Gloan reviews: is it legit or not? Negative reviews

GLoan Guide: Everything to Know About Getting a Cash Loan Using GCash

GCash has become a popular financial app in the Philippines due to its many features, including GCredit, which allows users to buy now and pay later, and GCash Invest, which offers investment opportunities. But did you know that GCash also offers GLoan, a personal loan service that allows users to borrow money quickly and conveniently?

In this article, we’ll take a closer look at GLoan, including its features, interest rates, requirements, and application process.

What is GLoan?

GLoan is a lending feature offered by GCash that allows users to borrow money up to ₱25,000. This loan can be used to pay bills and make purchases at GCash non-partner merchants, or users can cash out the loaned amount and have it credited directly to their dedicated bank account.

What are the GLoan Features?

Before applying for a GLoan, it’s essential to know the features that come with this service. Here are some of the features that make GLoan stand out:

1. GLoan Approval is Based on Your GScore

One of the most significant benefits of GLoan is that there is no need for credit checks or verification of creditworthiness. Instead, GLoan approval is based on your GScore, which is calculated based on how active you are in using GCash.

Your GScore takes into account your GCredit payments, wallet balance, and bills payment history. Your GScore doesn’t just qualify you for a GCash loan; it also lets you get up to ₱30,000 credit line, a 3% interest rate, and exclusive benefits and perks.

2. You Can Get Up to ₱25,000

With GLoan, you can borrow from ₱5,000 to ₱25,000. The loan amount you qualify for depends on your GScore.

3. Enjoy Easy Payment Terms

Paying off your GLoan is also convenient, with payment terms starting as low as ₱2,730 per month for nine to 12 months.

4. Low Interest Rates

The interest rates for GLoan vary for each GCash user, but based on this GLoan example, the interest rate is 2.89%. GCash’s interest rate is among the lowest in the market, making GLoan a practical choice for anyone who needs to borrow money.

How to Compute Your GLoan Amount and Interest Rate

To compute your GLoan and generate the amount due, processing fees, and monthly installment, follow these steps:

1. Select the amount you want to borrow from ₱5,000 to ₱25,000 by dragging the cursor to your desired amount.

2. Enter the interest rate set by the GCash app based on your GScore. For this example, the interest rate is 2.89%.

3. Choose the date of your loan.

4. Click the Calculate button. Should you want to change any of the previous information, select Reset.

5. Your loan summary will appear on the right corner of your screen.

GLoan comes with a processing fee of 3% of the loaned amount, which will be deducted from your total loan receivable. For example, if you want to borrow ₱20,000, the processing fee of ₱600 will be deducted from your loan proceeds. Your total loan amount receivable will be ₱19,400.

For a ₱15,000 loan, you’ll be paying ₱2,100.17 for nine months, which translates to an effective interest rate of 23.2% per annum. For a ₱20,000 loan with a repayment period of 12 months, you’ll be paying ₱2,877.43 per month, which is a total payment of ₱34,529.16. This translates to an effective interest rate of 17.6% per annum.

Gloan also has a late payment fee of 2% per month on the outstanding balance, which will be charged in addition to the interest and processing fees. If you fail to make your payment on the due date, you will also be charged a penalty fee of ₱500.

Applying for a Gloan loan is easy and can be done online through their website. The application process takes only a few minutes, and you will receive a decision on your loan application within 24 hours. If approved, you will receive your loan proceeds directly to your bank account.

Gloan is an excellent option for those who need quick cash and have a stable source of income to pay back the loan. However, it is essential to note that taking out a loan should be done with caution and only when necessary. It is crucial to assess your financial situation carefully and make sure that you can afford to pay back the loan before taking it out.

In conclusion, Gloan is a legitimate lending company that offers quick and easy loans to Filipinos. With competitive interest rates and a hassle-free application process, Gloan is an excellent option for those who need financial assistance. However, as with any loan, it is essential to borrow responsibly and only when necessary to avoid falling into debt.

Summary on the loan app

Gloan is a leading online lending platform in the Philippines that provides a range of financial solutions to Filipinos who need fast and convenient access to credit. With its fully digital application process and fast approval time, Gloan has become a popular choice for borrowers who need quick access to funds.

One of the key benefits of Gloan is its fast and easy application process. Borrowers can apply for a loan by visiting the Gloan website and filling out an online application form. The application process is straightforward and can be completed in just a few minutes. Once the application is submitted, borrowers can expect to receive a decision within 24 hours.

Another benefit of Gloan is its flexible loan terms. Borrowers can choose the loan amount that they need and the repayment term that best fits their budget. Gloan offers loan amounts ranging from ₱5,000 to ₱50,000, with repayment terms of three to nine months. This flexibility makes it easy for borrowers to find a loan that works for them.

Gloan also offers competitive interest rates that are designed to be affordable for Filipinos. The interest rates vary depending on the loan amount and repayment term, but they are generally lower than those offered by traditional banks and other lending institutions. In addition, Gloan does not charge any hidden fees, so borrowers can be sure that they are getting a fair deal.

One of the unique features of Gloan is its referral program, which rewards borrowers who refer their friends and family members to the platform. When a borrower refers someone to Gloan and that person successfully applies for a loan, the borrower receives a cash reward. This program helps to spread the word about Gloan and provides an extra incentive for borrowers to recommend the platform to others.

Overall, Gloan is a reliable and trustworthy online lending platform that provides a range of financial solutions to Filipinos. With its fast and easy application process, flexible loan terms, and competitive interest rates, Gloan has become a popular choice for borrowers who need quick access to funds. Whether you need to pay for unexpected expenses, consolidate debt, or fund a personal project, Gloan can help you get the funds you need.