6 Critical Situations Your Personal Loan Can Save You

Sometimes, you’ll need a little help to get by, and the same can be said when it comes to your finances. Unless you’re part of the upper 1%, you’d likely find yourself in situations wherein you require a bit of a financial boost to survive an emergency.

In such cases, borrowing money through a personal loan will help you move forward.

A personal loan is a type of installment loan wherein someone takes out money for personal use, for whatever reason they have. Cash is credited in a lump sum up front and paid for with interest in a structured schedule—usually monthly—depending on terms.

There are different eligibility requirements to get approved for a personal loan, but the good news is you’ll have more flexibility with what you can do with the money.

 

You can easily apply for a personal loan whenever you find yourself in these situations:

1. Missed Bill Payments

Perhaps the past few weeks have been so hectic that you’ve completely forgotten about your dues and ended up spending the money you have allotted for it—fret not, because a personal loan can save you. Since approval and disbursement are fast, you wouldn’t have to worry about your water, electricity, or phone being cut off.

2. Medical Emergencies

Any health condition—especially one that will send you to the ER or OR—is bound to drain your funds quickly. Taking out a personal loan can be beneficial in this case since there’s no need for collateral and you can secure the funds in a matter of hours.

3. Unexpected Home Improvements

Whether you’re prepping your home for the rainy days or discovered the need for repairs a little too late, borrowing will avoid the need for you to dip into your savings for your home renovation needs. Within 24 hours, you could be on your way to reinforcing your home against the elements.

4. Additional Money for a Major Purchase

A big-ticket purchase can be buying a new appliance to replace one that has broken down beyond repair, having your car fixed to make it safe for the road, purchasing a new laptop or computer for your freelance gigs – anything that would require you to take out a considerable amount of money. Personal loans can be used in these situations because you have enough time to earn money for paying off the loan.

5. Payment for Other Debts

Debt incurred over the years can disrupt finances, making it difficult to handle, especially since different types of debt have its own interest rate, payment terms, and due dates. This can result in missed payments, higher interests, and even additional penalty fees due to late or missed payments.

You can pay off various debts through a personal loan, whether that’s a seemingly insurmountable credit card debt or payments for your car loan. You can consolidate your debts and save time and effort because you’d only need to make one fixed monthly payment over a relatively short period.

6. Extra Money for a Vacation

If you failed to save up money for a vacation or travel, a personal loan is a good opportunity for you to finally take your much-needed time off. Some lenders accept loan applications online or through an app, and you’ll even receive instant approvals through email or SMS. That’s a quick and painless way for you to finance your travel! With Cashalo, you can get 250 GetGo points on your first online loan! Keep earning points while loaning for more travel funds!

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These are just a few circumstances where a personal loan can help you. It can quickly solve your financial woes with instant cash. Indeed, it’s an attractive way of borrowing money, thanks to its flexibility.

Get out of the pinch and apply for a personal loan through the Cashalo app now. With a just few requirements such as personal and work information, bank account details, and valid government ID, you’re on your way to getting the financial help you need.

About Cashalo

Cashalo is a fintech platform that delivers digital credit to Filipinos – helping them elevate their financial well-being. All loans under the Cashalo Platform are financed by Paloo Financing Inc., with SEC Registration No. CSC201800209 and Certificate of Authority No. 1162

Want to help accelerate financial inclusion in the Philippines? We’re hiring – jobs@cashalo.com

Address: 16F World Plaza, BGC, Taguig City, Philippines 1634