https://junrix.com/blogs/articles.atomJunrix E-Services - Articles2024-03-04T09:30:44+08:00Junrix E-Serviceshttps://junrix.com/blogs/articles/how-to-get-approved-for-personal-loan-in-the-philippines2024-03-04T09:30:44+08:002024-03-04T09:32:33+08:00How To Get Approved for Personal Loan In The Philippines?Junrix E-Services
Ever wonder why a majority of loan applications in the Philippines get declined by banks and other loan services? If your answer is yes, we’re here to help you on how you can increase your chances of approval!
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Ever wonder why a majority of loan applications in the Philippines get declined by banks and other loan services? If your answer is yes, we’re here to help you on how you can increase your chances of approval!
Loan approval hinges on a lot of factors, with eligibility being the main criteria. If you’re not eligible to acquire a loan due to strict requirements, there’s a big chance you won’t get approved. But this doesn’t mean the end for you.
Sometimes, a knowledge on how to increase your personal loan approval chances is the only thing missing for you to get that loan you’re applying for.
Though there are numerous important areas, banks or lending companies will be focusing on, it is vital that you are prepared to give the flawless, whole package for a credit check for guaranteed personal loan approval.
If you're planning to apply, here are some useful insights that might help you pass that background check and quickly get an approval for your loan.
1. Open and maintain a savings account
One way to show banks and lenders that you're financially capable and responsible is to have your own savings account. Make sure that you contribute regularly to your savings. This will prove them that you are likely to be able to cope up regular loan repayments.
2. Establish a decent credit history
Your credit history will be the concrete evidence of your settlement behaviors and morals. Keep in mind that bounced checks, unpaid previous loans, credit card felony and such, can ruin your loan application process. However, an excellent credit history will provide you nothing but a favorable loan to you.
3. Be truthful
As part of the loan process, banks will continuously verify all information that you have filled out in your application form. Expect a call from them to confirm these data. Make it a point that your line is always open because if they can't reach you right away, your application will be rejected immediately.
4. Uphold an outstanding credit rating
Having a good credit history is essential, but it's also important that you have a decent credit rating. It will help to speed up the loan process. You must have a good account history with any companies that have provided you credit, either telecommunication companies or other financial institutions. Overlooked payments or debts might have a bad impression to your credit rating.
5. Check if you are really qualified to apply for personal loan
Before deciding whether you can apply for a loan or not, you must ask yourself these questions first:
Am I at a legal age?
Do I have a good credit rating?
Do I have a savings account on the banks?
Do I meet the minimum income requirements of these organizations?
Do I have a job?
Am I capable of paying the monthly due in time?
How much do I want to borrow?
If your answer is Yes to all of these questions, then no doubt you are finally ready to apply for a personal loan.
6. Take time to check and compare loan interest rates and terms
Taking time to search first before applying for a personal loan is a big help to you. Through comparison, you will not only get the best offers, but you can also find banks with lowest interest rate and short payment terms.
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https://junrix.com/blogs/articles/how-to-improve-your-credit-score2023-04-26T14:33:38+08:002023-04-26T14:33:38+08:00HOW TO IMPROVE YOUR CREDIT SCOREJunrix E-Services
1. You make your payments on time.
You should do a great job in making all of your payments on time. The purpose of a credit score is to help lenders predict whether or not you will miss payments in the future, so keeping your record clean is a very positive factor.
2. You should not max out your credit limits.
Credit cards are considered "maxed-out" when you have spent 90% or more of the credit limit. Lenders view you as someone who uses their credit responsibly and spends only what they can afford.
3. You should build a strong relationship with lenders.
Lenders recognize that with higher credit limits comes increased responsibility, and that you have managed to build strong relationships with other lenders. Your relatively high credit limits signal to lenders that you are a trustworthy candidate for new lines of credit.
4. You should not spend beyond your means.
You do not apply for a lot of new accounts. Having a lot of inquiries on your credit report worries lenders, because it is a sign that you may use credit and loans to supplement your income and might be spending beyond your means.
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https://junrix.com/blogs/articles/how-to-apply-for-a-loan-through-zuki-app-by-sb-finance2022-12-02T11:40:25+08:002022-12-12T09:04:59+08:00How To Apply For A Loan Through Zuki App by SB FinanceJunrix E-ServicesWe may no longer be at the height of the pandemic, but it can’t be denied that its economic repercussions and crippling effects continue to persist. Least to say that COVID heavily impinged consumer behavior with how it carved a huge gap between basic necessities and the general capacity to fulfill them all. Fortunately, necessity is the mother of invention. That proverb strongly resonates with the rise of loan apps becoming easily accessible to our fellow Filipinos who have fallen on hard times.
Regardless of your economic situation in the grand scheme of things, you no longer have to worry about where to find a personal loan provider should you find yourself in need of one. One of the shining examples of these blessings in the fintech industry would be the Zuki App by SB Finance.
Zuki app features
Unlike most cookie-cutter mobile loan apps, Zuki is unique in that it responds to a client’s specific needs. You have a greater chance of getting approved as they consider your current financial situation and the unique gaps that need to be filled. With that in mind, you have the following four options to choose from:
Personal Loan
The most flexible cash loan option from their roster is the one you can use as a fund to cover any business or education related emergency expenses. Health emergencies and travel expenses are no exception. Use this personal loan option however you see fit.
Hoologan
If you’re familiar with Home Credit’s hulogan system, this is pretty much Zuki’s version of that. Purchase items and pay for them in installments by shopping at SB Finance partner merchants. So don’t hesitate to ask the vendor for easy installment terms.
MotorsikLOAN
This is your best option if you’re in the market for a motorcycle. Whether it’s a basic bike that gets you from point A to B with no frills or a high-end one to ride in style, this loan will help you acquire a vehicle in no time. This loan product goes for both brand new and bank repossessed bikes.
Car4Cash
With the never-ending spikes in fuel prices, you might want to consider pawning your car’s OR/CR for quick cash. The process is easy, and so long as your car is already paid in full, approval is almost guaranteed. There’s no need to surrender your vehicle because Zuki knows it’s always better to have actual mobility to navigate long-term solutions.
Benefits of a Zuki loan
Long-term with [potentially super] low interest rates
First off, the personal loan amount ranges between ₱30,000 up to a whopping ₱2 million. Interest rates for most of SB Finances' loan products go for as low as 1.89% per month. That applies to various flexible payment terms of 12, 18, 24 and 36 months. Although you should temper your expectations, because the amount you qualify for, available terms, and the interest rates will still be unique to your financial situation..
Being a credit card holder is not required
You don’t need to have a credit card, and SB Finance will never ask you to provide such information. They pride themselves for being user-friendly and available to all Filipino citizens who need a cash loan. Removing this form of obstacle is one way they invite you to seek the help you need from them.
No collateral required
Once again, for your peace of mind, they want you to keep your car and any valuable assets you may have. All you need is to apply, get approved, and quickly receive your cash.
On top of that, the application review and approval period take no longer than five business days.
Zuki’s loan requirements
Eligibility
Be aware that the set of requirements for employed and self-employed applicants tend to be different. We will discuss that along with the general eligibility requirements.
Applicant must be a Filipino citizen currently residing in the Philippines
21 years old up to 65 years old. Must not exceed 65 years old by the time the loan matures.
An employed applicant within the Metro Manila region must have at least ₱15,000 of net monthly income.
If employed outside Metro Manila, the applicant must net ₱12,000 in monthly income.
For self-employed, the applicant must own at least a 40% stake of the declared business.
Business must be operational and have been profitable for the past two years.
The applicant must have at least ₱60,000 in gross monthly income.
The applicant must provide one or more trade references, heavily dependent on the business’s actual status.
For employees, here are the documentary requirements:
Completely filled application form
Government-issued ID with photo
Any of the following income documents:
Payslip/s for the past month
Latest income tax receipt (ITR)
Certification of Employment – must be issued in the past six months
For the self-employed:
Government-issued ID with photo
Most recent Audited Financial Statement. AFS must have been issued within the past year. An additional statement from the previous year is also required for comparison.
Business or Mayor’s Permit
DTI Certification or SEC Registration
Bank statements for the past three months
Three (3) trade references including a customer and supplier with their corresponding contact info
*Note that additional requirements may be required if applying under a corporate business.
Application process
Applying for a Zuki by SB Finance is very straightforward.
First order of business is to download and install the Zuki loan app on the Play Store.
Once you’re in, hit the REGISTER NOW button.
Take the time to read through the Privacy Policy before hitting NEXT.
After hitting NEXT, enter all the required information to get registered. An OTP will also be sent to your mobile number, which you need to enter before the registration goes through.
Once you have registered and signed in, hit the APPLY tab to view the complete selection of loan products.
Choose the loan product that best suits your current needs
Read through the T&Cs before the NEXT button
You will be asked to scan a government-issued ID with your signature and photo.
Follow through with the verification selfie.
Follow through the application form. Review all the details you’ve entered before submitting.
Upload all required documents. *Refer to documentary requirements so you can prepare the documents ahead of time.
After the complete submission, just wait for two to five business days. You should receive a call and text informing you whether you were approved, amount you were approved for (which may differ from what you applied for – could be more, could be less), and the release schedule among other important details.
Now this raises a question, where will your cash loan be credited? Your loan proceeds will be wired to the bank you choose through PESONet or InstaPay.
Also, be aware that the following fees will be deducted from your approved loan amount:
Processing fee – ₱2,000
Notarial fee of ₱300 for loans at least ₱100,000
Documentary stamps of ₱1.50 per ₱200.00 for loans at least ₱250,000.00
Penalties and charges:
Late payment fee of ₱500.00 or 3% of the loan amount, whichever one is higher.
Pre-termination fee of ₱2,500.00
Closing Remarks
The good thing about Zuki is that SB Finance has secured a SEC registration for it. This gives applicants a peace of mind knowing that the app is legit with a Certificate of Authority to operate and is actually a financial service offered by Security Bank itself. This also means the information you provide are in good hands.
Another perk worth mentioning is the speed at which you get approved or otherwise. That’s the cherry on top of the fact that the application process is completely done with the tip of fingers through your mobile device.
Unlike any traditional loan system, Zuki by SB Finance is a total gem and takes the cake for being barely an inconvenience. It’s worth underscoring that it may not be a genie that guarantees your wish for quick cash. But you can take comfort in knowing that they don’t like wasting your precious time with an unnecessary waiting game and are keen to let you know whether you can expect cash to be credited to your bank account or tell you to move on to your next contingency ASAP.
Most important to remember is this: Even if you have the conviction to be approved because you meet all the qualifications and can provide all the requirements, remember that just like any other loan option, you are required to pay what you will have owed – with interest. Make sure to borrow only if you have exhausted all non-loan related solutions and borrow only what you know you can pay back.
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https://junrix.com/blogs/articles/baon-ka-ba-sa-utang-5-tips-on-loans-at-pag-iwas-ng-overdue-payments2022-11-27T21:13:13+08:002022-11-27T21:15:26+08:00Baon ka ba sa Utang? 5 Tips on Loans at Pag-iwas ng Overdue PaymentsJunrix E-Services
Tips sa pag-manage ng loans para maiwasan ang overdue payments, at mas madaling ma-approve sa iba pang loans and opportunities.
Hindi talaga maiiwasan ang mag-apply para sa loans o pangungutang. At kahit hindi naman ito sign ng financial mistake o failure, kapag hindi na-manage nang maayos ay maaaring magdulot ng devastating financial consequences. Maari ring hindi na ma-approve muli sa ibang loan o credit card application, at posible ring tuluyan nang ma-bankrupt. Kaya importanteng sundin ang mga steps na ito para masiguradong mabayaran lahat ng utang at masulit ang perang hiniram sa tulong ng loans.
1. Siguraduhing kailangan mo talagang mag-loan or umutang
Nagtataka ka rin ba kung bakit kung kailan sa tingin mo kailangan mo ng pera ay saka ka nakakatanggap ng loan offers? Maraming nag-iisip na ito na ang sign na hinihintay nila. Pero kung gusto mong gumawa ng smart financial decisions, huwag basta-bastang magpapadala sa mga ganito. Siguraduhing mag-lo-loan lamang kung kinakailangan talaga o para ma-purchase ang isang asset na mag-i-increase ang valueovertime.
2. Alamin ang exact amount na kailangan i-loan
Karamihan ay iniisip na dahil kukuha ka na rin naman ng loan ay sagarin na at humiram na ng malaking halaga. Pero hindi ito advisable. Laging tatandaan na may consequences ang lahat ng bagay, lalo na lahat ng financial moves mo. Kung mas malaki ang amount ng loan, mas malaki rin ang interest rates. At dahil mas malaki ang interest rates, ang kalalabasan ay mas malaki ang kailangan mong bayaran na pwedeng mauwi sa mas mahabang panahon ng bayaran.
3. Alamin ang amount na kayang bayaran monthly
Maging totoo sa sarili at sa financial status. Ugaliing maging on top of your budget para alam mo kung magkano talaga ang afford mong bayaran buwan-buwan. Kahit pa may pagkakataon na madadagdagan ang income sa future, laging pag-basehan ang current financial standing.
4. Piliin saan mag-a-apply ng loan
Hindi maipagkakaila na maraming facilities na nag-o-offer ng loan. May mga bangko, financial institutions, pati na rin individuals na pwedeng utangan. Pero importanteng pumili ng facility na magbibigay ng fair at attainable payment terms. Makatutulong rin kung trusted at kilala na ito para pwedeng mag-research ng reviews. Siguraduhing nasunod ang steps 1-3 para mas madaling ikumpara ang iba’t ibang facilities at makapili ng para sayo.
5. Laging mag-stick sa budget
Ang huli at pinaka-importanteng step ay ang pag-budget ng cashflow — mula sa income hanggang sa spending. Siguraduhin na kapag matanggap ang loaned amount ay sa tamang lugar ito napupunta at nailalaan. As long as you stay on top of your finances, mas madaling iwasan ang pagbabayad nang late.
Talagang hindi madali mag-manage ng finances lalo pa kung may loan na kasabay. Pero with these 5 steps, mas attainable ang financial freedomeven with more than one loan.
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https://junrix.com/blogs/articles/personal-loan-tips-to-raise-your-chance-of-getting-approved2022-10-31T13:43:53+08:002022-11-14T08:29:59+08:00Personal Loan Tips to Raise Your Chance of Getting ApprovedJunrix E-Services
A lot of us have been hoping for financial relief even before the pandemic. Aside from juggling several jobs, most of us rely on personal loans as a quick solution for our financial woes.
But doing the hard work and enduring the tedious loan application process still won’t let money come so easily sometimes. As a result, borrowing from banks and other lending institutions has become a disappointment for Filipinos who have been declined several times already.
This is not the time to give up, though. We’ve listed down some useful personal loan tips to improve your chances of getting approved. Read on to learn more ways to ensure better chances of approval for your personal loan application.
Personal Loan Tips to Help Improve Your Application
Ready to apply for a loan? Check this list first before submitting that application.
1. Be Realistic with Your Numbers
Make sure you’re borrowing an amount you can realistically pay. You can use the debt-to-income ratio to measure how much of your salary should go to loan repayments.
The debt-to-income ratio is a personal finance measure that compares an individual’s monthly debt payment to his or her monthly gross income.
How to compute debt-to-income ratio
For example, your monthly gross income is PHP 25,000, and your total monthly debt payments are PHP 9,500, your debt-to-income ratio is 38%. This means you spend 38% of your salary on monthly debt payments.
It’s best to keep your ratio low because lenders may not approve your personal loan application. This is one of the top personal loan tips to keep in mind when getting a personal loan.
2. Understand the Types of Personal Loans Available
Learn about the types of personal loans in the market. You can get a secured or an unsecured personal loan, but what’s the difference?
Asecured loanuses one of your assets as collateral. If you can’t repay the loan, your lender has the right to seize your asset, which may be your vehicle or property. Moreover, the lender may sell it to cover the money you owed.
The amount you can borrow with a secured loan is typically higher than in an unsecured loan. The interest rates tend to be lower as well.
With anunsecured loan, you don’t have to put up collateral. If you miss repayments or default, your lender cannot take any of your assets to settle your debts.
Also, the amount you canborrow with an unsecured loanis smaller. The interest rates may be higher as well. However, it doesn’t mean defaulting on an unsecured loan has no consequences. Your credit history will be affected if you don’t pay your loan.
3. Compare Personal Loans
Many financial institutions in the country offer personal loans, so it can get overwhelming. Do your research first so you know your options — this is one of the most important personal loan tips.
According to the Bangko Sentral ng Pilipinas, borrowers consider the interest rate, loan amount, repayment period, and ease of application when applying for a loan. You may consider these factors as well when comparing loan products.
Apart from these, you should consider your loan needs and how much you can afford. Banks won’t loan you an amount you can’t pay. So, whencomparing different loan providers, ensure that the interest rate, processing fees, and loan term are realistic in relation to your financial standing.
4. Talk to Lenders
Get in touch with lenders to know more about their loan products. You may call their customer service hotlines or inquire via email.
You can also head to your local bank and ask questions about the personal loan application process, time frame, terms, additional fees, and repayment schemes. It may be time-consuming, but it will help you fully understand the loan you’re trying to apply for.
5. Have Your Personal Loan Application Documents Ready
Before starting the personal loan application process, prepare all the documentation you’ll need. Different financial institutions may have different requirements, so contact your preferred lender ahead of time to get a checklist of the items you need to submit. For example, it would be easier to apply for a Eastwest Bank personal loanif you already have a credit card for at least one year.
In general, you have to submit a fully accomplished personal loan application form, a photocopy of your valid ID, and proof of income. You may have to submit additional document requirements, depending on your lender.
Check your lender’s eligibility requirements as well. Typically, you must be at least 21 years old, and a Filipino citizen or permanently residing in the county. Some lenders may require a minimum gross basic monthly income to qualify for a loan application.
6. Check Your Assets and Liabilities
Assets are things you own like properties, vehicles, and other investments. Liabilities, on the other hand, are your financial obligations, such as credit cards or mortgages. Lenders may look at these when you apply for a loan.
So beforeapplying for a personal loan, check your outstanding liabilities. Debts can impact your credit history, affecting how much you can borrow.
7. Improve Your Credit History
Financial institutions look at yourcredit historyto determine whether you are a trusted and disciplined lender. If you pay your credit card balances on time every month, this shows that you can make the monthly payments on your loans.
If you have maintained a credit card with good standing, this shows that you have the discipline to pay off personal loans spanning two or three years.
Here are some ways you can improve your credit history for your personal loan application:
Pay your bills on time
Pay your bills in full
Spend less than your credit limit amount
Keep old accounts (longevity counts)
Avoid external factors that impact your history negatively (e.g. foreclosure, bankruptcy, etc.)
8. Make Sure You Have Proof of Income
You have a better chance of loan approval if you’re employed compared to if you’re a freelancer. The risk for banks is lower because you have a steady flow of income, meaning you can pay them back.
If you’re self-employed, your lender may ask you to provide the following documents:
A copy of your Income Tax Return (ITR)
Your audited financial statements for the past years
Necessary Licenses or permits such as a DTI business permit or an SEC registration
These documents show that you have a history of earning and paying taxes. Take note of these personal loan tips.
9. Be a Disciplined Borrower
Financial institutions also consider borrowers who have multiple forms of credit that they’re able to pay regularly.
For example, you have three credit cards with a total credit limit of PHP 150,000 and a car loan. You pay these debts on time, every month. It shows you can maintain a good credit standing while managing to pay multiple forms of credit.
However, don’t borrow more than you can afford. If you already have multiple forms of credit, but you can barely pay for them, a personal loan may not be the best idea.
10. Try the Lender’s Loan Calculator
Tofind out your possible loan interest, monthly installment amount, and fees, you can use the lender’s loan calculator.
Here’s a sample from Security Bank’s online loan calculator:
First, enter the amount you wish to borrow. Remember, don't borrow an amount you can't afford to pay or don't need. It’s not practical to pay a loan you won’t even use for your financial need.
Next, choose how long you want to pay for your loan. The loan duration or tenor plays an important role in determining the cost of your personal loan.
Lastly, check your estimated monthly installment.
This loan calculator will show you how much your expected monthly repayment will be. So for this example, you’ll be paying PHP 3,066 every month for 12 months for the loan amount of PHP 30,000.
At a glance, you can also find out the interest that your loan will incur for one year.
In the computation above, you can see that the loan will incur an interest amount of PHP 6,792 for one year (PHP 566 each month). This does not include late payment fees and other charges.
11. Improve Your Relationship with the Bank
Having a good relationship with your bank can help them evaluate your creditworthiness. Being a credit cardholder can help, but so can being a long-time client with several bank accounts.
Some banks don't even look at how much you currently have in your accounts. More often, banks will check how long your accounts have been active.
12. Know the Difference Between Good Debt and Bad Debt
Making a personal loan means being in debt to the loan provider. As a borrower, check whether you’re signing up for good debt or bad debt.
Good debt is defined as taking out a loan to fund something that will potentially grow your assets[3]in the long term. Examples of good debts are money spent on tuition fees, career advancements, home renovation, or business capital.
Bad debt is associated with borrowing money for something that will potentially reduce or prevent your asset growth. These are the things that depreciate over time, like borrowing for vehicles, shopping during monthly sales, and other unplanned purchases.
So know your goal before taking out a personal loan. This will determine whether it’s a good or bad debt. Borrowing money for something that will not help you gain financially is not practical and may lead to unpaid debts for years.
Personal Loan Tips to Speed Up Your Application
Personal loan approvals may take some time, especially during this pandemic when lending companies are operating with a skeletal workforce. Although you can’t control the entire approval process, you can still follow these personal loan tips to avoid delays on your application.
Check yourcredit score.Before applying for a personal loan, check whether you have a good credit rating. This will give you enough time to improve your score or fix errors if there are any.
Know how you can receive the loan proceeds. Can you pick up the check from the lender’s office or can you have the loan proceeds deposited to your account? Due to the quarantine restrictions, it’s safer to have the loan proceeds deposited to your bank account or mobile wallet.
Prepare all your financial documents.Make sure you have updated documents as proof of your capacity to pay. Your latest income tax return, valid IDs, and correctly filled out personal loan application form can help speed up the process.
Find a willing guarantor or co-borrower. A guarantor or co-borrower should voluntarily sign the loan application with you. This is applicable if you apply for an unsecured loan with no collateral or if required by the lender. The guarantor or co-borrower should also prepare the same documents required from the principal borrower.
Plan your payments.Having a plan to pay the loan even before applying for it is a good start. One of the most important loan repayment tips to keep in mind is to find another source of income. This way, should there be a change in your current salary, you’ll still have enough to cover your new debt.
What to Do When Your Loan Application is Denied
Getting declined on a personal loan is part of the process. If your loan application is not approved, here are additional personal loan tips to help improve your chances when you apply again:
Pay off your debts.
Apply for a secured loan if you have collateral to offer.
Inquire about other types of available loans you may be eligible to apply for.
Check other lenders.
Review the documents you’ve submitted.
Improve your monthly income.
Final Thoughts
Getting approved for a personal loan with low interest and convenient payment terms is a privilege. But it takes a while to build a good credit record to show lenders that you deserve a chance to borrow. It’s a process that requires discipline.
You can start by following the personal loan tips we shared in this article. And once your loan application is approved, make sure you have an efficient budgeting and repayment plan to pay down the debt and be eligible for bigger financial opportunities in the future.
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https://junrix.com/blogs/articles/top-5-money-tips-for-breadwinners2022-10-17T09:52:46+08:002022-10-17T09:52:47+08:00Top 5 Money Tips for BreadwinnersJunrix E-ServicesBeing a breadwinner of the family is like being a superhero. Its responsibility is akin to Uncle Ben’s final words to our favorite web-slinging hero, “With great power comes great responsibility”. The problem is we aren’t superheroes and our power is confined by human limitations. As a real-life superhero, you are the epitome of bravery, courage, fearlessness and determination. A role that is definitely fulfilling but can be overwhelming at times, it’s as if you’re carrying the weight of the world on your shoulders.
One of the unique traits and values instilled to us Filipinos is having close-knit family ties and looking after the welfare of our loved ones. We place high regard in prioritizing our family and even go to great lengths for them. It’s sort of ingrained in our system to repay our debt-of-gratitude and reciprocate what we owe to our family for raising us.
As Filipino breadwinners, we hold the duty of providing financial needs for our dependents. We are tasked to pay the bills, cover household expenses, bring food to the table, support educational needs, provide allowances, and earn a decent income that should suffice other basic necessities.
Financial freedom can be a dream, or should I say fantasy, for a breadwinner. But dreams or fantasies can become a reality with enough planning and effort.
Here are Top 5 Money Tips to help you work on your journey towards financial independence.
Tip #1 Track Your Expenses
Being a breadwinner does not end with disbursing money, it also means being responsible for your financial transactions. Keeping track of your expenses has quite a number of benefits when it comes to managing your overall finances.
When you track your expenses, it reveals your spending behavior and where your money exactly goes. This helps you stay within your budget and eliminate worthless purchases. Gradually, you will find yourself wiser and more careful with your spending. You gain complete control over your finances that will impact your decisions for your financial goals.
There are various ways you can easily track your expenses depending on your preference. You can write it down in a notebook, create a spreadsheet or make use of available expenses tracker apps that are free to download. Categorize your expenses, include dates, frequency and make a habit of logging your expenses, income, and savings.
Tip #2 Pay Yourself First
There’s nothing nobler than to live selflessly by putting the needs of others ahead of your own. This could also mean neglecting not only your own well-being but also those who depend on you daily. Being a breadwinner requires you to stay healthy and mentally stable at all costs and this is only achievable if you start putting yourself first.
By paying yourself first, it contributes to your progress towards your financial goals. Prioritizing your own necessary expenses (needs, savings, investments, insurance, retirement plan) rather than focusing on the immediate needs can only guarantee you a better financial future. Pay yourself first by:
Making Good Investment Early
Studies have shown that the earlier you invest, the richer you get. Investing in the early stage of your life allows you to develop a habit of saving more and put a generous amount of money in your future pocket as money grows in time. Making good investments at an early age can reap huge benefits later which puts you ahead of everyone who prefers to invest at the latter stage in life.
Don’t Live Like a Monk (Spend on your needs and wants but keep it within the budget)
Preparing for your future by saving and investing is non-negotiable but that shouldn’t hinder you from living in the present. Categorize your expenses according to your needs, wants, and savings. Dividing your income and allocating a specific budget for each category can work wonders in balancing and fulfilling your financial responsibilities.
Let’s tackle this more as we move on to Tip #3.
Tip #3 Be Realistic with your Finances
We tend to be unrealistic when spending for the lifestyle we desire versus what we can actually afford. It’s part of the human instinct to constantly compare ourselves with others and this is especially accessible today, thanks to social media. This can significantly affect our ability to set realistic financial goals for ourselves.
We have to recognize that people choose the part of their lives they only want to share. That is why it is important to make a conscious effort to stay realistic about your own situation and not get caught with the seemingly fascinating life of others.
To tell you truthfully, everyone lives on a budget. It’s only a matter of what your priorities are and what you are aiming for. For breadwinners like you, putting a strict budget in place ensures that all important things are taken care of and leaves more money for your wants as well.
The 50/30/20 rule is a simple and easy method to budget your money more efficiently. The basic rule of thumb is to divide your income into three categories: 50% for needs, 30% for wants, and 20% for savings. This way, you can put your money to work, avoid overspending and build up your savings over time.
50% Goes to Needs
These are basically all the essentials you can’t live without and the bills you can’t avoid paying such as rent, groceries, and utilities (water, electricity, etc.). If you have a big family and your necessary expenses take up half of your income, you might need to spend less for your wants and savings.
30% Goes to Wants
These are the things you desire and are not actually needed for you to survive. These include all nonessential spendings like a vacation, a new bag, dining out, shopping, and a new gadget. All the extras and upgrades you spend your money with to treat yourself.
20% Goes to Savings
This is the money intended for your future financial goals including emergency fund, retirement savings, liquid savings and investments. If you’re single but supporting your parents, consider increasing your savings budget for when you have your own family.
Tip #4 Save! Save! Save!
I know I know, this isn’t new to you, but have you actually been saving up? I’m guessing you haven’t considered it yet. Well, sometimes the hardest thing about saving money is to just get started.
Budgeting and saving at the same time may seem stressful but let’s try looking at it in a different light, shall we? Start by visualizing your exciting life in the future. Is it buying a new car? Moving into your own house? Traveling to Greece? Or just splurging on something you’ve always wanted for yourself? Find whatever it is that will motivate you to start saving.
By following the first three tips above, you can easily save money in no time. It doesn’t matter how big or small the amount is, saving up is an accomplishment in itself, and seeing your money progress can be a source of motivation to continue with what you have started.
Open a Savings Account
You can start by creating a designated savings account for your savings. By doing so, you minimize the temptation to spend your savings to cover your expenses and encourage you to stick to your planned budget.
Automate Your Savings
Another simple move to improve on saving money is automating your savings. Putting your savings on autopilot can prevent you from spending the money for something else and prioritize your saving contribution that will help you in meeting your saving goals. Another great thing about automating your savings, especially if you’re the forgetful type, is that the responsibility will no longer be on you. You can simply enroll your account for an auto-debit arrangement, enabling the automatic collection of funds and transfer it directly to its designated account (emergency fund account, investment, insurance) on the scheduled date.
Start Investing
Though it is important to have an emergency fund equivalent to your salary for three to six months, making a big portion of your money work for you can step up your game in your financial stability and security. Basically, idle money is wasted money. Having money in a bank account–no matter how high the interest rates are, is kind of wasted.
Some of the investments you should invest in are:
Stocks
Securities
Unit Investment Trust Funds (UITF)
Blue Chip Investments (top of PSE), can be achieved through mutual funds
Real Estate
Side Gigs/Businesses/Franchises
Tip #5 Look for Additional Income
With technology today, it is with no doubt that earning an extra income can be done at the comfort of our homes. These days, it is very common to see everyone having freelance jobs. Aside from budgeting and saving up, it won’t hurt to increase your income too.
Don’t just depend on one source of income, develop multiple streams of income to create the life you are dreaming of. Having an extra income will help you increase your budget, boost your savings and investments, and leave extra money for fun as well.
Make use of those skills you have long been hiding or just start exploring on things that spike your interest. You will not only learn new things, you get to earn money too.
Here’s a list of some of the many freelance jobs in the Philippines that you can start with:
Teach English online
Sell homemade food online
Sell pre-owned items online
Start an online reselling business
Sell your services online (e.g. designing/editing, instrument lessons, tutoring)
Become a Virtual Assistant
Create and monetize your blog
Create online course/webinars
Do typing jobs
Translating
The list can go on but it is vital to find what works best for you. All you need is resourcefulness, dedication and time to succeed.
Now that you’ve learned how to manage your finances wisely, keep working hard and smart, this will bring you closer to your dreams and goals. Being a breadwinner is tough and can be draining physically, mentally and financially but seeing your loved ones individually healthy, and living well is worth it. We all dream of living abundantly without worries but building your wealth requires discipline, commitment and hard work.
Embrace the grind, enjoy the process, behind every sweet success is sweat. Keep pushing further and keep going, life will reward you for what you deserve.
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https://junrix.com/blogs/articles/struggles-that-people-face-when-applying-for-a-personal-loan-here-in-the-philippines2022-09-28T10:33:36+08:002022-09-28T10:33:37+08:00Struggles That People Face When Applying For a Personal Loan Here in the Philippines.Junrix E-ServicesPersonal loans can give you a quick fix for expenses you never saw coming. They’re a convenient way to borrow money, and you can just pay them off in monthly installments with interest. With a personal loan, there’s no need to ask your parents or your best friend for money. No need to sell prized possessions for some quick cash, either.
Unfortunately, not everyone can be approved for a personal loan. Before you can get a loan approved, financial institutions will first check whether you are a credible borrower or not. If you don’t meet the criteria, your loan will automatically get disapproved.
Many things affect the outcome of your loan application, the most common of which is bad credit history. But very few people can truly say that they’ve never had a late payment for a credit card bill, or missed a payment for a loan. In fact, very few people can really say they are 100% debt-free. Which is why it’s a struggle to apply for a personal loan if you have a less than perfect credit history.
Here are some of the struggles that people face when applying for a personal loan here in the Philippines.
You Must Have a Fixed Source of Income
Financial institutions are more inclined to approve a personal loan application if the applicant has a fixed and stable source of income. This establishes your ability to pay off the loan in the next couple of years. It’s a very important requirement for loan applicants. Employees with lesser income but have a permanent job have a higher chance of getting their loan approved compared to employees who earn more but work freelance or on a contractual basis.
Build a Relationship With Your Bank
If you have been a loyal customer of a financial institution and have had numerous transactions over the years, you are likely to get an approved loan. Banks look at your credit card history, as well as your savings and checking accounts transactions, to establish your financial credibility. If you have no savings accounts or credit cards, it will be more challenging to get a personal loan approved. You may have to submit more documents and financial records to prove your credit worthiness.
Have an Unblemished Credit History
Your credit history will definitely affect your chances of getting a personal bank loan approved. If you have bad credit history because of unpaid credit cards or loans, banks will have no choice but to deny your loan application.
Any unpaid loans, delinquent credit cards, and bounced checks will automatically reflect in your credit history. These are red flags for banks and financial institutions and could negatively affect your loan application process.
At The Very Least, Have a Credit History
Banks are also likely to deny your loan application if they perform a credit check and find no financial records under your name. If you have no credit, this doesn’t mean you have good credit. Banks and financial institutions will not loan money to borrowers whose credit worthiness is unclear or questionable.
If you have no credit, you haven’t committed any financial mistakes yet. Which is a good thing, because you can better take care of your credit standing by paying your financial obligations on time and on a regular basis.
But because you are just building your financial reputation and have yet to establish a payment history, having no credit can be more negative than positive. Banks and financial institutions may deny your loan application unless you are able to prove that you have the paying capacity. They will check if you already have a credit card, or whether you have a proof of billing under your name, or if you’ve had previous approved loans.
You Should Not Have Unsettled Debts
If you have already taken out a personal loan with another bank and failed to pay it fully, chances are your next loan application will also be disapproved. Even if you apply for a loan with several banks, you will most likely get the same answer. There are some companies that can offer personal loans without a credit check, but the interest rates will be much higher, and the principal loan amount will be lower. You may also need to provide a collateral or find a guarantor with a good credit standing.
Don’t Apply for an Unrealistic Loan Amount
Some people apply for a personal loan to be able to buy certain things, or to consolidate loans and debts. However, the amount applied for is often not realistic with the income that they are currently receiving. The bank will only approve an amount they think you are able to pay back. They can approve your loan application for a lower loan amount, or disapprove the application outright.
Shopping for a loan provider is easy, if you can meet all of the requirements. However, not everyone will have outstanding credit history or a good long standing relationship with banks which would sometimes make it difficult to get approved.A Personal Loan Application can be a lifesaver during financial emergencies, and it can be quite frustrating if you will encounter these problems every time you apply for one.
If you are really in need of a loan, don’t apply for one with every bank or financial institution. Your credit report will contain all of your loan applications, whether approved or disapproved. This will send the message that you are in financial trouble, and they can flag you as a credit risk. Which means lower chances of getting your loan approved.
You can improve your credit history and show that you have the capacity to pay off the monthly loan payments. Pay your credit card bills on time and in full. Maintain old bank accounts and credit cards, because this shows that you can manage and maintain your finances over a long period of time. Spend less than your credit card limit and pay the full balance each month.
Don’t be overly dependent on personal loans to get you out of a financial bind every time. Only apply for one to cover emergencies and unforeseen expenses. With every loan you take out, you are actually losing money in interests, which is never a good thing.
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https://junrix.com/blogs/articles/ctbc-personal-loan-online-application-how-do-i-apply-and-get-approved2022-09-17T09:19:55+08:002022-09-17T09:19:55+08:00CTBC Personal Loan Online Application: How Do I Apply and Get Approved?Junrix E-Services
When financial difficulties hit you and your family, things can get stressful primarily because operating on a limited budget can test your patience and tolerance to uncertainties. Thankfully, there are many banks and financial institutions that lend a helping hand through their loan programs.
One of the trusted banks that you can visit is CTBC Bank. Founded in 1966 in Taiwan, CTBC Bank has been providing Filipinos with top-notch and reliable financial services since its arrival on Philippine shores in 1995. And one of the products that you can count on is its personal loan, otherwise known as the CTBC Bank Salary Stretch Loan.
This article will provide you with important information about the CTBC Bank Salary Stretch Loan. We’ve also come up with a guide to the CTBC personal loan online application.
What is CTBC Bank Salary Stretch Loan?
The CTBC Bank Salary Stretch Loan is an unsecured loan that helps people fund short-term or mid-term financial goals or emergencies. The bank mainly offers this loan product to salaried and self-employed clients.
Where Can I Use a CTBC Bank Salary Stretch Loan?
The CTBC Bank Salary Stretch Loan is multi-purpose in nature, meaning you can use it in different ways. You can use your loan proceeds for the following purposes:
1. Emergency Expenses
If someone in your family gets hospitalized, you can use the cash that you’ll get from this loan to pay for the hospital expenses, medicines, and medical equipment.
2. Your Dream Business
Have you been dreaming of starting your online bakery or a small corner store in your village? You can make it possible through this loan!
3. Your Child’s Education
You can also use the loan proceeds to pay your kids’ tuition on time and avoid issuing promissory notes. Likewise, you can use it to buy your kids notebooks, books, and even gadgets.
4. For Your Hobbies and Passions
Are you an aspiring fitness guru who wants to build a small gym at home? Do you love painting and want to attend online classes? Apply for a CTBC Bank Salary Stretch Loan and turn your plans into reality.
5. A New Gadget
If you want to get the latest smartphone but don’t have enough funds, the CTBC Bank Salary Stretch Loan can help you. It will also help you fund your new laptop that you can use for freelance work!
Why Should I Get a CTBC Bank Salary Stretch Loan?
Foremost, the CTBC Bank Salary Stretch Loan is an unsecured loan, which means you don’t have to surrender an asset in exchange for cash.
Secondly, CTBC Bank offers a high loan amount; you can actually borrow up to PHP 1 million! Remember, though, that a high loan value is subject to the bank’s validation.
When it comes to repayment, the bank offers flexible terms. Payments can be split into 12, 18, 24, or 36 months. Keep in mind that the payment of monthly amortization is through post-dated checks (PDCs).
CTBC Bank Salary Stretch Loan Key Features
Here’s a quick rundown of the CTBC Bank Salary Stretch Loan features:
Loan amount:PHP 10,000 to PHP 1 million
Annual contractual rate/Effective interest rate:29.33% to 37.54% depending on the term of the loan
Monthly interest rate:1.39% to 1.79% across all loan terms
Loan terms:12 to 36 months
Loan processing time:3 to 5 days
Processing fee:PHP 2,000
How to Apply for a CTBC Bank Salary Stretch Loan Online
1. Know If You’re Eligible for the Loan
Find out first if you’re actually eligible for the CTBC Bank Salary Stretch Loan. Here are the criteria that you need to meet:
For salaried individuals:
Must be a Filipino citizen
Must be between 23 and 65 years old upon the maturity of the loan
Must have a minimum gross monthly income of PHP 15,000 for NCR-based applicants or PHP 10,000 for provincial applicants
Must be living within the bank’s serviceable area if the applicant is based in the province.
Must have at least a six-month work tenure with current employer or a total of two (2) years of working experience, including work on a regular/permanent status
Must have an office landline number
For self-employed individuals
Must be a Filipino citizen
Must be between 25 and 65 years old upon the maturity of the loan
Must have a minimum gross monthly income of PHP 15,000 for NCR-based applicants or PHP 10,000 for provincial applicants
Must be living within the bank’s serviceable area if the applicant is based in the province.
Must have a registered business operating for at least three (3) years for service industries or five years for trading and other industries
Must have an office and home landline and/or mobile number
Must be a credit cardholder
For employed doctors
Must be a Filipino citizen
Must be between 25 and 65 years old upon the maturity of the loan
Must have a minimum gross monthly income of PHP 25,000 and working within the bank’s serviceable area
Must be employed with the current employer for at least two years on a regular/permanent status
Must have a hospital landline, a residence landline, or mobile number
For self-employed doctors or consultants
Must be a Filipino citizen
Must be between 25 and 65 years old upon the maturity of the loan
Must have a minimum gross monthly income of PHP 25,000 and working within the bank’s serviceable area
Must be a registered doctor/dentist for at least three (3) years based on Professional Regulatory Commission (PRC) ID
Must have a clinic and residence landline or mobile number (for clinic-based doctors)
Must have a residence landline and mobile number (for consultants)
2. Gather the Documentary Requirements
Once you’ve determined that you’re eligible for the loan, start collating all the requirements. The requirements, however, will depend on your category of employment.
For salaried individuals:
Duly accomplished application form[1]
Photocopy of latest ITR/BIR Form 2316
Photocopy of ID issued by the employer (with photo and signature)
Photocopy of the latest payslip (one month)
For self-employed individuals
Duly accomplished application form
Photocopy of latest BIR Form 1701/1702
Photocopy of unexpired Certificate of Registration from the Department of Trade and Industry (DTI)
Photocopy of the latest credit card statements for the last two (2) months
Photocopy of the latest bank statements of account/s for the last six (6) months
Photocopy of the face of credit card
Photocopy of two government-issued IDs with photo
For employed doctors
Duly accomplished application form
Photocopy of company/hospital ID
Photocopy of PRC ID or Proof of Renewal
Photocopy of the latest payslip (one month)
Photocopy of Credit Card/Bank Clearance or Certification (if applicable)
For self-employed doctors or consultants
Duly accomplished application form
Photocopy of company/hospital ID
Photocopy of PRC ID or Proof of Renewal
Photocopy of one valid government-issued ID
Photocopy of the latest bank statements for the last three months
Photocopy of Credit Card/Bank Clearance or Certification (if applicable)
Note:Prior to the release of your loan proceeds, the bank may require you to present the original copies of the requirements enumerated above. Documents other than the ones above may also be required by the bank.
3. Submit Your Application via website
Make sure that the details in your application forms and documentary requirements are accurate. After double checking your requirements, submit application and scanned documents here: https://junrix.com/pages/personal-loan-application
Remember that the CTBC Bank doesn’t collect processing fees upon application. If your application is approved, a handling fee will be automatically deducted from the loan proceeds.
Wait for the confirmation of your application within 3 to 5 days. You may receive a call within this time period.
CTBC Bank Salary Stretch Loans FAQs
1. Can I apply via the CTBC Bank’s website?
As of this moment, it isn’t clear if a CTBC Personal Loan online application is possible via the bank’s website. Nevertheless, you can open a loan account via the CTBC Bank NetBanking mobile application.[3]
2. How will I receive my loan proceeds?
Once your loan is approved, the proceeds will be released through a CTBC Bank Visa Cash Card. However, you can choose from other methods of disbursement, such as the following:
Credit to a CTBC Bank account
Credit to your other personal bank account
Through over-the-counter transaction
Through Manager’s Check
3. How can I pay my CTBC Bank Salary Stretch Personal Loan?
Repaying your CTBC Bank loan is convenient as the bank offers a lot of payment channels and methods. Here are some of them:
CTBC Bank Branches
The bank’s branches themselves serve as CTBC payment centers. If there’s one near you, you can easily settle your monthly financial obligations there.
UnionBank Branches
Should you choose to pay your CTBC personal loan at a UnionBank branch, here’s what you need to do:
Fill out the Bills Payment Form with your name and your 12-digit loan account numberorCTBC Bank Visa Cash Card NumberorCASA Account Number.
Indicate the amount to be paid.
Go to the teller and present the Bills Payment Form and payment.
Once done, keep a copy of your receipt for documentation purposes.
BancNet Channels
You can also pay your monthly amortization via BancNet-accredited facilities, such as the following:
Via ATM
Insert your BancNet ATM card and enter your Personal Identification Number (PIN).
Select your Account Type (Savings or Checking).
Select Bills Payment. Then, choose Loans.
From the selection menu, select CTBC Bank Salary Stretch as the biller/institution.
Enter your 16-digit CTBC Bank Visa Cash Card Number and the loan amount to be paid.
Keep a copy of the receipt for validation purposes.
Via Online Banking (Available only for CTBC Bank Visa Cash Card Holders)
Go to www.bancnetonline.com and select the bank of your account.
Click I Agree in the Terms and Conditions section.
Select Payment.
From the dropdown menu, select CTBC Bank Salary Stretch as the biller/institution. Then, enter your 16-digit CTBC Bank Visa Cash Card Number in the Account Number field.
Enter your BancNet ATM card number. Then, select the Account Type where the payment will be deducted and enter the loan amount to be paid.
Using your mouse, click on the PIN pad and enter your PIN. Then, click Submit.
Once you have verified that all details are correct, click OK.
Remember to keep your trace number for documentation purposes.
ECPay-Accredited Payment Partners
You can also pay your CTBC Bank loan at ECPay-accredited merchants, such as 7-Eleven, Ever Supermarket, and Gaisano Grand Malls, among others. Here are the steps:
Fill out the Bills Payment form with your Name, Account Reference Number (either your Promissory Note Number, CTBC Bank Cash Card Number, or CASA Number), and the amount to be paid. In the absence of a Bills Payment form, the Cashier will ask you to provide your loan account details.
Pay your loan in cash as it’s the only mode of payment accepted.
Keep the copy of the receipt for documentation purposes.
Note:CTBC Bank reminds all borrowers to settle their loan payment three working days before the due date.
4. Can I pay my CTBC Bank Salary Stretch Loan via GCash?
GCash has proven itself as a must-have personal finance app. And if you’re a GCash user, we have good news for you! You can pay your CTBC personal loan on the app. Here’s how to do it:
Go to Bills Payment.
Select Loans.
Select CTBC Bank Salary Stretch.
Enter your account number, amount to be paid, and your email address.
Verify your details then send your payment.
5. Who should I contact in case I encounter a problem with my payment records?
In case you have some concerns regarding your payments and even your CTBC personal loan application, you can reach the the CTBC Bank through these contact details:
Metro Manila:+63 (2) 8840 1234
Toll-Free from Provinces (PLDT):1 800 10 840 1234
Email Address:customercare@ctbcbank.com.ph
Final Thoughts
While not as mainstream as the giant local banks and multinational firms, the CTBC Bank has managed to distinguish itself from the competition through its reliable, innovative, and niche-focused financial services. And among the offerings that have made it a good choice among consumers is its personal loan. The CTBC Bank Salary Stretch Loan is a great option if you’re looking for a multi-purpose and high-value loan with flexible payment terms and interest rates.
In case you’re currently exploring other personal loan options, you can use our comparison platform to pick the right offer for you. You may alsoapply for a personal loanthrough us!
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https://junrix.com/blogs/articles/things-to-consider-before-getting-a-loan2022-08-12T13:28:25+08:002022-08-13T16:38:27+08:00Things to Consider Before Getting a LoanJunrix E-Services
Everything is just so convenient these days, even taking out a loan from banks and other financial institutions. But before you sign up for that loan, here are some helpful reminders.
1. Determine the Kind of Loan You Need
Why do you need to take out a loan? The answer will determine the right kind of loan and which lender to get it from.
If you just need a few thousand pesos to tide you over, you can get a payday loan or an online loan. But if you’re looking for a loan for funding a home renovation, a wedding, or a small business, you can get a multi-purpose loan or business loan.
2. Consider Your Debt-to-Income Ratio
How much do you need to borrow to fund your loan purpose? More importantly, how much can you afford in monthly repayments? One of the things that banks and loan providers look at is an applicant’s debt-to-income ratio, which is the percentage of your gross monthly income that goes to paying your monthly debt payments.[9]
3. Choose the Shortest Loan Term
When you take out a loan, you may be offered several loan term options. But keep in mind that longer loan terms mean paying more interest charges and higher interest rates over time. Not to mention, they’ll take you longer to pay off the loan and finally be debt-free.
On the other hand, a shorter loan term can improve your chances of getting approved. Loan providers prefer shorter payback periods because of the lower chances that your financial situation will change during the loan period.
4. Apply for a Realistic Loan Amount
Make sure that you have checked the loan qualifications and that you qualify before submitting your loan application. Banks and financial institutions offer minimum and maximum loan amounts, so it’s not guaranteed that you’ll be approved for the maximum amount. This will still depend on your income and your credit history.
5. Improve Your Credit Score
If you wish to apply for a loan and get approved, check your credit score. This is one of the major considerations of loan providers when approving or rejecting a loan application.
Take the necessary steps to fix a bad credit score, preferably while you still don’t need a loan. Improving your credit score does not happen overnight, but it can be done!
So pay off those delinquent credit cards or any unpaid loans. Get a copy of the bank clearance letter and check credit reporting agencies to see if your information is correct and updated.
6. Shop Around and Compare Fees
Check loan products of different loan providers so you can compare their rates and terms. If you can speak to a loan officer, ask questions about the loan application process, the requirements, as well as the repayment schedules, fees, and charges.
This way, you can get all the information you need and choose the right loan product for you. Also, it will help you understand if you have the financial capacity to promptly pay off the loan.
7. Get Your Paperwork Ready
Prepare all your income documents to facilitate a quicker loan application process, especially if you need the loan to get approved ASAP. Make sure they are the latest or the most updated and that all information is true and correct.
8. Consider the Fees and Charges
Read the terms and conditions and spend time studying the personal loan fees. How much are the application or origination fees? Are the late payment fees and prepayment penalty fees too high? You can find the least expensive loan by comparing the loan’s total cost, which includes fees and charges.
9. Don’t Apply for Too Many Loans
Applying for too many loans is a sign that you’re a high credit risk. This will alert loan providers that you’re really in a financial bind and it can negatively impact your loan application.
It’s best to learn about your available loan options to identify the right fit before submitting your loan application. Compare your loan options online using comparison websites like Junrix E-Services to learn about eligibility criteria, repayment options, and applicable fees.
10. Never Skip Payments
Missed payments will not just get you hit with a late payment fee, but it will also negatively impact your credit score and your relationship with your loan provider. As a result, it will be more challenging for you to apply for a new loan in the future.
To make sure you don’t miss a loan payment, set up an automatic debit arrangement on your savings account, or set a recurring reminder on your phone or computer a few days before your due date.
Final Thoughts
A loan can definitely help you out of a financial bind. But it’s a big financial responsibility, too. As much as possible, applying for a loan should be your last resort. Beef up your savings instead so you have money to cover all kinds of financial emergencies.
If this isn’t possible for now, don’t get the first loan offered to you. Compare loans to get the best rates.
Aside from the convenience that these easy-to-apply-for loans provide, make sure that the monthly payments are something you can afford. Whether it’s a short-term or long-term loan, pick one that will work with your current financial situation and your repayment timeline.
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https://junrix.com/blogs/articles/15-best-reasons-for-loan-application2022-03-01T13:00:00+08:002023-06-12T12:43:31+08:0015 Best Reasons for Loan ApplicationJunrix E-Services1. Education
Education is an important investment, whether it’s pursuing higher studies for your career advancement or funding your children’s college education to secure their future.
While education is a basic right in the Philippines, many families cannot afford it. If you want your child to gettopnotch-quality education at a premier university, be prepared to spend more than a hundred thousand pesos every year. And if you’re planning to send your child to a medical school, prepare as much as ₱300,000for one semester.
Saving up for your child’s college tuition fund is something you can do many years ahead. But if you’re pressed for time to pay for tuition this year, consider getting a personal loan for education purposes with a low interest rate and fixed repayment term.
2. Wedding
Weddings are an expensive affair in the Philippines. It isn’t uncommon for engaged couples to spend anywhere between half a million pesos to more than a million pesos just to get married.
Even if you go for a simple and intimate wedding, it can set you back around ₱100,000 to ₱200,000. It’s still a huge sum of money, especially if you’re funding your wedding without help from anyone.
A personal loan can ease the financial burden that comes with wedding preparations—as long as you keep your budget within a reasonable range.
3. Business
Starting or growing a business is one of the popular and best reasons to get a personal loan in the Philippines. The Bangko Sentral ng Pilipinas’ 2019 financial inclusion surveyfound that 27% of Filipino adults with outstanding loans used them for business, which is the second most common personal loan purpose in the Philippines.
You can’t wait forever to save enough capital to set up a business, so borrowing money from a bank or government office is your best bet. Being able to borrow money to cover your startup costs is an advantage you can enjoy from abusiness loan.
4. Medical Emergencies
Your emergency fund, health insurance, and PhilHealth membership should cover unplanned healthcare expenses like hospitalization. But then there are other related costs like medicines and post-surgery treatments you have to pay for when you get sick. If you’re an expecting parent, the costs of maternity care can also drain your budget.
These urgent expenses can’t wait. When you find yourself in a tight financial spot during and after an illness, a personal loan can help you pay for unexpected and critical expenses.
5. Appliances / Electronic Gadget
Buying the latest iPhone model when your current phone is still working isn’t one of the best reasons to get a personal loan. Rather, appliances and gadgets you’ll use to earn more money (like heavy-duty washing machines for your laundry business or a new laptop for your freelancing gig) are purchases that make getting a personal loan a smart choice.
6. Home Improvement / Repair
Sudden expenses like house repairs are common among Filipino households after going through a flood, fire, or any disaster. You may also need to expand your space at home for your growing family, build a gate or install security features for safety, or fix issues like a leaky roof.
For your home improvement or repair needs, a low-interest personal loan can help you meet and afford them.
7. Travel / Vacation
While traveling seems a luxury, it’s worth spending for because of its many benefits. It allows you to experience different cultures, expand your network, develop new skills, and strengthen your bond with family and friends.
Ideally, you should save for your travel expenses. But if a great travel opportunity comes along and you need money right away, a personal loan can avoid missing that out.
8. Vehicle Purchase
Getting an auto loanis a popular way to finance a car purchase in the Philippines. Instead of paying a million pesos (or more) upfront, you just pay 20% to 50% of the total price, drive home your new vehicle, and pay for it in affordable monthly installments.
9. Emergency Fund
Loss of income due to unemployment, illness, or calamity can pull your finances down—but not if you have an emergency fund. However, it does take a while to build your emergency fund, as it has to be equal to six months to a year’s worth of your living expenses. To adequately prepare for sudden expenses, it makes sense to get a low-interest personal loan.
10. Balance Transfer / Debt Consolidation
You can use a personal loan to pay off your other outstanding loans. Through a debt consolidation loan, you can make your finances more manageable by rolling all your credit card balances and any other pre-existing debt into one big personal loan. It’s one of the best loan purposes as it allows you to refinance your old loans into one with more affordable terms.
11. Settling Unpaid Utility Bills
Found yourself in a tight spot with a pile of unpaid bills? Don't panic if your funds fall short this time around. Borrowing money to keep your accounts up-to-date is one of the reasons to get a personal loan. Sometimes it’s more practical than sacrificing your family’s comfort, especially when you need electricity for work and online learning.
12. Moving Costs
Landed a new work-from-home gig and planning to move back to the province? Funding your moving costs with a personal loan can help you go back to the province and start anew.
Moving costs may include vehicle rental at a minimum of ₱10,000, depending on the cargo space you need and your destination’s distance from Metro Manila. You may also need to allot a budget for a helper, which may cost around ₱1,500.
13. Home Office Setup
The shift to work-from-home arrangements provides convenience to a lot of Filipino workers. As more and more employers adopt this work setup, remote workers should think of leveling up their home office.
One of the loan purposes you should consider is to fund a new laptop or computer purchase, preferably with at least 4GB RAM processor. You may also need to buy a roomier or sturdier work table, or invest in a postpaid internet connection of at least 10Mbps. When deciding on the loan amount, consider also the quantity and quality of the gadgets that can facilitate an efficient and organized home office setup.
14. Pregnancy
Another unexpected event you might need a loan for is pregnancy. Prepare for expenses such as prenatal checkups, ultrasound, prenatal vitamins, and of course, hospitalization.
The need for swab tests before getting admitted to a hospital and a more secure mode of transport for checkups and consultations can also take a toll on your budget. Also, pregnant women need to pay for the personal protective equipment of medical workers who will be attending to them during delivery.
15. Funeral Expenses
Losing a loved one unexpectedly is a situation that requires immediate cash to pay for funeral and burial expenses. Thecost of a funeral in the Philippinesis no joke. A casket can cost anywhere from ₱3,000 to ₱100,000, while a memorial chapel rental can cost anywhere from ₱1,000 to ₱10,000 per night.
Preparing for funeral expenses seems awkward, or even morbid, since no one enjoys talking about death. This could be the reason a lot of Filipinos still don’t save for their death expenses. More often than not, it’s their loved ones who would opt for a personal loan when a death in the family happens.
Final Thoughts
These productive uses of personal loans can help you achieve your financial goals and stay on top of your finances. Having the right loan purposes can also help you choose thebest personal loan in the Philippinesand effectively plan your repayments. With a personal loan from a reputable lender in the Philippines, you’ll get a fixed repayment term and interest rate, so budgeting every month can be simple and seamless.
Applying for a personal loan is easy. If you’re employed or self-employed for at least two years with a minimum required income, you’re qualified. Before sending an application, make sure that you compare the best personal loans offered in the country.
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https://junrix.com/blogs/articles/the-ultimate-guide-on-applying-for-a-personal-loan2021-07-29T12:02:56+08:002021-07-29T12:04:53+08:00The Ultimate Guide on Applying for a Personal LoanJunrix E-Services
You might ask yourself: Is getting a personal loan worth it in a time of crisis?
The short answer is yes—getting a personal loan can help you get through tough times. This can act as a lifeline or a safety net in times when you need that financial boost. You can also use it also for big purchases such as emergencies, credit card bills payment, education, travel, wedding, and many more.
Applying for a personal loan is quite easy nowadays, especially that you can apply online and with many low-interest options. However, approval depends on factors such as income and credit score. Banks and other lending institutions will mainly focus on your capacity to pay.
Before you dive in and apply for a personal loan, make sure you’re ready so your loan application will be smooth. To make things easier for you, we prepared a guide on how you can apply for a personal loan. Read more below:
Understand what a personal loan is
Before you apply, you need to understand what a personal loan is so you know what you are getting.
A personal loan is different from a credit product because it’s an installment loan. This means you pay fixed-amount installments over a set period of time until the debt is completely repaid. While you get a mortgage loan to pay for a house and an auto loan to finance a car purchase, a personal loan can be used for a variety of purposes.
If you’re just getting started, it’s important to know the usual terms used in a loan. Here are the common terms:
Principal – This is the amount you borrow.
Interest – The fee or charge for borrowing. It is usually in percentage.
Term – The number of months you have to repay the loan.
Monthly payment – The amount you have to pay every month to the lender. This payment contains the principal amount you owe as well as a portion of the total interest.
Decide how much you will borrow
Now, where are you going to use a personal loan, and how much you will need? Are you going to use it for a big event such as a wedding or celebrating the first birthday of your child? Are you going to need it to finance your Master’s Degree? Or are you going to need it for life’s biggest emergencies? You can use it almost at anything. Then, calculate the amount you’re going to borrow.
Assess your credit score
Your credit score is vital in determining your loan eligibility. Your credit score can either cost or save you a lot of money. A high credit score can land you lower interest rates, meaning you will pay less for any amount you borrow. Meanwhile, a low credit score can cost you more due to higher interest rates and shorter terms. You can still borrow but it will most likely be at a higher interest rate and within a shorter term.
Find an offer that suits your budget
Check various options within different lenders or banks, choose an offer that will fit your budget, and most importantly what’s convenient for you. Choose a loan that you can apply online so you don’t need to go to the branch that often. Pick the best when it comes to monthly payments, interest rates, and payment terms.
Just a couple of things:
Review your income and check if you can comfortably pay the loan every month. If not, then you may look for a better option or ask for the lender to lower your monthly payment. This is important because it can hurt your credit score once you miss a payment. Do the math before deciding. While a smaller monthly bill may sound nice, a longer-term will cost you more money in the long run.
You should also read the loan details from A-Z. Check the fees and charges for penalties so there won’t be surprises along the way.
Low interest isn’t everything. When shopping for loans, keep in mind that if a loan is too good to be true, it’s probably not real. Scams are aplenty in the personal loan world so credibility is also a key variable. If you see a slightly higher interest rate from a reputable institution versus a lower interest rate from somewhere vague, we suggest you go with the former.
Prepare your documents
Once you lock in with a bank or a lending institution, it’s time to prepare your documents. You can check on their website for the documentary requirements to apply.
Typically, a bank asks for these documents:
Completely filled out and signed application form
1 Philippine government-issued photo ID
Proof of address
Income documents (If employed): Certificate of employment and compensation, latest ITR, latest payslip
Income documents (If self-employed): Latest 1-year Audited Financial Statement, SEC registration / DTI certificate, business permit or mayor’s permit, latest bank statement, list of 3 trade references (at least 1 supplier and 1 customer) with contact details
Note: Additional documents may be required.
Review and finalize your loan
Once your documents have been accepted and you’ve completed all verifications required for final approval, you should receive your loaned amount within a few business days. If possible, set up a monthly auto-payment from your checking account to avoid late fees.
A personal loan can be a valuable tool for covering emergency expenses and big life events. However, it can also cause damage (especially to your credit score) if you don’t pay your monthly payments. Take time to look at all your options before committing to a loan, and make sure you’re confident that you can repay it over time.
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https://junrix.com/blogs/articles/is-getting-a-personal-loan-worth-it-here-s-what-to-consider2021-05-01T10:00:00+08:002022-03-01T10:02:15+08:00Is Getting a Personal Loan Worth It? Here’s What to ConsiderJunrix E-Services
When in need of funds for emergencies, we think twice about whether we shouldborrow moneyor not. We often ask:Is getting a personal loan worth it?
Right now, when we think of the pandemic and everything that’s been happening, we immediately assume that personal loans are the best answer to our financial difficulties. But are they, really?
In this article, we’ll give you some personal loans advice to help you weigh your options and decide if getting a personal loan is worth it or not.
Is It Bad to Get a Personal Loan?
The quick answer: not always. There are good and valid reasons to get a personal loan because it can be used for almost anything. It can be beneficial in a lot of situations, especially for emergencies. But there are major repercussions if you’re not careful.
Advantages of a Personal Loan
But personal loans can also come in handy, especially when your funds are running low. Here are some reasons to consider getting one:
Flexible– Unlike car loans and home loans that can only be used to purchase a car or a house, personal loans can be used to fund different expenses, whether planned or unplanned.
Higher loan amounts– Depending on the lender, you can borrow anywhere between PHP 10,000 and PHP 2 million.
No collateral– Unsecured personal loans don’t require you to surrender your car or your house just to borrow money.
Quick approvals– As long as you submit complete requirements and meet the eligibility criteria, you can get your loan proceeds in as fast as 24 hours.
Disadvantages of a Personal Loan
Before you go talking to a loan officer, it’s important to know the cons of a personal loan. Here are some of them:
Higher interest rates– Especially if you have bad or poor credit. Because lenders see this as a high risk, you may get higher interest rates for your personal loan.
Fees and charges– When you make a late payment on your loan, prepare to pay the corresponding fees and charges, which can be a big deal if you’re on a tight budget.
Additional debt– Even if it’s a personal loan to pay off a debt, it’s still a debt.
Is Getting a Personal Loan Worth It?
Not sure if you want to get a personal loan or not? Here are a few situations where a personal loan can be a smart move.
Debt Consolidation
When you consolidate your debts, you decide to have all your debts in just one account. You borrow money to pay all outstanding balances you have from different lenders. This way, you can focus on paying off one loan and just keep track of one due date. You can also have peace of mind that you haven’t forgotten to pay any other debts.
But a personal loan for debt consolidation can be a bad idea if:
It has higher interest rates
The loan can only pay a few outstanding debts
It will worsen your financial situation
A personal loan is not worth it if it costs more than all your current debts combined. In essence, you’re not making things easier financially because you’re just opting for something more expensive. Also, if the personal loan can’t pay off all your existing debts, then you won’t achieve your goal to streamline your debt payments.
Borrow money to pay off your debts if:
The new personal loan haslow-interestrates
It pays off all your loans in a single loan account
You can afford the monthly repayment
Personal loans for debt consolidation are a great option if they have lower rates and minimal fees. Check if you can afford the monthly payments first. If the repayment amount is much higher, you might just end up getting into another debt that you won’t be able to pay.
Home Renovation
Whether you want to redo your kitchen sink or give your dining area a complete makeover, applying for a loan for a home renovation is one of the most common loan purposes.
However, getting a personal loan when you just want to change the color of your bathroom tiles or expand your veranda to accommodate your plants is not reason enough.
But is getting a personal loan worth it if you want to give your family an increased sense of comfort and security? Yes! A personal loan for a home renovation is a good idea, especially if you want to achieve the following:
Fix a safety issue
Upgrade the function/value of your home
Prepare it for sale or for additional family members who wish to stay
Provide comfort and convenience
Prevent any bad home scenarios from happening
A personal loan is an option if you see a problem in your house that needs to be fixed immediately. Since these home fixes are usually expensive, you may borrow money to fix the leaks on your ceilings or improve the ventilation in your rooms.
Personal loans for a home renovation are worth it. Especially if your intentions are safety, comfort, and convenience, and not just achieving your home aesthetic goals.
Vehicle Financing
Should you borrow money to pay for a car? That’s what car loans are for. They have lower interest rates compared to personal loans. However, people often avoid car loans because their vehicles can be repossessed once they can’t pay their monthly amortization.
A personal loan for a car purchase is not advisable if you consider the costs. But sometimes, borrowers get approved for a personal loan but get declined for a car loan. If you’re one of these people, then personal loans can be an option.
Just remember that most personal loans come with much higher interest rates and shorter loan tenors compared to car loans, which can be paid in three to five years.
Hospitalization and Medical Needs
Sooner or later, you or a loved one can fall sick and get hospitalized. Is getting a personal loan to pay for hospital bills worth it?
Paying for medical bills through personal loans is indeed reasonable, because your goal is to get treated and get better. However, you may also want to check other options like government-funded loans such asSSS and Pag-IBIG.
Hospitalization or medical need is a good reason to apply for a personal loan, especially if your HMO coverage is no longer sufficient, or if you don’t have HMO to begin with. Just make sure to check all the personal loan features before applying.
Also,compare personal loanoffers and see their rates and terms. This way, you only get a loan that you can pay back.
Should I Get a Personal Loan?
Is a personal loan a smart move? Well, think about your intention first. If you’re applying for a personal loan for health and medical purposes, or if the money you’ll borrow will increase your value or wealth over time and improve your lifestyle and financial habits, then you should get a personal loan.
But if it’s only to purchase unnecessary items on sale, then a personal loan is not the answer.
Final Thoughts
Is getting a personal loan worth it? Only you, the borrower, would know. But knowing the difference between good and bad debtwill also help you find out if getting a personal loan is worth it.
Make sure to comparepersonal loan interest rates in the Philippinesthat will best help you manage your finances and get you out of bad financial situations.
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https://junrix.com/blogs/articles/sss-unemployment-benefits-what-members-must-know2020-05-17T16:38:00+08:002020-05-17T16:38:53+08:00SSS Unemployment Benefits: What Members Must KnowJunrix E-Services
Getting laid off from work is undoubtedly one of the most traumatic things to experience in one’s career. Aside from the pain of rejection, a terminated employee has to deal with the challenges that come with the sudden loss of income. There are bills to pay, mouths to feed, and other financial responsibilities that won’t go away.
Government employees enjoy unemployment benefits from the GSIS, which protect them from the financial impact of involuntary separation from the service. Private employees now have a reprieve as well through unemployment insurance mandated by the newly enacted Republic Act 11199 or Social Security Act of 2018[1].
Qualified SSS members are entitled to unemployment benefits that help ease their financial burden while they’re looking for a new job. Even if you think your chances of getting terminated from work are slim, it’s important to know what the unemployment insurance provision means.
What is the SSS Unemployment Benefits Program?
The SSS Unemployment Benefits program provides cash assistance to involuntarily separated employees, including household employees and overseas Filipino workers. The cash grant is worth 50% of the member’s average monthly salary credit (MSC).
The program will last for only two months, which means members can only receive them once every three years. This cash grant is just meant to help you get by while you’re out there looking for a new job.
To find out your MSC, check out the updated contributions table below. Find your salary bracket under the Range of Compensation column and check the corresponding MSC under the next column.
Proponents of the unemployment insurance provision in the law clarify that this benefit isn’t a loan. The unemployment benefits are a new addition to the six existing SSS benefits (sickness, maternity, retirement, disability, death, and funeral benefits) that qualified members can avail. This means you don’t need to pay the SSS for the financial assistance you will receive.
Who can apply for SSS Unemployment Benefits?
The criteria for receiving SSS unemployment benefits borrows some qualifications from other SSS benefits, together with termination conditions that basically boils down to this: If you were fired with or without notice, you can apply for this SSS benefit.
Note that you can only apply for SSS unemployment once every three years.
Members who are 60 years old and below
Members who made at least 36 monthly contributions, 12 months of which should’ve been paid within the last 18 months prior to the separation
Members who didn’t apply or didn’t receive unemployment checks for the last three years
Members who were fired for the following reasons:
Authorized causes under Articles 298 (283) and 299 (284) of P.D. No. 442 or the Labor Code of the Philippines
Installation of labor-saving devices
Redundancy
Retrenchment or downsizing
Closure or cessation of operation
Disease/illness of the employee whose continued employment is prohibited by law or is prejudicial to his or her co-employees’ health
Authorized caused under Article 300 (285) of P.D. No. 442 or the Labor Code of the Philippines
Serious insult by the employer or his representative on the honor and person of the employee
Inhuman and unbearable treatment accorded the employee by the employer or his/her representative
Commission of a crime or offense by the employer or his/her representative against the person of the employee or any of the immediate members of his/ her family
Other causes similar to the above
Economic downturn
Natural or human-induced calamities/disasters
Other cases as determined by the Department of Labor and Employment (DOLE) and SSS
Who can’t apply for SSS Unemployment Benefits?
Losing your job doesn’t automatically qualify you to receive SSS unemployment benefits. It will all depend on the nature of your separation. The law clearly states that only those who are “involuntarily unemployed” are entitled to SSS unemployment benefits.
On the other hand, if your unemployment is voluntary—meaning you resigned from work, the SSS won’t give you unemployment benefits. Here are some more exceptions.
Members who were fired for the following reasons:
Causes under Article 297 (282) of P.D. No. 442 or the Labor Code of the Philippines
Serious misconduct
Willful disobedience to lawful orders
Gross and habitual neglect of duties
Fraud or willful breach of trust/loss of confidence
Commission of a crim; or
Similar cases like abandonment, gross inefficiency, disloyalty/conflict of interest/dishonesty
Who can’t apply for SSS Unemployment Benefits?
Losing your job doesn’t automatically qualify you to receive SSS unemployment benefits. It will all depend on the nature of your separation. The law clearly states that only those who are “involuntarily unemployed” are entitled to SSS unemployment benefits.
On the other hand, if your unemployment is voluntary—meaning you resigned from work, the SSS won’t give you unemployment benefits. Here are some more exceptions.
Members who were fired for the following reasons:
Causes under Article 297 (282) of P.D. No. 442 or the Labor Code of the Philippines
Serious misconduct
Willful disobedience to lawful orders
Gross and habitual neglect of duties
Fraud or willful breach of trust/loss of confidence
Commission of a crim; or
Similar cases like abandonment, gross inefficiency, disloyalty/conflict of interest/dishonesty
SSS Unemployment Benefits Requirements
Original and photocopy of one (1) primary ID. If you don’t have any of these IDs, provide an original and photocopy of any two (2) IDs with a photo and signature.
Unified Multi-Purpose ID (UMID)
SSS card
Alien Certificate of Registration
Driver’s License
Firearm Registration
License to Own and Possess Firearms
NBI Clearance
Passport
Permit to Carry Firearms Outside of Residence
Postal Identity Card
Seafarer’s Identification & Record Book
Voter’s ID Card
Certification of the nature and date of involuntary separation from DOLE
Notice of Termination from Employer
Affidavit of Termination of Employment
How do I apply for SSS Unemployment Benefits?
Due to the enhanced quarantine, members can’t go to their nearest SSS branches to apply for this benefit. According to SSS, they are working on an online filing system to make it easier for members to apply. But due to the limited workforce, the agency has yet to tally the number of displaced workers, but they promised to launch the online filing system by the end of April[2].
How can SSS afford this program?
RA 11199, which requires SSS to pay unemployment benefits to jobless members, is the same law that raises the SSS contribution rate from 11% to 12% in 2019, 13% in 2021, 14% in 2023, and 15% in 2025. Two-thirds of the increase will be shouldered by the employer, while one-third will be deducted from the employee.
And according to SSS, they have set aside PHP 660 million for the distribution of unemployment benefits, and another PHP 1.2 billion “under a worst-case scenario.” The current cash position of the agency is PHP 21 billion and the actuarial life of SSS earnings is projected to last until 2045[3].
Final Thoughts
Losing your job may look bad now, but it doesn’t spell the end for you. Thanks to these cash assistance programs, you can still bounce back and find a new job in no time. Just be patient, be more resourceful, and don’t waste your cash aid on trivial things.
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https://junrix.com/blogs/articles/from-clicks-to-customers-16-online-business-ideas-you-can-start-on-the-side2020-05-04T16:02:00+08:002020-05-04T16:03:33+08:00From Clicks to Customers: 16 Online Business Ideas You Can Start on the SideJunrix E-Services
Running an online business definitely has its appeal, but it also comes with its own set of challenges. The truth is,starting a businessof any kind is hard work.
In reality, “online” is just a channel that connects businesses to people. It’s a powerful tool that lets you reach anyone from anywhere in the world. But creating a business with it is still about connecting the right customers with the right offering.
Countless people have already made the leap into entrepreneurship. And with the right ideas and plenty of sweat equity, you can too.
This isn’t about one simple life-changing trick. Starting a business doesn’t work that way. Instead, to help you find a product idea or business model that fits your lifestyle, we’ve put together a collection of simple ways to start a business without quitting your day job.
16 online business ideas you can start with a laptop
Start your own clothing line
Launch a dropshipping store
Sell your art online
Become a freelance writer, designer or developer
Teach an online course
Flip your thrift store finds
Publish your own book
Start a blog
Become a virtual assistant
Try your hand at being an influencer
Build apps and websites
Launch a podcast
Sign up for affiliate marketing
Curate subscription boxes
Develop a niche product
Create handmade goods
It’s time to bring your online business idea to life
If you've been thinking about ways to start a business, it's time to get out there and create an online money-making business in your spare time. You don’t have to go all in. Start small with aside hustleand scale from there. Or, keep things small. The beauty of starting your own online business is that it’s all up to you.
Have questions about setting up your first online business? Let us know in the comments below.
Ready to create your first business? Start your free 90-day trial of Shopify—no credit card required. Click Here!
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https://junrix.com/blogs/articles/13-home-business-ideas-that-let-you-work-from-home2020-05-02T10:57:00+08:002020-05-02T11:01:01+08:0013 Home Business Ideas That Let You Work From HomeJunrix E-Services
If you’re planning to own and operate a business, you might start thinking about things like renting commercial real estate, commuting to an office, or managing employees.
But with the rise of home businesses, more and more people are discovering ways to use remote work to pursue entrepreneurship, with their business headquartered at home.
In today’s connected world, where technology affords us more flexibility in how and where we work, home-based businesses come in a variety of forms.
Some require you to convert a spare room into a mini-warehouse for products, while others can be run completely online. But generally, you can start these types of businesses using your existing space and means.
What makes a “home-based” business: the pros and cons
A home-based business is a venture—whether full time or run as a side hustle—that you can start and operate using your own home as your base of operations. A few home-based businesses, especially those that sell online and don’t buy and hold lots of inventory, can even be run on the go, without the need to be bound to your home.
Naturally, there are pros and cons to consider when deciding whether a home-based business is right for you.
Pros:
A low-investment business has fewer overhead costs (such as warehousing fees), plus potential tax deductions you can claim.
The option to sell products or services locally or internationally.
Flexible work-life balance, which is ideal if, for example, you’re a stay-at-home parent or aretiree.
You can create a family business where your relations or your spouse can chip in as needed.
Cons:
You may need to convert space in your home to support the needs of your business (e.g., holding inventory, creating a home office, or storing equipment). The challenge can be doing this without disrupting your life at home.
You still have to comply with any regulations that pertain to the business you want to start (e.g., you may need to rent a commercial kitchen if you plan to sell food products or a license/permit to hold inventory).
Your business may outgrow your home and require you to rent additional space and hire employees.
Working from home offers you a lot of freedom, butit can also be lonely. This might be difficult if you enjoy being around other people.
13 home-based business ideas you can start today
While there are plenty of ways to go about starting a home-based business, the following are some of the most approachable paths to creating a home business for yourself:
Buy products in bulk and sell them online
Sell homemade products
Start a dropshipping store
Start a print-on-demand business
Offer online services
Teach online classes
Productize your service or expertise
Grow an audience you can monetize
Buy an existing e-commerce business
Start a subscription box business
Get involved with pets
Sell unwanted items
Play video games
Ready to create your first business? Start your free 90-day trial of Shopify—no credit card required. Sign Up Now,Click Here!
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https://junrix.com/blogs/articles/7-reasons-your-personal-loan-application-got-rejected2020-03-19T00:18:00+08:002020-04-02T23:24:26+08:007 Reasons Your Personal Loan Application Got RejectedJunrix E-Services
Rejection of any kind is hard to accept—more so if it involves money. Case in point: getting your personal loan application denied. Your time and effort spent preparing your requirements and waiting anxiously for the loan approval all just went to waste. It makes you want to demand an explanation from the bank, lashing out like that memorable scene from that one movie starring Piolo Pascual.
But no need to go berserk to try and reverse the bank’s decision. Cooler heads always prevail, so try to find out why they rejected your application and correct the problem. Personal loan providers in the Philippines base their credit decisions on aborrower’s financial information and their assessments from credit investigationsand background checks. If you received a no from a personal loan provider, it’s likely due to the following reasons.
Insufficient Income
It doesn’t matter if you have enough money on your account. Banks will reject your personal loan application if your income can’t sustain the monthly loan repayment. They always require borrowers to meet a minimum annual or monthly income requirement. Before you sign that application form, check the minimum income requirement of the lender where you filed your loan application. In case you forgot to check the requirements before applying, do it now and see if your income documents matched the bank’s criteria.
For example, to qualify for a SB Finance personal loan, you need an annual income of at least PHP 300,000 (Self employed) or PHP 180,000 (employed).
Unstable Employment Record
Meeting the bank’s income requirement alone doesn’t guarantee an approval. Banks and lenders also require a minimum employment tenure or length of service. They need an assurance that borrowers can sustain their loan repayments during the entire loan term. Obviously, an unstable job or a dodgy employment record doesn’t really help your case as a responsible borrower. Most banks require applicants to be employed for at least one year. So do your best to maintain a job or a steady source of income and try applying again.
Loan Amount is Too High
Simply put: you asked for too much that’s why they rejected you. The number you provided in the “desired loan amount” field of your personal loan application could be the culprit of your loan rejection. You might have asked for an amount that’s too high compared to what you could actually pay back. Avoid this mistake the next time you apply for a personal loan. Use anonline loan calculatorto check how much you can realistically borrow based on your income. Try and apply for a lower amount on your next try, even if you’re qualified for a higher one.
Bad Credit Score
A good credit standing is critical to a successful personal loan application. Many borrowers with high salaries and stable jobs get the shock of their lives when banks decline their loan applications. What they don’t realize is that other factors greatly affect their chances of getting approved for a loan. Banks will look at yourcredit history and credit scoreto determine if you’re worth lending money to. Your credit score, in particular, reflects your past behaviors as a borrower, likeloan defaultsandmaxed out credit cards.
In some cases, errors in credit reports cause a borrower’s credit score to drop. For example, loan payments could be incorrectly reported as late, or closed credit card or loan accounts still show up as open. So if the bank rejected your loan application, check your credit score and credit report for errors. It’s important to clear your bad records to improve your chances of personal loan approval in the future.
Too Much Debt
If you’re currentlyknee-deep in debt, it’s best not to apply for a personal loan to begin with. Once your bank finds out that your debt is too high relative to your income, consider your application denied. Keep yourdebt-to-income ratio low(12% or lower) to avoid a rejection from the bank. To compute it, divide your monthly debt (outstanding credit card and loan balances) by your gross monthly income. If it’s too high, consider postponing your personal loan application until you’ve paid off at least a portion of your debt.
Incomplete and Inconsistent Details
Who knew a simple mistake on your application form can ruin your chances of a loan approval? That’s why it’s important to double-check every detail you submit. Lenders need to ensure consistency and completeness of personal and financial information from borrowers. If they can’t verify your data, the processing of your personal loan will be delayed or result in a rejection. Also, stay alert for follow-up calls from the bank for verification of your data. This way, you avoid seeing another rejected stamp on your application.
Failure to Meet Eligibility Requirements
Did you read the eligibility requirements from the bank you’re trying to loan from? They probably rejected your application because you failed to meet some specific requirements. Some lenders have unique requirements for their personal loan products. For instance, before you get apersonal loan with UCPB, you need to have a credit card for from other banks for at least a year.
Final Thoughts
Getting your personal loan rejected can get rather frustrating. But take the rejection as a learning opportunity to make your financial habits better, regardless of the reason. Improve your credit score, pay off your debts, and do anything you can to prove you’re a responsible borrower. And when you’re ready to file another personal loan application, make sure you meet all eligibility requirements and submit all supporting documents. A rejected loan doesn’t mean you can’t ever apply for a loan anymore. You can always try again some time.
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https://junrix.com/blogs/articles/4-smart-reasons-to-get-a-personal-loan2020-03-08T10:47:00+08:002020-04-02T23:25:17+08:004 Smart Reasons to Get a Personal LoanJunrix E-ServicesWhen it comes to finances, being in debt is not always a bad thing—as long as you leverage it effectively and responsibly. This is especially true if you need the cash right away, and if that amount allows you to make financial moves that’ll benefit you in the future, then even better.
Think of it this way, getting a personal loan can help you get things off your plate sooner or increase your productivity overall. Here are some smart reasons to apply for one:
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https://junrix.com/blogs/articles/samsung-philippines-smartphone-price-list2020-01-02T14:13:00+08:002020-01-02T14:14:43+08:00Samsung Philippines Smartphone Price ListJunrix E-Services
Here are the latest prices of Samsung smartphones in the Philippines. We listed the devices according to their category.
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https://junrix.com/blogs/articles/realme-philippines-smartphone-price-list2019-12-28T17:43:00+08:002019-12-28T17:51:53+08:00Realme Philippines Smartphone Price ListJunrix E-Services
Here are the latest prices of Realme smartphones in the Philippines. We listed the devices according to their category. Last updated: December 19, 2019
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https://junrix.com/blogs/articles/xiaomi-philippines-smartphone-price-list2019-12-28T13:15:00+08:002019-12-28T13:47:57+08:00Xiaomi Philippines Smartphone Price ListJunrix E-Services
Here are the latest prices of Xiaomi smartphones in the Philippines. We listed the devices according to their category
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https://junrix.com/blogs/articles/tips-on-how-to-manage-debts-and-loans-effectively2018-01-01T19:00:00+08:002022-03-15T18:40:30+08:00Tips on How to Manage Debts and Loans EffectivelyJunrix E-ServicesDebts and loans can either be good or devastating depending on how you use it. Always make sure that you get the best out of your borrowed money.
Borrow for the right reasons.
When you borrow money, you should use it to buy an asset that increases value over time and has a potential to make your money — this is what he calls the good debt.
Borrow only what you need.
If you need P200,000 to start a business, then borrow only that amount, even if you’re eligible for a loan with a higher amount.
Remember that the bigger the amount you borrow, then the more interests fees you pay, the larger your monthly payments are, and the longer you most likely have to pay.
Know how much you can afford to pay.
Check your budget and see how much you can actually afford to pay every month. According to him, you should never assume you’ll have more money in the future, and just work within your current income.
Choose the right loan facility.
Banks and most financial institutions can definitely offer much lower rates. And when it comes to borrowing money, getting the lowest interest rate should be your priority.
Monitor your cashflow, especially your spending.
After getting the money, keeping track of your spending should now be your priority. Be sure that you’re not splurging your borrowed cash on unnecessary or unplanned purchases. Another thing, make sure to always pay on time to avoid extra charges.
Final Thoughts
You can always live life without ever going into debt or applying for a loan. This is the slow and steady way to build your wealth.
However, if you know how to properly use and leverage your finances with debts and loans, then building your wealth can accelerate and grow at exponential rates.
As always, there’s no better choice. At the end of the day, you should always choose the option which makes the most sense to you.