{"id":276559,"date":"2022-02-04T22:23:01","date_gmt":"2022-02-04T16:53:01","guid":{"rendered":"https:\/\/apnlive.com\/?p=276559"},"modified":"2022-02-07T22:41:59","modified_gmt":"2022-02-07T17:11:59","slug":"list-of-the-most-common-reasons-for-taking-personal-loan-in-the-philippines","status":"publish","type":"post","link":"https:\/\/apnlive.com\/blog\/list-of-the-most-common-reasons-for-taking-personal-loan-in-the-philippines\/","title":{"rendered":"List of the most common reasons for taking personal loan in the Philippines"},"content":{"rendered":"\n

Taking personal loans is so frequent in the Philippines<\/a> that it has become ingrained in the culture. When you have a financial goal to achieve, you should first seek a loan or call a friend for help. As a result, “Kumusta ka na?” has in a way become a regular preface to “Pautang naman,” with the people when they receive your message that you want to take a loan and they become confused on whether to lend you the money or ignore your message.<\/p>\n\n\n\n

Borrowing money has degraded the reputation of many Filipinos that it is generally the final resort for those in desperate need of funds. The absence of suitable loan motives, which brings about bad utang behaviors, has not helped either.<\/p>\n\n\n\n

Money, on the other hand, is extremely important in our lives. Unforeseen circumstances, like hospital bills, can make you pay the money you don’t plan to spend. To avoid getting into bad debts, make sure your reasons for getting a loan are rational, realistic, important, and pressing before applying for a loan.<\/p>\n\n\n\n

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Some of the most compelling reasons to take out a personal loan that will benefit you and the overall well-being of your family include:<\/p>\n\n\n\n

What do you need a loan for?<\/strong><\/h2>\n\n\n\n

You must be clear on what you need a loan on before applying for a loan. The major reason for getting a loan is important regarding how you will manage the loan and make sure that the loan is used for what you planned to use it for. This is because holding cash at hand is highly tempting, and you may be tempted to spend it on things that are not important to you.<\/p>\n\n\n\n

If you’re applying for a loan to spend on home reconstruction, you should have already calculated the whole expenditures, including hidden fees. Consider your ability to pay for daily vehicle maintenance in addition to your monthly loan repayments if you’re seeking a personal loan for a new vehicle. By doing this, you won’t have to apply for another loan if you discover that your current loan isn’t adequate to meet all of your operating costs.<\/p>\n\n\n\n

3 Great Reasons to Apply for a Loan<\/strong><\/p>\n\n\n\n

1. Educate yourself<\/strong><\/p>\n\n\n\n

Whether you’re pursuing higher education for a job promotion or paying your children’s college education to guarantee their future, education is a wise investment. Even though education is a fundamental right in the Philippines, many families cannot pay for it. Prepare to invest more than a hundred thousand pesos yearly if you want your child to receive a top-notch education at a prestigious university. Prepare up to PHP 300,000 per semester if you intend to send your child to medical school.<\/p>\n\n\n\n

You can start saving for your child’s college fund many years in advance. If you’re short on cash this year and need to pay for tuition, consider taking out a personal loan for educational purposes with a minimal interest rate and a fixed repayment condition.<\/p>\n\n\n\n

2. Hospital Emergencies <\/strong><\/p>\n\n\n\n

Unexpected medical expenses, such as hospital bills, should be covered by your emergency fund, health insurance, and Phil Health membership. However, when you are sick, there are other costs to consider, such as drugs and post-surgery therapies. Maternity care costs can also deplete your finances if you’re expecting a child.<\/p>\n\n\n\n

These unavoidable costs cannot be postponed. A personal loan can help you pay for unforeseen and crucial expenses if you find yourself in a financial bind during or after an illness.<\/p>\n\n\n\n

3. Electronic Gadgets<\/strong><\/p>\n\n\n\n

Getting a personal loan to buy the latest iPhone model when your current phone is still functional isn’t one of the finest reasons. Rather, equipment and gadgets that will help you generate more money (such as durable and quality washing machines for your laundry business or a new personal computer for your freelance gig) are items that make a personal loan an excellent option.<\/p>\n\n\n\n

Iren Reyes, content marketing specialist for AllTheBestLoans, do not recommends  buying a gadget on credit for which you will pay more than 20% of your monthly income each month.<\/p>\n\n\n\n

Last Thoughts<\/strong><\/p>\n\n\n\n

Personal loans can help you achieve your financial objectives and keep you on top of your finances if you use them wisely. Choosing the right personal loan in the Philippines and efficiently planning your repayments can also be aided by having the right loan purposes. You’ll obtain a fixed payback term and interest rate with a personal loan from a reputed lender in the Philippines, making monthly budgeting straightforward and seamless.<\/p>\n\n\n\n

It is simple to apply for a personal loan. You’re eligible if you’ve been employed or self-employed for at least two years and have a minimum required income. Make sure you compare the best personal loans available in the country before submitting an application.<\/p>\n","protected":false},"excerpt":{"rendered":"

Taking personal loans is so frequent in the Philippines that it has become ingrained in the culture. When you have a financial goal to achieve, you should first seek a loan or call a friend for help. As a result, “Kumusta ka na?” has in a way become a regular preface to “Pautang naman,” with the people when they receive your message that you want to take a loan and they become confused on whether to lend you the money or ignore your message.<\/p>\n","protected":false},"author":4,"featured_media":137504,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":false},"categories":[79031],"tags":[103378,103377,120879,103381],"yst_prominent_words":[20699,57267,38429,12017,7783,25484,3748,37790,33387,3964,31043,12562,6326,47760],"ppma_author":[140543],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/d2r2ijn7njrktv.cloudfront.net\/apnlive\/uploads\/2021\/06\/11193138\/Personal-Loan.jpg","jetpack_sharing_enabled":true,"authors":[{"term_id":140543,"user_id":4,"is_guest":0,"slug":"apnnewsdesk","display_name":"APN Live","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/478eacb893eda88aa6ed8d99b005bf58?s=96&r=g"}],"_links":{"self":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts\/276559"}],"collection":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/comments?post=276559"}],"version-history":[{"count":0,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts\/276559\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/media\/137504"}],"wp:attachment":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/media?parent=276559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/categories?post=276559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/tags?post=276559"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=276559"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/ppma_author?post=276559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}