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Last Updated on April 13, 2017 by Marie Bautista
don’t have the right cash to get you started? Are you planning to buy a new car or a house you can call your own? Or is your daughter
is in need of paying his college tuition but you’re out of budget?
loans can be a good option or even your life saver especially when an emergency
need, a personal loan can give you the right amount of resources to get you
through. That includes business needs, car financing, housing loan, education,
vacation expenses, medical expenses, wedding expenses and the list goes on.
easy and simple to opt and get, you need to keep in mind the following
guidelines to make it certainly beneficial on your end:
the basics, do your research and gather as much information you can get
understand before availing a personal loan:
rate. This is the cost of borrowing money from the
lender which is expressed as a percentage of the loan amount. It is basically
the measure of how much return lenders will get from you.
charges. Aside from interest rates, lenders often
add up some charges for processing your loan. This is how they get to pay their
agents and all the costs obtained from making the loan possible.
charges.This is the amount you pay to your lender
as a form of early repayment of your loan to take advantage of lowering the
interest rate. The higher your prepayment, the lower the interest rate.
charges. You need to be crucial about paying your
monthly dues on time. If and when you are unable to pay on time, lenders often
penalized you with additional charges.
Though sometimes not required, collateral is
something that you pledge to your lender to secure repayment of the loan. It
could be in the form of any considerable property like your car, your house,
land property, and the like.
to help you make an informed decision and to help you get the best deal.
Discuss with the lenders the interest rates that they offer, ask about the
prepayment charges and penalties.
only a few options. There are a lot of loan providers such as banks, lending
companies or even private individuals. Comparison sites can also help you
compare loan packages from several banks or lenders. It can help you save a lot
of time and effort, and ultimately make the process a lot easier for you and
provide you with the best loan product fit for your needs.
of the most reputable banks in the Philippines offering personal loans:
de Oro (BDO)
processing time, reward points, are the basic personal loan features that this
company has to offer. BDO has topped total capital accounts in the recent years
and has gained the highest market share in the fourth quarter of 2013.
of the Philippine Islands (BPI)
and has flexible terms to help you pay your loan at your desired term. It has a
widespread branches across the country with online services that will make it
easier for you to pay.
Bank of the Philippines
Government employee, Landbank allows you to avail a salary loan program. Land Bank
is a government financial institution with its profits used for developmental
programs and initiatives.
you get a loan that doesn’t go over 30% of your income. Before signing up for a
loan, ask yourself this simple question: “Would I be able to pay the entire
loan without missing a single payment?” If the answer is no, penalty charges
and interests may accumulate and will make it much harder for you to pay the
entire loan. Bottom line is, borrow what you can pay.
article is exclusively written for Mommy Unwired by MoneyMax.ph, the
Philippines’ leading financial comparison portal which helps Filipino consumers
make the right financial decisions as they compare the best credit card, home
loan, broadband plan, and more—fast, comprehensive, and free.