Getting a personal loan and turning it into an investment is risky. However, this idea is not so bad if you are financially stable enough to pay for your monthly amortization and are looking for other ways to improve your credit score or make extra cash. Once you are confident with your plans and strategies, under the right circumstances, personal loans can be a great way to make money, too.
1. Investing in a Business
Starting a business using a personal loan is a high-risk investment. Having no assurance that your business will be able to stand the congested market is scary. However, if you are passionate about it and want to push through, ensure you do thorough research and meticulous planning. Consider all the factors and the worst-case scenarios you might face. Prepare plans A to Z to ensure you won’t become more debt than when you first started.
2. Buying and Selling Used Goods
Filipinos commonly use personal loans as emergency money. However, some are wise enough to use their borrowed money to buy and sell goods online. If you have enough experience when it comes to handling an online business and using sites such as Amazon or eBay, this idea is not just feasible but great, too. If you have a sharp eye for good items, it is best to visit marketplaces in the country because you can find many gems with surreal bargains. But of course, be careful not to buy stolen or fake items.
Get the most out of Vidalia Lending’s loan offers. Please apply for a loan through our fast and secure online application without leaving the comforts of your home. Enjoy a less complicated process without collateral and hidden fees. We also have an online calculator that you can use to calculate the amount you need to pay before you decide.
3. Buy a Property
Properties in the Philippines are cheaper than in any other country, so using your loan to buy one can be worth the risk. If you choose to invest in a rental property, you can take the role of a landlord, or if it’s too much for you, you can hire a letting agency for the collection. This is one good investment since the rental payment can cover your monthly amortization fee. However, before buying a property, consult a professional land surveyor to help you check all the necessary building credentials and other structural concerns. If you have a fair knowledge and property management experience, this investment is the best choice for you.
4. Open a Savings Account
A savings account does not promise a considerable interest rate, but its better than having nothing to expect. Putting some of your loans into your savings account is an excellent way to build a reserved fund for use in an emergency. However, this idea is more favorable if you are financially stable and cannot handle your loan repayment.
5. Shares and Stocks
The shares and stock market are unstable and very unpredictable. As a first-time investor, you must seek professional advice before making a deal. Never invest what you can’t afford to lose so you won’t be left in a worse financial situation if things go wrong. Be brave, but be wise, too.
With several years of expert service in the field, Vidalia Lending was able to help thousands of Filipinos with their financial needs by providing several forms of loans. If you want a fast and easy loan application, please get in touch with us today.
