Maricor Bunal
Life can get very unpredictable at times. One moment our wallet is packed with bills fresh from the bank. The next day, one of our siblings or son or daughter may call asking us to send them additional cash for school projects. Or, we may get a message that someone in the family got hospitalised, needing us to buy some medicines. The next thing we know, we don’t have enough cash for ourselves to last until the next payday.
For many people, filing for an emergency loan is the immediate solution to this problem. Now if you’ve considered doing the same, take time to consider these three considerations before applying for a loan:
Interest Rate
Above all else, it’s a must to do your own research and compare the interest rate of different loan providers. Yes, it’s usual for many borrowers to just go directly to popular lenders such as banks and government agencies. But it’s also a wise move to research a little bit more and compare the rates of different providers. In the Philippines, banks usually have the lowest interest rate (ranging from 1-1.8% per month) compared to private providers. However, they have a really strict application process and you would want to have your cash ASAP. Instead, a good alternative would be to shop around and partner with reliable loan brokerage firms such as Loansolutions PH.
Receipt and Payment Options
It’s also practical to go for providers offering flexible receipt and payment options. Many lenders today are offering various ways to send funds to their borrowers such as via bank transfer, check, money order or in cash. In the same way, find a provider that will allow you to send payments in whatever way that’s convenient for both parties. Also, read the fine print of your contract regarding fines for late payments and other services that may incur additional charges. You can also contact our agents here at Loansolutions PH to help you find a suitable lender.
Ease of Application Process
It defeats the purpose of emergency loans if you take too long in filing it. For instance, banks will have their borrowers under credit and background checks prior to loan approval. The good thing is that there are now many reliable private lenders who can process and approve your loan application in just a couple of days. All you need to do is fill out the application and pass the requirements. We, at Loansolutions PH, can help you find the right provider, considering our huge network of partners from around the country.
Customer Service
It’s not easy to be in such a tight situation. So it’s good to be able to find a provider who understands your needs, especially in terms of providing on-going support and practical tips on personal financial management. If possible, partner with a lending firm with agents who can help you in various money matters in you present situation and in the future.
Financial emergencies are really a pain in the ass. In the absence of a separate emergency savings, it helps to know a thing or two about filling an emergency loan such as the considerations mentioned above.
