Between rising inflation, medical emergencies, and big-ticket goals like home improvements, even the most disciplined budgeters will sometimes find themselves in need of a loan. Fortunately, the rise of digital banks like Maya has made borrowing simpler, safer, and more accessible.
If you need money fast, borrow money from the country’s #1 digital bank. With just a few taps on the Maya app, you can access a variety of credit products, including ones suited for everyday needs and ones to help you achieve life’s bigger milestones. You can opt for Maya Easy Credit, a virtual credit line that lets you borrow up to PHP 30,000 in funds, with service fees as low as 3.99% and repayment terms of up to 30 days. There’s also Maya Personal Loan, an option that gives you up to PHP 250,000 to cover major expenses. It is payable up to 24 monthly installments, with monthly add-on rates as low as 0.77%. Together, these modern credit products empower you to manage loans without negative impacts on your quality of life.
If you’re new to loan management, we’re here to help. Here are some ways to ensure that, whenever you borrow, you’re getting the most out of every peso.
1. Choose the Right Tool for the Job
In general, you want to match the loan product to your needs so that you’re not paying more or longer than necessary. A virtual credit line like Maya Easy Credit works best for short-term or unexpected needs, like covering utility bills, buying groceries, paying for school supplies, or buying medicines. Meanwhile, an installment loan like Maya Personal Loan has a funding and repayment structure that better suits longer-term goals and bigger projects such as home renovations, bigger school-related expenses like tuition payments, or starting a small business, since it provides a lump sum upfront that can be repaid over several months or years through fixed monthly payments..
2. Borrow Only What You Truly Need
Borrowing the full amount you’re approved for is usually unnecessary and can even put you on the hook for more repayments. If you go with Maya Easy Credit, you can draw only the funds required at the moment. With Maya Personal Loans, you’ll want to request the amount that directly covers your expense, with as little excess as possible. This keeps your monthly obligations manageable and avoids serious impacts on your credit history.
3. Don’t Believe Advertising Hype
Advertised interest rates or service fees can be misleading if you don’t check the fine print. Always compare your options after including fees, add-ons, and other charges. Taking all of these expenses into consideration makes it easier to see the real cost of borrowing. With transparent lenders like Maya, you don’t have to worry; the interest rate, repayment schedule, and total cost are clearly stated upfront, helping you plan your budget confidently and stay in control of your finances.
4. Consider Your Cash Flow Before Choosing a Repayment Plan
You’ll want to consider when your cash usually comes in before you commit to a loan. If you’re a salaried worker, scheduling your payments during payday usually ensures you’re able to stick to your monthly payments. On the other hand, if you have an irregular cash flow, you want to make sure you have enough cash in reserve when your monthly payments roll around.
5. Treat Repayments as Non-Negotiable
Late payments can lead to penalties, higher fees, or even damage to your credit profile. Protect yourself by treating loan and credit repayments as non-negotiable items that must be paid on time.
If you have taken out a particularly large loan, you may want to open a separate savings account that’s solely designated for your loan payments. This way, you can keep your everyday funds separate from those earmarked for your obligations, avoiding potential repayment issues down the line.
6. Build a Buffer; Don’t Rely on Credit Alone
Borrowing should never be a replacement for an emergency fund. Having a fund equivalent to about 3-6 months' worth of living expenses ensures you don’t exhaust your loan or credit line for every small issue. Ideally, you want to build your finances to the point where you can think of your emergency fund as your first shield and your borrowed funds as a second line of defense. Again, a separate savings account can be ideal for these special funds.
7. Use Borrowing to Build Credit History
Every on-time repayment strengthens your financial profile, allowing you to qualify for larger loans, better rates, or even a credit card with more benefits in the future. Even though safe loans are easier to find these days, the truth is that you can only unlock the best ones if you have a positive repayment history.
8. Stay within a Healthy Debt-to-Income Ratio
Speaking of credit history, keeping total monthly debt obligations well below 30% of your income is probably going to flag you as a good borrower. When you borrow through Maya Easy Credit or Maya Personal Loan, be sure to borrow at levels that leave you breathing room for savings and emergencies.
9. Reassess Regularly
Every few months, take time to review your progress in paying back your loans. Ask yourself: “Are my repayments manageable? Did the borrowed funds serve their intended purpose? Should I repay faster?” These check-ins should help you re-prioritize and, if necessary, readjust before real problems arise.
Transform Your Borrowed Funds into Real Opportunities
Borrowed money can be more than a lifeline. If you manage it well, it can be a stepping stone toward personal financial stability and even personal growth. Being careful with your options and committing to disciplined repayment will get you most of the way there.
Whether you have big dreams or need money this very instant, borrow money from the digital bank Filipinos trust. With Maya, you can enjoy top-tier service, security, and a full spectrum of cutting-edge borrowing options in one trusted ecosystem. Explore Maya’s credit and loan products, and see how they can help you build the future you want.
