At one point in one’s life, asking for some help is inevitable and that is totally fine. This is also true for financial circumstances. Whether you’re a working individual, a breadwinner or a businessman who’s trying to venture into a new business, etc., there are actually tons of reasons as to why people need financial help.
In the Philippines, applying for loans has been customary for a lot of Filipinos who are struggling to make ends meet. Financial institutions are a really big help for Filipinos especially in times of monetary emergencies. More so, applying for a Personal has been the usual solution for most Filipinos.
A Personal loan is a short term loan that has a shorter repayment period. In the Philippines, Vidalia Lending offers different types of loans with fixed payment terms from 3 to 12 months, low-interest rates, no hidden fees and no prepayment penalty. You can definitely have that needed cash for your education, your dream vacation, home renovation, and many more!
Why Personal Loan?
Personal loans have shorter repayment terms, you may procure it from credit unions, banks or private lenders. As for these private lenders, you have the option to choose from an online marketplace lender or a peer to peer lending company.
Statistics have shown that the number of Filipinos who are applying for Personal loans has been continuously increasing over the years. In fact, this type of loan was the fastest growing loan product in 2016. Furthermore, these are some reasons as to why it is a loan of choice for most people:
- Typically, a personal loan is an unsecured type of loan. This means that it is not backed by collateral.
- The application and approval process is very easy and quick.
- Shorter repayment terms.
- Lower interest rates.
Reasons Why Filipinos Apply for a Personal Loan
As mentioned above, there is indeed a plethora of reasons why a lot of Filipinos choose to apply for a Personal. Part of your loan application is to state the purpose of the loan you are applying for. In this blog post, we have listed the common reasons for such:
Home Repair / Improvement / Renovation
Immediate house repairs are a common occurrence in a Filipino households after going through drastic disasters like typhoons, floods, or fires. Other times, there will also be a need for space expansion for your growing family, to install security features for your family’s safety, etc.
Unexpected medical emergencies are a major pain, especially if you don’t have enough savings even so an emergency fund. This kind of urgent financial expenses can’t wait. So if you find yourself in this type of situation, a personal loan might be your best choice.
Preparing for a wedding can be really stressful. While almost everyone may dream of a perfect wedding, truth be told, weddings are really expensive. This is why some Filipinos use a Personal loan to somewhat ease the financial burden that comes along the wedding preparations.
For hardworking adults, having some time off for yourselves is also important. While it is much better than you save up for your planned vacation, if a good travel opportunity comes along, a personal loan can back you up on your travel expenses.
Vidalia Lending has a quick and smooth online transaction! For your queries, you may visit our help page as early as now. For your application, you may fill out our online application. You will be receiving a call from us within 48hrs. As soon as your loan is approved, your cash will be sent to you within 2-3 days.