YOUR MYRIAD OF CHOICES: TIPS ON HOW TO CHOOSE THE BEST DEAL FOR YOU

Nowadays, many banks and credit unions in the Philippines are proposing appealing offers in applying for personal loans. Some of these offers are very low interest rates, fast approvals, hassle-free online processes and pre-approved offers.

Here are some trusted banks in the Philippines that offer great deals!

BPI personal loans

In BPI, you can loan up to ₱20,000.00 up to ₱1,000,000.00. They have a fixed add-on interest rate of 1.20% per month. They also offer hassle-free transactions since payments are automatically debited from your BPI account. Loan application will be approved within 8-13 banking days.

They have a clear cut of their fees and charges-₱1.00 for every ₱200.00 of the loan amount if for business use, otherwise, ₱1.00 for every ₱200.00 in excess of ₱250,000.00. For Late payments, they charge 5.00% per month on any outstanding balance.

 

Citibank personal loans

A Citibank loan offers any amount between ₱20,000 up to ₱2 million which can be used for paying during health-related emergencies and enrolling your children in school.

One of Citibank’s edges from its competitors is the flexible monthly payment terms which start at just 6 months to a maximum of 5 years. Loan application will be approved in just 24 hours, but if more verification is needed, the approval time will be extended. In addition, the bank offers no collateral or guarantor on an application.

Further, a loan calculator is made available in their website to calculate rates. Actual amortizations will be reflected in the loan disclosure statement. A disbursement fee of P1, 750 shall apply. Fees and charges include a documentary stamp tax at P1 per P200 of your loan amount may also apply.

Maybank personal loans

A personal loan under Maybank will allow you from ₱50,000 to as much as ₱1 million with payment terms of 12, 18, 24 and 36 months.

Maybank also have a loan calculator in their website to calculate rates and you’ll quickly see the monthly amortization along with the add-on rate. The only fees you’ll be paying will be ₱2,000 processing fee and a ₱1 documentary stamp tax for every ₱200 loaned if the total loan is over ₱250,000. For example, a personal loan of ₱300,000 will have a documentary stamp tax of ₱1,500.

 

What You Should Expect from Modern Payday Loans?

Financial problems will always be part of life. These situations are normal, yet they can test your willpower and patience. If ever you’re encountering a financial situation now, one of the best solutions that you can have is a payday loan. Direct payday loans are similar to other kinds of loans, except that it can be released easily and the credit investigation process is not that strict. Globally, payday loans are becoming more popular.

 

Here are the things that you should expect from modern payday loans:

 

Positive Borrower-Lender Relations

 

Back then, payday loans had a bad reputation due to the relentless spread of predatory lending. With this, thousands of lenders lost clients and the payday lending industry suffered. This year, things are going on a positive route. Borrowers are starting to trust payday loans once more, yet the stigma remains. Some borrowers are vigilant over online payday lenders, while others justify their applications based on representative APRs and active lender support. Since many borrowers now trust the payday loan industry, lenders will create better loan products.

 

More Options for Borrowers

 

Despite many global economic challenges, consumers now have many options regarding the stuff they want to buy. Such increase in buying decision led to a spike in payday loan demand. Even though it’s financially disadvantageous to apply for a loan in response to splurging, many people are still doing it. For the coming years, it’s expected that consumer buying decisions will become more variable.

 

More Payday Lenders Are Being Expertly Recommended

 

Apparently, borrowers are not just the ones who see payday loans in a positive color. Gradually, financial experts are now banking in the payday loan industry. Around the world, regulatory committees are being formed to oversee how payday lenders are reaching out to borrowers. Experts are also recommending hundreds of reputed payday lenders around the world. If you’re planning to apply for a payday loan, you should seek out expert recommendations.

 

Competitive Rates

 

As payday loans become more popular among borrowers, lenders had to be more competitive in issuing their rates. During your search, try comparing the APR of the top online lenders. You’ll see huge variances and other appealing fees. As global rates turn more competitive, many borrowers will understand that 2017 is a great year to apply for payday loans. After all, a payday lender that has incompetent and rigid rates will eventually lose market advantage.

 

Do you think these factors can push you to apply for a payday loan? Before doing so, you should prepare for the responsibility. Every month, you need to pay interest. You shouldn’t miss these payments because you’d sink deeper in debt!

What You Should Expect from Manila’s Lending Scene?

Manila is a great city. It’s a great macro-hub of varying interests, challenges, perks, and ripples of the modernized Filipino Dream. What doesn’t thrive in Manila becomes a stinking heap of nonsense, and everything moves freely. One important sector in Manila is its lending scene. In many parts of the Greater Metro, lenders thrive. You can see them in regular clothes with half-flashy jewelry. At times, they ride in motorcycles, ready to collect whatever amounts they had in the open. But this is the surface level – something deep is going on.

 

Are you planning to get a loan in Manila? Below are some of the things that you should expect the capital’s lending scene:

 

Impatient Lenders

 

Lenders in Manila are more impatient than those in provinces. Why, you might ask? Manila is a dog-eat-dog place where money is a great determiner of success. Once a lender’s money is out in the open, he is exposed to risk. In Manila, any form of risk can have many negative consequences. A lender may lose his business if he can’t collect money. So, before you borrow a money, embed this form of impatience in your mind. This will keep you on your feet and help you settle the loan fast.

 

Collateral Hunger

 

There’s a miasma of ‘collateral hunger’ spreading in Manila today. Even if the lender is dealing on payday loans, he may get a collateral in case of non-repayment. And lenders, aside from impatience, are hungry for collaterals. If they can’t get what’s owed, they can – at least – sell any item that you own. This could be an expensive gadget, a car, or even a deed to a land or property. Manila lenders are hard-nosed for collaterals. Just like their impatience, this factor can push you to work harder and pay off an outstanding debt. Otherwise, you’ll lose something valuable.

 

Consequences of Non-Repayment

 

What are the consequences of not paying your loans? Many. You’re now aware of the ‘collateral hunger.’ This will cause you to lose items that you’ve worked hard for. Loan penalties are the next consequences. These penalties are huge interest and horrifying fees. If these fees will combine into a monster, they’d be Pennywise. Or Cthulhu – feel free to come up of analogies. Lawsuits are common like houseflies, and there’s the dreaded lead justice. Some lenders dabble in crime to the point that they’d shoot you if you can’t repay. To avoid this, learn about the nature of the lender. Don’t trust quickly. Then work hard to get the loan off your system!

 

Banks Offer Excellent Loans

 

There are still some good lenders in Manila. Banks, for example, have become less strict (1% less) regarding their loan transactions. Gone are the old days or ironheart bankers. Check out the variable loans offered by these banks, and apply for something that matches your financial capabilities.

 

Before getting a loan in Manila, make sure that you’ve analyzed the mentioned factors. In this way, your expectations are managed and you won’t fall in a serious financial ditch. You should also think of any loan as a responsibility that must be settled. Loans are aces in your sleeve or pocket rockets – they are not meant to be exhausted in worthless things. Better yet, use the loan for something that will generate financial returns.

What You Should Do After Getting Your Personal Loan?

Getting an approval for your personal loan can bring a smile in your lips. However, that’s just the first part. Once you have your personal loan, a deep responsibility is placed on your shoulders. You can choose to squander your loans, but the interest and penalty fees will haunt you later. To make the best out of your personal loan, you need to be responsible.

 

These are the best things that you can do once you get your personal loan:

 

Deal with Your Financial Problem

 

Financial emergency should be the only reason for loan application. However, this rule is not being followed by everyone. This is the reason why many borrowers fall on the trap of the debt cycle. If ever you’re pre-approved for a cash loan and you have an outstanding financial problem, use the loan as a solution. Don’t drag yourself in a debt oblivion – you won’t like it!

 

Secure Micro-Investments

 

Micro-investments are the same as investments but they have smaller returns within a time period. Some popular micro-investments are collectibles, short-term assets, rare garage finds, coins, online assets, Cryptocurrency accounts, and commodities. Micro-investments are important because they allow you to enter the market without shelling too much. So, you should look for micro-investments after getting your loan. It’s the wise thing to do.

 

Double or Triple Your Income

 

If micro-investments serve as your financial hedges, income projects will be your active financial beacons. Nowadays, relying on one job is not practical – unless your job can pay for everything and you have a little extra going on. Using your new cash loan, you should start looking for income projects. These projects will raise your financial threshold significantly, allowing you to repay the loan in the shortest time possible. Plus, you can save some money this way.

 

Create a Rainy Day Fund

 

Sometimes, when you don’t have any other idea, you can just tuck away the money and use it as a rainy day fund. The loan can also be used to boost your savings account – which can then acquire interest every year. With additional money in your stash, you can create any project sometime in the future.

 

Allocate Your Monthly Budget Properly

 

Your new cash loan is not free money. Every month, you have to shell out interest. The most sensible thing to do is to adjust your monthly budget. Assess your income and expense ratio, and cut corners whenever possible. Seek out ways to make better purchases. You don’t need fancy stuff all the time!

 

By applying these strategies, you’re getting few steps closer to be a responsible personal loan borrower. Don’t fall for the trap of irresponsible borrowing – this will lead you to a life of frustration and stress. If you think you’re now equipped with a plan, visit an online lending site today and send your application. As much as possible, find a lender that will give you smaller interest and fees!

What You Need to Know About Payday Loans

Payday loans are considered as the easiest types of unsecured loans. In a typical payday loan process, the lender must get your application form and a post-dated check will be issued once your application is approved. The check can be dated a month later or for the actual date of the loan’s release. In most cases, the payday lender will just fork over the money. While this may seem tempting, payday loans are only great solutions whenever you have immediate financial setbacks. Payday loans are not crutches that you can rely on. If you’re new to borrowing payday loans, you need to have the right financial disposition.

 

Here are some important things that you have to know about payday loans:

 

Payday Loan Amounts Will Vary

 

For payday lenders that issue checks, the amount that you’ll receive is lower than what’s written. On the moment of the transaction, service charges will be deducted based on the total amount of the loan. While many borrowers complain about this, such deductions are included in the loan’s terms and conditions. The same thing can be said for lenders who don’t issue checks.

 

You May Get Additional Amounts

 

Once you’ve applied for a payday loan, the lender will place your information in an account. It’s possible to have more funds in your account to cover all possible charges. However, this is only possible if you’ve had previous transactions with the lender. If ever you can’t repay the loan using your pocket money, the lender will draw from your account. After repaying loans successfully, some lenders may urge you to take out loans with higher amounts. This is called refinancing; it can work for you as long as you’re a good payer.

 

Payday Loans Can Pressure You Constantly

 

With the time constraint given by payday lenders, borrowers are often pressured to pay back. Usually, the payment terms are settled on a weekly or bi-monthly basis. Even though borrowers can see that this is manageable, the financial obligation is difficult to reach. What if something happened within the week? How can you repay the interest? If a payday lender uses too much pressure against you, contact the authorities. Keep this level of pressure in mind before applying for payday loans.

 

Payday Lenders Prefer Those With Low Income

 

Payday loans are generally meant for low-income borrowers. Since most payday lenders don’t have strict requirements, low-income borrowers are enticed. When these borrowers approach banks, they will very likely get denied because of their low credit rating. For thousands of borrowers, payday loans are blessings. For others, they are nightmare fuels.

 

Payday loans are definitely here to stay. Before you apply for one, make sure that you’re aware of the risks involved. You should also create a financial plan so that you won’t have to rely on payday loans someday!