Published: November 16, 2020 | Posted by: Venus Zoleta | Sponsored Content
Why do people get personal loans? In the broadest sense, Filipinos borrow money for various loan purposes —whether good or bad — when they need to buy or pay for something but are currently short of cash.
You might be thinking of getting a personal loan and wondering if it’s the best option right now. Borrowing from a licensed and legitimate lender is a good idea if you’ll use the funds for one of these two general loan purposes:
In particular, here are personal loan purposes where borrowing money makes sense in the new normal.
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Having a reduced income is one of the harsh realities many Filipino families are dealing with during the COVID-19 crisis. A cash loan saves the day when you’ve run out of household necessities like groceries and baby care essentials—and payday is several days away. You can instantly borrow money to stretch your budget and provide for your family until you receive your next paycheck.
Don’t have enough money to pay all your bills for the month? Avoid getting your electricity, water, internet service, and other utilities disconnected. With a cash loan that’s quick to avail like the Tala loan, you can settle your unpaid bills and have nothing to worry about.
Even if you and your dependents have PhilHealth, HMO, and/or health insurance coverage, you still have to pay upfront for certain healthcare costs before you get a reimbursement. Some medical costs are not covered by insurance, so these can add to your expenses.
Among the medical expenses you might need a personal loan for include COVID-19 testing, ambulance service, medicines, and post-surgery treatments.
For expecting parents, healthcare costs beyond the SSS and PhilHealth maternity benefits can drain the budget, not to mention the extra expenses for pregnancy complications, unplanned emergency room visits, and postpartum recovery.
When your cash on hand and savings are insufficient to cover your medical expenses, you can turn to a personal loan to help you pay for them.
Another situation that can catch you off guard, both emotionally and financially, is when a loved one has been hospitalized for a serious illness or has passed away. Such an unfortunate event will have you spending unexpectedly on travel costs if the person lives far away.
With the help of a personal loan, you can book a plane ticket or pay for bus fare immediately, so you can visit your sick relative or in a worst-case scenario, attend a funeral.
Need to replace your roof or fix your house’s foundation? If your home is severely damaged by a typhoon, fire, or earthquake, you need money to restore it soon so that your family can have a decent shelter again.
A calamity loan from government agencies like the SSS and Pag-IBIG is a solution for those seeking to repair or rebuild their homes after a natural disaster. However, calamity loans from the government require too many documents and take a long time to process.
An easier and faster alternative is to borrow from Tala Philippines. Borrowers can get approved for a Tala loan in as fast as 24 hours.
The pandemic has drastically changed the way adults work and the way children study. With the quarantine restrictions forcing everyone to stay at home, families have to buy equipment and supplies for their work-from-home and homeschooling setup.
A cash loan can give you access to additional funds for school and office supplies, prepaid home Wi-Fi, headphones, printer, and other related expenses.
One of the best loan purposes has to do with anything that returns profits, like starting a business. There are many ideas to earn money from home. You can resell products online, have a cellphone loading business, provide freelancing services, and more.
Launching these online businesses costs money. If you need capital for your home-based business, consider getting a personal loan.
Is your business struggling financially during the pandemic? If you can’t qualify for business loans from the government and banks, an alternative way to fund your existing business is to get a cash loan with easy requirements. This will certainly help you get your business back on its feet soon.
The social distancing protocols implemented to control the spread of coronavirus in the Philippines have interrupted the operations of public utility vehicles. This has pushed Filipino workers, especially medical and service frontliners, to use alternative transport modes such as bicycles and electric scooters just so they could get to their workplace and return home.
Using an e-scooter or bike for your daily commutes is more economical and faster than taking public transport. Investing in a new bike is also ideal if you want to earn extra income as a partner of food delivery services like Foodpanda and GrabFood.
You can get yourself a bike or e-scooter for PHP 10,000 or less. If you don’t have enough cash to buy it, you can borrow quickly through a cash loan.
Having car insurance doesn’t mean you’ll never have to spend money on repairs. Even if your car is insured, you’ll be required to pay the participation fee when you file a claim after an accident.
Sometimes, paying out of pocket for a minor repair makes more sense than making a car insurance claim. For such an unexpected expense, you can borrow money fast through a personal loan from Tala Philippines.
Tala is a leading money lending app in the Philippines that provides a quick and easy way to borrow money using a smartphone. Tala Philippines is registered with the Securities and Exchange Commission, ensuring that the lender is licensed and legitimate. The online lender takes the convenience a step further with its fast approval, minimal loan application requirements (no collateral, bank account, and rigorous paperwork required), and simple cash out options through bank deposit, Cebuana Lhuillier, M Lhuillier, Palawan Express Pera Padala, and Coins.ph.
Considering all those features, the Tala loan is a great help when you’re short of cash during an emergency. You’ll get access to funds right when you need it.
Here are other things to know about the Tala cash loan:
A Tala loan is an affordable way to get funding for your short-term financial needs. Here’s a table showing how much borrowing from Tala will cost you.
|Principal Loan Amount||Repayment Term||Service Fee (%)||Service Fee (PHP)||Applicable Tax (%)||Applicable Tax (PHP)||Total Amount Due|
For any legitimate loan purposes, a personal loan can be a useful tool for managing one’s finances, especially in financially challenging times like the COVID-19 pandemic. With a cash loan from Tala, for instance, you can get your emergency expenses covered without delay. So that you stay on track with your finances, borrow an amount you can pay back, and always make on-time or early repayments on your loan.
This article was created in partnership with Tala Philippines. While we are financially compensated for this collaboration, we ensure to maintain our editorial integrity to provide you with the best recommendations that can help you make smarter financial decisions.