What Should I Know Before Getting a Personal Loan?

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Key moments on getting a personal loan are important to know for everyone in order to avoid unnecessary situations and misunderstandings. We usually hear from other people different stories concerning the way they get money for something. No matter whether it was a good experience or a considerable misfortune. Everything connected with money receiving is interesting for us. Of course, we do not want to take any knocks in this case. So, let’s concentrate on learning how to get a loan without problems.

tips on getting a personal loan
What Should I Know Before Getting a Personal Loan? 8

Getting a Personal Loan Online in the Philippines

Before you apply for a loan online, please, read the information below to be aware of all the important lending moments and secrets.

Do not deal immediately with credit cards or those who offer loans at considerably high rates, as for instance loan sharks, choose personal loans instead. 

People swallow the bait of a cash advance when plan to borrow money using a credit card. There are different cases when people take quick money from different loaners nearby because of urgent. There are a lot of those who even have not heard about getting a personal loan in the Philippines online at all. In the conditions of money need, they turn into every lending spot they found around paying no attention or cursory to the lending conditions. 

Obviously, it becomes then too late, when you discover the real credit card debt. Just look at these rate figures: 4% per month for a credit card loan and something about 5% for urgent loans offered by some guy called a loan shark. And what do you think of that?

Just think about it, it becomes possible to pay off your active credit card debt if you decide to apply for getting a personal loan like Robocash (0% rate for new customers), JuanHand, or any other online loan for around 1,5% interest rate. Agree, that borrowing money to cover debts sounds like a soft-headed idea, but looking at the real conditions it, indeed, can work for you. 

Applying for a loan online PH

is not so easy as you think: doing simple application steps PROPERLY is a formula to success.

Having interviewed many people who have had an experience of borrowing money, it becomes obvious that everything requires effort and a diligent manner. A great number of Filipinos tell sad stories about unsuccessful visits to local banks many times and their troubles when coming to the application process. Everyone is afraid of being rejected just out of hand.

Someone even tried to apply in 3-4 banks per one day with the hope to cope with my personal loan application, and as a result of all that endeavors, the applicants were rejected. It stands to reason that banks communicate with each other concerning different borrowers and share their lending customers’ experience.  Some of the interviewed borrowers finally received that one personal loan application approves but with nonbeneficial interest rates as they discovered after. 

Do Not Be Shy If You Apply For a Loan

as more you show that you do care about your financial state, the better for your application. What does it mean? Let’s read a small story to get it better.

Here is the story of Jack who wanted to find an option for getting a personal loan (one more) in order to pay back the other loan. He thought that when admitting this true story when applying for a loan, they would think he is a constant debtor. After that, Jack communicated with his new friend from a bank and discovered that it is very important to specify your real loan purpose (that you need this money to cover other loans) and it will really work for you. Such an attitude will show that you care about your financial troubles and want to solve them sensibly. 

Do not perceive getting a personal loan with lower interest rates

as a better option, as practice shows, it’s not always the case. 

If you analyze all the bank ads about getting a personal loan, you will find out a great number of nuances and hidden moments you would rather discuss with a loan manager. Unfortunately, in urgent moments we do not care about them, we think only about the way to get money as quickly as possible. It’s a common mistake people do look for a fast money solution. They say usually that their low-interest rate personal loan is much better than the one offered by some popular online loans Philippines. 

It is true that online loans are not so attractive in terms of rates but, still, their fees and penalties (if the case happens) are lower contrasting with bank offers or credit unions. 

Be attentive when calculating the longer term of loan use

It’s not actually true that the longer the period of payment, the better for your pocket.

Such an approach can lead to considerable losses for a personal loan borrower. It is recommended to use usually the online personal loan calculator for a certain lending company to see the whole payment picture:

The whole sum of the used loan + the interest (you can choose several variants to choose the best for you in accordance with your income and payment capabilities). 

Choose the option to negotiate the conditions

of getting a personal loan Philippines for your own benefit. Even if your credit history score is not the ideal one, you still can have hope. 

The first important rule is to be positive-minded and have good grounds for changing a loan manager’s mind. Here is one story about Alise who came to the bank and strongly wanted to better her loan terms. For that, she decided to tell about her excellent credit card payment including her scheduled salary loan payment. You would not believe it, but it really worked for her that day. 

On the second hand, if you know that you have troubles with your credit score and wonder is it possible to get a loan with bad credit history, it’s a common story. Believe, there are a lot of borrowers like you and they still try and choose to apply online using reliable lending services in the Philippines. In 98% they get approval. 

You can pay back your personal loan at an early date. 

Speaking about a home loan, you probably have seen that you will have to provide an extra fee if you decide to pay it off in advance. Remember that there is usually some personal loan product that gives often rebates to the customers. That can be a good bonus for your holidays, can not it be?

Compare for yourself several lending services to see what is really good for you.

A website like AdvanceLoans provides the users with the newest lending solution offered by checked and reliable personal loan companies in the Philippines and Sri Lanks. It is really very convenient, easy, and informative for potential borrowers. Moreover, you have access to different useful testimonials left by the experienced borrowers. 

Now you know that getting a personal loan is much easier than going to the bank with a pile of unnecessary papers and worrying expectations.

Linda Carters/ author of the article

Financial Journalist on Advance Loans Philippines with 8 years experience in a Fintech niche.

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