All Articles With Category : Loans

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

Study Now, Pay Later: How to Get a Student Loan in the Philippines

Short on cash for tuition this school year? If you can’t get a scholarship or financial support from relatives, an alternative way to fund your college education is to borrow money from a reputable lender. This is where student loans come into play. Student loans have never been more important for financially challenged families in the Philippines. During the pandemic, educational expenses are rising due to spending on laptops and other equipment, home internet service upgrade, and other costs of homeschooling. Tuition increases could also happen[1]. Not to mention that some parents have lost their job and, hence, the capacity to finance their children’s education. Whether you’re a student or a parent looking for financial assistance, know that there are good education loans for students to choose from in the Philippines. Table of ContentsWhat is a Student Loan?Where Can I Apply for a Student Loan?CHED Student Loan ProgramSSS Educational Assistance Loan ProgramGSIS Education Loan and Computer Loan ProgramsPag-IBIG Multipurpose LoanLANDBANK I-STUDY ProgramBDO Personal LoanCiti Personal LoanBPI SIP Loan for SchoolBukas Tuition Installment PlanInvestEd Student LoanTips for Students Applying for an Education Loan1. Don’t Fall for Loan Sharks2. Get Your PSA Birth Certificate3. Compare Student Loans in the Philippines4. Ask for a Sample Computation5. Seek Advice and OpinionsFinal Thoughts What is a Student Loan? A student loan is money borrowed to pay for the cost of college education. Also called an education loan, tuition loan, or tuition installment plan, this type of loan usually covers tuition and other school fees, books and supplies, allowances, student accommodations, and other school expenses. Students…

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Smart Tips to Get Approved for a Business Loan

In business, there comes a point when getting external funding becomes a necessity. It may be for growth and expansion or simply to push through during tough times. Regardless of the reason, it is undeniable that getting a business loan approved is a great option when looking to acquire extra cash for your company. The thing is, not all applications merit guaranteed approval. Your company’s financial standing and credit score, among others, can easily influence how lenders assess your loan request. This is why it is important to come fully prepared. Read on further to discover key requirements and tips to help get your business loan approved. Table of ContentsCommon Business Loan RequirementsCriteria to Get Your Business Loan Approved1. Credit History2. Cash Flow3. CharacterNext StepsTips to Get Your Business Loan Approved1. Create a Strong Financial Plan2. Maintain a Good Personal Credit Score3. Show Positive CharacterFinal Thoughts Common Business Loan Requirements Although this may vary depending on the lender and purpose, the following are the most common business loan requirements: Two (2) valid IDs Marriage contract (if applicable) Photocopy of audited financial statements for the last 3 years Income Tax Returns (ITRs) for the last 3 years Bank statements or photocopy of passbook for the last 6 months Company Profile For sole proprietorships: – Certificate of Business Registration from DTI For partnerships: – Certificate of Registration from SEC – Articles of Partnership For corporations: – Certificate of Registration from SEC – Latest amended Articles of Incorporation and By-Laws – List of elected officers – Board Resolution or Secretary’s Certificate You should…

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Everything You Need to Know About Housing Loans in the Philippines

Many Filipinos dream about having their own home. However, buying a house or a property in the Philippines can be quite expensive. In fact, the Bangko Sentral ng Pilipinas reported that property prices grew at a rate of 12.4% during the first quarter of 2020[1]. Fortunately, despite the rising prices of properties, you can still get your dream house with the help of a housing loan. Table of ContentsWhat is a Housing Loan?Important Aspects of a Housing LoanPurposes of a Housing LoanHome purchaseHome constructionHome improvementLoan refinancingHome equityTypes of Housing Loans in the PhilippinesConventionalFlexibleHousing Loan Options Based on Financing Scheme1. Bank financing2. Pag-IBIG housing loan3. In-house financingWho Can Apply for a Housing Loan?Joint Housing LoanHow Will My Eligibility Be Evaluated?IncomeAgeSpouse’s incomeDependentsStability and continuity of occupationLoan amountCredit historyWhat are the Other Home Loan Requirements?How Much Can I Borrow?What are the Interest Rates?Fixed interest ratesVariable interest ratesHow Long Until I Receive Approval for My House Loan Application?What are the Reasons for Being Denied a Housing Loan?Additional Home Loan Fees You Should Know AboutTips Before Applying for a Housing LoanFinal Thoughts What is a Housing Loan? A housing loan is a financing facility that provides funds for the following: Acquisition of a fully developed lot Purchase of a residential house and lot, townhouse, or condominium unit Construction or completion of a residential unit on a lot you already own Home improvement or renovation of existing residential property Refinancing of an existing housing loan Important Aspects of a Housing Loan Some of the aspects of a housing loan you should know about are: Monthly payment….

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5 Ways to Save Your Small Business from a Pandemic

Micro, small, and medium enterprises (MSMEs) are among the hardest-hit sectors during the COVID-19 pandemic. It’s literally a chain of unfortunate events, from temporary shutdowns and mass layoffs to depleting cash reserves. What to do if you’re struggling to keep your business afloat in these difficult times? From cost-cutting measures to MSME loans, here are five ways to get your business back on track during and after the COVID-19 pandemic (and any crisis in the future). Table of ContentsMSME Loans and Other Ways to Save Your Business from a Pandemic1. Find Ways to Cut Costs2. Negotiate Your Debts and Payments3. Secure Funding Through MSME LoansMSME Loans and Other COVID-19 Financial Assistance Programs for Micro and Small Businesses in the Philippines4. Join Online Forums for SMEs5. Go DigitalFinal Thoughts MSME Loans and Other Ways to Save Your Business from a Pandemic 1. Find Ways to Cut Costs How has the pandemic affected your business? Do a financial check-up to find out the real extent of damage, so you can develop a proper recovery plan. Review your financial statements and compare your current cash flow, sales, and profits to last year’s data. This will give you a clear idea of how much your business has gone down (or maybe up). You might realize it isn’t as bad as you expect, or you might need to ramp up your funding to get through the crisis. Take a look at your business expenses. Knowing what you should be budgeting helps you maximize your revenues and minimize your losses. What are your most important and urgent…

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RFC Loan Guide: How to Get a Loan from Radiowealth Finance

Struggling to find a loan that’s easy to get and suitable for your needs? The RFC loan might just be what you’re looking for. Here’s everything you need to know about this online loan, so you know if it’s perfect for you. We’ve also included a quick RFC loan application guide should you decide it’s the best loan for your needs. Table of ContentsWhat is an RFC Loan?What Types of Loans Can I Get from RFC?1. RFC Financing Loans2. RFC Multi-Purpose Loans3. RFC Business LoansWhat is the RFC Loan Interest Rate?How to Apply for an RFC LoanRFC Loan RequirementsRFC Loan Application StepsFinal Thoughts What is an RFC Loan? An RFC loan is an online loan from the Radiowealth Finance Company (RFC) [1] that gives Filipinos an affordable and easy way to get personal or business financing. RFC has been operating for over 50 years, starting with providing car loans and appliance loans—the first financing company to offer these financial products—in the 1960s. What Types of Loans Can I Get from RFC? Radiowealth Finance has three types of loans for various financial needs: financing loans, multi-purpose loans, and business loans. 1. RFC Financing Loans Minimum loan amount: PHP 10,000 Loan term: Three to 36 months RFC Financing Loans are for borrowers whose goal is to fulfill a financial goal, like buying their dream car, upgrading their appliances, procuring office and business equipment, and more. Here are the different financing loans that Radiowealth Finance offers: Vehicle Loan – Budget-friendly way to purchase a new car Appliance Loan – Easy installment plans at…

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How to Apply for an SSS or Pag-IBIG Calamity Loan

This article was originally published on September 13, 2018 and was updated on April 6, 2020. After a devastating storm, flood, earthquake, or any natural disaster, it’s only logical to get things back to normal. It entails so many expenses: the leaky ceiling needs to be fixed, your flooded car needs repairs, you need to make up for the lost income after many absences from work, and so on. This is where a calamity loan from SSS and Pag-IBIG comes useful. However, unlike other government-issued loans, SSS and Pag-IBIG calamity loans are special types of loans that can’t be availed anytime and anywhere. They’re granted only to members in areas declared under the State of Calamity within a limited period. Still, it’s worth trying to request financial assistance from these government agencies. Here’s your quick guide to applying for a calamity loan in the Philippines. Table of ContentsSSS Calamity Loan Features You Need to KnowSSS Calamity Loan Application: Who Can Apply for an SSS Calamity Loan?Can I Apply for an SSS Calamity Loan Online?Steps to Applying for an SSS Calamity Loan During the Enhanced Community QuarantineHow to File for an SSS Calamity Loan (Regular Application)SSS Calamity Loan RequirementsHow Will I Know if My SSS Calamity Loan Is Approved?Pag-IBIG Calamity Loan Features to Take Note ofPag-IBIG Calamity Loan Application: Who Can Apply for a Pag-IBIG Calamity Loan?How to Apply for Pag-IBIG Calamity LoanPag-IBIG Calamity Loan RequirementsHow to Apply for Pag-IBIG Calamity Loan OnlineHow Will I Know if My Pag-IBIG Calamity Loan is Approved?Other Ways to Borrow Money After a CalamityFinal Thoughts…

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Personal Loan Myths in the Philippines You Should Stop Believing

Think everything you hear about personal loans is true? Filipinos have this irrational fear about loans because of what they hear from other people. Believing in personal loan myths could lead to missed opportunities for achieving goals like starting a business or funding your graduate studies. In itself, borrowing money from reputable financial institutions is not bad. When used and managed responsibly, personal loans can help you financially. Educating yourself about personal loans in the Philippines is a good first step when deciding whether to get one or not. Here are the common misconceptions about personal loans that Filipinos should stop believing. Table of Contents10 Personal Loan Myths in the Philippines1. Personal Loans Have High-Interest Rates2. Personal Loan Application is a Complicated Process3. Loan Approvals Take Time4. Only Employees Can Apply for a Personal Loan5. You Need an Excellent Credit Score to Qualify6. You Can’t Qualify for a Loan without a Bank Account7. Lenders Charge Many Fees8. Online Loans are Scams9. Personal Loans Can Drown You in Debt10. Personal Loan Terms Can’t be NegotiatedFinal Thoughts 10 Personal Loan Myths in the Philippines 1. Personal Loans Have High-Interest Rates Personal loan myths like this come from the experience of borrowers who get trapped in high interest of many quick easy loans, who believe that these are the only types of loans available for them. However, not all types of loans in the Philippines come with high-interest rates. Interest rates on personal loans from government agencies and banks, for example, are as low as 10% per annum. To find personal loans with…

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CTBC Personal Loan: Guide to Application and Approval

The CTBC personal loan is one of the most sought-after personal loans today because of its fast processing (within 24 hours) and loan release within 72 hours upon approval. Also called the Salary Stretch Loan, CTBC Bank (also known as Chinatrust Bank) offers this multi-purpose short-term or mid-term unsecured (meaning there’s no collateral required) personal loan to salaried and self-employed individuals in the Philippines. Table of ContentsCTBC Personal Loan FeaturesCTBC Loan Amount and TermsInterest RatesLoan Disbursement ChannelsCTBC Salary Stretch Loan Repayment Channels4 Tips for Your Chinatrust Loan Application1. Verify If You’re Qualified for a CTBC Personal Loan2. Prepare All the Required Documents for the CTBC Salary Stretch Loan3. Avail of a CTBC Salary Stretch Loan Promo4. Contact CTBC Bank for Questions Regarding Your Personal Loan ApplicationFinal ThoughtsCompare Other Personal Loan Options CTBC Personal Loan Features Before you file your application for personal loan with CTBC Bank, get to know what you can get out of it, so you’re sure it’s the right loan for you. CTBC Loan Amount and Terms CTBC Bank allows you to borrow from PHP 20,000 to PHP 1 million, which is payable for 12, 18, 24, or 36 months. Interest Rates The Chinatrust personal loan has among the lowest personal loan interest rates in the Philippines. Its effective interest rates start at 28.58%, depending on the chosen loan term. Monthly add-on rates range from 1.39% to 1.79% across all loan terms. Read more: How to Get a Personal Loan with Low Interest Rate in the Philippines Loan Disbursement Channels Unlike other commercial banks that disburse funds only through checks…

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Home Improvement Loans: Finding the Best Fit for You

Filipinos renovate their homes for various reasons. Usually, renovations involve fixing damage caused by flooding, fire, or any other disaster. Some take on home improvement projects to accommodate their growing family or boost the comfort and structural integrity of their living space. Enterprising Pinoys renovate their property to generate extra income, like those renting out their home via Airbnb, or to increase its resale value. Others simply do it to improve their home’s appearance. Whatever your reason for upgrading or fixing your home is, using up all your savings isn’t a practical choice. A sensible alternative is to get a home loan for a renovation that allows you to complete your home improvement project while managing your finances well. Table of ContentsLoan Options for Home Renovation in the PhilippinesPersonal Loans for Home ImprovementAdvantages of Personal Home Improvement LoansDisadvantages of Personal Home Improvement LoansReasons to Choose a Personal Loan for Home ImprovementHome Equity LoansAdvantages of Home Equity LoansDisadvantages of Home Equity LoansReasons to Choose a Home Equity LoanHome Loan RefinancingAdvantages of Home Loan RefinancingDisadvantages of Home Loan RefinancingReasons to Choose a Home Loan RefinancingTips on Choosing the Best Home Renovation LoanFinal Thoughts Loan Options for Home Renovation in the Philippines In the Philippines, there are three ways to fund your home renovation project aside from a regular housing loan: through a personal loan, home equity loan, or home loan refinancing. Each type of home improvement loan caters to different needs and has its pros and cons. The best type of loan for home renovation depends on factors such as the scale…

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Sangla in the Philippines: Know the Benefits and Risks Before Pawning Valuables

Ever noticed that there are more pawnshops than banks outside Metro Manila? In the provinces, especially in far-flung areas, pawnshops can get crowded with long queues. In places where banks are scarce, pawnshops provide a wide range of financial services, including pawn loans, money remittance, bills payment, and more. But the most popular transactions involve sangla or pawning. Pawn loans allow Filipinos to borrow money using valuable items—typically jewelry, gadgets, or appliances—as collateral. Planning to borrow money through pawning? Consider the benefits and risks of sangla before you go to a pawnshop. Table of Contents5 Advantages of Sangla1. Instant Access to Cash2. Easy and Fast Pawning Process3. No Credit Checks4. No Effect on Credit History5. Safe Transactions with Licensed Pawnshops5 Disadvantages of Sangla1. High Pawn Loan Interest RatesPawnshop Interest Rates in the Philippines2. Low Appraisal3. Too Short Loan Terms4. Risk of Losing or Damaging Pawned Item5. Risk of Getting ScammedFinal Thoughts 5 Advantages of Sangla 1. Instant Access to Cash Sangla allows quick access to money when you need it. Filipinos use pawn loans for various purposes, usually to get through Petsa de Peligro, add to the capital for a small business, and financial emergencies in the family. In fact, the latest Bangko Sentral ng Pilipinas (BSP) national financial inclusion survey notes that pawnshops are among the most well-known and accessible places where people perform financial transactions, including obtaining loans. Aside from their presence all over the Philippines, pawnshops also have longer operating hours than banks. Online pawnshops and some physical pawnshops (select Cebuana Lhuillier and M Lhuillier Pawnshop branches) serve…

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First-Timer’s Guide to Getting a Car Loan in the Philippines

For many millennials, buying a car is something to cross off the bucket list. Having that first set of wheels means you’re on the right track to becoming a full-fledged adult. But you need money—lots of it—for your biggest investment ever. As a young professional, you aren’t making enough money to drive your dream car out of the showroom and into your garage. The cheapest sedan in the market today costs over half a million pesos. Even if you have that amount in the bank, you won’t dare spend it all on a whim. Because yes, you’re a responsible adult who’s got bills to pay and maybe even mouths to feed. Good thing, you can avail of a personal loan that can help you make monthly payments for a car instead of a one-time payment of the unit’s full price. It’s easier to manage your finances that way. Table of ContentsCar Loans from Dealers vs. Banks6 Steps to Get a Car Loan From the BankStep 1: Check if You’re Qualified for a Car LoanStep 2: Compute How Much You Can BorrowStep 3: Compare Car LoansStep 4: Complete the Car Loan RequirementsStep 5: Submit Your Car Loan ApplicationStep 6: Wait for Your Car Loan Approval and ReleaseFinal ThoughtsGet a Free Car Insurance Quote! Car Loans from Dealers vs. Banks Dealerships and banks provide financing through car loans. In-house financing from dealers offers convenience through easy application process, fast approval, and freebies. But usually, it’s more expensive than bank financing. You can get 4% to 5% lower interest rates by borrowing directly from…

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How to Find the Best Housing Loan : A Step-by-Step Guide

In a ZipMatch homeownership survey, 32% of young Filipino professionals said they were not sure about their financial capability to purchase a home. Also, four out of 10 respondents said they did not have ample savings even for a down payment. This shows how much Filipinos, especially millennials, need to be educated about their various options for financing a new home. A housing loan is one of them. Getting a loan from a bank or government institution can help you buy or build your dream home without blowing your budget and entire savings. But not all home loans will suit you. This is why it is crucial that you take steps that will enable you to choose the right housing loan. Table of Contents1. Find Out How Much You Can Afford to Repay2. Use a Housing Loan Calculator3. Consider Only Home Loans Where You Will Qualify4. Shop Around for Interest Rates That Will Work for You5. Consider the Housing Loan Fees6. Get Pre-qualified for a Housing Loan 1. Find Out How Much You Can Afford to Repay Being a responsible borrower means being self-aware of your financial situation. You do not want to find yourself in a messy situation where you’re struggling to pay your monthly amortizations just because of a wrong choice of loan. Worse, it could lead to foreclosure and losing your precious investment. So be proactive. Before you go hunting for the best housing loan and apply for one, be sure you know your financial capability. Do a reality check. How much money are you making? Do…

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What You Need to Know for a Successful Housing Loan Application

Are you planning to make a housing loan application?  If yes, this article will help you understand the basic concepts related to the mortgage that you need to consider. Table of ContentsThe Monthly PaymentThe Down PaymentThe Types of Interest RateLoan TenureWhat Else to Consider for a Housing Loan Application? The Monthly Payment For a housing loan, you must have sufficient income to get the loan approval. The monthly payment should be at most one-third of your income. Anything more than that makes your application process for a housing loan more difficult. Philippine banks generally do not approve loans that result in a monthly amortization of more than 30 percent of your monthly gross income. If you wish to know how much you are going to pay every month, an amortization schedule is recommended. It helps to save your time and free yourself from the hassles of computing the amount which varies with each payment. An amortization schedule is a table with the details of the amount of each payment allocated to the principal and interest. Early in the schedule, the majority of each periodic payment is the interest. After that, the majority of each periodic payment is put toward the principal. You can use an online amortization calculator to find out your monthly payment. Just provide the information regarding your total loan amount, interest rate, and payment terms.  The Down Payment What is a down payment? It is the amount of money you pay upfront when purchasing a home. Your down payment influences the home price you can afford. Generally, the banks in the Philippines require at…

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Complete Guide to BPI Family Housing Loans

If you are still on the lookout for an affordable and reasonable housing loan, you may want to pause and have a look at the BPI Family Housing Loan. BPI Family Housing Loans are not only for purchasing a new house, it is also available for the construction, improvement, and renovation of properties. Table of ContentsWhat are the Types of BPI Family Housing Loans?Am I Eligible for the BPI Family Housing Loan?How Much Can I Borrow?What Payment Terms are Available?What are the Interest Rates Offered by BPI Family Housing Loan?Looking for a financial product? Click the box below to connect with our financial advisors. What are the Types of BPI Family Housing Loans? Apart from the housing loans, the BPI Family Housing Loan also offers the property equity loans. The housing loan serves several purposes such as: The acquisition of vacant lot, house and lot, a townhouse and residential condominium House construction Home improvement Home renovation On the contrary, property equity loans use the equity in your home (the value of your home deducts the amount you owe on the property) as collateral. You can use the loan for any purposes other than purchasing houses. Am I Eligible for the BPI Family Housing Loan? Any Filipino of legal age is eligible to apply for the BPI Housing Loan. However, the borrower must not be more than 65 years old upon the maturity of the loan. At the same time, a foreign national also can avail of the BPI Housing Loan but his or her application is restricted only for condominium purchases. A foreign national is a…

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Writing a Business Plan for Securing a Loan: A Step-by-Step Guide

Banks that provide personal loans for businesses in the Philippines require prospective borrowers to submit documents that prove their credit worthiness. Applying for a business loan? A requirement you must pay attention to is the business plan, a proposal that covers all the nitty-gritty of starting your business. It’s your solid proof of your business’ high-profit potential and your ability to pay off your loan. Many aspiring entrepreneurs who don’t have time to prepare a business plan just wing it for the sake of fulfilling the bank’s loan requirements. Don’t make that mistake. Writing a business plan does take time and effort. If you’re serious about improving your chance of getting approved for a loan, you have to make it as comprehensive and detailed as possible. Here are six steps to guide you through creating your business plan for a personal loan in the Philippines. Table of ContentsStep 1: Define your business concept.Step 2: Research your market and industry.Step 3: Create a business plan outline.Step 4: Develop the main sections of your business plan.Step 5: Add supporting information.Step 6: Review and proofread.Final Thoughts Step 1: Define your business concept. Every business starts with an idea, and yours has to be developed into a clear business concept. Doing so will keep you on track while drafting your business plan. A business concept should include these details: Mission and vision – Why you are putting up this business? Target market – Who will buy your products or services? What problems or pain points of your target customers you want to address? Product…

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Using a Loan Calculator: What You Need to Know

When you’re looking for a home loan or personal loan in the Philippines, an extremely helpful and convenient tool to use is a loan calculator. It estimates your loan payments and it can help you make important decisions before you apply for a loan. Table of ContentsHow Loan Calculators WorkHow to Use a Personal Loan CalculatorHow to Use a Home Loan CalculatorAmortization/Mortgage CalculatorMaximum Loanable Amount CalculatorSteps to Use a Maximum Loanable Amount CalculatorFinal Thoughts How Loan Calculators Work Loan calculators in the Philippines, which you can find on websites of loan providers, allow you to check how much you can borrow based on your monthly income or how much you’re going to pay off monthly based on your chosen loan amount and term. Using a loan calculator is easy and quick—you just enter information such as the amount you want to borrow and your preferred repayment term, and the calculator automatically computes the amount you need to pay every month or the maximum amount you can borrow. How to Use a Personal Loan Calculator Want to know how to calculate loan? Simply go to the website of your bank of choice and look for its loan calculator. Computing your monthly repayments using a personal loan calculator is a straightforward process. Enter your preferred loan amount. Be sure that it’s within the loan amount range offered by the bank. Choose a payment term (the number of months you can pay off your personal loan). Click Submit, Compute or Calculate to generate the monthly installment or amortization. How to Use a Home…

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Negotiating Lower Payments on Your Car Loan

A new car is a large financial responsibility. You’ve got the fluctuating prices of fuel, payments on insurance, and the repayment of the loan you took out when you purchased the car. Juggling the repayment of a car loan is a struggle if improperly managed. While you’ve already reduced costs in every single corner of your financial life in order to make room for the car, you cannot predict every other expense that comes at you. So how can you make owning a car less of a financial burden? Here’s a few tips on negotiating lower payments on your car loan. Table of ContentsA Higher DownpaymentWork your BankIn-house Financing?Loan ModificationFinal Thoughts A Higher Downpayment Banks are a little more lenient with lending these days, and the rate at which people do pay back their loans (in general) in 2015 is at 80%. The requirement to get a car loan is pegged at Php 40,000 household income (not monthly income), and most banks ask for 20% of the car’s amount as a downpayment. The 20% is a minimum. You can go as far as 50% of the car’s total amount in order to pay less on your monthly amortization, and allow you to pay off the loan in a much shorter span of time – usually within three to five years with constant payment. Work your Bank Some families have long-standing accounts with banks. If you or any members of your nuclear family have an account with a bank, you may be able to get quicker approval on a loan, and…

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PHP5-Billion GSIS Emergency Loan Fund for Agaton Victims

After Yolanda struck a devastating blow to Visayas and Mindanao last November, both private and government sectors have implemented measures to alleviate the effects of the tropical storm, as well as to ensure preparedness for natural disasters that might hit the country in the future.  For instance, the government calamity fund was raised to P13 billion this year[1]. In line with these efforts, the Government Service Insurance System (GSIS) is extending emergency loans to members, especially those who were affected by tropical depression Agaton, the first storm to hit the country this year. A budget of PHP 5 billion is allocated for this initiative. As of January 25, the National Disaster Risk Reduction and Management reports a total of 64 people killed, 85 injured, and 10 others missing. Over 1.14 million people from over a thousand barangays in Visayas and Mindanao were affected. GSIS announced that it will provide emergency loans to 48,000 eligible members who were victims of the tropical depression, particularly those from provinces in northeastern Mindanao like Agusan Del Norte (including Butuan City), Agusan Del Sur, Lanao Del Norte (including Iligan City), and Surigao Del Norte. The municipalities of Asuncion, Carmen, Kalong, New Corella, and Tagum City in Davao Del Norte are also included. Table of ContentsHow to Apply?How to Qualify for an Emergency Loan?About GSIS How to Apply? The application period for GSIS emergency loans has been ongoing since January 24, and will be open until February 22. Those who wish to apply may do so in any GSIS branch or through the GSIS Wireless Automated…

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Banks Post 13.6% Growth in Outstanding Loans in October 2013

The Central Bank of the Philippines reported that outstanding loans of universal and commercial banks grew by 13.6% in October 2013. This is a slowdown from the 16.2% growth recorded in September. Looking at the data inclusive of reverse repurchase placements show that the October figure was at 13.5% compared to 14.9% in September. Loans for production activities grew by 12.3% in October, also a drop from the 15.3% recorded in September. This sector comprises more than four-fifths of the aggregate loan portfolio of banks. This growth was driven by increases in construction (which grew by 44.1%) electricity, gas and water (26.4%) and real estate, renting, and business services (20.1%). Transportation, storage, and communication loans accounted for the highest decrease for October (-3.6%) followed by agriculture, hunting, and forestry (-1.6%). Credit card and auto loans also saw an increase for this period. The 10.1% growth credit card loans and the 14.9% growth in auto loans helped drive the 11.2% consumer loans growth recorded in October from 10.7% in September. Low Non-Performing Loan Levels Also Seen The Central Bank also reported that Universal and commercial banks were able to keep their gross non-performing loans (NPLs) low. These banks were able to keep this figure low at 2.6% of total loan portfolio for September in 2013. Universal and commercial banks in the Philippines posted P 102.09 billion in NPLs in September of this year. This figure is lower than the P103.42 billion they posted last year. The total loan portfolio of banks for September of this year increased to P3.92 trillion compared…

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Things to Avoid When Applying for a Home Loan

Buying a house is one of the biggest decisions one can make. Having devoted plenty of energy and time for our down payment, researching and applying for a home loan begins. Despite this, there are still many real-life examples of home loan applications being rejected even when borrowers have the ability to pay for the down payments. Here, we list the things one should avoid when applying for a home loan. Read More: Are You Ready to Buy a House? Table of ContentsWhat Should You Avoid When Applying for a Home Loan?Which Purchases Increase your Debt-to-Income Ratio?Big Purchases Can Wait What Should You Avoid When Applying for a Home Loan? If you have found your dream house and a home loan is the only thing stopping you from getting it, here are some important dont’s when you are going to apply for a home loan: Don’t change your job before applying for a home loan. A stable career with a fixed income indicates your ability to pay the monthly amortization on time. Don’t apply for new credit cards. It is a hint that you are going to take on more debt in the coming days. It may be one of the reasons that you can’t pay your monthly amortization on time. Don’t make any purchases that will increase your debt-to-income ratio. In short, you need to make sure that you do not engage in any activities or purchases that add to your existing financial burdens. Any actions that increase the risk of your financial portfolio send an alarming signal for the bank….

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