What are the GGives fees I need to know about?
Check out the information below to learn more about the interest rates and fees for GGives:
- Interest Fees: Between 0% and 5.49% per month, depending on your eligibility and loan term.
- Late Payment Fee: 1% of your loan amount for each missed due date, plus 0.15% of your total outstanding balance each day until it's paid off.
Visit your GGives dashboard and tap on your GGives loan to see a breakdown of your monthly payments and fees.
Sample computation for a loan with a late payment fee:
Date of Purchase: June 10
Purchase Amount: P10,000 (Your principal balance)
No. of months to pay: 6 months
Monthly payment to GGives: P2,015.67 (principal balance + monthly interest) Monthly due date: 10th of the month
Sample date of Payments:
June 10 - n/a
July 10 - Amount to pay: P2,015.67 (On-time payment)
August 10 - No Payment made
August 15 - Amount to pay: P2,178.17 (Late Payment)
Late payment Fee Sample Computation:
(1% x PHP10,000) + (0.15% * 8,333.33 * 5 days)
= P162.50
Late Payment Fee Computation
(1% of the principal balance) + (0.15% of outstanding principal balance * number of days missed from the due date)
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