4 Signs You Need a Personal Loan in 2021

Published: February 25, 2021 | Updated: September 14, 2021 | Posted by: Ricky Publico | Personal Loan

When to Get a Personal Loan | Moneymax

Borrowing money in the Philippines is usually associated with crippling debt and mishandled finances. But nowadays, applying for a loan has become a common way to reach everyone’s financial needs and goals. Even if you don’t need it, you should always consider when to get a personal loan if the need arises. Because admit it or not, everyone could use it.

In fact, the Bangko Sentral ng Pilipinas has encouraged lending as a way to shake up the economy during the pandemic[1]. So if you want to know if you need a personal loan, take a look at these tell-tale signs.

Signs That Will Tell You When to Get a Personal Loan

You’re Transitioning from One Job to Another

when transitioning from a new job

Starting a new job this year? Congratulations! It’s great that you still found a better opportunity in the midst of a pandemic. But depending on the company you’re moving into, you probably won’t receive a proper salary for one whole month. Unless you have other people to borrow money from, applying for a personal loan is a good temporary source of income. 

If you don’t have an emergency fund, you should apply for a personal loan right before you leave your current employer. That way, you can still submit the proper requirements to apply for a loan while making sure you still have money for that one-month drought. And once you receive your first paycheck, make sure to prioritize your debt over unnecessary expenses.

Read more: 10 Sulit Ways to Use a Cash Loan in the New Normal

You Feel Like Your WFH Setup Needs an Upgrade

work from home upgrade

Still rocking your slow desktop or laptop from three years ago? If your current work-from-home setup is affecting your productivity at  work, you should probably consider upgrading your tech and other home accessories. From laptop upgrades to additional furniture, improving your WFH setup is a great answer for when you’re asking when to get a personal loan. 

After all, renovating your home office requires you to shell out a few bucks. If you’re earning enough from your current job, you shouldn’t feel bad about applying for a loan to add more comfort to your already exhausting home job. Don’t forget to compare personal loans so you can avoid borrowing more than you need and find the best loans with affordable interest rates. 

You’re Envious of Other People Starting Their Own Businesses

for your small business

What the COVID-19 failed to extinguish was everyone’s entrepreneurial spirit. And now that the economy is starting to recover from a major health crisis, now’s the best time to start your dream business. If you’re still figuring out when to get a personal loan, use this to fuel your decision. Because whether you like it or not, you have to spend money to make money. 

Sure, you can use your savings, but what happens when your business fails? You should always have a safety net for these unforeseen events. In this case, your savings or emergency fund should do the trick. If you have a great business idea and you believe it will be a hit, take a major risk by applying for a personal loan and grow your business from there.

Read more: Smart Tips to Improve Your Personal Loan Application 

You Have This Urge to Renovate Your Home

for your small business

Typhoons and other natural disasters are just part of the realities of living in the Philippines. Even if you’re living in a relatively safe area, you should always consider making home improvements to prepare for the worst. So if you’re planning to do exactly that, you should consider getting a personal loan. Don’t drain your savings for being too prepared. 

These home improvements don’t even have to be disaster-related. Having a baby soon and you need a nursery? Take a personal loan to do just that. You can also take a loan for buying essential appliances for your business in 2021 like a new fridge, microwave oven, and air conditioner, among others. Just make sure it isn’t completely for aesthetic purposes. 

Final Thoughts

You don’t have to wait for a life-shattering situation to avail a personal loan. Borrowing money in the Philippines should not be feared. It can do wonders to your life as long as you’re responsible enough to pay your debts. If you’re trying to figure out when to get a personal loan, make sure you’re doing it to improve your way of living. Don’t just borrow money to satisfy your lavish lifestyle.

Read more about Personal Loans:

This article also appeared in The Manila Times. 

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Source: [1] Bangko Sentral encourages lending for economy, but banks tighten up (Rappler, 2020)