If you are in an urgent financial need, getting quick cash loan Philippines is the worth-considering financial solution for you. Thanks to such advantages as fast approval, same-day disbursement, fast online cash loan is a solution trusted by many Filipinos. However, in order to get a safe loan application experience, you need to have a clear understanding of interest rates and costs, credit score and a repayment plan.
Let’s explore quick cash loan Philippines through the article below!
The first and most important thing you need to know about quick cash loan Philippines is that it should be used in financial emergencies to solve your urgent financial problems. This loan should not be used to purchase luxury items or pay unnecessary expenses.
Urgent cases where you will need to use quick cash loan Philippines are unexpected accident, illness, unemployment, natural disaster, pandemic, home damage, equipment, etc. Expenses such as hospital fees, repair fees cannot be delayed and easily cause you to fall into stress if your cash flow is not available. With easy loan application, same-day disbursement, quick cash loan Philippines may quickly disburse money and solve your problems immediately.
The loans should be used for emergencies
When applying for personal loans, you should consider the interest rates and associated costs. Banking institutions normally offer lower interest rates and the application process and paperwork requirements are quite complicated. Meanwhile, financial institutions require simple application procedures and requirements and offer higher interest rates.
You should take into account the costs incurred to the loan to avoid unnecessary costs. Some additional costs may be loan application fees, consulting fees, management fees, etc. In addition, you should also understand the penalty interest rate in case of late payment.
Clarify interest rates and other costs
Before you start applying for quick cash loan Philippines, it is important to consider your credit score to make sure you are qualified for the loan. Most banks and lending institutions are looking for the applicants with good credit scores. You may quickly get a loan at a low interest rate if you have a history of paying your bills on time, no credit card debt, and prove that you are responsible for your previous loans.
For those without a good credit history, banks and lenders may approve the loan, at higher fees and interest rates than those with a good credit score.
A good credit score gives you a better loan
A very important step in choosing a personal loan is defining how much you really need and can you afford it? The fast online cash loan limit in the Philippines normally ranges from around PHP 500 to PHP 20,000. This limit enables you to get money for solving life’s arising problems.
In addition, determining how much you really need will assure your payment ability. As a general rule, the borrowers should aim to spend no more than 35% to 43% on debts. For example, your salary is PHP 10,000 per month then ideally you should keep your monthly loan payments at or below PHP 4,300 per month.
Determine how much you really need and can afford
When applying for a personal loan, you should develop a repayment plan that best suits your income and cash flow. Some people want the monthly payment amount to be as low as possible, so they choose to extend their payment term to several months or years. In contrast, others want to pay off the loan as quickly as possible, so they choose the highest monthly payment rate.
Choose a low monthly payment amount and extend the repayment term will come with high interest rates. In fact, you will have to pay more for the loan over its life. Therefore, the most optimal way is choosing a high monthly payment rate to quickly terminate the loan.
Choose a repayment plan that suits your income and cash flow
To realize this goal, you have to save more or try to increase your income. You can do a side job (also known as side hustle). There are some simple side jobs you can do including blogging, video editing, online tutoring, or small business, which may help you increase your income and quickly repay your loan.
Quick cash loan Philippines will be a good financial idea if you use it for the right purpose and register with the right reputable financial institution. MoneyCat is a trusted lender for you. When applying for a loan at MoneyCat, you will be advised on a loan suitable to your financial situation and intended use. We guarantee to provide you with a loan with the most optimal interest rate and open and transparent costs. If you are in need of personal loans, MoneyCat is available to help you.
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