Applying for loans is a huge financial responsibility. Loans, though meant to ease financial burden, also come with a commitment to return the money that you borrowed at an agreed interval. Defaulting in your payments can have serious consequences down the line. For example, failure to pay can damage your credit score and tarnish your financial records in the long-term.
Among Filipinos, a common reason for defaulted loans is choosing the wrong payment plan. Banks and other financial lending agencies in the Philippines may have complicated terms or use language that make it difficult for the ordinary person to understand the intricacies of a loan. On the other hand, other individuals might just be caught up in their day-to-day lives that they forget to make payments on time.
Keeping in mind the importance of understanding your loans and making payments, here are some great apps and online tools that you can use to manage your finances:
Loan Calculators
Loan calculators help you get a grasp of how much you need to pay per month or year, depending on your agreed payment terms. Loan calculators help us objectively assess if you can afford a loan given your other life expenses, and ultimately, help us make informed financial decisions. This tool is incredibly easy to use and is available as apps or can be accessed via loan calculator websites.
Money Budgeting Apps
Managing your money wisely is key to paying your loans on time. By seeing all major expenses clearly, you’ll be able to see your cash position at a glance. Instead of listing down your expenses in a notebook or logging them manually on an Excel sheet, check out budgeting apps such as Mint, GoodBudget, and YNAB. Each was made to give users a bird’s eye view of their spending and can remind you when a payment is due. They’re perfect for the busy individual.
GSIS Touch
If you’re left wondering how to get a quick loan, the government app GSIS Touch might be able to help you. Available to all government officials, contractual employees, and uniformed members of the Armed Forces of the Philippines, The GSIS has made applying for loans easier and quicker by automating their processes on this mobile app.
SSS Mobile
For working Filipinos, going to the SSS is a good option for quick loans. Making the process even more efficient is their mobile app designed to help you skip long lines at their office. SSS members can sign up on their app and figure out if they qualify for a salary or any kind of loan they might need.
Advance
Advance is a loan service designed for financially empowering the Filipino employee. It allows employees the benefit of applying for a salary advance of up to 30%. Advance has partnered with over 200 companies to help as many Filipino employees as possible. For those whose companies aren’t partnered up with Advance, they can refer their companies to Advance, and Advance will take care of the process, beginning with onboarding all the way to making collections. Without a doubt, Advance’s services are quick, easy, and convenient to use. Getting started is as easy as signing up and getting your account verified.
By using these tools and services, applying, securing, and paying for loans is made much easier for Filipinos.
For more information, visit www.advance.ph. You may send inquiries to partner@advance.ph.
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