All Articles With Author : Rouselle Isla

The latest and the best financial news, tips and tricks.

Looking for the Best Personal Loan in the Philippines? Check Out These 7 Great Options

When times are hard and the future is uncertain, a personal loan can be very beneficial in expanding our source of income and managing our cash flow. It’s a quick and easy financial solution for our many money woes.  But with so many top loan providers in the Philippines, choosing which one to apply for can be time-consuming. That’s why we came up with this list to help you find the best personal loan in the Philippines for your needs. Learn more about each loan product’s features and benefits and what loan purposes they’re ideal for.  What’s the Best Personal Loan in the Philippines? How do you choose a personal loan that’s right for your needs and your budget? Here’s a rundown of where to borrow money in the Philippines that can help you with your cash emergency.  ☑️ EasyRFC Multi-Purpose Loan 📌 Best online loan for emergencies The EasyRFC Multi-Purpose Loan is an online loan that can be very beneficial these days. Because you can apply for RFC online, it’s a very safe, quick, and convenient way of borrowing money.  You can borrow up to PHP 150,000 and enjoy flexible payment terms of up to 12 months. It also offers a 4% monthly interest rate.  So whether it’s for renovating or repairing your home, paying for your child’s tuition and other school expenses, or settling your medical bills and other emergency expenses, the RFC personal loan is one of your best options.    Loan amount: PHP 10,000 to PHP 150,000 Minimum annual income: PHP 120,000 Monthly interest rate: 4% Loan…

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How to Make Extra Money with Your Car: Success Stories of Pinoy Car Owners

Curious to know how to make extra money with your car? There are many ways to earn income using your car, but a lot of Pinoys may be thinking it’s easier said than done.  Well, not for these car owners who managed to successfully earn a living with the help of their cars. Get to know their stories, know the pros and cons, and learn from their helpful tips to succeed in this endeavor, just like they did.  4 Car Owners Share Tips on How to Make Extra Money with Your Car Richard and Gemma Rejuso, Kape Kalye Owners Two years ago, Richard Rejuso and his wife Gemma bought their Toyota Wigo so that they’ll have a more convenient way to travel to work.  Back then, Richard was working as a barista in a small local coffee shop in Quezon City. But this barista stint didn’t last long because the coffee shop soon folded up. Richard had to look for another job, eventually landing one at a lending company.  And then the pandemic hit. He realized that their income was no longer sufficient, even with his wife’s full-time income as a supervisor in a hardware company. So he took inspiration from some people he saw on the street operating a mobile coffee shop using just their mountain bikes.  “Naisip ko mountain bike pero napagkakasya nila ang mga gamit. Nakakapag-set up sila ng ganito. Paano pa kaya yung sa amin na medyo malaki-laki ng konti?”  Armed with Richard’s barista training and his coffee shop experience—plus their hatchback—the couple set up their…

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I Love You, Goodbye: The Cost of Annulment in the Philippines

So you married the person you thought you’d spend the rest of your life with. But after a few years, reality reared its ugly head. Now you’re trapped in a bad, miserable, and problematic marriage that can only be ended by an annulment. But with the steep annulment cost in the Philippines, not everyone can afford it. Not to mention the lengthy and oftentimes torturous process can take a toll on your mental and emotional well-being.  How much is an annulment in the Philippines, and how do you file for one? Learn more about it in this article.   What is Annulment? An annulment of marriage is a legal decree that a marriage is null and void.[1] In an annulment, the marriage is considered valid until declared void.[2] You can file for an Annulment of Marriage if the marriage is valid and it meets the conditions that will legally annul the marriage. Otherwise, you can file a Declaration of Nullity of Marriage. This is for marriages that are invalid or void right from the start because of conditions that were present even before the marriage took place. Read more: 7 Signs You’re Not Ready to Get Married Yet What are the Grounds for Annulment of Marriage? The following causes can have your marriage annulled if they exist or are present at the time of the marriage:[3] Absence of parental consent Unsound mind Consent was obtained by fraud Consent was obtained by force, intimidation, or undue influence Impotence Sexually Transmissible Disease (STD) What are the Grounds for the Declaration of Nullity of…

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How to Finance Your Child’s College Education? Hear It From These Amazing Single Moms

A child finally graduating from college is as much an achievement for parents as it is for the graduate. It’s the culmination of a parent’s years of hard work and sacrifice. So they deserve to share the spotlight and celebrate with pride and joy, especially when they’ve single-handedly paid for their children’s education.  These two moms certainly know a lot about this particular struggle because they’ve gone through it themselves and emerged successful. If you want tips on how to finance your child’s college education, moms Livia and Euge have a lot of good advice and noteworthy education success stories to share.  How to Finance Your Child’s College Education: Success Stories of Two Single Moms Euge Alarcon-Montero, Devoted OFW Mom  Being a mother is a tough job. What more being thousands of miles away just to provide for your child?  For the last 16 years, Euge Alarcon-Montero has endured being away from her only son Neal Alarcon, working as a respiratory therapist in Riyadh, Saudi Arabia. But it wasn’t a decision that she came to easily. Just the thought of being separated from Neal filled her heart with so much pain and anxiety. She was plagued with endless questions, like who would take care of him, and would he still grow up a good man, even if she’s far away?  Euge was only 24 then, with very few options. But she knew she wanted to give Neal a good life and a good education. So when she received an offer to work abroad, with a salary that’s almost three times…

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UnionBank Credit Card Promos: 18 Exciting Deals and Discounts This 2021

Curious to know what UnionBank credit card promos you can avail of today? You’re in luck because we’ve rounded up the most exciting UnionBank credit card offers exclusively for UnionBank credit cardholders. Whether you’re looking for a really cool welcome gift or exciting deals on dining, travel, or shopping, UnionBank has one for you.      UnionBank Credit Card Promos for New Cardholders  P5,000 Rebates or Up to 60,000 Points  Eligible cards: UnionBank PlayEveryday Visa, Miles+ Platinum, and Visa GoldPromo period: Until August 31, 2021 Apply for a PlayEveryday Visa, Miles+ Platinum, or Visa Gold credit card and receive up to PHP 5,000 rebates or up to 60,000 points.[1] To receive the rebates and points, here’s how much single or accumulated retail spend you need and how much rebates or points you’ll receive per UnionBank credit card:  Play Everyday – PHP 20,000 spend = PHP 3,000 rebates or 60,000 points Visa Gold  – PHP 30,000 spend= PHP 4,000 rebates or 30,000 points Miles+ Platinum – PHP 40,000 spend = PHP 5,000 rebates or 40,000 points You should also download the UnionBank mobile app and sign up for an account. P5,000 Worth of S&R E-Vouchers Eligible cards: UnionBank PlayEveryday Visa, Miles+ Platinum, and Visa GoldPromo period: Until August 31, 2021 Receive up to PHP 5,000 worth of S&R e-vouchers[2] when you apply and get approved for the Miles+ Platinum, Visa Gold, and PlayEveryday credit cards. To be eligible for the UnionBank S&R promo, here’s how much single or accumulated retail spend you need and how many credits you’ll receive per UnionBank credit card:  Play…

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11 Money Lessons from Financial Advisors in the Philippines

With people looking for ways to manage their debts and invest their hard-earned money in worthwhile places, you can always look to these financial advisors in the Philippines for advice. Learn important money lessons from the experts and take control of your finances.  Money Lessons from the Top Financial Advisors in the Philippines  From saving money, budgeting, and earning extra income to managing debts and achieving financial freedom, these financial advisors in the Philippines have lots of financial wisdom to share.  Quotes About Budgeting, Saving, and Money Goals  1. “Be open. Explore. Focus on ways of creating multiple income streams… one by one.” – Omeng Tawid, financial blogger and speaker at Smart Pinoy Investor[1] Everything is so expensive these days. Even if you have a stable income, there’s not a lot of money left after paying off the bills. Sometimes, you even have a negative balance. This is why you need a side hustle to create multiple income streams and help you meet your financial goals.  Aside from your monthly salary, you can also earn through profits from your small business, the interests of your savings accounts, or the dividends of your investments. If you have properties, you can also earn from rental income or capital gains. For the creatives, you can also earn from royalties or from the internet when you create and post your own content.  Read more: 15 Financial Quotes to Live By 2. “Every piso counts. When you have this sense of value to every piso that you earn, you become better at spending it.” –…

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Be Productive During Lockdown and Learn These New Skills

With the extra time saved not traveling to work and not going anywhere on weekends, you can learn new skills that are profitable and in demand. And if you get really good at it, you can do it as a side hustle or even as a full-time job. If you’re employed, it can also boost your chances of getting that well-deserved raise or promotion.  Ready to learn new skills, especially money-making ones? Check out this list of the best skills to learn to make money, as well as the essential soft skills you should have to land that new client or job.  Best Skills to Learn to Make Money There are many skills that make money, but not all of them will hold your interest for a long time or be as profitable as people claim. If you want to learn new skills to earn more and give you more career opportunities in the future, make sure it’s a mix of hard and soft skills. You can acquire hard skills (also called technical skills) through education, practice, and repetition, while soft skills are behavioral and related to personality.[1] Stay productive during the lockdown and boost your income flow with these highly profitable skills.  1. Digital Marketing In this era of digital transformation, digital marketing skills are essential for businesses. This is why it’s one of the best money making skills you can learn if you want to boost your income and improve your cash flow.   Digital marketing is the act of promoting and selling products and services by leveraging online…

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LGBTQ Financial Planning: How This Couple Manages Their Money Wisely

They met in 2008 and quickly struck up a friendship when they realized they were both from the same neighborhood in Bulacan. The rest, as they say, is history.  They’ve been happily in a relationship and living together for 13 years now. They’re both working at Moneymax, too. Jhayson Opimo is a Performance Coach, and Warlough Madali is a Sales Manager.   To close out Pride Month in the Philippines, this money-savvy couple shared their lessons and experiences navigating their way through LGBT financial planning and wealth management. If you’re an LGBT single or couple with questions about LGBT finance, learn and be inspired by Warlough and Jhayson’s story.  Budgeting and Cash Flow Warlough and Jhayson had completely different views about money early in their relationship. Maybe because they came from different family backgrounds, and Warlough is older by 10 years and had more experience with money management.  Jhayson was at that stage where he wanted to enjoy what he earned. He didn’t think much about saving and budgeting. Warlough, on the other hand, was done with the mindless spending and the happy-go-lucky stage. He was taking his finances more seriously.  But with Warlough’s encouragement and help, Jhayson began to be more conscious of his spending and saving habits. Being in a relationship for the last 13 years also played a big factor because they now have the same views and agree on most things about money.   Money’s Not an Issue  When it comes to money management, Jhayson lets Warlough take over. Since day one of their relationship, they share everything…

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SEC Warning: Don’t Fall for These Investment Scams in the Philippines

The financial repercussions of this pandemic have certainly brought scammers and fraudsters to the fore. Since the start of 2021, the Securities and Exchange Commission (SEC) in the Philippines was able to identify 28 entities already with malicious business transactions found to be soliciting investments from the public without the appropriate certificate of registration to sell securities.[1] In this article, find out what these investment scams in the Philippines are and how the SEC is working to protect Filipino investors from them.   How the SEC Protects You from Investment Scams in the Philippines As the registrar and overseer of the Philippine corporate sector, the SEC has power and holds many functions in corporations, partnerships, or associations. Here are the things the SEC is doing to protect the interests of the investing public.  1. Issues Warnings Against Fraudulent Companies The SEC regularly releases updates and warnings to the public regarding companies conducting fraudulent activities in the Philippines. From this information, people can determine whether or not the business they are dealing with is legitimate.  Keep up-to-date with the SEC’s notices to stay informed of possible scams. In addition, the SEC releases advisories and the major publications in the country distribute them to reach a wider audience. Social media is also another avenue to inform Filipinos all over the world.  2. Registers Legitimate Companies Under Sec. 5.1 of the Securities Regulation Code, “securities shall not be sold or offered for sale or distribution within the Philippines without prior registration with the SEC.” So if a company doesn’t have an SEC registration or…

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How These Filipino Entrepreneurs Turned Pandemic Challenges Into Success Stories

Running your own business is hard enough as it is. What more if you’re running a business in the middle of a pandemic? These successful entrepreneurs in the Philippines have experienced firsthand how to operate a business in a limited capacity and with community quarantine guidelines that keep on changing. And they became stronger and better entrepreneurs because of it.  Successful Entrepreneurs in the Philippines Who Rose to the Challenge Dreaming of becoming an entrepreneur in the Philippines? Anyone can do it with plenty of hard work, and maybe even a little bit of luck—just like these inspiring and successful Filipino entrepreneurs. Luilyn Abapo, Owner of Lulu Blue Cakes From Passion Project to Thriving Business Baking has always been a passion for Luilyn Abapo, the woman behind Lulu Blue Cakes.[1] She loves her job as an HR practitioner. But she started her small business as a passion project and a therapeutic activity of sorts on weekends with her kitchen as her refuge.  “With the opportunity to work from home during the pandemic, my sisters urged me to make it an official business and offer our goodies to the general public. Baking on weekends became our bonding,” Luilyn shared.  With families who enjoy sweet treats for sharing and entertaining as her target customers, Luilyn began with the Blueberry Cheesecake Cups. They became an instant hit with her family and friends. Buoyed by her love for baking and the support of her loved ones, she began experimenting with new recipes and eventually started selling the Tres Leches series, Banana Loaf, and Triple…

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6 Important Things Our Dads Taught Us About Money

Some of the most important money lessons we’ll ever learn come from our fathers. As our main provider growing up and our first financial advisor when we were starting out in our careers, our dads have plenty of sound financial advice. How we earn, spend, save, and invest―money lessons from dad guide us in our own financial journey.  To celebrate and honor the main men in our lives this Father’s Day, we recently had a chat with our colleagues at Moneymax and asked the biggest financial wisdom they learned from their dads. Some of these you’ve probably heard from your own father, too, so read and be inspired.   Money Lessons from a Father to His Son A son’s relationship with his father is one of the most important, if not the most important, relationships he’ll ever have. It evolves over time, filled with many lessons imparted and experiences shared. Furthermore, sons model themselves after their father’s character.[1] For Jeron, Ras, and Ricky, here are some money lessons they’ve learned from their dads.    Invest and Save Up for Your Own Business Moneymax’s Business Analyst, Jeron Legaspi, is a man of few words, much like his dad whom he describes as a quiet man. “My father is deaf, so we don’t really talk too much. We don’t really talk about how we’re feeling―we just keep our problems to ourselves.”  Still, Jeron values his dad’s nuggets of wisdom and life experiences, especially when it comes to money. “Don’t buy things that you don’t really need. Invest it or build a business from…

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What You Need to Know About COVID-19 Vaccines in the Philippines

The development of coronavirus disease (COVID-19) vaccines is a huge help in the fight against this global pandemic. With a COVID-19 vaccine in the Philippines, people can get protection from severe symptoms that usually lead to hospitalization or death.   As of this writing, there are 1,300,349 COVID-19 cases in the country and a total of 22,507 deaths.[1] The Philippine government is aiming to achieve herd immunity against COVID-19 by 2023.[2] Herd immunity or community immunity occurs when a high percentage of the community is immune to a disease (through vaccination and/or prior illness), making the spread of this disease from person to person unlikely.[3] What is the COVID-19 Vaccine?  The COVID-19 vaccine provides acquired immunity against severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), the virus causing COVID-19.  In general, vaccines work by helping your body develop an immunity to germs or viruses. Vaccines mimic these germs and viruses. As a result, your body develops antibodies to fight them off and prevent you from getting sick from it again in the future.  Based on early data from clinical trials, the vaccines can lower your chances of getting COVID-19 and help prevent getting seriously sick with COVID-19. Is It Safe to Get the COVID-19 Vaccine? Yes. Even if pharmaceutical companies developed COVID-19 vaccines so quickly, they did not skip any steps, and all the vaccines underwent careful testing.[4] The Food and Drug Administration (FDA) has also granted them emergency use authorization,[5] a risk-based procedure to assess unlicensed vaccines during public health emergencies. In addition, COVID-19 vaccines are continuously monitored for any…

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Best Wedding Loans in the Philippines for Your Dream Wedding

Weddings can get notoriously expensive, and the things you need to pay for can be a lot to keep up with. If you’re not careful, you could end up overspending, or worse, neck-deep in debt.  Ideally, you should have enough money saved up that can cover the cost of your entire wedding. But if you’re nowhere near your wedding savings goal and want to get married as soon as possible, don’t panic. Consider getting a loan for a wedding.  In this article, find out how to get a loan for a wedding, its pros and cons, and where you can find the best wedding loan rates.  What is a Wedding Loan? A wedding loan is simply a type of personal loan for financing a wedding. You can use it to pay for wedding expenses and even honeymoon-related expenses.  The great thing about wedding loans in the Philippines is that you don’t need to prove you’re getting married. You only need to meet the wedding loan lender’s requirements, submit your documents, and then make your monthly payments.  Get a loan for a wedding wherever personal loans are available from providers such as banks, online lenders, and other financial institutions. The amount you can borrow will depend on your qualifications, and how much you’ll pay will depend on the loan amount and the loan term.  Read more: How Much Money Do I Need to Get Married in the Philippines? Why Should You Consider Getting a Loan for a Wedding? Remember that this is still a debt that can affect your future cash…

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Where to Put Your Emergency Fund: It’s Not as Complicated as You Think

You might already know why an emergency fund is important (which is why you’re reading this article). The next thing you should learn is where to put your emergency fund.  What are the best and worst places to put your emergency fund? There are many convenient and liquid savings options that also offer high interest rates. But are they really the best place to put your emergency fund? Read on to find out more.     Where to Put an Emergency Fund: Some Things to Consider   When the time comes you need to access your emergency fund, you should not have a hard time withdrawing money from it. Make sure that wherever you put your money, it will not be locked in or held out for a certain period. Consider liquidity when choosing a place to keep your emergency cash, so you can get your money quickly and easily without paying any penalty fees and charges. If there’s a major toilet breakdown in your bathroom late at night, you should be able to get money from your emergency fund first thing in the morning. It would be good, too, if your emergency fund can earn interest, even if it’s just a small percentage. If you have a significant amount saved, then you can earn a good amount over time as well. Lastly, opt for zero to minimal fees. If you’re going to let your money sit somewhere like a savings account, consider the monthly maintenance fees that can accumulate and chip away at your emergency fund.  Read more: 55 Tips on…

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Reasons to Build an Emergency Fund (And Why It’s Different from Savings)

This pandemic has reinforced the importance of emergency fund. The significance of having money saved for unexpected and unplanned living expenses has never been clearer as it is now.   An emergency fund is a good way to strengthen your finances and protect yourself from financial potholes that can put your finances off track or even destroy them.  While an emergency fund can’t solve all your money problems, a savings buffer like it can help you avoid the stress of paying for major living expenses and accumulating debts because of it.  Learn why you need an emergency fund, what makes it different from your regular savings, and where you should use it.  Emergency Fund vs Savings: The Key Differences An emergency fund is money that you put aside to pay for financial emergencies or use during times of financial distress. It should enable you to pay for large and unexpected expenses or sustain you for a certain period without disrupting your finances or burying you in debt. Consider it a larger rainy day fund for major and unplanned expenses.  An emergency fund is also accessible and usually kept in liquid form such as online banking, debit cards, checking account or savings account.  Savings, on the other hand, are funds that you set aside for a particular short-term or long-term goal, like making a down payment for a house or a car, paying for your dream vacation, building your child’s college fund, or preparing for your retirement. They can also be put in various investments such as bank products, stocks, bonds,…

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14 Pandemic-Proof Business Ideas You Can Start Today

If there’s anything that this COVID-19 pandemic has taught everyone, it’s that an economic crisis can happen anytime and cause you to shut down the business you’ve worked so hard to build. Is your business pandemic-proof? Does it have what it takes to survive or even thrive in this pandemic? If you own a pandemic-proof business, may it continue to fare well and prosper. But if not, we’ve listed down some pandemic-proof business ideas that you can consider for your next business endeavor or for when you want to put up your own business. What is a Pandemic-Proof Business? A pandemic-proof business can withstand the shocks of a pandemic and still retain a strong position in the market. This can be achieved by having the right business strategy, introducing creative, diverse, and in-demand products and services, and using the internet to reach and engage with customers. Pandemic-Proof Business Ideas in the Philippines Despite the many challenges brought on by this pandemic to businesses, there are those that continue to thrive and operate as usual. Some are also more in demand now. 1. Online Grocery Store / Market An online grocery store or market offers convenience and speed. You don’t need to go out, walk the grocery aisles, and queue up at the counter. You can just go online, browse different product categories, add them to your cart, and check out. It saves time, energy, and money, which is why grocery store owners and market vendors have also started selling their products online. Customers can just pick what they need or send…

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10 Educational Plans in the Philippines Every Parent Should Consider

Sending your child to college may seem unaffordable if you compute all the expenses. Whether you’re planning to enroll your child in a public or private school, education in the Philippines is not cheap. But there are educational plans available to help you develop a disciplined savings plan that will pay for your child’s education. And there are many life insurance companies offering some of the best educational plans in the Philippines. Let’s explore them in this guide. What are Educational Plans and How Do They Work? An educational plan is a savings, insurance, and investment plan that helps parents save funds for their child’s college education. The savings and investment portion of an educational plan builds up a fixed fund for a certain period, and the insurance portion provides life protection for the payor, usually the parent, during the term of the plan.  Should anything happen to the payor that results in permanent disability or death, the payor or the beneficiaries (in this case, the child) is guaranteed a payout.  Upon the educational plan’s maturity, the payor can use it to pay for the child’s college education.  Are Educational Plans Worth It?  Yes, especially if you want to make sure your child gets a quality education without worrying about the financial burden.   It’s every parent’s dream to see their child finish college. But the sad reality is that not all Filipinos can afford the cost of education in the Philippines. Furthermore, tuition fees today will not be the same 10 or 15 years from now. Because of inflation, tuition and…

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Need Cash? Check These Options for Easy Loan Application in the Philippines

More often than not, getting a loan is a very meticulous process. But there are easy to apply for loans in the Philippines with easy requirements and quick loan approval processes.  If you’re currently shopping for a loan, here are some lenders in the Philippines with easy loan applications.  Easy to Apply for Loans in the Philippines Whether you’re looking for a loan with fewer requirements, a faster approval process, bigger loanable amounts, or longer repayment periods, here are some loans you can easily apply for. 1. CIMB Bank Personal Loan  Are you looking for an easy loan you can apply for online? CIMB Bank[1] offers an all-digital loan application that you can finish in minutes. Just download and log in to the CIMB Bank mobile app.  📌 Key Features Loanable amount: PHP 30,000 to PHP 1,000,000 Interest rate: 1.12% to 1.95% per month Loan tenure: 12 to 60 months Processing time: 10 minutes via the CIMB Bank mobile app  🧑 Who Can Apply for a CIMB Loan? 21 years old but not older than 65 years old upon loan maturity  Filipino citizen with mailing address and active Philippine mobile number  Gross monthly income of PHP 15,000 Employees with a tenure of at least six months or one year if working in the top 15,000 corporations Self-employed operating a business for at least one year  ✅ CIMB Personal Loan Requirement Only a valid government-issued ID is needed to apply for a loan from CIMB Bank. Read more: 6 Tips to Get a Personal Loan for Freelancers in the Philippines CIMB…

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Quick and Easy RCBC Credit Card Application Guide

Whether you’re looking for a credit card with a higher credit limit, non-expiring rewards points, or exclusive shopping, dining, and travel privileges, RCBC offers various options to suit your lifestyle and budget. Find out about the RCBC credit card application process and learn which card is right for you in this guide.  RCBC Credit Card Online Application Steps 1. Check Your RCBC Credit Card Eligibility  RCBC principal cardholders should be 21 to 65 years old while supplementary cardholders should be 13 to 65 years old. Having a mobile number and a work landline is also required for an RCBC credit card application.     Should You Get a Supplementary Credit Card or Your Own Credit Card? Can Your Kids Handle a Supplementary Credit Card? 2. Prepare the RCBC Credit Card Requirements  If you’re employed, here are the documents you need to prepare:  Fully accomplished application form  1 valid photo-bearing ID with signature  Proof of income Latest payslip that shows your monthly salary  Original Certificate of Employment (not more than 6 months old, stating annual income and signed by an authorized Human Resources signatory) W2 with BIR or Bank Stamp or Income Tax Return (ITR) For self-employed credit card applicants, here are the requirements:  Fully accomplished application form  1 valid photo-bearing ID with signature  Proof of income (Latest Audited Financial Statement with BIR or Bank Stamp and photocopy of Income Tax Return and/ or W2 with BIR or Bank Stamp)        3. Pick the Right RCBC Credit Card for You  There are quite a few RCBC credit cards that you can get depending…

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What You Need to Know About Peer to Peer Lending in the Philippines

Peer to peer lending in the Philippines may be unfamiliar to many Filipinos. But it can be a good option for those who have a bit of money to invest or those who need a loan without going to traditional banks.  In this article, we’ll discuss what peer to peer lending is, how it works, and its pros and cons.  What is Peer to Peer Lending?  Peer to peer lending, also known as P2P or crowd lending, is a money lending platform for both individuals and businesses without a financial institution acting as a middleman.  It’s an online service that matches borrowers with lenders that offer their services, most of which are unsecured loans. As a result, lenders or investors earn from higher interest rates, and borrowers get quick, easy loans that they otherwise would not from traditional lenders.  Read more: Should I Borrow Money from Private Lenders? How Does Peer to Peer Lending Work?  Peer to peer lending platforms need investors to lend the money and borrowers to take out a P2P loan. Here’s how peer to peer lending works for both borrowers and lenders. For P2P Borrowers If you need a quick loan without having to go to traditional banks or financial institutions, you can submit an online loan application on any P2P lending platform. But like traditional banks, there’s a pre-qualification screening process, but it’s not as strict as the screening process of banks.   After submitting your application, the P2P lending platform will assess your application and review your profile based on your creditworthiness. In short,…

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