5 Common Reasons Filipinos Apply For A Personal Loan

2 min read By eCompareMo on May 2, 2017

Loans may be associated with debt, interest, and other banking terms that could send shivers down one’s spine. But while it may scare you, personal loans are good financial instruments you can use for a number of purposes.

Versatile, flexible, and unsecured, a personal loan is much easier to acquire than similar banking products such as car loans and home loans.

At some point, you will definitely need a loan to address your needs. While you may never know when, it’s never too early to learn the ropes of applying for one.

We looked around to see which are the most common reasons why people get personal loans.

Experience the world

Dreaming to see the neon-lit streets of Tokyo in all its glory or touring the dreamy streets of Paris a la Ethan Hawke and Julie Delpy in Before Sunset?

Having more than enough pocket money will not just allow you to buy more pasalubong for your friends and family. With cash in your hand, you can enjoy the best things the world has to offer without constantly looking at your wallet.

Free yourself from debt

Paying debt with debt sounds like a bad idea. But this is in fact a sound way to get rid of your dues.

Debt consolidation, as it is called, is the act of combining credit card, salary loan, and other types of debt into a single loan with a fixed rate, payment scheme, and closed-end term. With the help of personal loans, freeing yourself from debt is much faster and easier.

Prepare for big milestones

Ready to get hitched with your partner? A new baby is about to join your family? Does the house need some sprucing up?

If you’re not yet financially ready to face these important events in your life, filling out a personal loan application form will help you get your game on and enjoy your life’s best moments without worrying about money.

Start your business empire from the sidelines

Amazon, Microsoft, Apple—most of the biggest companies today came from humble beginnings. If you have a big idea for a potential business empire someday, double down on it.

If you don’t have the starting capital to create it, good thing personal loans are there to help you make your dreams come true. Remember, it’s not about where you start. It’s where you end up.

Become the modern man or woman

The 21st-century man knows the tools that will make him more productive in the face of distractions and adversities: from top-of-the-line smartphones to flashy bags that keep their belongings protected at all times. If you cannot shell out a huge amount for the latest laptop, then a personal loan can be your best friend .

Regardless of the reason, borrowing money is a quick way to get cash. All you need to do is find low interest rates and flexible payment terms, and a loan will help you make your dreams come true when you need it the most.