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5 Situations When a Personal Loan can be a Smart Financial Move


All of us have our own financial obligations, may it be a debt or simply our monthly bills. For some, it wouldn’t be much of a hassle, as we definitely have jobs to pay them all off. However, there are also those who struggle with their budget, owing to the fact that they are only able to get the exact amount per payday. With that in mind, applying for a personal loan is one way to acquire a certain amount of money to tend to our financial obligations. It’s easy and practical, all you’d have to do is pass the needed requirements, and you’re all set to spend the approved amount as you please. You may ask, how important would a personal loan be to pay off certain debts? When would be the best time to apply for a loan? Well, here are a few examples of those financial obligations where you may wisely utilize your personal loan on:

1. When You Need to Pay Off Credit Card Debt

This is important, especially if you are hoping to have a positive credit score. Credit card debts can be a hassle if left unattended and unpaid for a long time. Aside from the fact that it affects your credit score, it also accumulates penalty overtime. As much as you’d like to make it a habit to immediately pay off your credit card obligation, you are left with no choice when the budget is insufficient, and you may need to borrow cash, just to tend to this debt. Do not make this same mistake, use your personal loan instead.

2. When You Need to Pay for Medical Bills

Emergencies can happen out of nowhere. When you least expect it, an accident, injury, or illness may occur, after which, you may need to bring yourself to the doctor to be checked. Due to the current situation of our economy, medical bills are too high, which is why it is always good to have an extra amount ready at all times. Your personal loan may be able to help you erase any medical bill, especially if you’re mostly relying on a promissory note, just to be cleared from hospital confinement.


3. When You Need to Prepare for Unexpected Expenses

Aside from personal emergencies, other unexpected things might happen that is sure to catch you and your budget off guard, like a broken down car or fridge. Even though you have enough money in your savings account, paying for these unexpected expenses with a personal loan could be your best choice. When you take out a personal loan to cover these expenses, you help build your credit score and further protect your savings as a whole.

4. When You Need to Prepare for Vacation Expenses

We all need a vacation every once in a while. You may think that your savings are sufficient enough for the trip; however, travel expenses also include accommodation and souvenir tip-offs, which is why it is always good to have a little extra cash. Before heading out to the white sandy beaches, make an appointment to apply for a personal loan. Not only would it provide you with extra pocket money for your trip, it would also give you an opportunity to plot out the other possible fees of your travel (think of all the excess baggage fees that you had encountered before).

5. When You Need to Have a Home Renovation

Home is where the heart is, which is why you should do your best to maintain it and to keep it as clean and virtually conducive to live in. Getting your leaky faucet and roof holes fixed would not only bring about a positive ambience to your home, it would also provide that warm feeling of safety and comfort.

So, are you finally convinced that a personal loan does wonders for your financial obligations? Why not apply for one now? Look no further than Cebuana Lhuillier’s Happy Loan, a multi-purpose loan amounting to Php 5,000 up to Php 15,000 offered to any individual who is employed, self-employed, student, or a remittance beneficiary. Our network of more than 2,200 branches and online presence give customers unlimited access and utter convenience in applying for a loan. Our five-point application to disbursement process ensures services are delivered on time.

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