Many people in the Philippines have bad habits because they tend to take any loans or debts for their needs. According to the Bangko Sentral ng Pilipinas or BSP, only 20% of adults in this country don’t borrow money. There are a lot of ways that you can take for getting these loans. Some of the most common ways are personal loans and emergency loans. It is important for you to understand the risks and benefits of these loan options before you decide to choose the best one for your needs. In this article, we are going to share with you some common easy ways to get instant cash for your emergency needs.
- Emergency Loans
Emergency loans can provide fast and easy ways for you to fund any unexpected expenses. They can be useful for you who need instant money to repair your car or rebuild your home after a fire, flooding, earthquake, or any other disaster. Most emergency loans in this country come from three sources, including employers, government agencies, and also private lenders. Private lenders usually offer the simplest procedure, the fastest approval, and the fastest fund release.
Another source of the emergency loan may come from the GSIS, SSS, and also Pag-IBIG Fund. These government agencies may offer longer repayment periods and lower interest rates. However, you need to become an active member of these government agencies with consistent contributions of a minimum of 6 months for getting qualified for a loan. For more details on how you can apply for emergency loans from government agencies, you should check their official websites.
You can also get emergency loans from employers. Some companies in this country offer these emergency loans to their employees who are affected by calamities and any other emergencies. Repayment will be more convenient and flexible than the other sources. You should check with the HR department for asking about this program.
- Personal loans
When you need to borrow a big amount of money, you can always apply for getting a personal loan. Some banks may have strict requirements for you who want to take these personal loans. They usually take longer than the other lenders, which will be around 3 – 7 days. Personal loan providers will need some time to assess your ability to repay the loan. Some examples of personal loans in the Philippines include EasyRFC Multipurpose loan, Citibank Personal loan, SB Finance Personal loan, and also TALA Personal Loan.
- Salary Loans
Salary loans Robocash ph are usually quite similar to emergency loans from private lenders. They usually provide quick and simple access to cash advances. These loans usually have a higher interest rate than the other personal loans from banks. Some lenders are ready to lend you until PHP 50,000. Some of them may require income documents, such as bank statements, payslips, etc. You can apply for getting this loan by visiting some sites, for example, Vidalia or Cash Mart. Different providers may have different rules and regulations that you need to read from their official websites.
- Pawning or Sangla
Sangla or pawn loans are very popular among many people in the Philippines. You can find a lot of pawnshops in rural areas. If you would like to get quick cash for emergencies, you can come to these places. You only need to give collateral, such as your gadgets or jewelry. No need for income documents and credit checks required during the application process. Pawnshops usually charge interest rates that can be as low as 1% per month. However, you may have a risk of losing your valuable items. You might not get your items back when you fail to pay the loan within the loan term.
- Borrowing from friends and relatives
This is another easy option for you who want to get instant cash for emergencies. It will be easy for you to borrow money from your friends and family. There is no document, collateral, interest, and payment due date that you need to worry about. However, you should never break your promise to return the money back, so you can still get their trust and lose the relationships with any of these people around you.