Have you ever thought how much it takes to start a business? In the Philippines, a mobile food cart costs as little as 5,000 pesos, but a franchised food cart can go for up to 30,000 pesos. If you are hatching a business idea, make sure you have enough money to build, manage and grow your brainchild. In fact, fundraising for businesses is no longer a stranger to young people, the most popular way is to get online loans fast approval philippines, along with other quite effective ways. Let’s find out in the article below.

1. Savings 

We do not necessarily start with a fancy storefront business. If you are patient enough, you can save first. The savings may be enough for you to open a small business like a mobile food cart. In the Philippines, the cost to open a mobile food cart is only about 5,000 Pesos. And if you buy a franchise, the minimum amount required is about 20,000 to 30,000 pesos. In order to get this amount, you have to save more than 2,000 pesos per month and continuously for 1 year. This process requires you to be patient and not to miss any month. However, if you feel that you do not have the patience to save money every month, or want to shorten the time, a faster way is to apply for online loans fast approval philippines. You will be disbursed on the same day and have a substantial amount of money without waiting for a long time.

Savings is the first way to raise money for a business


2. Joining a side hustle

To increase your source of income and shorten the time, you may join a side hustle. A side hustle, or an extra job means a job that helps you earn extra income besides your main job. The side hustle normally does not generate a high salary, but it helps you diversify your income sources and increase the amount of money you earn each month. You should choose a side hustle that matches your skills and talents. Some of the popular side hustle ideas in the Philippines include: freelance writer, virtual assistant, online English teacher, graphic designer or Grab driver, etc.

You may join a side hustle to earn extra income 


3. Asset liquidation

If you have ever bought excess liabilities, this is your chance to liquidate them to get some money back and invest them in better returns. You may sell products or items that you rarely use on relevant commerce websites. For clothes, bags, accessories, etc. you may open an online store on e-commerce platforms. As for high-value products including jewelry, cars, etc. you need to consult more carefully about the market price to avoid selling at a loss.

Liquidating assets also helps you make more money

However, you should keep in mind that liquidation of assets will sometimes not be enough for you to raise business funds. This method is most effective only when you already have a significant amount of capital, at this time liquidation of assets, is a contribution to your capital for opening a business.

4. Borrowing from friends or family

Borrowing from friends or family is the fastest way to get a loan. However, most people are still worried and afraid to borrow money from them because they are afraid of financial conflict. On the other hand, some people want to keep their business activities a secret from their family members because they do not want them to interfere too deeply in their business. Others are concerned that their family members will suddenly ask for repayment. So if you decide to ask for a loan from your friends and family, you should be mentally prepared and have a plan to deal with financial conflicts later. Borrowing money from friends and family is the fastest and interest pressure-free way to raise funds for your business.

Borrowing money from friends or family is the fastest way to get a loan


5. Applying for online loans fast approval philippines

Finally, if the above methods do not work for you, or you still do not have enough money to start your business, there is still another effective solution for you, which is online loans fast approval philippines.

Among many institutions providing online loans fast approval philippines such as banks, private lenders, microfinance institutions, credit card companies and even government agencies namely Social Security System (SSS), Government Service Insurance System (GSIS), Family Development Mutual Fund (Pag-IBIG Foundation), Department of Trade and Industry (DTI) and the National Committee on Poverty Elimination, you should consider and choose a reputable and suitable fast approval online lender in the Philippines. Normally, banks and government agencies are more secure, but the application process is complicated and the disbursement time is slow. Meanwhile, lending institutions offer simple application procedures and fast disbursement. You need to find a reputable and trustworthy institution.

Applying for online loans fast approval philippines

If you are wondering among the countless fast approval online lenders in the Philippines, you may consider MoneyCat - we are one of the leading financial solution providers in the Philippines today.

To get online loans fast approval philippines at MoneyCat, you only need 5 minutes to fill in the application information. It offers diverse loan limit up to 20,000 Peso - a loan just enough for you to start a small business. 

You may use a combination of methods to raise funds for your business rather than using a single one. If you are confused among different options, contact MoneyCat for advice on the most effective financial solutions as well as assistance in applying for a suitable online loan.