Borrowing money has been a common practice for almost all Filipinos. The “Utang” concept has been a part of the Filipino tradition for decades. Furthermore, borrowing some cash to meet every family’s daily demands has somewhat become a normal occurrence in the Filipino culture setup.
However, given that the Philippine economy has most likely been in a tug-of-war ever since. You can never blame the people for finding other ways for financial sources just to meet their needs. With our economic push and pull, at one point, there will certainly come a time when you will be forced to borrow some money.
Common Reasons Why Filipinos Get a Loan:
Payment for Debt
Paying your debt with another debt may seem like a pretty bad idea, however, it is one remedy to free one from incoming payment dues.
Business Venture
Another possible reason why Filipinos apply for loans is for them to start a new business. Now, for some people, this might be viewed as a bad idea in starting a business venture, Keep in mind that it is not about where you start, it is where you end up. The lack of capital must not hinder you from pursuing your business goal.
Preparation for a Big Milestone
In preparation for every milestone, whether it is for your dream wedding, for a new member of the family, a major house repair, or a house renovation, know that there are always loans to back you up on your financial incapabilities.
Medical Emergencies
Let’s face it, not everyone has their savings or even an emergency savings fund. Unforeseen medical emergencies can happen anytime and not every individual is financially ready for it.
From Personal loans, Salary loans, and Business loans to Small Business loans, Vidalia Lending is here to aid you with your financial needs. We guarantee you quick and easy transactions, hidden fees, and no prepayment penalty! All your given information will be protected and remain private.
Where to Borrow Money:
Now that we have laid out the common reasons why a lot of Filipinos resort to utang, let us give you a list of options where you can borrow money:
5/6 Lending
This type of lending started specifically in the ’70s by some Indian nationals and from that day forward, it was then adopted by everyone. Despite its interest rate which may reach as high as 20%, Filipinos are still making use of this financial source for their day-to-day living.
Paluwagan
As for paluwagan, it is usually done within a circle of friends, neighborhood, or at work. In Paluwagan, all members of the group will have to give a certain amount of money. The amount given by every individual will depend on what everyone has agreed upon.
The pooled fund will then be given to the first person in the “casting lot” or our local term “bunutan”. It will remain a continuous process until everyone has received their shares.
Private Lenders
Private lenders, specifically online private lenders have been the top go-to financial aid for almost all Filipinos in our present time. These private lenders offer short-term loans, with minimal requirements as compared to banks and other financial platforms. Plus, loan approval can be done within 24-48 hours from the online application.
Here at Vidalia Lending, all you need to do is visit our website for your application, follow the steps, and wait for our call. Submit the required documents online and get your borrowed cash within 2- 3 days.
