Mars, Pautang? GCash Now Has Loans for as Low as P100

(SPOT.ph) Need to borrow a small amount but too shy to ask your family or friends? May it be for your mobile load or you just forgot to bring your wallet, here's a quick lifesaver: Mobile wallet GCash now has loans for as low as P100 as your "pantawid" the next time you've come up short.

GCash and its lending firm partner Fuse introduced Sakto Loans so you won't have to ask for your boss for "pambale" next time you're strapped for cash.

"Think of it as an entry loan or a pa-buena mano loan para sa mga hindi pa eligible manghiram ng malalaking amount pero may pangangailangan na para sa maliliit na amount," said Baby Aquino, chief product and strategy officer of Fuse Lending during the official launch on August 30.

Also read: Attention GCash Users: You Will Soon Be Charged for Cashing In via These Banks

How to loan via GCash and Fuse's Sakto Loans

Beginner-friendly Sakto Loans are an extension of its installment loan service GGives and the instant approval loan offering GLoan.

Here, you can borrow as low as P100 to as high as P1,000 instantly without added interest fees. Do note that this will incur processing fees, though.

Under GGives Sakto, you can "buy now, pay later" from P300 to P1,000 payable in 14 or 30 days in a one-time payment only scheme. Eligible borrowers can do multiple re-availment, depending on their allowable total loans count.

Under GLoan Sakto, you can loan P100 to P500 instantly, also payable in 14 or 30 days in a one-time payment only scheme. Borrowers can apply instantly for another one after the full payment of their outstanding loan.

Other GCash loan options

GLoan

GLoan is your instant cash, instant approval loan where you can borrow as much as P125,000 payable up to 24 months with just a few taps on your mobile phone.

Eligible borrowers' requests will be pre-approved, meaning there's no need to submit any business documents or proof of employment. The amount borrowed will go straight to the GCash wallet within a matter of seconds, said GLoan head Kevin Yu.

GLoan is available to pre-qualified users, and the loan you can borrow depends on your GScore which determines how often you use GCash. With regular use and by paying your dues on time, you will get a higher loan ceiling.

To start, tap Borrow on the main page and select GLoan. From there, you can view your loan limit, interest rate, and processing fees. Select your loan amount and the purpose of loan. Then, review the disbursement amount, your monthly dues, and when your first due date is. Once done, verify your loan application and your loan will be disbursed to your e-wallet.

GGives

GCash also offers GGives, an installment loan service where—in lieu of a credit or debit card—you can use GCash to pay for your groceries and other purchases from GGives partner merchants.

This requires zero credit cards, zero additional documents, zero downpayment, and zero interest for select merchants. Those interested to try this option can avail any amount between P1,000 and P125,000.

To avail this, make sure your GGives is activated. Then go to your store of choice (online or offline), pick the item you want to purchase, open GCash and pay using GGives.

GCredit

GCredit is a GCash user's own credit line in-app in partnership with CIMB, where you can loan up to P50,000 so you can pay for your essential transactions like bills payment and other emergency needs and pay later for it.

Unlike a loan, this works like a credit card allowing you to borrow anytime through the app for up to a certain credit limit as long as you pay your dues on time.

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