5 Sources Pinoys Like to Borrow From
And the struggles that come with utang.
(SPOT.ph) Sometimes, no matter how much effort you put into saving money, you come up short. But being the crafty person that you are, you’re always going to find someplace—or someone—to borrow money from. We list down where Pinoys usually get their utang—and the struggles that come with them.
Parents and relatives
Don’t you just miss the days when your parents would just automatically give you baon before going to school every morning? Or when your titos and titas would hand you a red envelope during family reunions? Now that you’re an adult, you have to muster the courage to ask them for cash and provide a legit reason for doing so. And then, you have to sit through the whole “When I was your age…” sermon.
True friends are there for you no matter what—especially when it’s petsa de peligro and you’re running low on cash. While they’ll probably need a little extra convincing, you’ll eventually win them over with your best paawa face and your promise to treat them to a few buckets when you get your paycheck.
Employer or employee loans
You’ll never be as thankful for your 9-to-5 than when you’re applying for that salary loan. And if not, maybe your boss or colleagues can spare a few bucks.
Piggy bank and life savings
You probably spent years filling up that piggy bank with loose change. But desperate times call for desperate measures. Just make sure you break that piggy bank in a safe place when nobody else is looking, so you can concentrate and not lose count once you start piling up those coins.
The lucky ones have a trust fund or a time deposit account that they may be able to withdraw from. But even these savings accounts should be touched only in times of real financial crisis.
This is one way to make the most out of your government-mandated contributions: avail of your SSS and PAG-IBIG loans. Never mind if you’ll have to fill out stacks of paperwork and walk from office to office—once you get your check, that’ll help you get through your everyday expenses till the next payday, and you’ll start to believe that the extra effort was worth it.
There is an easier, more convenient option: the Tala Loan.
You don’t need a credit history, collateral—or even a bank account to get a loan. You can just download the Tala App.
When you use the Tala app, there’s no need to file paperwork or repeatedly go to the bank; you can use the app everywhere, 24/7. You don’t have to wait long for the decision on your loan, either—you’ll get it within seconds.
Download the app on Google Play, set up an account with your ID, Facebook account, and Android smartphone, and cash out your loan within one business day. When you repay on time, you’ll be eligible for higher loan limits and lower fees. If you get lost using the app, customer service is available.