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Need to borrow at least PHP 10,000? Here’s how

Borrowing money is no easy feat. But with bills lined up, mouths to feed, and possibly other emergency expenses, what else can you do? Well, actually there is. First off is you must learn to budget your money wisely, and save up even just a fraction of your salary for rainy days. 

But if you have already exhausted all efforts and you are even known to be the cheapest person in your family or even your entire neighborhood… and you’re still short of at least 10,000 pesos, here’s what you can do: take out a loan.

Borrowing 10,000 pesos at this day and age is now simpler, compared to how it was a few years ago. Maybe because the value of 10,000 pesos is much lower compared to how much it can purchase before. Still, 10,000 pesos is a large sum of money for most middle income households.

So here are your options:

  1. Online Private Lenders: If you’re qualified, you can get as much as 10,000 pesos through an online private lending company. Normally, they cater to low-income families or even those that are unemployed. They can grant you a loan within minutes or even up to 2 days max. But do remember that they may have higher interest rates than banks, so always pay on time.
  2. Government: GOCCs or government agencies like SSS, GSIS, or even PAGIBIG can grant you a salary loan based on your duration of membership with their service. This can range from 1 month to about a year’s worth of your paycheck, if you’re qualified.

Remember that you could always try asking your friends and family to shell out smaller amounts so you could make the entire 10 grand. But that might be a little bit risky for you and for them, too. Whatever you decide, just be sure to pay them back in full or in the agreed upon amount.

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