When should you apply for a personal loan? From investing in yourself, setting up a new business, transitioning into a new job or renovating your home to add value.
Getting a loan in the Philippines used to be characterised by bad tongue lash from people. The natural perception about taking a loan is that only people who don’t know how to manage their finances well resort to loans. However, different financial circumstances will warrant that you take a loan. Some cases are highly unpredictable. One of such cases was the outbreak of the novel Covid-19. No one ever thought the world would be in a mess that pushed many people into tight financial corners.
Whether or not you need a loan for immediate use, it is essential to know when to apply for one. We will highlight 4 signs you would notice that depict you need a loan. When you notice these signs, you should apply for a loan.
You’re Transitioning from One Job to Another
Are you starting a new job this year? Congratulations to you. However, you might not get a good salary this first month. And even if you get it, your first month take home might not be able to cater for your needs sufficiently. Plus, you need to feed and transport yourself to the workstation every day. Meanwhile, it is hard to get an upfront salary when you have just started working. Except you have family or friends, you can borrow from, getting a digido personal loan could be your best bet.
If you don’t want to struggle throughout the first month of your new job, you should source extra funds. And if you don’t have savings or anyone you can turn to for financial help, a personal loan could help you. Ensure you do this just before you exit your former job, as this will help you submit all the needed requirements. Once you get your first salary from your new job, ensure you pay back the loan in time to boost your credit score.
You Feel Like Your WFH Setup Needs an Upgrade
As a freelancer, you take pride in working from home when other people run to work every morning. With this, you don’t get to spend much on transport as to your workstation could be your bedroom or living room. Your productivity as a freelancer depends on speed and accuracy. And, sadly, you won’t get this if you still rely solely on your old desktop computer.
To increase your productivity, you should consider upgrading your tech. While upgrading your workstation, you can purchase a laptop with matchless sophistication, get better furniture to improve comfort. All these will need money. Why feel bad about applying for a loan if you are confident of repayment once your workstation is in better shape. Instead of meeting family and friends for financial help, you should apply for a personal loan.
You’re Envious of Other People Starting Their Businesses
Even the fierce heat of Covid was not powerful enough to quench the spirit of entrepreneurship in the mind of people. With the world gradually returning to its usual self, plenty of businesses are beginning to resurface. Meanwhile, the lockdown exposed so many business ideas that people hardly looked into in time past. There is no better time to start a business, now is the time.
Starting and succeeding in a business goes beyond having a great business idea or plan. Business needs money to thrive, and if you genuinely want to make it big in the business, don’t be scared to take a risk. Take a personal loan today.
You Have This Urge to Renovate Your Home
If you have ever been confronted with some of the complex realities of living in the Philippines, you would know that renovation is an integral part of living in this beautiful city. Typhoons and other natural disasters could happen anytime. Even if you are staying in a region marked as a safe place, you should still consider improving the look of your home.
Meanwhile, some home renovations are just compulsory even when a natural disaster does not cause it. For instance, if you are preparing to have a baby, you will need a nursery. This also requires money. You don’t need to bother your family and friends; they also have their financial obligations. Getting a personal loan is your best bet.
Sean Martin D. Plantado, head of customer service at Digido.ph, notes that many home improvement loans are offered at low interest rates. Most of them have short terms, which also means the interest you pay is less than you would pay on a 10- or 15-year loan.
Conclusively, you need to be in a life-threatening situation before you take a loan. For general life improvement, we all need financial assistance at one point in our lives. If you can get a personal, why put your financial burden on a friend or family? Take responsibility today, get a personal loan.
