If you're looking at making an expensive purchase in the near future then personal loans are a good option to look at, whether you're planning on a dream family vacation or simply buying some new gadgets and luxuries for your home, paying for such large purchases in one lump sum can put your finances at risk, if you apply for a personal loan, secured or unsecured, it might help you stay financially stable by spreading out the large cost over a longer time period.
How long can i borrow money for?
Lenders in the Philippines typically issue loans from just 6 months up to 60 months. The longer you borrow money for the smaller your monthly repayment amount will be, but you will also pay more in interest overall which is why it's often best to keep the repayment period as short as financially possible to avoid paying too much interest.
How much money can i borrow with a loan?
The amount you can borrow will vary from lender to lender and will also depend on your individual circumstances such as If you're employed or self employed, how much your monthly income is, what assets do you own, how much disposable income you have and what other debt and liabilities do you have. Typically if you want to apply for a loan you can ask for as little as 20,000 pesos up to 3 million pesos.
As always when taking on any type of debt ensure you look at your financial situation to see how much debt you can realistically afford. Then you want to compare personal loans that are available in the Philippines to find the right one that suits your circumstances.