List Of Loan Companies: 13 Best Reasons To Get A Personal Loan

List Of Loan Companies

List Of Loan Companies: Since borrowing money is so widespread, it has been ingrained in Filipino culture. Nowadays, asking “Kumusta ka na?” It is practically automatic to say “Pautang naman” before uttering anything harsh.

Nevertheless, money is very important to us. After all, unforeseen circumstances arise. To assist you in determining whether you need a loan and keep you out of bad debt, make sure your loan purposes are reasonable, realistic, required, and urgent before applying for a personal loan.

Review the loan purposes list provided below.

Also Read: Chase Personal Loan Rates Know Which Loan Is The Best For You

How Significant is the Goal of Your List Of Loan Companies?

Determine your loan purpose before applying. By doing this, you can ensure that the funds you have borrowed will be used as intended and help you manage it. After all, it might be very tempting to have so much cash on hand.

For example, if you’re taking out a loan to renovate your house, you should have an idea of how much it would cost overall, including extras. Obtaining a personal loan to purchase a new car? Think about your ability to pay for regular car maintenance in addition to your monthly loan payments.

In this manner, if you find out later on that your loan isn’t sufficient to pay all of your expenses, you won’t have to take out another one.

List Of Loan Companies: Top 13 Instances

Inquiring, “What should I put for ‘what is the purpose of the loan’?” The following are legitimate justifications for obtaining a personal loan:

👉Health Emergencies 

According to the Bangko Sentral ng Pilipinas 2023 Financial Inclusion Survey[1], 45% of adult Filipinos have taken out loans as a result of a family member getting sick.

Your health insurance, emergency savings, and PhilHealth membership should ideally cover unforeseen medical costs, like hospital stays. When you are sick, you also have to pay for related expenses like medications and post-surgery care.

These are important costs that cannot wait. If you become insolvent during or following a serious illness, a personal loan might assist you in covering unforeseen costs.

👉 Debt Settlement

You can have more control over your finances by using a debt consolidation loan. This type of loan consolidates all of your previous debt, including credit card bills, into a single, large personal loan.

Refinancing your old loans into ones with more affordable terms is one of the finest reasons to apply for a loan.

👉 Nuptial

In the Philippines, weddings are costly events. Engagement couples frequently shell out between half a million and over a million pesos to tie the knot.

The cost of even a small, private wedding might range from ₱100,000 to ₱200,000. Even if you’re paying for your wedding on your own without assistance from your family, it’s still a significant amount of money.

When planning a wedding, a personal loan might help reduce the financial strain—as long as you stay within a sensible budget.

👉 Being pregnant

About to become a parent? Best wishes! The trip ahead of you will be challenging but rewarding.

Budget for things like ₱5,000 for pre-pregnancy OB-gyn checks, ₱4,500 for supplements, ₱5,000 for tests, and of course, ₱5,000 for hospital delivery. A normal delivery can cost up to ₱25,000, depending on the facility you choose, while a cesarean section might cost up to ₱150,000.

👉 Learning List Of Loan Companies

Investing in education is crucial, regardless of whether you’re going to school to further your profession or pay for your kids’ college tuition to ensure their future.

In the Philippines, getting an education is a fundamental right, but many families cannot afford it. Be prepared to pay hundreds of thousands of pesos a year if you want your child to attend a prestigious university and receive an excellent education. Should your child wish to attend a medical school, budget up to ₱300,000[2] for a single semester.

You have years to save up in advance. However, if you’re short on time, think about obtaining a personal loan with a fixed duration and low interest rate.

👉 Cost of Moving

Having a family and leaving to make a fresh start at home? Or did you maybe get a great new job in a different city? Pay for your relocation with a personal loan.

Moving expenses can include renting a car for at least ₱10,000, depending on how much baggage capacity you require and how far away your destination is from Metro Manila. It might be necessary to provide funds for an assistant, which could come to about ₱1,500.

👉 Home Renovation or Repair List Of Loan Companies

Regretfully, floods, fires, and other natural disasters are nothing new to Filipino households, nor are the unforeseen costs that often follow, such as home repairs.

To accommodate your increasing family, you might also need to add more space to your house, install security features for the safety of your loved ones, or remedy problems like a leaky roof.

A low-interest personal loan might be helpful for any repairs or home improvement projects you have.

Buying equipment, gadgets, and tools for office or commercial purposes? Do you? getting ready for a big life event like a baby or wedding? Are you looking for solutions to cover the cost of your child’s education?

If you want ease of use and high loan amounts, check out UNO Digital Bank’s offerings. You can borrow money with a #UNOnow Loan for as little as ₱10,000 and as much as ₱500,000, with a 2% monthly interest rate. It can be repaid in six, twelve, twenty-four, or thirty-six monthly installments.

Use Moneymax to apply for a UNONow Loan right now!

👉 Office Space Configuration at Home

Some businesses have returned to having offices, but others are still using remote work arrangements. After all, many Filipino workers find convenience in having work-from-home options.

Are you considering upgrading your home workspace? A new laptop or PC, ideally with at least 4GB of RAM, will require funding. Additionally, you might need to spend money on a postpaid internet connection that is at least 10Mbps or purchase a larger work table.

The number and caliber of the devices that can support a productive and well-organized home office setup should be taken into account when determining the loan amount.

👉 Kitchenware List Of Loan Companies

Purchasing the newest iPhone model when your old phone still functions isn’t the ideal solution if you need a loan. Instead, this is true for devices and appliances that you just cannot live without, like a stove or refrigerator.

Better still if you intend to repurpose these items—such as a new laptop for your freelance employment or a powerful washing machine for your laundry business—to generate additional revenue.

👉 Buying A Car 

In a nation where getting about is a daily struggle, many Filipinos choose to own a car for comfort and ease.

Take out a loan to pay for your car purchase. Rather than paying a million pesos or more upfront, pay only 20% to 50% of the total cost, take possession of your new car, and spread the payment over manageable monthly installments.

👉 Past Due Utility Invoices

A mountain of outstanding invoices putting you in a difficult situation? If you don’t have enough money this time, don’t freak out.

To maintain your accounts current, you might take out a loan. Sacrificing your family’s comfort isn’t always feasible, particularly if you depend on power for a job and education. However, try not to make it a habit because debt can accumulate quickly.

👉List Of Loan Companies Traveling

may appear like a luxury, but it’s worth the money spent because it allows you to visit other cultures, grow your network, learn new skills, and fortify your relationships with loved ones.

The best thing to do is put money aside for trip costs. However, if you need money immediately for an amazing trip opportunity (possibly one that involves business), take a personal loan to make sure you don’t miss it.

👉 Memorial Service Costs

You’ll need money for burial and funeral costs if you lose a loved one suddenly. The cost of a casket can range from ₱40,000 to ₱100,000, while the renting of a memorial chapel might reach ₱15,000 every night.

There is a stigma associated with discussing death, which may be the reason why many Filipinos fail to save money for their final costs. When a member of the family passes away, the surviving loved ones almost always have to take out a personal loan.

Conclusion

We hope the aforementioned list of loan reasons assisted you in selecting a beneficial use for a personal loan. After all, a loan can assist you in reaching your objectives and managing your money. To properly plan your repayments, just make sure you read the fine print and evaluate your options.

Use Moneymax to apply and compare some of the top choices from reliable lenders in the nation: