Money challenges can arise when you least expect them, and in those critical moments, having access to extra funds can make all the difference. Fortunately, lending options are now more accessible than ever, with digital banks like Maya offering convenient and reliable financial solutions. As the #1 digital bank in the Philippines, Maya provides credit and loan products that Filipinos can count on during times of need. With instant loans and flexible credit options accessible right in your Maya app, you’ll be able to pay for an urgent expense or finally take on a project you’ve always wanted to do.
That said, borrowing only works well if it’s handled responsibly. Taking on more debt than you can handle or missing payments can cause interest to snowball and harm your credit score, which will likely make it harder to borrow money again in the future. That’s why it’s important to approach borrowing with discipline and a clear plan. Developing healthy borrowing habits early on helps ensure that debt remains a useful tool instead of becoming a financial burden. Here are some of such habits that every Filipino should practice and keep in mind:
1. Borrowing Only for What’s Necessary
When you borrow, make it a habit to be honest to yourself about why you need the money and how much you actually require. Sticking to what’s essential can help you keep your debt manageable and prevent yourself from paying more interest than necessary. It can also help you avoid taking on credit for nonessential purchases, such as luxury items or impulse buys, ensuring your borrowing supports your financial goals rather than creating extra financial stress.
Additionally, determining your borrowing purpose early makes it easier for you to pick the right loan or credit product that fits your needs. For example, Maya Easy Credit lets you borrow up to PHP 30,000 for a service fee as low as 3.99%, payable in 30 days, making it a quick and convenient option for covering monthly budget gaps between paydays. Meanwhile, if you’re looking for a fast loan that provides a larger amount and can be repaid over a longer period, Maya Personal Loan offers up to PHP 250,000 with repayment terms of up to 24 months. Deciding on the amount and purpose of your loan upfront allows you to choose credit products and terms that are better suited to your means.
2. Choosing Reputable Lenders
Quick loans work best when you get them from reputable lenders, as this helps you avoid unfair terms and abusive collection practices. Borrowing from licensed and trustworthy institutions not only protects you from these risks but also ensures you’re building a solid credit record with a lender that reports responsibly.
This is why many Filipinos feel more at ease borrowing from institutions like Maya, a bank that is regulated by the Bangko Sentral ng Pilipinas. Being backed by the BSP means Maya follows strict regulatory standards designed to protect consumers, ensure transparency, and promote responsible lending.. That kind of oversight gives you peace of mind, knowing you’re dealing with a trusted financial partner rather than taking on unnecessary risks.
3. Using Loan Calculators Before Borrowing
Before taking out a loan, it’s important to understand how it will affect your budget. Loan calculators are simple but powerful tools that can show you the real cost of borrowing. Entering the loan amount and repayment period lets you see exactly how much you’ll need to pay each month and whether it fits within your immediate financial capacity. Having this clarity helps you make borrowing decisions with confidence and prevents you from agreeing to terms that could stretch your budget too thin.
Maya, for instance, provides on-site calculators or computation modules for both Maya Easy Credit and Maya Personal Loan. These tools let you check not only your repayment amount but also any associated fees, so you know exactly what you’re committing to.
4. Factoring Repayments in Budgeting
Another healthy borrowing habit is to treat your repayments as a non-negotiable expense. Just like rent or utilities, they should always be included in your budget. This ensures you have the funds ready when payments are due, reducing the risk of falling behind or scrambling to adjust your spending. Budgeting for repayments also helps you stay disciplined and gives you a clear picture of how much disposable income you have after your obligations are met, making it easier to prioritize other needs.
5. Paying on Time, Every Time
Late payments often come with penalties and additional interest, which can hurt your credit score. In contrast, consistently paying on time protects your record as a borrower and builds trust with lenders. This can make it easier to qualify for better rates and higher loan amounts in the future. If you’ve borrowed through Maya, paying on time is made much easier since you can do it directly through your Maya Wallet. This removes the hassle of visiting payment centers or banks just to settle your dues.
6. Tracking Total Debt Regularly
It’s easy to lose track of your obligations if you’re juggling multiple loans or credit accounts. That’s why regularly monitoring your total debt is crucial. It helps you stay organized and aware of how much you owe, when payments are due, and how much of your budget is already committed to repayments. This habit prevents overborrowing and ensures you make informed financial decisions.
With Maya, tracking your debt is convenient since you can check your balances for both Maya Easy Credit and Maya Personal Loan right in the app. Quick access to this information allows you to avoid missing payment deadlines while also letting you see how much progress you’re making on repayments. With everything in one place, staying on top of your financial obligations has never been simpler.
Practicing healthy borrowing habits ensures that credit and loans work for you, not against you. In addition to the habits above, consider building an emergency fund to provide a safety net and further strengthen your financial security. By following these practices and having a trustworthy lending partner like Maya, you can confidently manage your debt while protecting your financial future.
