These days have been quite difficult for us with daily news just discovering that another price went up, to checking our bank accounts if it is enough for our monthly budget. Well, the truth is money troubles are always our top problem, especially today.
High Inflation Problem
The Philippines is still recovering from the negative impact caused by the COVID-19 pandemic. Yet another problem is being faced by the Filipinos–the rise in the prices of basic commodities caused by Inflation.
In the recent report of the Consumer Price Index last August 2022, the inflation rate in the country is 6.3 percent. Meanwhile, GMA News Online’s latest report says that the peso depreciated again whereas P57.48 is now equivalent to $1, making it the seventh all-time low against the US dollar reported this year.
Everything we need to buy is becoming more expensive yet our salaries still stay the same. The situation is forcing us to tighten up our pockets and giving us a hard time paying for our expenses.
Now, how can we make ends meet? Well, it’s none other than, applying for Personal Loan.
Why applying for a Personal Loan during high inflation is good?
Contrary to the belief that borrowing money during high inflation will only cause you more money problems, applying for a personal loan now will help you pay your expenses and will ease your worries away of having financial difficulty.
It is good to apply for a personal loan during Inflation because it allows the borrower to repay the lender with money of less value than the amount originally borrowed, thus benefiting the borrower. When applying for a personal loan, its fixed-rate loan and repayment schedule do not change, so it would not affect the amount you will pay as days or weeks pass by.
Among many cash providers available, Vidalia Lending Corp. offers low rates whereas they only charge 4-6% monthly compared to others who rate up to 30%.
How Personal Loan can help you in these challenging times?
Expenses do not go away but with Inflation happening it becomes too much to handle which makes budgeting seem impossible. Here are the things where applying for a personal loan can help you:
In paying utility bills
Paying for utility bills happens every month but what’s not constant is the amount you pay because the rates changes. The Manila Electric Company (Meralco) recently announced an increase in its power rates charge this September 2022, wherein customers will have to pay ₱0.3907 more per kilowatt-hour (kWh).
We cannot avoid paying utility bills unless we want to be cut off from their services. Trying to save the usage is also hard as there are daily chores we have to fulfill using those.
Regardless, we cannot beat ourselves up if we cannot pay utility bills on time. A Personal loan is there to save you from losing your access to utility services.
Buying necessities
It’s very stressful to see news about the price hikes on necessities like rice, sugar, meat, vegetables, and more. It hits you whenever you buy groceries where a one thousand peso bill can no longer buy one-quarter of what you need.
As reported by Trading Economics (2022), food prices in the country rose to 6.3% in August 2022 and they might go higher this month.
We cannot afford not to see food on our tables and enjoy the meal with our families. It is why personal loan is a good alternative to expand your budget and buy everything on your list.
For your medical bills
The threat of COVID-19 is still there, OCTA research has recently reported that there is an increase in the positivity rate over the past week in Metro Manila. From 13.3% on September 10, 2022, it rose to 15.6% on September 17.
Filipino families also deal with illnesses that need monthly check-ups, treatment, maintenance, and sometimes operation. With everything increasing it’s harder to check on our health status because it constitutes medical bills that are hard to pay.
However, health should not be ignored, a personal loan provides a backup to help you pay your medical bills.
For Back-to-school expenses
After two years of distance learning, the Department of Education released a memorandum that limited face-to-face classes to be enforced in both public and private schools last August.
Learning in the classroom is still the best way for students to learn but it’s more costly than learning remotely. Tuition fees and school supplies for the students are things that parents need to prepare their budget for.
Although there are a lot of expenses, you should not compromise education.
Your child should receive the quality education they deserve and a personal loan can help you with that.
To keep your savings
Savings gives you financial security and freedom. You can also use it as an emergency fund for unexpected circumstances.
Unfortunately, with the rising prices of commodities, you will have to use them to buy your needs. You can prevent this by applying for a personal loan to pay your expenses so you can keep your savings.
Vidalia Personal Loan
Vidalia Lending Corp. offers different types of loans and if you find yourself in need of a personal loan in these times of financial struggle, all you have to do is proceed to our loan page today.
You can also check out our Vidalia mobile app in the Google Play store for a faster and more convenient loan application.
Don’t stress out yourself with your expenses!
