If you're facing a financial crisis such as a medical emergency, a business that suddenly needs extra capital, or a sudden drop in income, your first instinct may be to dip into your life savings. After all, that money is there to support you in tough times. But while using it might offer quick relief, it can also leave you more vulnerable over time. Once those savings are gone, it becomes much harder to deal with future emergencies, retire comfortably, or reach major life goals.
The good news is that there are other ways to get through tight financial spots without wiping out the money you've worked hard to set aside. With the right information and a bit of planning, you can explore safer and more sustainable options to raise the cash you need. From temporary side hustles to borrowing money from trusted lenders, here are some practical steps to help you get through the crisis while keeping your savings intact.
1. Take Out a Personal Loan from a Reputable Lender
When you need a large lump sum to cover an urgent expense like medical bills, school tuition, or unexpected and costly home repairs, a personal loan can be a solid choice. These loans usually come with fixed monthly payments and predictable terms, allowing you to plan your budget without the risk of draining your savings.
In the Philippines, Maya offers Maya Personal Loan, which lets you borrow up to PHP 250,000, with flexible repayment terms of up to 24 months and add-on rates of as low as 0.77% monthly. This means qualified applicants will enjoy a convenient and quick way to access additional funds without the hassle of lengthy paperwork.
To make the most of personal loans as an option, look for lenders like Maya that offer an easy personal loan application process so you can get approved quickly and attend to your needs without delay. Just be sure to borrow only what you need and review the interest rates, fees, and repayment terms carefully. Stick to a repayment plan that fits your income, and always pay on time to avoid penalties or damaging your credit.
2. Use a Virtual Credit Line for Flexible Cash Access
If your expenses are unpredictable or come in waves, such as when you need to cover ongoing medical costs or you have a business that requires constant restocking, a revolving credit line can give you the flexibility you need. You can borrow smaller amounts over time, repay gradually, and borrow again as needed. Compared to using your full savings upfront, this option will help you manage short-term cash flow requirements while keeping your financial buffer intact.
As the #1 digital bank in the Philippines, Maya has your back when it comes to safe and easy-to-use credit options, one of which is Maya Easy Credit. This virtual credit line lets you borrow up to PHP 30,000 in seconds, with no paperwork required and a repayment period of up to 30 days. It’s ideal for time-sensitive emergencies when you need quick and reliable access to funds. Just remember to borrow responsibly and pay on time to keep your virtual credit line in good standing.
3. Apply for a Salary Loan from Your Employer or a Government Program
Salary loans are short-term loans you can apply for through your employer or through government agencies such as the SSS or GSIS. These loans often come with low interest rates and are repaid through automatic salary deductions, which makes them easier to manage compared to other types of loans.
However, since repayments are taken directly from your paycheck, it's also important to consider how they will affect your take-home pay. When used wisely, a salary loan can be a convenient and affordable way to deal with unexpected expenses without tapping into your hard-earned savings.
4. Sell Unused Items to Quickly Raise Cash
If you have items at home you no longer use, such as gadgets, appliances, or clothes, selling them online can be a simple way to raise money. Platforms like Facebook Marketplace, Carousell, and local buy-and-sell groups make it easy to connect with potential buyers.
Instead of dipping into your life savings, turning unused items into cash can help you cover smaller expenses without going into debt. Just make sure you're not selling anything you still need or might have to replace later. It’s also a good idea to check similar listings online to gauge a fair market price for your items to maximize your earnings from each sale.
5. Take On a Short-Term Side Gig or Freelance Job
Picking up a side hustle can also be a practical way to earn extra income and get through a financial rough patch. Whether it's food delivery, online tutoring, freelance work, or selling homemade products, there are plenty of flexible options you can take on during weekends or after hours.
Earning through side gigs lets you manage urgent expenses without touching your savings. The extra income might even help you start building an emergency fund down the line. Just focus on earning opportunities that fit your schedule and energy levels, and try not to overcommit to the point of burnout.
6. Consider Borrowing from Someone You Trust
In certain situations, borrowing from a friend or family member can be the most accessible and low-cost way to handle a financial emergency. If someone close to you is willing and able to help, you may be offered more flexible terms, which can ease some of the pressure.
Still, it’s important to be upfront about how much you need and how you plan to repay it. Even if the arrangement is informal, put the agreement in writing and follow through on your commitment. This can help you navigate the situation without placing unnecessary strain on your relationships.
Getting through a financial crisis doesn’t have to come at the expense of your life savings. With the right approach and a clear plan, you can manage urgent needs while staying aligned with your long-term financial goals. And when you need credit, don’t hesitate to explore Maya’s safe and reliable lending options to find one that suits your needs.
