All Articles With Category : Loans

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

COVID-19 Business Recovery and Continuity Guide for Filipino Entrepreneurs

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. MSMEs that provide essential services and commodities operate as usual, even with a reduced workforce and work hours. However, MSMEs in other industries continue to be affected by the pandemic. The negative implications keep growing. Business continuity and recovery plans also keep changing.  What should Filipino entrepreneurs do to keep their businesses afloat in these difficult times? From cost-cutting measures to MSME loans in the Philippines, here are some 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 Loans4. Join Online Forums for SMEs5. Shift to Digital Operations6. Nurture Existing Customer Relationships7. Consider What Your Employees Need 8. Be Prepared to Make Tough Decisions 9. Connect with Fellow Filipino Entrepreneurs 10. Stay Updated with the Community Quarantine GuidelinesOther MSME Loans in the Philippines to Consider 1. Security Bank SME Business Express Loan 2. Citi Personal Loan3. Radiowealth Finance (RFC) Loan Final ThoughtsCompare Other Personal Loans 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 the damage. This way, you can also develop a proper recovery plan….

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9 Tips to Get Your Bank Housing Loan Application Approved

To own a home, you need a reliable financing partner—in most cases, it’s a bank. But before you look for a bank that will help you with that, understand that the process of getting a home loan is very much different from applying for a car loan or getting a new credit line. If you liken the mortgage application process to other loan services of your bank, you’re bound to get frustrated. This is because the housing loan approval process in the Philippines can be quite taxing, and it requires you to invest a lot of your time and effort. Arming yourself with valuable knowledge, though, will get you far. It will even help you increase your chances of getting your housing loan application approved. Here are some of the things you should look into. Table of ContentsWhy Apply for a Home Loan at a Bank?How to Get Approved for a Home Loan in the Philippines9 Housing Loan Approval Tips for Home BuyersFinal Thoughts Why Apply for a Home Loan at a Bank? You have a lot of home financing options, such as the Pag-IBIG housing loan and in-house financing. But one can’t deny that bank financing has some edge over them. The Pag-IBIG Fund may offer lower interest rates, but you may find yourself waiting for weeks before you receive the result of your application. Meanwhile, some banks’ housing loan approval time can be as fast as five banking days.[1] Generally, banks have much lower home loan rates compared to in-house financing. Their loan terms are much more flexible,…

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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.  Table of ContentsEasy to Apply for Loans in the Philippines1. CIMB Bank Personal Loan 2. ACOM Revomax Personal Loan3. RFC Loan 4. Citi Personal Loan 5. Tala Online Cash Loan6. SB Finance Personal Loan Some Things to Consider Before Getting a Loan1. Determine the Kind of Loan You Need2. Consider Your Debt-to-Income Ratio3. Choose the Shortest Loan Term, If Possible4. Apply for a Realistic Loan Amount5. Improve Your Credit Score 6. Shop Around and Compare Fees 7. Get Your Paperwork Ready 8. Consider the Fees and Charges 9. Don’t Apply for Too Many Loans 10. Never Skip Payments Final Thoughts 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…

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Applying for a Housing Loan? Consider These Best Banks for Financing Your Home

The first thing that usually comes to mind when financing a home purchase is the Pag-IBIG Fund. Banks often come as an alternative in case the first plan doesn’t push through. But a home loan from a bank is a good choice, especially if you want your application to be quick and don’t want to let go of a good real estate deal. Also, banks offer competitive rates, some of which are even lower than Pag-IBIG’s interest rates. But with hundreds of banks and financial institutions listed with the Bangko Sentral ng Pilipinas,[1] choosing one is surely overwhelming. With that, we’ve come up with a list of the best banks for a housing loan. Table of Contents6 Best Banks for a Housing Loan in the Philippines1. RCBC2. UnionBank3. Security Bank4. AUB5. BPI Family Savings Bank6. China BankHow to Make Your Home Loan Application Much EasierFinal Thoughts 6 Best Banks for a Housing Loan in the Philippines Let the details below help you find out which banks offer the home loan that suits your lifestyle and goals. 1. RCBC RCBC offers the lowest minimum loan amount on this list. This is particularly useful if you plan to borrow just a fraction of the home’s price tag and repay the loan as quickly as possible. RCBC Home Loan Features Minimum loan amount: PHP 300,000 Interest rate: 6.38% to 10.5% depending on the term Loan term: Up to 20 years Fixing option of one to 20 years Can be used for the purchase of a house and lot, vacant lot, and home renovation…

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9 Salary Loans to Consider for Financial Emergencies

Salary loans—with their quick online application, guaranteed approval with no credit checking, and fast cash loan disbursement—can help cash-strapped Filipinos meet their urgent financial needs. More so when it’s Petsa de Peligro and there’s an emergency, like sudden hospitalization in the family or overdue bills. Before you shop around for options, make sure you’re well-informed about salary loans in the Philippines. Keep reading to know what these loans are and which ones you may consider for financial emergencies. Table of ContentsWhat is a Salary Loan?Salary Loans in the Philippines to Consider for Financial Emergencies1. SSS Salary Loan2. Tala Loan3. Security Bank Salary Advance Loan4. Vidalia Salary Loan5. Cash Mart Salary Loan6. Citi Salary Loan7. Maybank Salary Loan8. Sterling Bank of Asia Avance Salary Loan9. UCPB YES LoanWhat are the Alternatives to Salary Loans in the Philippines?Final ThoughtsNeed to Borrow Money? Check Out Your Loan Options at Moneymax! What is a Salary Loan? A salary loan is a type of loan borrowers can get to make ends meet or finance an important expense (e.g., tuition, medical bills, and other emergency purposes) before receiving their next paycheck. Salary loans, whose amounts are usually based on the borrower’s gross monthly salary, are expected to be paid off over a fixed period. Also called online loans or quick cash loans, salary loans are easier and faster to get than traditional loans. Simply apply and submit a few requirements online, and receive the money within 24 hours. Unlike pawnshop loans that require collateral such as jewelry and gadgets, salary loans don’t require any collateral. Rather,…

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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.  Table of ContentsWhat is Peer to Peer Lending? How Does Peer to Peer Lending Work? For P2P BorrowersFor P2P LendersThe Rewards of Peer to Peer Lending in the Philippines1. Higher Rates of Return2. Option to Build or Diversify Portfolio 3. Additional Passive Income Stream4. Affordable Investment Option 5. Fast and Convenient Way to Get a Loan6. No Hard Credit Checks7. No Collateral RequiredThe Risks of Peer to Peer Lending in the Philippines1. Borrowers with Bad Credit and Higher Default Risk2. Not a Liquid Investment 3. Possible Loss of Investment During Economic Downturns Peer to Peer Lending Companies in the Philippines 1. Vidalia Lending2. Kiva Philippines3. Acudeen4. Blend.PH5. SeedInFAQs on Peer to Peer Lending in the Philippines1. Is peer to peer lending safe?2. Is P2P lending a good investment? 3. Can you make money with peer to peer lending? 4. I’ve read mixed FundKo reviews online. Is it a P2P lender?Final Thoughts  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…

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Mortgage Brokering: What is It and How Can It Help Me Buy a Home?

Nothing could be more exciting than buying a house. As you plan for your purchase, you might be already daydreaming about the interior design and envisioning how many rooms will be needed. You might have even considered creating your Pinterest-inspired mood boards! The excitement, however, may be dampened eventually. This is after knowing that the process of buying a home isn’t just about going on house tours and then signing papers. The entire process can be overwhelming, as there is a heavy amount of paperwork involved and a lot of people to talk to. Along the way, you’ll find yourself spending more time, money, and effort than you should. The stress starts with finding the right home loan, and it all trickles down from there. But you can get yourself a head start when you work with the right people. In this case, it will be the mortgage broker. We’ve outlined below how mortgage brokering, a relatively new concept in the Philippine real estate industry, can help you purchase your dream home. Table of ContentsWhat is Mortgage Brokering?Are Mortgage Brokers the Same as Lenders?How to Work with a Mortgage Broker Like Nook to Get a Home Loan1. Get Pre-Qualified2. Apply for a Home Loan Online3. Wait for Your Home Loan ApprovalHow Do Mortgage Brokers Make Money?Final Thoughts What is Mortgage Brokering? Confused about the complexities of the home buying process? You may need a mortgage brokering company such as Nook, the first and only mortgage broker in the Philippines. A mortgage broker gives financial advice to homebuyers and connects them…

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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 PhilippinesOWWA Loan for Starting a BusinessSSS Salary Loan for Different Cash NeedsPNB Global Filipino Auto Loan for Buying a CarOFW Loans for Buying a HomeHow 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 OWWA Loan for Starting a Business Are you…

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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…

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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…

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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…

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How Home Loan Refinancing Can Help You Save Money

Bills, bills, bills. There’s no way to eliminate them, but you can reduce what you’re paying every month. Assess your monthly expenses. If you discover, for example, that you’re paying too much on your home loan, consider switching to a new loan that will help ease your financial burden. Rather than making you sink deeper in debt, home loan refinancing can help you save money, as long as you go with a loan that offers the most favorable terms. The benefits of refinancing couldn’t come at a better time when everyone is reeling from the effects of the COVID-19 crisis, such as unemployment and business losses. Read on to know what refinancing a mortgage means and how you can use it to reduce your debt. Table of ContentsWhat is Home Loan Refinancing?5 Ways to Save Money Through Home Loan Refinancing in the Philippines1. Get a Lower Interest Rate2. Change to a Fixed-Rate Mortgage3. Reduce Your Monthly Payments4. Shorten Your Repayment Term5. Consolidate High-Interest Loans into a Low-Interest Home LoanFinal Thoughts What is Home Loan Refinancing? Home loan refinancing is the process of paying off an existing mortgage by replacing it with a new loan from a different lender. Ideally, the new home loan has a lower interest rate and better terms than the first one. The goal is to make your monthly or total loan repayment cheaper and easier on the budget. Read more: Everything You Need to Know About Housing Loans in the Philippines 5 Ways to Save Money Through Home Loan Refinancing in the Philippines Refinancing a mortgage…

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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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How Mortgage Brokers Can Help You Secure a Home Loan

The first few steps to buying your dream home can be the most difficult. With so much information you have to know and documents that need preparing, the process can definitely stress you out. You may even fall into traps that might hurt you and your pocket in the long run. Finding the best home loan that fits your needs and budget can also be frustrating, especially when there are many mortgage products in the market. You may spend hours browsing through mortgage deals, memorizing financial jargon, and still end up with nothing. However, there are professionals out there, such as mortgage brokers, that can make obtaining your dream home a little bit easier. Table of ContentsWhat is a Mortgage Broker?The Benefits of Working with a Mortgage BrokerThey help you assess your financial healthBrokers offer invaluable expertiseThey can help you pre-qualify for a home loanThey can assist you in preparing your mortgage applicationMortgage brokers help you find the best home loans for your needsYou don’t have to submit multiple applicationsWorking with a mortgage broker can help you minimize feesMortgage brokers make home applications more convenientMortgage brokers are on your sideTheir services are usually freeFinal Thoughts What is a Mortgage Broker? A mortgage broker is a professional who gives financial advice to individuals wanting to purchase a home. He or she can guide you through all the complexities of a mortgage application. A mortgage broker can help you prepare the paperwork and documentation needed for your home loan application. As a middleman, a broker also connects borrowers to lenders, taking care…

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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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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 Filipino 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?…

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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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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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