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…
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Bad Money Habits That Ruin Your Credit Score
- By Venus Zoleta
- August 8, 2018
A credit score may not be as widely talked about in the Philippines as in other countries, but its importance can’t be underestimated. Your credit score spells the difference between getting approved and declined for a credit card or loan. Unknown to many, there’s an established credit information system in the Philippines through Republic Act 9510. This enables lenders to assess a borrower’s credit risk and decide how much to lend and at what interest rate. A critical factor in a lender’s credit decision is the credit score, which is computed based on a borrower’s payment history, types of credit used, and new accounts opened, among other criteria. Your financial habits cause your credit score to go up or down, affecting your chances of hitting your goals, like starting a business or buying a home or a car. Keep a good credit score by breaking any of these bad money habits. Table of Contents1. Making Late Payments2. Defaulting on Your Loan3. Stopping Your Credit Card Payment4. Maxing Out Your Credit Card5. Making Credit Card Cash Advances6. Closing Your Credit Card7. Not Using Your Credit Card At All8. Applying for Multiple Credit Cards or Loans9. Ignoring Your Credit ScoreFinal Thoughts 1. Making Late Payments Your credit payment history makes up 35% of your credit score. This includes late payments on your loans, credit card bills, and insurance premiums, as well as the amount and frequency of your payments. Procrastination is bad for your finances. The longer you delay your payments, the worse your credit score will be. Make sure to pay…
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How a Personal Loan Can Help Your Financial Goals
- By Moneymax
- January 16, 2015
Tired of borrowing money from friends? Want to give your overworked credit card a break? You might just be the ideal candidate for a personal loan! This convenient service is offered by the most reliable banks in your area and gives you access to extra cash without years and years of debt. With the help of MoneyMax.ph, you can check out all the best deals on personal loans and compare the most affordable rates available. MoneyMax.ph isn’t just good for helping you compare personal loans. Here we’ve got a visual guide for all the different ways you can put a personal loan to good use.
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Consumer Loans Fuel Car Purchase Increase
- By Moneymax
- January 7, 2015
According to data just published from the Bangko Sentral ng Pilipinas, Pinoys have increased borrowing by an incredible 21% compared to the previous year. It is now at the eye-watering amount of P849.7 billion. Borrowing to buy homes or cars as well as other loans against salaries has all increased. The biggest riser was real estate with a jump of 25%. This is not all worrying news. The increase in the number of pesos borrowed by consumers is driving spending in restaurants, at the mall, and on other leisure activities. This consumer spending is a major driver of the economy. How can anyone afford to repay all of these loans? Almost everyone does. Banks record this percentage of non-repayment and report it to the Central Bank of the Philippines, which then informs the public. The number of bad loans is only 5%. Did you also think there would be a reduction in traffic? P217.4 billion was borrowed by Filipinos across the nation to buy four-wheeled vehicles. As the prices of homes, cars, and seemingly everything else go up – how can you survive? By saving whenever you can. You can start right here. Did you know that 9 out of 10 Filipinos pay too much for their car insurance? Make sure you don’t lose out by comparing 14 insurance providers and saving money now with MoneyMax.ph. Read more: Find the Best Car Loan Deals in the Philippines!
