I am excited to share with you all my tips on how to get a personal loan — and make sure you get approved! Loans can be very useful tools for achieving your goals without straining your financial load too much. You can use them to pay for tuition, renovate your home, take your pamangkins on a bakasyon grande, or even start a business (I think I want to sell my famous homemade ensaymadas someday)! But, like my kumares who suddenly say they can't come to our Sunday brunch date, the process of applying for a loan can be so unpredictable and frustrating. So how do you make sure your application goes smoothly?
What will you use your personal loan for?
Usually, personal loans are for one-time, big-time deals. You know naman your Tita has so many plans in life diba. But you have to be specific! For example, when my son was still in school, I took out a personal loan to pay for his tuition. But my most recent personal loan was for home renovations, kasi I really wanted a bigger sala, with a bigger TV, para kitang-kita ko ang pogi ni Ian Veneracion while watching my favorite telenovela! Before making utang at the bank, you have to know what you'll use that utang for.
How much money do you need to fulfill your goal?
Now that you have a goal, find out how much money it takes for you to fulfill that goal. Maybe you want to have a home entertainment system that has a new...ano nga yun? Wee? Ex-Box? The renovation for that will probably cost around P100,000. But I don't know how much those games cost. Those are games, ano? Of course, the loan amount should be just right for your monthly income. The bank will say no if they see that you earn so little tapos you're trying to borrow so much money! A good rule to follow is: borrow no more than 3 times your gross monthly income.
Compare personal loans using GoBear!
I wish I had this when I first started applying for a personal loan! GoBear makes everything easier. Swerte ng kabataan ngayon. Just enter how much you want to loan, how long you're willing to pay and how much your monthly income is. GoBear will show you all the different banks you can loan from, how much you'll be paying per month, interest rates and bank fees, and even the total payment you'll be making in the end. Ang galing!
Use a loan calculator so you have an idea what you're getting into.
Most banks have a handy loan calculator you can use to compute your monthly installments depending on the term you choose. Some even include how much you pay for utilities and other bills so you know how to budget your monthly income! That's my favorite feature, kasi when people ask me about how to get a loan. I can find out if I can still afford my monthly massage sessions at Nuat Thai diba.
Visit banks and ask questions about their loan packages.
After looking through your choices online (I asked help from my pamangkin because the Internet can be so magulo!), list down all the questions you have in mind and visit the bank to ask about their personal loan packages.Find out if you fit their lending criteria. Ask how big of a loan they would recommend you to take out. Find out how much the application fees are, and how long the processing usually takes. Ask about interest rates. Don't be shy! Walang mapupuntahan ang pagiging shy. Kaya ayan tuloy, single ka pa rin.
Collect all the required documents in advance.
Naku, don't make the mistake of rushing and getting all the documents at the last minute. Nakakataas ng presyon! You know naman banks take so long to process loans, and baka magbagal yung company mo giving you your ITR or certificate of employment. Tapos what if you need the money in a few months' time? Magkaka-wrinkles ka nyan sa stress. Do everything in advance. And be honest while filling up all those forms. Bawal ang sinungaling, bad yun. Banks will thoroughly cross-check everything before they approve your loan.
Don't send applications to many banks all at once.
Just like when I see your papansin posts mo sa crush mo and flirty photos on Facebook kahit na you don't reply to my comments, the bank also sees all your inquiries and loan applications in your credit report. The more they see you as a credit risk to them, the less they'll want to approve your personal loan. So don't do anything that would make banks think you are desperate for money, keep a clean record and wag pasaway!
Think you're ready to get a personal loan na, hija? Remember to compare personal loans with GoBear to help you save time and money.