A loan can be a good financial tool to use but keep in mind that the best way to be financially free is to manage your money well. BPI Personal Loan shares tips on how you can be a responsible borrower as you make your best plans happen.
Why do I need a personal loan?
Ask yourself what specific need you have that can be addressed by having extra cash. A personal loan can be used for anything and everything that matters to you -- get funds to fix and improve your home, travel with your family, make celebrations more meaningful, and many more. It's a multipurpose loan that you can use for any need.
Think about how much you will need
Apply for a loan amount that’s just right for what you intend to spend it on. Use the money you would have spent on interest for monthly payments as your savings instead.
How much can you set aside for your monthly payments?
The rule of thumb is to allocate only about 20-30% of your disposable income to your monthly loan payments so you can spend the rest of your earnings on things that really matter to you.
Can I manage my existing obligations if I get a loan?
If you have existing financial obligations (credit card balances, other loans or mortgage, etc.), it would be ideal to settle them first before you get a loan. However, if you can manage your obligations keeping in mind tip #3, you should be able to handle the monthly payments.
What is the best loan option for me?
There are a lot of personal loan options out there so choose the bank that offers good rates, flexible terms and convenient monthly payments. Getting your extra cash from your personal loan is the first step, the rest is about managing your monthly payments until your loan gets paid off. So consider the kind and quality of service that your bank will provide you for the duration of your loan.
BPI is regulated by the Bangko Sentral ng Pilipinas. For inquiries or
complaints, you may contact BPI at 89-100 or the BSP Financial Consumer
Protection Department at 708-7087.