All Articles With Category : Loans

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

OFW Loan Options in the Philippines for Every Kind of Need

Looking to increase your savings as an OFW by starting a small business? Want to build a home or buy a car for your family? Need to borrow money immediately for a medical emergency? No matter what your financial needs are, an OFW loan assistance can help you achieve them. Fortunately, the government and some financial institutions offer loans and financial assistance programs for OFWs like you. Let’s make choosing the best OFW loans in the Philippines easier for you. We’ve listed five of them, and we also have a quick guide so that you’ll understand how OFW loans work. Table of ContentsWhat is an OFW Loan?Where to Apply for an OFW Loan in the PhilippinesFor Immediate Cash Needs: GDFI OFW Personal LoanFor Starting a Business: OWWA LoanOFW Loans for Different PurposesOFW Loans for Buying a HomeOFW Loans for Car PurchaseHow to Apply for an OFW LoanCompare Other Loan OptionsFinal Thoughts What is an OFW Loan? OFW loans are programs that allow overseas workers to borrow money, which they can use for different purposes. Some loans have special terms and conditions that are suitable for the financial capacity of the borrower, such as low interest rates or a higher loan amount. OFW loans are generally categorized into the following groups: personal loan, car loan, home loan, and business loan. However, the purposes of these loans may overlap with each other. As such, we advise that you ask your lender about the acceptable applications of your loan. Where to Apply for an OFW Loan in the Philippines For Immediate Cash Needs: GDFI OFW Personal…

Read the Article

Getting a Car Loan in the Philippines? Here’s What You Need to Know

For many millennials, buying a car is something to cross off their 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 ContentsHow Car Loan Works in the PhilippinesIs Getting a Car Loan a Good Idea?Who Becomes the Owner of the Car Acquired Through a Loan?What are the Types of Car Loans in the Philippines?Can I Buy a Second Hand Car with a Car Loan?Where to Get a Car LoanHow to Apply for a Car Loan in the PhilippinesStep 1: Check if You’re Qualified for an Auto 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 ReleaseMy Car Loan Application Was Rejected. What Now?1. Check Your Requirements Again2. Fix Your…

Read the Article

What You Need to Know About Short Term Loans in the Philippines

No matter how much you take care of your finances, there will always be unforeseen circumstances where you’ll be short on cash. When this happens, a short term loan can save the day. What is a short term loan in the Philippines, and what are its pros and cons? Read on to find out more. Table of ContentsWhat is a Short Term Loan?What Short Term Loans are Available in the Philippines? Payday Loan Line of CreditOnline LoanInvoice Financing Merchant Cash Advance What are the Best Short Term Loans in the Philippines?5 Tips on How to Get a Short Term Loan1. Shop Around for the Best Short Term Loan Provider2. Prepare the Required Documents 3. Fill Out the Loan Application Form4. Wait for Your Loan Approval 5. Understand the Terms and Conditions Final Thoughts Apply for a Loan for Free! What is a Short Term Loan? Short term loans offer smaller loanable amounts and shorter repayment terms than long-term loans. You need to fully pay off a short term loan in less than a year. It also comes with a higher annual percentage rate.[1] Most Filipinos apply for a short term loan to pay for minor expenses and financial obligations. For business owners, a short term loan can help with financing their business needs to keep it running.   The repayment period for a short term loan Philippines can be adjusted according to the borrower’s preference. But they’re usually paid off in a month. If the chosen loan term is longer than a month, it should not exceed 12 months.  Short term loans are unsecured loans, which means they don’t require…

Read the Article

BPI Housing Loan Application Guide for New Borrowers

For many of us, buying a home is a milestone. Primarily, this is because a real estate property is a major purchase you would probably need to work for. Secondly, just fulfilling all the requirements and going through the loan process are already accomplishments. If you’re planning to buy a home (whether it’s your first time or not), looking for a financing company is a top priority. You will need to look for one that is not just reliable but also flexible. In this regard, the Bank of the Philippine Islands (BPI) definitely fits the bill, as they offer the BPI Housing Loan, one of the most competitive loans in the market. Let this guide give you a walkthrough on the important things about this home loan. Table of ContentsBPI Housing Loan: An OverviewAm I eligible for a BPI Housing Loan?How much is the BPI Housing Loan amount?What are the loan terms?BPI Housing Loan Interest RatesBPI Housing Loan Fees and Other ChargesBPI Housing Loan RequirementsBPI Home Loan Basic Requirements:BPI Housing Loan Additional Requirements for OFWsBPI Housing Loan Additional Requirements for Self-Employed ApplicantsProperty Equity Loan RequirementsBPI Housing Loan Additional Requirements for Self-Employed ApplicantsIs this really the right loan for me?Compare Loans for Free at Moneymax!How to get my BPI Housing Loan application approved?Final Thoughts BPI Housing Loan: An Overview The bank describes the BPI Housing Loan (or BPI Family Housing Loan) as an ideal loan option for earners who have conservative buying patterns. This is mainly because their package can be customized based on the needs and spending power of the…

Read the Article

Calamity Loan from SSS and Pag-IBIG: How You Can Avail

After a devastating storm, flood, earthquake, or any natural disaster, the tendency is to get everything back to normal as soon as possible. But depending on the damage sustained to your property, this could be a very expensive endeavor. Repairing your leaky ceiling or flooded car will cost a lot of money. Sometimes even more than what your income can cover. This is where a calamity loan from SSS and Pag-IBIG can help. What is the SSS and Pag-IBIG calamity loans? It’s a special type of loan granted only to members in areas declared under the State of Calamity. For this loan, you can apply within 90 days from the State of Calamity declaration in your area. Table of ContentsSSS Calamity Loan at a GlanceSSS Calamity Loan EligibilitySSS Calamity Loan RequirementsCan I Apply for SSS Calamity Loan Online?Where Can I Make My SSS Calamity Loan PaymentPag-IBIG Calamity Loan at a GlancePag-IBIG Calamity Loan EligibilityPag-IBIG Calamity Loan RequirementsHow to Apply for a Pag-IBIG Calamity Loan Online How Much Can You Borrow from Pag-IBIG?Other Ways to Borrow Money After a CalamityFinal Thoughts SSS Calamity Loan at a Glance Amount: One monthly salary credit (MSC) up to PHP 20,000 or the total amount of damage, whichever is lower Interest rate: 10% per annum Repayment period: 27 months (instead of the regular 24 months, with a 3-month moratorium period). Monthly amortization starts on the fourth month after loan approval. Others: Waived service fee SSS Calamity Loan Eligibility This SSS loan is open to any SSS member who meets these criteria: Paid at least 36…

Read the Article

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…

Read the Article

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…

Read the Article

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….

Read the Article

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…

Read the Article

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…

Read the Article

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…

Read the Article

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…

Read the Article

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…

Read the Article

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…

Read the Article

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…

Read the Article

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…

Read the Article

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…

Read the Article

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…

Read the Article

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…

Read the Article

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…

Read the Article