What are the tips to become a more responsible borrower?
- Set a budget
- Check around for options
- Understand your loan terms
- Pay through any Bayad Center Branch
- Borrow only when you need it
Loans are helpful especially if you need extra cash during hard times. But some of you might be hesitant to apply for one because you don’t know how to manage it properly. This article will talk about some tips to become a more responsible borrower — so you can maximize your loans, pay them on time, and avoid problems. Keep on reading to learn more!
Set A Budget
The first step in becoming a more responsible borrower is knowing your limits. Consider the amount that you can realistically afford with your current income. By budgeting, you know that you always have enough to settle your amortization. This prevents any unnecessary stress and debt.
To set a budget, you first need to calculate your expenses for each month. This includes the rent, transportation, food, utilities, and savings. Then the leftover amount can be allocated to your amortization. It’s also a good idea to have a financial cushion in case of emergencies.
If you need assistance, Asialink Finance has experienced loan consultants that can help you determine your payment capacity according to your income and goals. This way, you will find a loan service that fits your budget.
Check Around For Options
A smart borrower knows how to properly do their research. Instead of falling for too-good-to-be-true advertisements, you need to spend time and effort to get to know your options. This way, you can get the best rates and terms on your loan. Make sure that you’re transacting with companies authorized by the Securities and Exchange Commission, the official government agency that regulates financing companies in the country.
If you’re interested in Asialink’s loan services, you can check them out here. You can choose from Sangla OR/CR and financing services with low rates and only a few documentary requirements.
Asialink’s loan consultants will patiently answer all your questions so you have a better grasp of your loan options. If you want to know about the frequently asked questions, you can click here.
Understand Your Loan Terms
The next step is to take the time to understand your loan terms. A responsible borrower knows that not all loans are the same. That’s why it’s important to read the fine print and inquire about the important aspects of your loan. This way, you can avoid incurring late payment fees, extra charges, and more.
To get you started, here are some of the information you should know about your loan:
- Loan duration
- Monthly due date
- Extra fees and charges
- Late payment fees
- Total monthly amortization
Apart from these, you should also ask what would happen if you default or fail to pay your loan for long periods.
Pay Through Any Bayad Center Branch
After you set your budget, choose the loan service that fits your needs, and understand the terms and conditions, all that’s left is to plan your payment strategy. This allows you to avoid missing monthly payments. When you don’t have a loan strategy, you might fail to meet your loan obligations. This can result in late payment penalty fees which can make you go over budget.
To make sure that you pay your amortization on time, it’s a good idea to look for a payment center near you. As soon as you receive your monthly source of income, you can allocate a part of it towards paying your amortization. There are also online platforms to help settle your payment too.
Asialink has partnered with Bayad Center to make your payments easier and more convenient. They are the largest payment center in the Philippines and have thousands of branches nationwide. You can pay in convenience stores, pawnshops, malls, and more. If you prefer to stay at home, you can also use the Bayad mobile app available in Google Play Store, iOS App Store, or Huawei App Gallery.
Borrow Only When You Need It
The new normal has presented several problems for Filipinos. Businesses have to reduce operations due to stricter community protocols, employees have to go home because of this, and more people are getting affected by the virus. Fortunately, when it comes to emergencies, loans can help reduce your stress, as it’s an easy way to get instant cash for emergency needs.
Loans also provide you a smarter way to afford large purchases. This might be a car, truck, or funding for your business. Low-interest financing services can help you retain your savings and manage your budget through amortization.
As a responsible borrower, make sure to use a loan for the right reasons. Use it for your intended purpose and avoid any unnecessary shopping and miscellaneous expenditures. These small expenses can remove a huge chunk of the money which leaves you with a little cash left for other needs.
With these tips to become a more responsible borrower, you can manage your loans more effectively and prevent additional charges and late payment fees. By paying your dues in time, you can secure better deals and have your loans approved faster if you decide to apply again in the future.
If you have any questions about our loan services, you can contact us here. Asialink is always willing to extend a helping hand to those in need of financial assistance.