paperwork.

The loan application process is straightforward: applicants simply need to log into their GCash account and fill out an application form. Simply follow the step-by-step process outlined in this article to loan in GCash. GCash’s GLoan also features a flexible repayment scheme that enables customers to pay back the loan for up to 24 months with low-interest rates ranging from 1.59 – 6.57% per month.

Additionally, you can also use your Bonus Points as payment when you make loan repayments. Furthermore, upon successful repayment of your loan, say after 12 consecutive months, you may be eligible for higher loan amounts in the future. With GLoan’s quick approval process and flexible repayment options, it provides an accessible solution for users who are in need of fast cash but do not have access to traditional financial institutions.

Want to check with another loan provider? Check out our other post on the best loan apps in the Philippines.

What are the GCash loan requirements?

To get a GCash loan, there is no need for any collateral or complicated paperwork. Here are the basic requirements and things you need to know to apply for a loan.

• a fully verified GCash account: follow these steps to get fully verified in GCash. You will need to provide basic information such as your name, address, mobile number, and valid ID
• a good GScore: you can increase your score by using more of these GCash features – cash in, pay via QR, transfer money, bills payment, GSave, and GInvest
• you must be 21 to 65 years old
• a Filipino national
• you have a good credit record and did not commit any fraudulent transactions

What is the GCash loan interest rate?

The interest rate of a GCash loan varies for every user from 0% for 14 days or 1.59 to 6.57% per month and is determined based on your eligibility and GScore. The higher your GScore is, the higher the loan that you can loan from GCash, and the lower your interest rate.

On top of the interest rate, you’ll also need to pay for the 3% processing fee. This will be automatically deducted from your loan amount. For example, if your loan is P100,000, you will be charged P3,000 (3%) as a processing fee and you’ll receive P97,000 in your wallet.

How Can I Increase My GScore?

To increase your GScore, you simply need to use the GCash app more. Use more of these features that will give you higher chances of getting pre-qualified with a loan in GCash, a higher loan amount, and a low interest rate.

• Cash In – maintaining an active wallet balance by adding more funds to your GCash account is one of the simplest ways to increase your score
• Pay partner merchants using QR code – you can pay for your online purchases or in-store transactions using a QR code
• Transfer money – you can transfer to a GCash user or any mobile wallet. the higher the amount, the more points you can receive to increase your GCash score
• Pay bills – instead of paying cash to Bayad Centers, you can use GCash to pay Meralco, PLDT, SSS, BIR, or Pag-ibig. You’ll also be assessed based on your bills payment history
• Use GSave – GSave is a savings account inside GCash. Instead of storing your cash in a low-interest savings account, you can use GSave and have a higher interest rate, zero fees, and free insurance
• Use CGredit – You’ll be assessed according to your GCredit payments. So make sure you pay your amount dues on time and the full amount

How to Load Your GCash Wallet?

There are a lot of GCash cash-in options to load your wallet. You can refer to our GCash cash-in ultimate guide for the complete list of GCash partners.

As mentioned, thru cash in you will improve your chances of getting a loan if you want to borrow using your GCash app.

By cashing in, you can increase your score which in turn increases your GLoan loan amount and lowers your interest rate.

7 Compelling Features and Benefits of GCash Loan

Why should you choose GCash loans over other loan providers? Well, there are compelling features that you can’t find in other loan companies.

• Safe and secure – with GCash you don’t need to worry about privacy and harassment issues: GCash will never ask your friends to pay for your loans and you don’t need to worry about aggressive collection issues from loan providers
• Lower interest rates – The interest rate for GCash loans range from 0% for 14 days and 1.59% to 6.57% per month. Other loan apps go as high as 9% per month!
• Higher loan amount – GCash users can loan up to P125,000. For reference, other loan apps in the Philippines allow up to P10,000 only
• Zero collateral – finally, you don’t have to pawn your land, house, jewelry, or gadgets as collateral for your loan
• No paperwork or contracts – some loan providers need you to fill out a complicated contract that you don’t even understand. GCash removes this barrier by eliminating credit checks or the creditworthiness of the borrower
• Flexible repayment terms – with GLoan, repayment terms are flexible and you can repay your loan in monthly payments for up to 24 months
• No hidden charges – we love surprises but hidden charges. With GCash loan, there are no hidden charges so you’ll have peace of mind from your loans

Frequently Asked Questions

Final Thoughts

GCash is a revolutionary way to access extra cash quickly and easily thru your mobile phone. Without having to worry about the collateral or deal with complicated paperwork, it’s an excellent option for those who need a loan but can’t get one from a traditional bank.