If you’re facing a financial need, whether it’s something small like covering expenses until your next paycheck or something more pressing like a costly medical procedure, borrowing money can be one of the quickest ways to access the funds you need. Fortunately, it’s now easier than ever to get a loan that suits your means and circumstances. As the country’s #1 digital bank, Maya simplifies the process by offering flexible loan and credit options with little to no paperwork and quick approvals so you can focus on solving your problem instead of stressing over lengthy applications.
That said, convenience shouldn’t mean rushing into the first loan you see. Different loans work better for different situations, and picking the wrong one could leave you with higher costs or tougher repayment terms. So before you hit “apply,” it’s worth taking a moment to figure out the best instant loan that fits your specific needs. To help you avoid a mismatch, here are some tips on how to choose the best loan type for your situation.
Tip #1: Identify If Your Need Is Short-Term or Long-Term
The first step in picking the best loan is understanding whether your financial need is short-term or long-term. For quick needs or gaps, such as handling unexpected bills or daily expenses, a revolving credit line can be ideal. Maya Easy Credit, for example, lets you access up to PHP 30,000 payable up to 30 days. This makes it perfect for short-term needs because you can borrow what you need quickly and repay it without long-term commitments.
Meanwhile, for longer-term or larger expenses, you’ll want to get a loan that offers higher amounts and extended repayment terms. In particular, personal bank loans are a great option for most significant needs. By evaluating how long you’ll need the funds, you can select the best loan type while avoiding extra interest on money you don’t immediately require.
Tip #2: Match the Loan Purpose to the Loan Type
The type of instant loan you choose should match the scale and purpose of your financial need. A short-term bank loan works well for smaller, urgent needs, but bigger expenses may require something more structured. Maya Personal Loan, for instance, allows you to borrow up to PHP 250,000 that you can repay for up to 24 monthly installments. As such, it works well for larger expenses like medical emergencies, home upgrades, or funding business expansions.
Choosing the right loan type ensures you get the best loan for your specific goal. Personal loans generally offer longer repayment terms than credit cards or short-term credit lines, giving you the flexibility to space out payments without straining your finances. Matching the loan to its purpose prevents financial stress and keeps your budget manageable.
Tip #3: Compare Interest Rates and Fees
When considering getting a loan, interest rates and fees are just as important as the instant loan amount. Always check the total cost of borrowing, including any service fees. Comparing rates helps you identify the best loan for your needs with no unexpected costs along the way.
With Maya, you can rely on loans that have transparent fees and borrower-friendly rates. You can also use the loan calculators available on the Maya website to enter your intended amount and repayment length, which lets you see exactly how much your installments will be. This makes it easier to plan your budget and ensures you’re choosing a loan that fits your financial means.
Tip #4: Check Repayment Flexibility
Repayment terms are crucial when choosing a loan that works with your financial situation. Some loans have strict schedules with fixed monthly payments, while others may let you choose your preferred repayment length. The best loan is one that aligns with your cash flow and income pattern, helping you manage repayments without straining your daily budget.
Fortunately, Maya offers instant loan options tailored to different financial situations. Maya Easy Credit comes with a 30-day repayment term, making it ideal for short-term borrowing or quick financial gaps. Meanwhile, Maya Personal Loan allows up to 24 monthly installments, which works well for larger expenses when you need more time to repay. By making sure the repayment terms suit your financial means, you can stay on top of your budget and manage your loan with confidence.
Tip #5: Assess Your Risk Tolerance
Depending on the loan type, you could be exposed to different levels of risk, so it’s important to know what to expect. For instance, some loans require collateral, like secured loans, while others are unsecured. Secured loans often have lower interest rates, but failing to repay could put your asset, such as a car or property, at risk.
Your comfort with risk should guide your choice of the best loan to go for. If you’d rather not put personal property on the line, options that require no collateral, like Maya Easy Credit or Maya Personal Loan, can be the safer choice. Choosing a bank loan or another type of loan that matches your risk comfort helps you manage repayments confidently and without unpleasant surprises.
Selecting the Best Loan with Confidence
Finding the right loan doesn’t have to be a struggle. Whether it’s a bank loan with longer repayment terms like Maya Personal Loan or an instant loan that lets you borrow quickly and pay back just as fast like Maya Easy Credit, taking the time to understand your financial needs and repayment options makes all the difference. By evaluating your situation carefully, you can pick a loan that meets your goals, fits your budget, and gives you peace of mind throughout the repayment period.
