GLoan: Actual Cash Loans in GCash

The operator of GCash, Mynt is actually composed of two entities — GCash and Fuse Lending. The GCash company handles the e-wallet and everything under it, and Fuse Lending handles loans. Actually, Fuse Lending has its own loan products. Before turning it over to CIMB, GCredit was also handled by Fuse Lending.

A lot of requests when GCredit was launched was whether users could encash the loan. GCredit is mainly a virtual loan so it was only applicable to GCash products like Pay QR, Pay Bills, and Online Payments. Now we can also get an actual loan in the form of GLoan.

What is GLoan?

GLoan is a loan solution that you can get in the form of actual cash in your GCash balance. This in turn you can use in any GCash service, including withdrawal or cash out, bank transfer, or sending money to another person among others. The main requirement is having a high enough GScore, and having a good credit history similar to GCredit.

As this is a personal loan, you will also need to pay for it monthly.

How much can I avail and what are the terms?

The minimum amount is Php 5000 and the maximum is Php 25000. This depends on your GScore.

The loan term is 9-12 months depending on the amount. For Php 5000 – Php 15000, the loan term is fixed at 9 months while for Php 16000 – Php 25000 you can choose between 9 and 12 months. There are no in-betweens.

The add-on interest rate is 2-4% per month, depending on your GScore. A caveat is that you won’t be getting the full amount, as there is a 3% fee outright.

How high of a GScore do you need to activate GLoan?

Unfortunately, this is not publicly known. But according to the help article, you need to both have a good GScore and good credit history to unlock GLoan.

Can I withdraw or cash out my GLoan?

Yes, you will need to go through cash-out via partners or via your GCash Mastercard. Take note that there are charges for cash-outs as well as via ATM. You can also transfer the funds to any bank account via Bank Transfer.

How do I avail of GLoan?

It only takes a few minutes once you decide to go through with it.

Availing of GLoan in GCash

  1. From the main GCash page, go to “Show More…” and scroll down to see the GLoan button beside GInvest.
  2. Click the button and click Next on the intro pages. Once in the loan selection screen, select your terms if applicable. Take note that the terms may vary depending on your GScore.
  3. Confirm your loan term selection and input some of your KYC information to finish the registration.
  4. Confirm that you will be going through your application by inputting an SMS OTP.
  5. Once done, you will be receiving your GLoan in your GCash account.

Can you provide a sample computation of the dues and interests included?

The loan has an add-on rate monthly, meaning it takes into account the principal and computes using the full amount, including the 3% processing fee outright.

In my example above, I picked Php 5000 to borrow with an add-on rate of 2.89% and a loan term of 9 months.

Given:
Amount to Borrow = Php 5000
Add-on Rate (monthly) = 0.0289
Loan term = 9 months

Amount Borrowed Per month = 5000 / 9 months = 555.56
Amount Borrowed with Add-on Rate = 5000 * 0.0289 = 144.50
Monthly Due = 555.56 + 144.50 = 700.06

However, you will not be receiving the full Php 5000, but only Php 4850, as there is a 3% processing fee when you start — even though the computation is for the full amount.

What do the penalties look like?

Looking at the disclosure statement:

The penalty is a fixed fee of Php 100, and 0.15% of the daily outstanding principal balance. For example, using the same example above and I wasn’t able to pay for the second month:

Given:
Monthly due = 700.06 (check the previous example above)

This is the second month, so there has already been a first payment of 700.06.
Daily Outstanding Principal Balance (DOPB) = 5000-700.06 = 4299.94

Fixed penalty = 100
Variable penalty = DOPB * 0.015 = 64.50
Total penalties = 100 + 64.50 = 164.50

This also means that the more payments you've settled, the lesser the variable penalties you will incur.

Take note the variable penalty is incurred every unpaid day.

What do “contractual interest rate” and “effective interest rate” mean in the disclosure statement?

These two interest rates take into account the principal getting smaller every month. As we are already using an add-on rate (which only takes account of the full principal per month), these are put in here as part of due diligence. For simplicity’s sake, we can focus on using the add-on rate only.

However, for completeness’ sake:

The contractual interest rate computes the interest payable based on the remaining balance per repayment.

The effective interest rate is the true interest rate you are paying based on the outstanding loan amount calculated after each principal repayment is deducted from your outstanding loan. In this case, it takes into account the actual loan amount you are getting, with the processing fee deducted.


Other Questions

What’s the difference between GCredit and GLoan?

GCredit is virtual money only, and can only be used with payments (web pay, bills, GLife, and QR). GLoan is an actual money loan you can use not only with payments but with all of the services GCash offers, including withdrawal via ATM.

What’s the difference between GGives and GLoan?

GGives allows you to pay for an item in installments, while GLoan is an actual money loan. The main similarity between them is they need to have a high enough GScore to activate.

How many GLoans can I avail? Does it affect my GCredit?

You can avail multiple times, but only one at a time. As long as a loan is effective, you need to pay in full before you can avail of another. This is different from GCredit. Additionally, you can avail of both at the same time.

However, if you lapse in payment on either one, your GScore may decrease and it will make it harder to avail of both once your GScore gets low enough.

Why isn’t GLoan available for me?

Either you are using an alternative GCash account, or GLoan is not yet available for your account.

How do I repay my GLoan?

You can pay in the app itself via auto-debit or by paying in advance. The auto-debit works similarly to GCredit where GCash informs you about the auto-debit by SMS before doing it later in the day.

Can I pay the loan in full in advance?

Yes, you can, however, you will still need to pay for the interest due as a whole. For example, my loan amount was Php 5000, and I tried to pay Php 5000 (even after deducting the 3% fee) and I still had Php 1267.86 left payable. Also, you can’t pay more than the balance.

You can get rebates in the form of unused interest if you paid in advance. For example, if you availed of a 12-month loan and you paid in full after only 3 months, you will be having a rebate of the 6-month interest amounts you did not use.

How do I know how much I need to pay in advance for my GLoan if I need to pay in full?

You can see the remaining balance once you’ve done the payment.

You can also check your GLoan transaction history or disclosure statement for the final amount, or you can pay extra — if it goes over, it will result in an error.

Can I avail another after paying my current GLoan in advance?

You will also be able to avail of another GLoan once you’ve paid off one in full. You just need to wait 2-3 days for it to activate again. As far as I know, this is how it happens.

Some reported not getting it again until after a few months. Perhaps this is due to a recalculation of GScore. To disclose, my GScore is currently maxed out at 750.

My GLoan didn’t push through or I didn’t receive any funds. What should I do?

You need to wait for it for a few minutes. If it doesn’t come even after 24 hours, then you will need to file a support ticket.


Summary

We described how to avail of a GLoan in GCash. A GLoan is an actual loan you can get and then use with any GCash service. This is a loan, and hence this needs to be paid monthly which usually means an auto-debit from your GCash balance.

Availing of this loan is straightforward and easy. This also has better terms than other loan apps available in Google Play, as long as you have a high enough GScore and you have a good credit history.

Some related posts are:

  • GScore – the credit score of GCash for its users
  • GCredit – allows you to buy using credit
  • GGives – allows to you buy in monthly installments
  • GInsure – allows you to buy insurance from within GCash

If you’d like to learn more about GCash, I created a how-to on the basics of GCash.

Here is a list of links if you’re interested in the main GCash features:

91 thoughts on “GLoan: Actual Cash Loans in GCash”

    • How many days before you can reapply for your next gloan after paying your first loan in full amount. Did you receive an sms right away that you can avail the loan again?

      Reply
        • Ask ko po sana kasi nag advance payment na po ako sa gloan ko, pero walang message sa akin ang gloan na tapos na ako sa Loan ko po. Ano po ba ang gagawin ko,. Nag payment po ako ngayon ng 520 for month of june 8 then nag payment po ako ulit ng 1040 na para sa. Natitira kung 2 months para tapos na po.. pero wala akong confirmation na narecieve basta ang message po sa akin continue pay You have successfully paid P1040.00 for your Gloan with transaction number #3004556470999. Continue to pay for your loans conveniently with GCash!

        • Hintayin mo lang makukuha mo rin gusto mo. Kung wala pa rin after a few days, magreach out ka na sa GCash Support.

  1. Pag po ba nagbayad agad ng gloan ksama sa computation ung interest ng 9months? Khit wLa pa 1 month nabayadan na po pa explain please πŸ˜₯

    Reply
    • Pag binayaran mo yung full loan, kasama yung interest na sinet niyo — kung 9 months ito, kasama ito doon. Di po siya kagaya ng credit card na bumabawas ang interes kada bayad niyo.

      Reply
  2. Hello po. Pano nila kinocompute ung cashback once fully paid na ung loan? Just availed Gloan for emergency – 9 months term. Planning to pay it in full by the end of December or January 2022. Yun po bang triny nyo was it paid in less than a month? Thanks po!

    Reply
  3. is there any hidden charges po ba? lets say computed po ang loan, for example 2800 per month for 12 months… fix na po ba un ang babayaran? or as I said mo may other hidden charges? Maraming Salamat po

    Reply
    • Walang hidden charges kasi may mga terms na kailangan mong i-accept bago ibibigay ang loan. Kung anong nakalagay doon, yun yung susundin na terms.

      Reply
      • hello, medyo naguluhan na ako dito, and unfortunately wala nako copy nung mga terms. I just paid my 6th month installment so may 3 months pa ako, napansin ko lang 12k kasi yung principal ko so 12k divided by 9 months is 1333.33 pero ang nakalagay sa due ko is 1455.87 plus yung monthly na 224.26 which pag kinalculate ko is 1.86% nung 12k, so I am paying 1680.13 monthly tapos napansin ko din hindi nagmamatch yung remaining balance dun kapag naless na yung current payment..let’s say after nung first payment ko ng december last year ng 1680.13 may remaining balance daw na 10906.85 eh 12k less 1680.13 is 10319.87 na lang dapat. so far wala naman akong late payment and wala din naman ako nakikita na additional na fees, basta yung 1455.87 at 224.26 monthly, yan lang nakalagay so 1680.13 lagi, pero yun nga every month until etong last payment ko last may 25, 2022, lagi hindi match yung remaining balance less yung current payment. Nagsubmit ako ng ticket, sana maexplain nila.

        Reply
      • Grabe po pala gloan, i forgot to pay my monthly due kahapon, P905.00. Now na babayaran ko naging 1,977- laki ng late charges πŸ˜­πŸ˜­πŸ˜‚. Isang araw lng na late

        Reply
        • Sa pagkakaalam ko po, kya po ganyan, dahil isinama na rin nila s billing ung next month mo, kya prang ngdoble cya. Pro in actual eto po yung:
          Current Month Amortization + Late Charge/Fees + Next Billing Cyle (Month)
          Kya parang ang laki ng Total Amt na babyaran nyo after lang ng 1 day late.

        • Sa pagkakaalam ko po, kya po ganyan, dahil isinama na rin nila s billing ung next month mo, kya prang ngdoble cya. Pro in actual eto po yung:
          Current Month Amortization + Late Charge/Fees + Next Billing Cyle (Month)
          Kya parang ang laki ng Total Amt na babyaran nyo after lang ng 1 day late.

      • Grabe po pala gloan, i forgot to pay my monthly due kahapon, P905.00. Now na babayaran ko naging 1,977- laki ng late charges πŸ˜­πŸ˜­πŸ˜‚. Isang araw lng na late

        Reply
  4. I received an email from gcash na after 48 hours ay pwedi nang mag loan ulit. Is that true? Kasi yong iba sa mga comments ay hindi parin daw.

    Reply
  5. Good Pm.. salamat sa sasagot po..I availed 15k,payable 9 months.. 1st month ko po January na magbayad .if bayaran ko po this january.hm po rebate?? babalik ba ung unearned interest mismo??thank you

    Reply
  6. Hi,

    First offer po is 10k. last week i think.
    Nung mag loan na sana ako today, amount was changed to 2k nlang po.
    Idk po why πŸ™

    Reply
      • Hi, ask ko lang po, nakapag loan ako sa GLoan, pero hind pa ko eligible sa Gcredit? My worries now is if mg full payment ako, baka hindi n ko makareloan ulit since nasa 400 palang ung Gcredit ko.

        Reply
        • Basta makafull payment ka, makakareloan ka ulit. Pagkaalam ko magkaiba ang GCredit at GLoan requirements. Ako nga wla akong GGives kahit na mataas ang GScore ko (750)

  7. Hi, thanks sa gumawa ng blog na to πŸ™‚ nasagot lahat ng tanong ko :)anyway, I applied for GLoan nun March 12, 1k un binigay na amount payable for 5 months. binayaran ko na po sya agad in full kasama interest nun March 18. πŸ™‚ sana makatanggap ulit ako ng offer. πŸ™‚

    Reply
  8. Hi, ask ko lang po, nakapag loan ako sa GLoan, pero hind pa ko eligible sa Gcredit? My worries now is if mg full payment ako, baka hindi n ko makareloan ulit since nasa 400 palang ung Gcredit ko.

    Reply
    • Magkahiwalay po yun na product. Parehas sila tumitingin sa GScore niyo po pero di ibig sabihin pag enabled isa enabled rin yung kabila.

      Reply
  9. Hello, how recent yung 2-3 days lang ang hihintayin to reapply for GLoan? Marami kasi akong nababasa na umaabot pa ng buwan bago makapagloan ulit.

    Reply
    • In my experience after a few days meron na ulit. Baka po nagkaroon ng issue with repayment? Di rin po kasi clear anong nangyari sa GScore nung mga balak magreapply na users.

      Reply
  10. How updated na pwede ka na makapag reloanafter 2-3 days after you pay it full? Some says na it takes months pa daw eh.

    Reply
  11. Hello ask ko lng about sa Gloan, nag loan kase ako 11k in 9months (Nov9,2022) then na fully payment in advance ko na siya in this april 18 (in 5months) and today is april 21 na pero wala parin ako narereceive na sms or email from Gcash to avail ulet..

    Ang question ko lng is need ko pa ba hintayin yung due-date (May9) nya? or automatic na dpat may marereceive akong sms or email at hintayin ko lng eto?

    Thanks..

    Reply
  12. Hi! I just want to ask po kung saan ko po pwede makita yung Gloan remaining balance ko? Hindi din po kasi ako naka receive ng amortization schedule from gcash.

    Reply
  13. Hi,

    Can I ask po kung saan pwede makita ang remaining balance ko sa gloan? Or yung amortization schedule? Hindi po kasi ako nakatanggap ng email

    Reply
  14. hello first loan ko sa gloan is 25k. tapos nag fully paid ako after months , then nag reloan po ako ulit pero yung offer is only 5 thousand.., paano nangyari, anybody has experienced like mine?

    Reply
  15. I got a text message me from g cash na eligible na daw po ako for a personal cash loan worth up to 50k kaso may previous loan pa ako.

    Reply
  16. magreloan ako n paid ko n ung dati tas ngayun ok n relaon pero d ako mkpag push tyrough s reloan error tas after an hour ok n but ididnot recievds any funs ta my due n agad ako how come? d rin ako nkareceved n succesfull ang reloan

    Reply
  17. Hi! Pag nag pay po ba full in advance, may notification din kung magkano yung expected cashback po? Planning on getting a loan pa lang din kasi hahahahaha thank youuu

    Reply

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