If you’re interested in getting a loan through GCash, you should know a few important things. First, you need to make sure you have a minimum balance. Second, you need to know the limits on how much you can spend each month. Also, you’ll want to understand how GCredit and GGives work.
Minimum balance required
If you need to apply for a Gcash pesohere loan app loan, you can easily do so online. However, there are some requirements you need to meet before you can get your money. This includes your age, credit history, and GScore.
Besides being easy to apply for, GCash has a variety of features that make it a great choice for Filipinos who want to buy big-ticket items and pay them off in installments. These include GGives, which allows you to buy from participating merchants and repay the balance in equal installments. Also, GCash offers a GLoan option, which allows you to borrow money directly from the app.
GCash also offers a variety of other services, such as sending and receiving money. You can use the app to pay bills, save money, and invest. It is also a convenient way to send money to friends and family.
With GCash, you can even load a prepaid mobile phone. In addition to that, the platform offers a wide range of insurance options. For instance, you can choose to get coverage for travel, education, and pets. Moreover, GCash offers occasional rebates.
GCash is operated by Mynt, a partnership between Globe Telecom and Ayala Corporation. The company’s goal is to bring financial inclusion to the Philippines.
Before you can open your account, you will first have to download the GCash app and register. After that, you will be asked to provide your name, email address, and a mobile number. Once you’ve completed these steps, you’ll be prompted to enter an authentication code.
GCash works with more than 60 banks in the Philippines, including BDO Network Bank, Metropolitan Bank, and Landbank. During the registration process, you’ll also have to verify your personal information and accept the Terms of Service.
Minimum transaction limit per month
The GCash mobile app allows you to send money to friends and relatives, pay bills, and shop for anything you want, anywhere. Besides the ability to make cashless payments, GCash also gives you an option to save up for a down payment.
GCash is a popular service among Filipinos. According to App Annie, GCash is the top finance application in the Philippines.
The company offers useful features, including a credit line, which is called GCredit. To take advantage of this feature, you must first establish an account with GCash. After which, you can get a loan amount of up to PHP 50,000. There is also a processing fee, which currently stands at 3% of the loan amount.
GGives is another GCash product. With GGives, you can take out loans without the hassle of applying for a credit card. However, you do need to meet a minimum spend requirement. Alternatively, you can pay off your loan in installments. It’s worth checking out GGives, but be sure to follow the GGives’ most important rules.
There are a lot of options to choose from. You can use GGives for big purchases, or you can opt for an installment plan. Check out GGives’ partners and see how you can avail of their services.
Another interesting GCash feature is the ability to send money to your bank. In this regard, GCash is similar to PayPal. If you are already a PayPal user, you can link your GCash account and transfer your funds. Once you do, you will receive a confirmation email and SMS.
The GGives dashboard shows you how many loans you have active. You can also see your total balance and what kind of loans you have. But, you can only use a limited number of active loans at a time. Hence, be sure to only apply for a loan when you need one.
GCredit micro-finance
Microcredit is a great way to support small businesses and individuals who might not otherwise have the option of borrowing funds from conventional sources. A micro loan can range from a few hundred dollars to several thousand. Applicants might be required to offer collateral such as business equipment and personal property. Some lenders may charge a fee for their services.
Microcredit is also an effective way to provide financial relief to underprivileged communities, particularly in less developed countries where the competition for limited bank lending is stiff. The process is similar to a traditional bank loan except for the fact that the borrower is the creditor. Similarly, the micro loan borrower is required to repay the principal amount as per a specified timetable. As a result, the micro finance industry has been growing at a rapid rate. It has become one of the most lucrative industries for banks and other financiers. Traditionally, low-income individuals had a difficult time acquiring the financing needed to start or expand their businesses. Fortunately, lenders have come up with a solution based on a model akin to a social lending program. Using these models, the lending industry can continue to make money while helping the underprivileged to climb the corporate ladder.
In fact, microfinance has remade the banking industry as a whole and has opened up new avenues for borrowers and lenders alike. For example, it has led to the emergence of the micro-credit card. The concept has been around for some time but has only recently begun to catch on amongst the masses. Nevertheless, micro-credit can be a useful tool in the finance toolbox and is well worth the effort for those seeking an affordable and risk free alternative to the big banks.
GGives social giving platform
If you have GCash and want to make a donation, you can use the GGives social giving platform. Using GCash, you can pay for your purchases from a variety of partner merchants.
The GGives feature is part of GCash, a mobile-based digital wallet. You can download the GCash app for free on Google Play and the App Store. Once you have downloaded the app, you need to log in with your MPIN. Next, you need to scan the QR code at the checkout counter to activate the GGives feature.
The GGives features are very easy to set up. Generally, it takes only a few seconds to do so. In fact, your application may be approved in as little as a day.
GGives is a quick and easy way to donate money to a good cause. GGives also offers flexible repayment terms and lower interest rates.
GGives is available in a number of merchants across the country. These include retail outlets, grocery stores, and restaurants. When using GGives, you can pay for your purchases using your phone or a prepaid card.
The GGives feature is a good example of a “buy now, pay later” strategy. This is a relatively new concept in the Philippines. It allows you to purchase products online, but you can pay for them later.
To get started, you need to have a fully-verified GCash account. In addition, you must maintain a good credit score.
You can choose to have a one-time, monthly, or a recurring installment plan. The loan can last anywhere from six months to one year. Depending on your needs, you can borrow up to PHP25,000.
The GGives social giving platform is an easy way to help out a community or charity. And, since GCash has partnered with more than 139,000 merchants nationwide, you can find a wide array of choices.
GCscore
GScore is one of the most important components of GCash loan application. A high GScore means you can get more credit. You can also access exclusive benefits.
To get approved for a GCash loan, you must meet the requirements. It includes a minimum GScore of 400-500. The GScore is computed based on your wallet balance, bill payments, and various GCash activities. GScore will go down if you are delinquent on your payments.
You can check your GScore by tapping the profile icon. When you reach 400-500, you can avail of exclusive perks. Depending on your GScore, you can also choose a loan amount. There are two GCash loan products.
GLoan is a quick loan product from GCash. Users can borrow up to P25,000 in one transaction. However, there is a processing fee of 3% of the loaned amount. During the loan approval process, the e-wallet will deduct this fee from the loan amount.
GGives is a pay-later installment product from GCash. GGives requires you to provide information, such as your bank account details, and you must also agree to the terms of service. This feature is a convenient way to pay for your purchases on time, especially on urgent purchases.
GGives can be used to purchase from GCash partner merchants. You will have to enter a six-digit authentication code, and you will receive a confirmation SMS within 24 hours. After submitting the information, you will be required to modify your user profile.
GCash loan is available to a maximum of five months to a year. However, the duration depends on the user. For example, if you sign up on August 27, your loan will be due in sixteen days.