Here are 5 things to consider before getting a personal loan
Published Apr 10, 2018 10:35 am
You plan to undertake certain projects this year, but your wild spending during the first half of 2018 has put a dent on your finances. The long-delayed small house repairs, overhaul of the still-usable family car, budget for a small business undertaking, or even budget for a long-planned summer vacation with the family may again take a backseat.
There are certain financial measures that can help solve your dilemma. A personal loan can be a financial solution.
However, there are certain things to consider before you scurry off to the bank to file a loan application. Consider the following:
Usage –where and how do you want to use the loan. Essentially, the loan should be used for a more realistic and practical purpose like house repairs or going on a not-too-expensive vacation with the family. There may be varying loan types that cater to specific financial needs of people with different economic levels.
Approval time –depends on the urgency of your project or requirement. If it’s a medical emergency, you’d most likely want to get your loan as quickly as possible so best to choose one that you can get as fast as you want it. Most loan institutions’ approval time can take as long as one week (depends on bank policy), or as fast as 24 hours.
Flexibility –You have to think first of how flexible the loan is so you can calculate your repayment terms. A longer loan term means a lower amortization amount. Having enough flexibility in securing your personal loan means the ability to better plan your amortization schedule, depending on your capacity to pay.
Collateral –most personal loans do not require collateral, that’s why it’s called an “unsecured debt,” but then again, the loan being personal makes it easier to take out since it requires less paperwork compared to regular business loans.
Loan amount –Some loans can give you as much as P2 million depending on your credit score, or the representation of the creditworthiness of a person. The amount also depends on your projected usage.
There are many other considerations to think about when securing a loan, but perhaps one thing more important is that the loan should come from a trusted and reliable institution, like Citi.
Citi understands that there are people who need a little financial support to realize certain goals. It may be a long-awaited vacation, a home makeover, a small business endeavor, or education.
That understanding leads to peace of mind that the loan is suited to your needs, and will be easier to get, totally flexible, easy to pay and will be enough to achieve your goals.
With a Citi Personal Loan, enjoy a slew of benefits you can’t get from other loan institutions. You get your loan amount approved in as fast as 24 hours, with flexible terms of from one top to as long as five years, payable in in the most manageable and affordable manner.
There are many good reasons to take out a personal loan, one of them is to make important plans come to life.
For more about Citi Personal Loans, visit https://www.citibank.com.ph/loans.
There are certain financial measures that can help solve your dilemma. A personal loan can be a financial solution.
However, there are certain things to consider before you scurry off to the bank to file a loan application. Consider the following:
Usage –where and how do you want to use the loan. Essentially, the loan should be used for a more realistic and practical purpose like house repairs or going on a not-too-expensive vacation with the family. There may be varying loan types that cater to specific financial needs of people with different economic levels.
Approval time –depends on the urgency of your project or requirement. If it’s a medical emergency, you’d most likely want to get your loan as quickly as possible so best to choose one that you can get as fast as you want it. Most loan institutions’ approval time can take as long as one week (depends on bank policy), or as fast as 24 hours.
Flexibility –You have to think first of how flexible the loan is so you can calculate your repayment terms. A longer loan term means a lower amortization amount. Having enough flexibility in securing your personal loan means the ability to better plan your amortization schedule, depending on your capacity to pay.
Collateral –most personal loans do not require collateral, that’s why it’s called an “unsecured debt,” but then again, the loan being personal makes it easier to take out since it requires less paperwork compared to regular business loans.
Loan amount –Some loans can give you as much as P2 million depending on your credit score, or the representation of the creditworthiness of a person. The amount also depends on your projected usage.
There are many other considerations to think about when securing a loan, but perhaps one thing more important is that the loan should come from a trusted and reliable institution, like Citi.
Citi understands that there are people who need a little financial support to realize certain goals. It may be a long-awaited vacation, a home makeover, a small business endeavor, or education.
That understanding leads to peace of mind that the loan is suited to your needs, and will be easier to get, totally flexible, easy to pay and will be enough to achieve your goals.
With a Citi Personal Loan, enjoy a slew of benefits you can’t get from other loan institutions. You get your loan amount approved in as fast as 24 hours, with flexible terms of from one top to as long as five years, payable in in the most manageable and affordable manner.
There are many good reasons to take out a personal loan, one of them is to make important plans come to life.
For more about Citi Personal Loans, visit https://www.citibank.com.ph/loans.