All Articles With Author : Venus Zoleta

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

Which Banks Offer the Best Car Loan Deals in the Philippines?

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. 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 80% of the car’s selling price Down payment: Brand-new: 20% to 40% Second-hand: 30% to 50% Interest rate: Check the BDO…

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How to Use the LTO Online Portal: A Guide for Motorists in the Philippines

Need to file your driver’s license or car registration application or renewal? Why spend several hours at the LTO office (while exposing yourself to the risk of getting COVID-19) when you can just transact online? The Land Transportation Office (LTO) has recently launched an online portal for processing different transactions like license applications and renewal. This new LTO online system is part of the government agency’s transition to the new normal—which means people can transact at home over the internet and minimize physical contact at an LTO branch. To avoid running into problems while using the LTO online portal, familiarize yourself with the new system. Here’s everything you need to know about the agency’s online services. What is LTO Online Portal? The LTO online portal[1], officially called the Land Transportation Management System (LTMS), is a new web-based system that automates different transactions for motorists in the Philippines, including overseas Filipinos. LTO Online Services Available through the LTMS Portal These are the services currently available in the LTO web portal. Services may change over time. Application and renewal for all types of licenses (Note: LTO online application for student permit will start on August 3, 2020.) Cashless payment for driver’s license processing fees Replacement of lost/damaged license Conversion of foreign driver’s license to professional or non-professional license Change of classification from non-professional to professional license Request for additional restriction code or category Revision of records Request for Certificate of No Apprehension Submit position papers for contested cases of traffic violations Motor vehicle registration (available by the second week of July 2020)…

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Emergency Loans and Other Convenient Ways to Borrow Money

This article was originally published on July 3, 2018 and was updated on April 29, 2020. “Utang” is so strongly embedded in the Filipino culture that only two in every 10 adults in the country don’t borrow money, according to the Bangko Sentral ng Pilipinas (BSP) financial inclusion survey[1]. There are many ways to do exactly that, the most common of which are emergency loans and personal loans. It’s important to understand the benefits and risks of each loan options before choosing the right one for your immediate need. Here are just some of them. Emergency Loans Emergency loans provide a quick and easy way for cash-strapped Filipinos to fund any unexpected expense. They’re 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, as well as the fastest approval and fund release as they usually do not require a bank account. Many emergency loan applications can be filed online nowadays, after which you’ll know if you’re approved for the loan within 5 to 10 minutes. You can receive funds on the same day or even in a matter of minutes. This is why emergency loans appeal to the unemployed and those with low income or poor credit history. Emergency loans for unemployed Filipinos are ideal for when you need…

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Postal ID Application in the Philippines: Everything You Need to Know

Got rejected for a bank or government service because you lack a valid ID? Don’t worry. There’s a quick and convenient way to get a valid ID: apply for a postal ID issued by Philippine Postal Corporation (PHLPost). The government has not yet started issuing the national identification card, and the Comelec has stopped issuing new voter’s IDs to give way to the new national ID system. So for now, a postal ID application may be the only option you have to complete your requirements for any bank or government transaction. Here’s everything you need to know about postal ID application in the Philippines. What is a Postal ID Used For? A postal ID card is the most widely accepted identification document in postal transactions all over the world, according to the Universal Postal Union. In the Philippines, the postal ID was originally issued to ensure correct delivery of letters and parcels. Postmen used the ID to verify a recipient’s identity and address. Is Postal ID a Valid ID? Yes, the postal ID is honored in different transactions as a valid ID. Recently, the Department of Foreign Affairs (DFA) announced that it’s accepting the postal ID as a valid ID for DFA passport application and renewal. Today, the postal ID is known as the easiest and fastest government ID to get. Besides postal transactions, the postal ID can also be used in different ways: Proof of identity when applying for other government-issued IDs; SSS, PhilHealth, and Pag-IBIG benefits; and other government services Valid ID when opening a bank account and applying…

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Home Credit Loans: Weighing the Pros and Cons

“Is that a housing loan?” is a question you’ve probably asked after seeing the Home Credit logo. Don’t worry, it’s not something related to real estate, but it is a non-traditional type of lending in the Philippines. And chances are you’ll end up finding yourself deciding whether to apply for a loan from them or not. Read on to learn how it works and if it’s a suitable option for you. What is Home Credit? Home Credit Philippines[1] started its operations in 2013 as a money-lending service. As part of Home Credit Group, a global consumer finance provider, Home Credit slowly became a popular payment option for big-ticket items like home appliances and gadgets. And since then, the company expanded its operations to include cash loans. Loans are available to Filipino citizens only, 18 to 68 years old, with stable income as employees, entrepreneurs, self-employed professionals, or pensioners. As mentioned before, Home Credit Philippines offers two types of loans: a non-cash loan through in-store financing and a dedicated cash loan through its mobile app. What is a Home Credit Standard Loan? Home Credit gained popularity from its core financial product, the standard loan. It’s a non-cash loan that allows borrowers to purchase big-ticket items like laptops, cellphones, gadgets, musical instruments, furniture, and home appliances payable via monthly installments. Anyone can apply for a standard loan, even non-credit card owners. This made Home Credit a popular paying method when shopping for electronics in the Philippines. Its standard loan is straightforward: shop for the item you want, purchase it with the help…

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What is the Best Life Insurance in the Philippines?

So, you’ve decided to get a life insurance plan. As a breadwinner, being insured means sparing your loved ones from financial burden when something unexpected happens. Even if you’ve accumulated wealth, it’ll be quickly wiped out by an accident, permanent disability, or death. And so, it makes sense to start looking for the best life insurance. Before you sign up for a policy, it’s best to compare life insurance options, much like comparing credit cards and other financial products. You’ll be spending your hard-earned money for insurance, so you’ve got to be sure that your choice will be worth paying for. Why Compare Life Insurance? In the Philippines, you’re typically approached by an insurance agent who happens to be your relative, friend, or colleague. Nothing wrong with that—it’s good to know your options from someone you know and trust. However, it also pays to do your own legwork. Identify your life insurance needs, actively shop around, compare your choices, and assess the results before you pick a policy. Your ultimate goal is to find a policy that meets your needs and budget, specifically one with the most coverage at the least possible cost. Narrow down your choices by comparing insurance companies, insurance types, and insurance policies. How to Choose the Best Life Insurance Make sure that the insurance company you’ll choose won’t likely to fold in five to 10 years. Look for these essential qualities when comparing life insurance providers: Licensed to operate in the Philippines – Check the Insurance Commission’s list of licensed insurance firms[1] to see if the companies you’re…

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Top 3 Money Problems of Filipinos and How to Solve Them

Although there are various options for saving money and finding the best credit card for their needs, personal finance is a serious problem among Filipinos. So much so that their top concerns involve money issues, aside from fighting corruption and crime, according to a recent Pulse Asia survey. If you’re worried as well about your financial situation, know that you can get yourself out of it. Here are three common money problems that Filipinos experience and how to address them. Living paycheck to paycheck Every payday, many Filipinos treat themselves to a splurge. But when come Petsa de Peligro, they skimp even on essentials like food just to get by until the next payday. And then the nasty cycle goes on. The danger of depending solely on salary to cover all your expenses? Having no spare cash for emergencies (like an accident or illness) and falling into the debt trap. How to break free from the paycheck-to-paycheck cycle: Track your expenses. List down every monthly expense on a spreadsheet. Consider downloading a free budgeting app on your smartphone, so you can manage your finances anytime and anywhere. Resist the temptation to overspend. Even when you get a salary increase or your 13th month pay, the economy is doing well, or you’re celebrating a special occasion, you don’t need to impress anyone with expensive gadgets or signature items. Learn to say “no.” If you keep on lending money to relatives and friends, your generosity won’t help them. Instead, when people borrow money from you for a reasonable purpose such as for…

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