All Articles With Category : Personal Loan
The latest and the best financial news, tips and tricks.
5 Convenient Ways to Borrow Money for an Emergency
- By Venus Zoleta
- August 3, 2021
“Utang” is so strongly embedded in the Filipino culture that 41% of adults have outstanding or previous loans, according to the latest Bangko Sentral ng Pilipinas (BSP) financial inclusion survey.[1] There are many options for pautang in the Philippines, the most common of which are emergency loans and personal loans. These pautangan options can be very useful when you need immediate cash, especially during this pandemic when lockdowns can happen at short notice. Or during typhoon season when flooding can happen in minutes, or anytime a natural disaster strikes. However, it’s important to understand both the benefits and risks of each loan option before choosing the right one for your immediate need. Here are just some of them. Table of ContentsPautang in the Philippines: 5 Ways to Borrow Money for an Emergency1. Emergency Loans2. Personal Loans3. Salary Loans4. Pawning or Sangla5. Pautang from Family and FriendsFinal Thoughts Pautang in the Philippines: 5 Ways to Borrow Money for an Emergency 1. Emergency Loans What’s an Emergency Loan? An emergency loan is an unsecured personal loan that you can borrow to cover the costs of unexpected expenses.[2] It’s a quick and easy way for cash-strapped Filipinos to fund unplanned expenses. And it’s particularly helpful when you need money to rebuild your home or repair your car after a flooding, fire, earthquake, or any disaster. Most emergency loans in the Philippines come from three sources: private lenders, government agencies, and employers. Emergency Loans from Private Lenders Of the three common emergency loan providers in the country, private lenders have the simplest application process,…
Read the Article
Everything You Must Know About Getting a Citi Personal Loan
- By Janine Daquio
- July 28, 2021
Citibank is primarily known for its credit cards that complement a wide range of lifestyles and needs. But did you know that Citibank also has a good loan product that’s worth checking out? Such is the Citi Personal Loan. It has a lot of exciting features and unique selling points that make it a better choice over other loan products in the market. Interested? We’ve pulled together a comprehensive guide for you, from this loan’s uses to interest rates. We’ve also included a quick Citibank personal loan application guide in case you decide to avail of this product. Table of Contents✔️ What is a Citi Personal Loan?✔️ What Can I Use the Citibank Personal Loan For?Business ExpansionHome RenovationPersonal GrowthKids’ EducationDebt ConsolidationWeddingEmergencies and Unexpected Problems✔️ Why Should You Apply for a Citi Personal Loan?Fast Loan ApprovalHigh Loan AmountFlexible Loan TermsLow Citi Personal Loan Interest Rate✔️ How Do I Qualify for a Citibank Personal Loan?✔️ How Do I Know If I’m Financially Fit for the Citi Personal Loan?How to Use the Citi Online Loan Calculator✔️ What are the Required Documents for a Citibank Personal Loan Application? Citi Personal Loan Requirements for FilipinosCiti Personal Loan Requirements for Foreigners✔️ What are the Steps for the Citibank Personal Loan Application?How to Apply for Citi Personal Loan Online✔️ FAQs on Citibank Personal Loan Application and Payment1. The Citi Personal Loan Online Application system is not working. What should I do?2. How can I improve my chances for Citibank’s 24-hour approval?3. How can I check my Citi personal loan application status?4. How will I receive my loan proceeds?5….
Read the Article
Online Loans in the Philippines: What Filipinos Need to Know
- By Venus Zoleta
- July 22, 2021
In these trying times, the need to borrow money is understandable, especially if your finances have been badly affected by the pandemic. A lot of Filipinos may have applied for personal loans but just can’t meet the loan requirements. Because of this, they explore legit online loan apps in the Philippines to fund their urgent cash needs. Legit online lenders offer borrowers a good alternative to traditional loans from banks. They fill in the gaps in terms of convenience, application requirements, and ease of approval. Most legit online lenders even release the loan proceeds within 24 hours. But are online loans the right choice? Before you borrow money online, familiarize yourself with how these loans work and what your options are for legit online loan apps in the Philippines. Table of ContentsWhat is an Online Loan?Pros and Cons of Online LoansOnline Loan AdvantagesOnline Loan DisadvantagesWhy Should You Borrow Only from Legit Online Lenders?What are the Legit Online Loans in the Philippines? ACOM Quick Cash LoansAsialink Finance CorporationAtome Credit Cash LoanCash Mart Personal LoanEsquire Financing Business LoanFirst Circle Business LoanGDFI Fast Cash LoansHome Credit Cash LoanLoan Ranger Cash LoanOnline Loans Pilipinas Cash LoanRadiowealth Finance LoansTala LoanVidalia Online LoansWhat to Do When You’re Scammed by an Illegal Online LenderFinal ThoughtsFind the Best Online Loan That Fits Your Needs What is an Online Loan? An online loan is a non-traditional type of loan from a private lender that operates over the internet. Online lenders cannot operate without a physical office address, but they generally process applications through their app or website. Almost 80% or…
Read the Article
Business Loans for Startups in the Philippines
- By Venus Zoleta
- July 12, 2021
Finding good sources of funding is a critical step in starting a business. A small business loan from the government, a bank, or a private lender is one financing option for budding business owners. A business loan in the Philippines comes in a variety of types that suit different business requirements. Before you start searching for the right startup business loan, it helps to have an idea of the types of business loans for starters. Doing so helps you understand your options better and easily find the loan that matches your needs. Below are the basic business loan requirements in the Philippines and the different types of loans for every business. Table of ContentsWhat is a Business Loan?What is the Difference Between Business Loan, Consumer Loan, and Personal Loan?How Do I Qualify for a Business Loan in the Philippines?Basic Requirements When Applying for a Business LoanWhat are the Four Types of Business Loans in the Philippines?1. Term Loans2. Credit Line3. Secured Business Loans4. Unsecured Business Loans 7 Considerations When Choosing a Business Loan in the Philippines1. Your Purpose for Borrowing Money2. Loan Amount3. Method of Funding4. Loan Term5. Repayment Mode6. Collateral7. Interest RateFinal ThoughtsCompare Other Loan Options What is a Business Loan? Startups need funding or capital to begin their operations and start earning a profit. Banks and financial institutions lend this money in advance to these businesses through a business loan. In turn, lenders collect payments with interests based on the agreed-upon payment schedule and lending agreement. What is the Difference Between Business Loan, Consumer Loan, and Personal Loan? The purpose of a…
Read the Article
Common Personal Loan Application Questions You Need to Prepare for
- By Venus Zoleta
- June 2, 2021
Applying for a personal loan is like any job application. As a prospective borrower, you do your best to prove you’re a worthy candidate for the lender’s money. The loan application form is your resume, and the requirements you submit are like your portfolio. And then there’s the dreaded interview portion. Are you ready for it? Aside from the information you provide in the application form, the lender will need to talk to you in person or over the phone to verify your eligibility and documents, especially if you’re applying for a business loan. This is part of the background check or credit investigation that banks and lending companies conduct to determine a borrower’s creditworthiness.[1] It’s also an opportunity for both parties—the lender and the borrower—to ask personal loan questions and make sure they’re fit for each other. You may be even asked to complete a credit investigation questionnaire. Before that important call props up, anticipate the questions that the lender might ask, come up with sensible answers, and rehearse with a friend if you must. It’s better to be over-prepared than be caught off guard with an unexpected question during your interview. Table of ContentsCredit Investigation Questionnaire and Interview: 9 Personal Loan Questions to Expect1. Can You Confirm Your [Personal Information]?2. What is Your Job and How Much Do You Make?3. How Will You Use This Loan?4. How Much Money Do You Need?5. Do You Have Any Credit Cards?6. Do You Have Any Current or Past Loans?7. What Kind of Loan Did You Have in the Past?8. How Did…
Read the Article
Personal Loan Fees and Charges to Consider Before Borrowing Money
- By Venus Zoleta
- May 13, 2021
Choosing the best loan for personal use isn’t as simple as comparing interest rates and monthly installments. You also need to consider the personal loan fees and charges that add up to the cost of borrowing money. Some of these fees are avoidable while others aren’t. Taking all these factors into account gives you a better idea which of your options will fit your budget and won’t charge you with expensive fees. Ultimately, this will keep you from incurring debt over time. Table of ContentsPersonal Loan Fees in the PhilippinesEffective Interest Rate: 10% to 30%Late Payment Fee: 3% to 8% of overdue amount or PHP 500 per monthEarly Payment Fee: 4% to 8% of outstanding balanceReturned Check Fee: PHP 1,000 to PHP 2,000 per returned checkAmendment Fee: PHP 500 per amendmentFinal ThoughtsCompare Personal Loans Today! Personal Loan Fees in the Philippines Effective Interest Rate: 10% to 30% The effective interest rate (EIR)[1] is “the rate that exactly discounts estimated future cash flows through the life of the loan to the net amount of loan proceeds,” as defined by the Philippine Accounting Standards. The Bangko Sentral ng Pilipinas (BSP) uses this EIR definition as well. Put simply, it’s the rate that measures the actual cost of borrowing money. Read more: Need Cash? Check These Options for Easy Loan Application in the Philippines 9 Salary Loans to Consider for Financial Emergencies Loans Without Bank Account: How to Get One in the Philippines Loan Fees and Charges Included in the EIR Computation Personal loans with low interest rates in the Philippines have EIRs…
Read the Article
How to Calculate Interest and Monthly Payments on a Personal Loan
- By Venus Zoleta
- April 23, 2021
Everyone knows the importance of choosing the right personal loan. But aside from the lender’s reputation, what else should you be looking into when comparing different personal loans in the Philippines? You should understand how a personal loan is calculated. The interest and monthly payment are two critical factors that borrowers must consider before applying for a loan. Of course, it helps to know how much it will cost you to borrow money from a certain lender, and whether you can afford the monthly payment or not. Table of ContentsHow a Personal Loan is CalculatedWhat is Interest on a Personal Loan?How Interest is Calculated on a Personal LoanWhat is the Monthly Payment on a Personal Loan?How to Calculate Monthly Payment on a Loan?Using a Personal Loan Calculator in the PhilippinesHow Loan Calculators WorkHow to Use a Personal Loan CalculatorHow a Citi Personal Loan is CalculatedHow a BPI Personal Loan is CalculatedHow a Security Bank Personal Loan is CalculatedFinal ThoughtsGet a Personal Loan Through Moneymax Today! How a Personal Loan is Calculated A personal loan—or any type of loan for that matter—is calculated by computing the interest or monthly payments (also called amortization or installment) on the loan. What you should compute for depends on the information you need. For example, to find out how much it will cost you to borrow money from a certain lender, you should calculate the interest on the personal loan. The higher the interest you’ll pay, the more expensive borrowing becomes for you. On the other hand, if you want to know whether you can…
Read the Article
Drowning in Debt? Here’s How You Can Eliminate Them
- By Moneymax
- April 20, 2021
One of the last things anyone would like to happen: having too much debt. But it does happen when debt is managed poorly. It’s bad for one’s mental health as it is to the wallet, but the problem of how to get out of debt in the Philippines can really cripple you if you do nothing about it. Taking proactive steps to solve this financial difficulty is a lot better than wallowing in anxiety and worrying over your unpaid obligations. It all starts with having a firm resolve to pay off what you owe, regardless of the types of debt you have and how you went into debt. Here are some of the concrete steps you can take to solve your debt problems and get your finances back on track. Table of ContentsHow to Get Out of Debt in the PhilippinesHow to Pay Off Credit Card DebtHow to Pay Off a Home LoanHow to Pay Off a Car LoanHow to Pay Off Debt From Other PeopleFinal Thoughts How to Get Out of Debt in the Philippines There’s more than one way to solve the problem of how to pay debt despite having low income in the Philippines, mainly because there are more than one type of debt to deal with. It’s best to strategize based on the debt you currently have and work your way up from there. How to Pay Off Credit Card Debt PHP 297.49 billion—that’s how much credit card debt Filipinos have as of February 2019, based on data from the Bangko Sentral ng Pilipinas. And because…
Read the Article
Loan Options and Approval Tips for Freelancers in the Philippines
- By Moneymax
- April 8, 2021
Being a freelancer has its downsides, and one of them involves getting a loan for freelancers in the Philippines. Formal lending institutions like banks and government agencies are strict when it comes to loan approvals. They require borrowers to provide their payslips, income tax return (ITR), certificate of employment, and other financial documents to prove their ability to repay a loan on time. If you don’t have proof of a stable income, you have a slim chance of getting approved. Worse, you can get downright rejected for a loan. Even though you’re earning more than an average employee, lenders will still see you as a credit risk because of the usual unpredictability of freelance income—unless you have documents to prove otherwise. However, don’t let your self-employment status stop you from borrowing money to cover your financial needs. It takes some effort and patience. But you can definitely improve your chance of getting approved for a freelancer loan with the following tips. Table of ContentsHow to Get a Loan as a Freelancer in the Philippines1. Register as a Taxpayer2. Secure Your Business Registration Documents3. Maintain a Good Credit Score4. Prepare Your Supporting Financial Documents5. Try to Borrow From a Bank Where You Have a Long-Time Account6. Get a Cash Loan for Freelancers From Legitimate Private LendersList of Personal Loans for FreelancersBPI Personal LoanCitibank Personal LoanEasyRFC Multi-Purpose LoanRCBC Personal LoanSB Finance Personal LoanTALA Personal LoanFinal Thoughts How to Get a Loan as a Freelancer in the Philippines 1. Register as a Taxpayer In order to figure out how to get a loan…
Read the Article
Why and How to Get a Security Bank Personal Loan in the Philippines
- By Venus Zoleta
- March 31, 2021
A lot of Filipinos would prefer to borrow from informal moneylenders for their urgent financial needs. Some even turn to loan sharks like 5-6 lenders when they’re desperate for cash, not minding the risk of getting deeper in debt with the excessively high interest rates. However, borrowing from banks and other formal lenders is the safer route. Because they’re regulated by the government, these lenders observe fair and ethical practices and offer lower interest rates. Still, many Filipinos get easily discouraged from getting personal loans from banks because of the usual strict requirements. Add to that the common perception that it’s hard to qualify for a bank loan. There are a few exceptions, though. Security Bank, for example, has been providing a different, better experience for people seeking personal loans in the Philippines. Keep reading if you want to know how to apply for a Security Bank personal loan and why it’s worth considering for your financial need. Table of Contents7 Reasons a Security Bank Personal Loan Makes a Practical Choice1. Easy to Qualify with Simple Security Bank Loan Requirements2. Hassle-Free Online Personal Loan Application3. Quick Approval So You Can Get Your Money Immediately4. Low Interest Rates5. Loan Amounts of Up to P2 Million6. Affordable and Flexible Repayment Terms7. Financially Stable and Trustworthy LenderHow to Apply for a Security Bank Personal Loan OnlineHow to Check Your Security Bank Personal Loan StatusHow to Receive Your Security Bank Loan ProceedsFinal ThoughtsCompare Other Personal Loan Options 7 Reasons a Security Bank Personal Loan Makes a Practical Choice With a Security Bank loan, you’ll…
Read the Article
What Happens If I Stop Paying My Loan?
- By Moneymax
- March 12, 2021
Are you close to a loan default? Unexpected situations—like a job loss, medical emergency or death in the family, or calamity—can put even the most responsible borrowers in a tight spot, making it extremely hard to make loan payments on time. Defaulting on a loan comes with serious financial consequences, not to mention that you’ll spend stressful days and sleepless nights thinking about how to get yourself out of the sticky situation. You don’t want to reach that point—and you can keep it from happening. Don’t let a loan default affect your finances. Table of ContentsWhat is a Loan Default?Can You Go to Jail for Not Paying a Loan?What Happens If Personal Loan is Not Paid in the Philippines?1. Your Debt Will Pile Up2. The Lender Will Take Back Your Car or Home3. Your Credit Score Will Drop4. Unpaid Government Loans Will Be Deducted From Your BenefitsLoan Default During COVID-19Final ThoughtsCompare Other Personal Loan Options What is a Loan Default? A loan default results from failure to make monthly loan payments for a certain period as specified in the loan’s terms and conditions. This isn’t to be confused with loan delinquency,[1] which happens as soon as you miss a mortgage payment. A loan default is declared when your loan remains delinquent for a long time. The time before a loan goes into default varies from one lender to another. Generally, borrowers in the Philippines have a maximum grace period of 90 days or three months to settle their outstanding balance before their loans become in default. That’s the case for Pag-IBIG multi-purpose loans and…
Read the Article
Should I Borrow Money from Private Lenders?
- By Moneymax
- March 10, 2021
Looking for private lenders that offer personal loans in the Philippines? When times are hard and cash flow is a problem, it’s helpful to know what options are available to you. But before you borrow from a private lender, you have to know first what you’ll be getting into. Table of ContentsWhat are Private Lenders?Advantages of Borrowing Money from Private Lenders1. Fewer Requirements and Restrictions2. No Credit History Check3. Fast ApprovalDisadvantages of Borrowing Money from Private Lenders1. High Lending Interest Rates2. Short Repayment Period3. Risk of Losing Collateral4. Risk of Getting ScammedPrivate Lenders in the Philippines2. Cash Mart Personal Loan3. Cashwagon Instant Cash Loan4. Robocash Instant Loans5. Vidalia Online Loans6. First Circle7. Radiowealth Finance Corporation8. Global Dominion Financing Corporation9. AEON Credit Service (Philippines) Inc.10. Quickloanprovider.comFinal Thoughts What are Private Lenders? Private lenders in the Philippines are non-banking companies or individual investors that provide short-term personal loans, mostly catering to OFWs, small business owners, and car buyers. Filipinos who can’t qualify for bank loans often turn to these money lending companies in the Philippines to cover their urgent financial needs. Is it really better to get a private loan from such entities than from a bank? Consider the pros and cons of getting personal loans from private lenders to make the right decision. Advantages of Borrowing Money from Private Lenders Private lending institutions in the Philippines attract borrowers because they offer easy access to funds by simplifying their loan application process. Below are some advantages of borrowing money from a private lender. 1. Fewer Requirements and Restrictions Compared to banks, private…
Read the Article
4 Signs You Need a Personal Loan in 2021
- By Ricky Publico
- February 25, 2021
Borrowing money in the Philippines is usually associated with crippling debt and mishandled finances. But nowadays, applying for a loan has become a common way to reach everyone’s financial needs and goals. Even if you don’t need it, you should always consider when to get a personal loan if the need arises. Because admit it or not, everyone could use it. In fact, the Bangko Sentral ng Pilipinas has encouraged lending as a way to shake up the economy during the pandemic[1]. So if you want to know if you need a personal loan, take a look at these tell-tale signs. Table of ContentsSigns That Will Tell You When to Get a Personal LoanYou’re Transitioning from One Job to AnotherYou Feel Like Your WFH Setup Needs an UpgradeYou’re Envious of Other People Starting Their Own BusinessesYou Have This Urge to Renovate Your HomeFinal ThoughtsApply for a Personal Through Moneymax Today! Signs That Will Tell You When to Get a Personal Loan You’re Transitioning from One Job to Another Starting a new job this year? Congratulations! It’s great that you still found a better opportunity in the midst of a pandemic. But depending on the company you’re moving into, you probably won’t receive a proper salary for one whole month. Unless you have other people to borrow money from, applying for a personal loan is a good temporary source of income. If you don’t have an emergency fund, you should apply for a personal loan right before you leave your current employer. That way, you can still submit the proper requirements…
Read the Article
Loans Without Bank Account: How to Get One in the Philippines
- By Moneymax
- February 3, 2021
Do you have a cash emergency? Is taking out a loan your only option? There’s no telling when a financial emergency might pop up. And sometimes, even if you have savings for such instances, it’s still not enough to cover everything. It’s a tough situation to be in, which is why loans without bank account can be very useful, too. Find out your alternative options for obtaining a cash loan without bank account need. And learn why a bank account is often needed in loan applications as well. Table of ContentsWhy Do Lenders Require a Bank Account?Can I Get a Loan Without a Bank Account?Cash Loans Without Bank Account NeededSangla/Pawn LoansCash Loans without Bank Account from Private Lenders5-6 LoansCompare Other Loan Options for Free!Final Thoughts Why Do Lenders Require a Bank Account? Banks and other financial institutions in the Philippines usually ask for a bank account from prospective borrowers. This is because a bank account is your proof to the lenders that you have a regular income. Furthermore, it signifies that you’re less of a credit risk[1] and have the money to repay a loan. It also shows that you’re responsible enough with your personal finances to keep your money in the bank. This is why banks require loan applicants, especially those with unsteady income like freelancers and entrepreneurs, to submit their bank statements. Having a bank account assures lenders of your capacity to repay a loan. In addition, lenders use their borrowers’ bank accounts to transfer their loan proceeds. It’s a faster, simpler, and more secure disbursement process than…
Read the Article
Your Quick Guide to Applying for an EastWest Bank Personal Loan
- By Moneymax
- January 20, 2021
Starting a business, renovating your home, settling medical bills, big-ticket purchases, and other unforeseen expenses—all these require a large sum of money. Unfortunately, not all of us have six or seven figures to our names. And so to achieve such goals, applying for a loan is undoubtedly one of the best solutions. EastWest Bank may be just over two decades old, but it already has a lot of milestones when it comes to supporting Filipinos through personal loans. An EastWest Bank personal loan can be considered among the most reliable on the market. They offer competitive interest rates, and the processing is straightforward. Here’s what you need to know about EastWest Bank personal loan. Table of ContentsWhat is EastWest Bank Personal Loan?Why Should I Apply for an EastWest Personal Loan?1. Multi-purpose2. No collateral required3. Loan amount4. Fast processing5. Flexible payment terms6. Competitive interest ratesEastWest Bank Personal Loan Interest RateEastWest Personal Loan Fees and Charges1. Processing Fee: PHP 1,9002. Documentary Stamp Tax: PHP 1.50 for every PHP 2003. Late Payment Fee: PHP 500 or 8% per month4. Processing Fee (Early Pay-off Of Loan)5. Returned Check Fee: PHP 1,000 per check6. Check Retrieval and Replacement Fee: PHP 200EastWest Bank Personal Loan RequirementsRequirements for Self-Employed IndividualsRequirements for Loan ReleaseHow to Apply for an EastWest Bank Personal LoanHow Can I Pay My EastWest Personal Loan?Tips on Paying Your EastWest Loan On TimeFinal ThoughtsApply for a Personal Loan for Free at Moneymax! What is EastWest Bank Personal Loan? EastWest Bank describes its personal loan as a non-collateral and unsecured loan offered to qualified individuals for…
Read the Article
Moneymax Reviews: Should You Get an RFC Personal Loan?
- By Venus Zoleta
- November 19, 2020
In this financially challenging time, getting a personal loan is an option for Filipinos with an immediate need for cash but are short of budget. But with the many lenders out there, which one should you borrow from? Ideally, a personal loan provider makes it easy for you to get cash for your urgent financial need, especially if you lack income documents that banks and government lenders require. In this edition of Moneymax Reviews, we’re zooming in on the RFC Personal Loan—an online multi-purpose loan provided by Radiowealth Finance Corporation. Keep reading this RFC personal loan review to find out if this matches your needs best. Table of ContentsRFC Personal Loan Key FeaturesWhy Should I Get an RFC Personal Loan?1. Available for Different Loan Purposes2. Flexible Radiowealth Finance Loan Requirements3. Easy Online Loan Application Process4. Fast Loan Approval5. Easy Ways to Claim Loan Proceeds6. Accessible Loan Repayment Channels7. Ability to Renew RFC Personal LoanRFC Personal Loan AlternativesTala LoanSB Finance Personal LoanGDFI OFW Personal LoanFinal Thoughts RFC Personal Loan Key Features To start with this RFC Personal Loan review, here’s the basic information you should know before borrowing from Radiowealth Finance. Loan amount: Minimum of PHP 10,000 Loan terms: 3 to 12 months Monthly interest rate: 4% Processing fee: 6% Minimal requirements: No collateral, guarantor, and credit card required Why Should I Get an RFC Personal Loan? 1. Available for Different Loan Purposes The RFC multi-purpose loan can be used to cover a variety of needs[1], including the following purposes: Home improvement/renovation/repair costs Tuition and other school expenses Medical bills and other emergency expenses Travel…
Read the Article
Moneymax Reviews: What to Know About Citi Personal Loan
- By Venus Zoleta
- November 5, 2020
Here’s another edition of Moneymax Reviews! This time, we take a closer look at one of the better-known bank loans in the Philippines: the Citi personal loan. You might have come across it while you’re searching for options to borrow money online. If you’re considering it, you’ve come to the right Citi personal loan review. You probably have some questions in mind about the Citibank personal loan. Is it good? Is it easy to secure? How does it stack up against other personal loans in the Philippines? This Citi personal loan review will look into these and more. Table of ContentsCiti Personal Loan Key FeaturesWhy Should I Get a Citi Personal Loan?Convenient Online Personal Loan Application24-Hour Personal Loan ApprovalLow Interest RateNo Collateral LoanHigh Loan Amount to Cover Big ExpensesFlexible Payment Terms of Up to 5 YearsCiti Personal Loan AlternativesSB Finance Personal LoanBPI Personal LoanTala Cash LoanFinal Thoughts Citi Personal Loan Key Features Before we dig deeper into this Citi personal loan review, you first have to know if the Citibank personal loan is the right fit for you. Take a look at its features, fees, and charges below: Loan amount: PHP 100,000 to PHP 2 million Loan terms: 1 to 5 years Monthly interest rate: 2.42% Average annual contractual rate: 26.9% Disbursement fee: PHP 1,750 Documentary Stamp Tax (DST): PHP 1.50 per PHP 200 of the loan amount Effective annual interest rate: 32.05% for a loan worth PHP 200,000 at 36 monthly repayments (inclusive of monthly interest charge, disbursement fee, and DST) Monthly late charge: PHP 500 or 6% of…
Read the Article
Buy Now, Pay Later: How to Use TendoPay for Online Purchases
- By Venus Zoleta
- October 14, 2020
Have you ever badly needed to buy something but you’re short on cash? Your laptop might be broken beyond repair, and you have to immediately buy a new unit for work or your child’s online classes. You might need money to buy groceries, but payday seems like light-years away. Or you want to cheer up your mom on her birthday by getting her something special. When caught in such a difficult situation, what would you do? If you need to make an all-important purchase but you’re out of budget, consider taking an installment loan like that of TendoPay. An alternative to bank loans, TendoPay offers affordable and convenient financing for cash-strapped Filipinos, especially during the COVID-19 crisis. Learn more about this installment loan and how to use it through this guide. Table of ContentsWhat is TendoPay and How Does It Work?TendoPay Installment Loan FeaturesHow to Apply for a TendoPay LoanReview the TendoPay RequirementsHow to Register in TendoPayHow to Use TendoPay for Online PaymentsHow to Get Installment on Lazada Through TendoPay VoucherHow to Use TendoPay for 7-Eleven PurchasesHow to Pay for ZALORA Purchases Using TendoPay VoucherHow to Use TendoPay as a Checkout OptionHow Do I Pay My TendoPay Loan?Payment via GCash or PayMayaPayment via BDO or UnionBankPayment via a Bills Payment CenterPayment via 7-ElevenFAQs on TendoPay Installments1. Is TendoPay legit and safe?2. What are the available TendoPay merchants?3. Can I use TendoPay to pay for Shopee installment?4. What will happen if I miss my installment payment?Final Thoughts What is TendoPay and How Does It Work? TendoPay[1] is an emerging fintech brand…
Read the Article
Which Banks Offer the Best Car Loan Deals in the Philippines?
- By Venus Zoleta
- July 9, 2020
Shopping for the best car loan deals in the Philippines? There’s no single bank or auto loan that’s best for everybody. Auto loan providers in the Philippines offer different features and promos that cater to the needs and preferences of different car buyers. You have to consider the type of car you’re going to buy, your budget, and your qualifications. This is why researching and comparing auto loans matter a lot before you apply for a car loan. One of the most important things to know in which banks have deals that appeal to you. Table of ContentsWhich Bank is Best for Car Loan in the Philippines?AUBBank of CommerceBDOBPIEastWest BankMetrobankPSBankRCBCSecurity BankUCPBUnionBankCompare Other Loan OptionsFinal Thoughts Which Bank is Best for Car Loan in the Philippines? Here’s a quick overview of what auto loan providers offer to vehicle buyers in the Philippines. Information are updated and accurate as of July 2020. AUB Key Car Loan Features in AUB Loan amount: Minimum of PHP 200,000[1] Interest rate: Contact the nearest AUB branch for the best car loan offer Repayment terms: Up to 60 months Bank of Commerce Key Car Loan Features in Bank of Commerce Vehicle type: Brand-new cars only[2] Loan amount: Minimum of PHP 100,000 Down payment: 20% to 45% Interest rate: 7.24% to 27.54% Repayment terms: 12 to 60 months BDO Key Car Loan Features in BDO Vehicle type: Brand-new and second-hand cars for personal or business use Maximum car age: Up to six years old upon loan maturity Minimum monthly household income: PHP 50,000 Loan amount: Minimum of PHP 100,000 up to…
Read the Article
Should You Get a Personal Loan to Travel?
- By Venus Zoleta
- October 18, 2018
Travel now, pay later. The mere thought of it elicits both excitement and fear. You can get a travel loan to fund your trip, visit your dream destination, and pay it back when you get home. At the same time, you’re scared it would lead to uncontrollable debt. In the Philippines, banks and private lenders offer travel loans to Filipinos who don’t have enough money to travel within the country or abroad. Although a travel loan covers typical travel-related expenses such as flights and hotels, there’s also a special type of personal loan called the travel assistance loan that caters to tourists, immigrants, and students who need to fulfill their visa application or show money requirements. Some travelers get this type of personal loan because of its low-interest rate, as well as flexibility in terms of repayments (as opposed to forking out lump-sum cash). Should you borrow money from a lender for travel? If you’re choosing between a travel loan and another financing option in the Philippines, ask yourself these four questions to make a sensible decision. Table of ContentsHow Much Does My Trip Cost?Can I Afford to Pay Off a Travel Loan?Is My Travel Purpose Worth Borrowing Money For?Which is Better: Travel Loan or Travel Credit Card?Final Thoughts How Much Does My Trip Cost? Figure out how much your trip will set you back. Include all travel essentials in your computation—from airfare and accommodations to tours and shopping. Cut on costs where you can, like choosing budget hostels instead of three-star hotels. Set your travel budget within your means—it…
