Almost every Filipino family has experienced firsthand the disruptions created by an unexpected medical emergency or job loss. Unfortunately, these moments are not unusual, especially as everyday costs continue to rise and wider economic uncertainties remain part of life.
Still, the country’s overall economic outlook remains positive, as shown by the wide availability of credit options to Filipino consumers. To put it simply, lenders don’t offer these options when the prospect of repayment is poor. In times of crises, being able to get a loan that one can comfortably pay back can make all the difference.
Still, only a small percentage of Filipinos currently have practical access to credit, even if they technically qualify. Maya Bank, the Philippines’ #1 digital bank, has addressed this need with a selection of easy loans and borrowing options that are directly accessible on the Maya app. These include Maya Easy Credit, a no-interest, 30-day revolving credit line of up to PHP 50,000 with a simple service fee that may be a better alternative to beginner credit cards. There’s also Maya Personal Loan, an instant bank loan offering that lets you borrow as high as PHP 250,000. Maya users with a longer and stronger credit history can also apply for a Maya credit card directly through their Maya app.
While instant loan and credit line access can be a huge help in a crisis, staying grounded can be more important. Before the next emergency hits, read on so you can approach the next financial bump in the road with clarity and control.
1. Pause, Breathe, and Assess the Situation
When an unexpected expense hits, panic can easily set in. While this is normal, you want to avoid giving in to it, since hasty decisions at this point may impact your finances for years to come. Try to take a moment to pause, acknowledge, and describe to yourself what happened. You’d be surprised at how this simple act can keep you grounded and set you on a path to rational, solutions-based thinking.
In particular, ask yourself what triggered the crisis, how much money is needed, and when it must be paid. Write these details down and try to break the problem into more manageable chunks so that you’re motivated to do something positive.
2. Prioritize Your Most Urgent Expenses First
Not all financial obligations carry the same level of urgency. For instance, essential needs, such as medical bills, electricity, or rent, take precedence over expenses that can wait, like appliance repairs. Correct prioritization at this stage prevents you from needlessly spreading limited funds across too many items and helps you focus on what truly requires immediate attention.
3. Review What You Already Have
Before you apply for loan options, check your current resources. You might already have funds available in your emergency fund or have some upcoming income that can cover at least part of it. Knowing exactly how much you are short makes it easier to choose an appropriate borrowing amount later, avoiding unnecessary overcommitment.
4. Understand Your Credit and Loan Options and Pick the Right One
If your readily available funds are still not enough, responsible borrowing from a trusted bank can help you safely bridge the gap. If you have a short-term cash flow gap of PHP 30,000 or less, Maya Easy Credit is a great option. Maya Easy Credit is a virtual credit line recommended for smaller expenses or short-term cash flow gaps of up to PHP 30,000, payable up to 30 days. Maya Easy Credit does not charge interest, but instead applies a service fee as low as 3.99%.
Maya Personal Loan, meanwhile, is a personal loan offering designed for bigger expenses of up to PHP 250,000, payable over 6, 9, 12, 18, or 24 months. Users can also enjoy low add-on rates starting at just 0.77% per month. Understanding the features of your available options allows you to match the right solutions and amounts to your situation, allowing you to solve your cash gap quickly while still avoiding extended payment periods.
5. Borrow Only What You Can Comfortably Repay
It can be tempting to use up your credit limit or take the maximum amount offered on a loan, but the amounts you actually borrow should always be based on your ability to pay back. Before you commit to borrowing, take a few minutes to review your monthly income and fixed expenses. The step makes it easy to choose an amount that fits into your budget without sacrificing essential needs.
6. Treat Borrowing as a Temporary Bridge
Lastly, borrowing is useful, but it’s not meant to be a permanent solution. Credit lines and loans can help you move through a difficult period and regain stability, but they can also cause long-term hardship if you don’t choose and manage them wisely. Whatever credit or loan product you’re considering, always approach the decision with a clear understanding of what you’re committing to.
Maya Bank Turns Your Financial Setbacks into Comebacks
No matter how devastating, a financial crisis does not have to define your future. With partners like Maya, you can approach these challenges with a calm mindset and the knowledge that you have the right financial tools. Download the latest version of the Maya app today and discover lending options that can help you step toward financial recovery.