As loans become more accessible to consumers, many Filipinos are finding it easier to manage their expenses and fulfil their life goals. With the financial support provided by a consumer loan, individuals in need of extra funds can cover their urgent financial requirements, invest in personal development, or make essential purchases that improve their quality of life. When applying for a loan, however, it’s important to select the right one to ensure it truly supports your purpose and financial situation. You should also use it responsibly so that the borrowed money contributes to your long-term financial well-being. Here are some tips on how to apply for a consumer loan that suits your needs, as well as how to avoid wasting the money once it’s in your hands.
Determine the Type of Consumer Loan You Need
Before filling out loan applications, it’s essential to understand exactly what kind of consumer loan fits your situation. Since the limits, interest rates, and repayment terms differ from one loan product to another, getting the right loan can help you manage your obligations more effectively and avoid paying more than necessary.
For example, Maya—the #1 digital bank in the Philippines—has Maya Easy Credit and Maya Personal Loan. Both of these facilities are known among borrowers as some of the best personal loans and credit line offerings in the country, providing accessible funding, but they each have specific features designed for different financial needs.
Maya Easy Credit is a revolving credit line that lets you borrow up to PHP 30,000, which you can pay up to 30 days. It also enables you to shop online, pay bills, and make in-store purchases without needing a credit card. This does come with as low as 3.99% service fee. That said, Maya Easy Credit is best used for short-term needs or day-to-day expenses that you can quickly repay.
Maya Personal Loan, on the other hand, lets you borrow up to PHP 250,000 instantly. It has a monthly add-on rate as low as 0.77%, making it a more cost-effective option for larger expenses. What’s more is that it has flexible repayment terms, with 24 months being the maximum loan tenure available. As such, Maya Personal Loan is best used for major purchases, emergency funding, or planned investments that require longer repayment.
Make Sure You Meet the Consumer Loan’s Requirements
Even if a loan product seems ideal, you won’t benefit from it if you don’t qualify. Lenders typically assess an applicant’s employment status, income level, credit history, and age to determine whether they’re fit to handle the responsibilities that come with a consumer loan. Failing to meet the criteria can lead to rejection or unfavorable loan offers. Therefore, it’s good to gather the necessary documents and verify that you meet the minimum eligibility requirements beforehand.
When applying for Maya Easy Credit or Maya Personal Loan, you won’t have to worry too much about complicated paperwork or long processing times. Maya designed these consumer loan products to be simple and accessible so that eligible users can get approved and access funds with minimal hassle.
Maya Easy Credit Requirements
- You’re 21 to 66 years old
- You’re a Filipino resident
- You have an upgraded account
Maya Personal Loan Requirements
- You’re 21 to 66 years old
