Check which question applies to you so we can answer your question:
What is the interest rate?
Interest rates range from 0% to 5.49% per month, depending on your GScore and loan term (# of months to pay).
Where do I find my interest rate and fees?
You can find your interest fees and rates in your GGives payment schedule. Go to GGives in the GCash app then tap Payment Schedule.
Visit How do I read my payment schedule? to know where to find your interest fees and interest rate.
How will I know how much interest I would need to pay?
Your interest fees have been computed for you which you will see in your Payment Schedule. Go to GGives in the GCash app then tap Payment Schedule to know how much interest you need to pay per month.
Visit How do I read my payment schedule? to know how much interest you need to pay
How much will my interest cashback be if I fully settle my loan early?
Your interest cashback is the total interest balance that is not yet due when you fully settle your loan that you can find in your payment schedule.
Here is a sample computation on how to get your total interest balance that is not yet due:
Does GGives charge penalty fees?
GGives charges a penalty fee of 1% of your Loan Amount for each missed due date + a variable penalty fee. These are calculated and seen in your disclosure statement when you purchase an item.
How do I compute for the penalty fee?
0.15% * Outstanding Principal Balance * Number of Days past due
Here is a sample computation on how to compute for your penalty fees:
This means that the more payments you have settled, the lower the variable penalties you will incur.
When are penalty fees applied?
GGives charges a penalty fee of 1% of your Loan Amount which will be charged 1 day after your due date. An additional variable penalty of 0.15% of your daily Outstanding Principal Balance will be applied to your account every unpaid day from your due date.