I visited several banks last week here in the Philippines because I wanted to open a remittance account for my husband who’s now working in UAE.  I have not opened any account for the meantime since I am still waiting for the Certificate of Employment  which  is one of the documents required.   While waiting for my turn to ask all of my queries to the BDO bank teller, I read their Personal Loan leaflet for those OFW (overseas Filipino workers) wanting to apply for a loan.   Here are the basic application requirements.

1.  Must be 25 years old upon application to 65 years old upon loan maturity.

2.  Gross Monthly Income of P20,000 or its USDollar equivalent.

3.  Filipinos; OR Former Filipinos with or without dual citizenship; OR Filipinos married to foreigners; OR Foreign based Filipinos/OFW and their Beneficiaries.  (For Secured Personal Loan)

4.  At least 2 years continuous employment contract; 3 years to other employment.

5.  Must have at least one (1) landline phone at either local or foreign residence or employment location.

6.  Beneficiary must be living or working within BSO serviceable areas & must have landline.

7.  Should have a Banco De Oro Current Account, Savings Account or Time Deposit with a minimum placement of P15, 000 or its US Dollar equivalent.  (For Secured Personal Loan)

8.  With good credit history

For the Document Requirements, both Secured and Unsecured Personal Loan, applicant shall be the OFW only.  For nore details just visit the BDO website.  www.bdo.com.ph

When time’s getting tough and unavoidable circumstances happen like natural calamities, you would be finding ways how to keep your life survivable. Such disasters do not only affect USA like the hurricane (Katrina etc.) but also in the Philippines in our case typhoons (Hagupit, Frank etc.) or storms, flood and landslide.

Well, I have good news for Pag-ibig members and SSS members since they can avail Calamity Loan. Some may have avail of their benefits already but for those who haven’t applied yet, here are the details that you should be aware of;

Pag- Ibig Calamity Loan Program (HDMF Circular No. 195)

This program provides financial assistance to Pag-Ibig member victims in calamity-stricken areas. The following are the ones who are eligible to borrow:

1. When a member has made at least 24 monthly contributions

2. An actively paying contributor at the time when he applies for a loan, and commits to continuously remit contributions for the term of the loans

3. A resident of the area which is declared calamity-stricken

The loanable amount of which a member is entitled to is up to 80% of the Total Accumulated Value (TAV) OF his savings. And for members with existing MPL’s, outstanding loan balance shall be deducted from the proceeds of the calamity loan…

For more details visit this site…www.pagibigfund.gov.ph

With regards to SSS Calamity Loan, from the Philippine Social Security System website, you can qualify for a calamity loan if: http://www.sss.gov.ph/loans/cal0001.htm

Who may qualify for a calamity loan?

A currently employed, self-employed or voluntary member who is a resident of a calamity area as covered by Presidential Proclamation or as declared by the National Disaster Coordinating Council (NDCC) or the concerned Local Government Unit (LGU).

He must have paid at least a total of 24 monthly contributions throughout his membership, including two monthly contributions within the one-year period prior to filing date.

He has not yet been granted a refund of contributions, retirement or total permanent disability benefits.

He must be up-to-date in the payment of all member loan obligations, including the following:
» salary loan
» calamity loan
» emergency loan
» stock investment loan
» privatization fund loan
» special educational loan for vocational and technical students
» special educational loan for Y2K conversion training
» member assistance for the development of entrepreneurship (MADE), and
» housing loan granted through the SSS, National Home Mortgage Finance Corporation (NHMFC) and Home Development Mutual Fund (Pag-IBIG).

The amount of calamity loan shall be granted only to the extent that the loan being applied for plus the member’s total outstanding loan balance at the time of application shall not exceed P50,000, except those of member assistance for the development of entrepreneurship (MADE) and housing loans.

I believe that it doesn’t matter if your earning like a company president or a clerk as long as you know how to handle your money wisely. As the saying goes, live within your means.

I have come across an article which is all about time-tested principles of how to Stick To A Budget from financially-savvy couple Vic and Avelynn Garcia of Unleash International.

STEP #1 LIST DOWN YOUR MONTHLY INCOME AND EXPENSES.

According to Vic, the top skill in financial management is identifying where your money comes from and where it goes. List down all your sources of income every month so that you can plan your savings and expenses properly.
Next, note down all your expenses for the month. It doesn’t matter how big or small the amounts are, just write it all down. Keeping track of all your spending will show you if are on the right track budget-wise or if you are spending too much on things that you don’t really need.

STEP #2 ANALYZE EACH ITEM IN YOUR EXPENSE LIST.

Ask yourself; Is there an item you can quit spending so much on? Is there a cheaper alternative you can tap? For example, do you really need to buy that leading brand of jeans or is there a more budget-friendly option?

STEP#3 STICK TO THE 70-20 -10 FORMULA.

THE Garcias teach that you should live within just 70 percent of your income. The remaining 20 percent should go to a savings or emergency fund. “This is important so that whatever happens, if there is sickness or an emergency in the family, you don’t have to borrow”,explains Vic.
The last 10 percent, Vic and Avelynn say, belongs to God and should be given to your church. “If you invest your money in a bank, you get two to five percent interest, but if you give to God, He promises a hundred-fold blessing.” The Garcias set aside this donation first thing every month, and even go beyond ten percent when they can manage it.

STEP#4 OPEN AT LEAST TWO BANK ACCOUNTS.

Money kept on hand is easily spent so better to stash it at the bank. Get a regular account for your revolving fund, the money alloted for your daily expenses. Get another account to hold your contingency or emergency fund. Vic says this second account should contain three times the amount of your monthly expenses. If you lose your job for example, at least you have three months to look for one before you run out of cash.

Once the contingency fund reaches that minimum amount, it is time to open another account for your short-term and long-term savings. Use this third account to save up for major purchases, such as household appliances, furniture, or car.

This is such an awakening call for me, and also to everyone who’s having a hard time sticking to their budget. So let’s start practicing these principles and enjoy financial freedom soon!!!

What is an ADA? ADA which means automatic debit arrangement happens when you authorize your bank to debit the bill amount from your account on the due date and remit the payment to your service providers namely Meralco, Smart Broadaband, Maynilad etc. Of course you should visit your bank of account to enroll in this option or at least use the power of surfing through the net the different bank websites who offer this service. Like in the case of Meralco, bill payments are accepted through these accredited ADA partners.
1. Allied Banking Corporation
2. Banco de Oro Universal Bank
3. Bank of th Philippine Islands
4. Citibank
5. Union Bank of the Philippines
6. United Coconut Planters Bank

Credit cards are still not as common in the Philippines as they are in the United States, but more and more Filipinos own one. And those who have plastic money use them more often, too. Most credit card companies report growth rates of about 20 % every year. A higher spending pattern among cardholders has also been observed. Cardholders usually use their credit cards for day-to-day expenses; groceries, dining out, and shopping.

Despite the occasional big spender that gets in debt trouble, most Filipino cardholders are now more judicious users of plastic. They don’t splurge although they take advantage of card offers to get the best value. Most cardholders know that it’s not OK to just swipe and swipe to get whatever they desire.

When used properly, credit cards can actually help shoppers get what they need and want. Some banks offer zero interest rates or installments purchases for up to 12 months. This is particularly helpful to homemakers and working mothers as it allows them to stretch their budget.

Indeed, credit card companies are cooking up ways to ease the financial burdens and worries of cardholders. Here are some ways to swipe smart;

• CHOOSE THE BEST CARD FOR YOU. There are over 50 credit card products in the market today ( and the number keeps growing) so choose wisely.
• SET A BUDGET AND WORK WITHIN IT. Don’t fall into the trap of buying things just because they’re on sale. Schedule when best to use your credit card without going over your personal limit. Use your card responsibly. Budgeting helps you organize your spending.
• CHECK OUT OFFERS MADE TO YOU. Read your statement of account for ongoing deals and promotions that may give you better value for your money.
• NEVER SKIP A PAYMENT to avoid late payment fees and finance charges.
• PAY AT LEAST THE MINIMUM PAYMENT DUE on time every month. But don’t make it a habit. The minimum payment is not the only amount you owe. You will be charged interest on th portion of the balance that you don’t pay by the due date.
• SPEND AS YOU EARN. Don’t spend more than what you can repay. Don’t borrow in anticipation of future earnings.

I have read this must-read article from Good Housekeeping GET MONEY WISE! Don’t you think it’s worth posting!!!

When the price of fuel is high, haven’t you noticed that it seems the price of the cars indeed have better price package. These days the dealers of cars are providing the customers with tempting discounts and freebies.

So if you are going to make your most spending on getting your dream car, you can surely get various options to finance your car this time. Yes you can borrow the required to purchase the car of your choice in the form of loan in affordable rates. Although you will be offered to take car financing facilities from your dealer from whom you are buying your car yet you are bound to take so rather you are free to take loans from individual lender, banks, lending institutes, online lenders etc. It is generally of about two to five years. To get the right finance or the best finance firstly you need to have the loan of best rates that you can afford very easily. For that purpose you have to shop around the whole market very closely so that you don’t make any wrong decision over that purchase.

While taking car loans don’t depend fully on whatever you watch as the commercials of car loan facilities. Try to get the right concept regarding that and clear out your every confusion about car loan so that you can be a bit confident and don’t make any mistakes in selecting the source of your car finance. The next step should be to have an exact idea of the charges you are being charged in taking car loan. It is better to calculate the annual percentage rate of the loan you are supposed to take. APR is very important as it helps to calculate the cost of loan and it also help to know your monthly payment. Attractive APR does not always seem to be affordable for you and sometimes if you get interested in getting discount on loans, remember that in that case you will have to pay extra charge for getting that facility. So don’t make any quick decision and if you find the rates of any lender are not much affordable for you, go to another lender as the rates always vary from lender to lender.

Before taking the loan facility you should also make your close vision towards the down payments and closing payments. Look into whether you’re are also paying extra or any additional payments, the main thing is that you need to get the perfect knowledge of the whole payment term of the loans. Another important step before obtaining any best car loan facility is to have knowledge of your own credit history. Whenever you are taking a car loan you have to show a copy of your credit history to your lender so that they can make a glance on your debt ratios and that will help you to get right response of your lender to you. The whole process is not much difficult, you just to need to know the whole matter, have discussions with various lenders, before going for any option, then calculate on your own and then compare that with lenders opinion.

Buying your dream car would easily be a dream come true…and surely it would be a joy riding with it if you know that you have chosen the best deal ever!!!

Best student loan consolidation, a way to slim down your monthly burden.

Going to college is very important. Thus, Americans, even married once still continue to go to college. This is because you have better future if you are able to finish college; this is true in American and even in the other parts of the world.

To help you with this important factor in your life, student loans are available to help you go through college education. However, students end up with knee-deep in student loans.

If you are one of these students, you need not despair; you may shop around to find the best student loan consolidation entities to help you in the process of getting out of debt.

Best student loan consolidation will help reduce your monthly payment of up to 50%.

You cannot find any better deal than that. Reducing your monthly payment will mean that you can have some spare money for other purposes. Best student loan consolidation will thus help you have some money to meet other expenses like car payments, household needs, and childcare.

Additionally, because of the best student loan consolidation program, your credit rating will improve and you can even extend your paying period from the usual ten years to as long as thirty years.

You may also find the best student loan consolidation company that will give an additional percentage of interest on top of the savings from the consolidation. This will be good to lessen your monthly burden.

Additionally, if your student loan is under the federal direct student loans, you may qualify for the best federal direct loan consolidation program.

In this program, in addition to the 50% or more reduction in your monthly payments, there is a lock in lower interest rate available for you.

This lock in lower interest rate is best for your student loan consolidation program because it will shield you against inflation rates.

This will mean that you will not have to worry about additional charges due to the inflation rate fluctuations.

To top is all off, the best student loan consolidation deal under the federal direct program is easy to apply, and there are no fees, credit checks, application, or original charges.

Thus, it is a clean way through paying your student loans and can even spare you some money for other purposes. Is this not the best student loan consolidation program you will ever find?

If you are not sure if your student loans are under the federal direct student loans program, you may check out the Internet. Match your student loans if they will qualify for the best student loan consolidation program.

You can also find in the Internet additional information that you can use to help you get out of that knee-deep debt.

Car loan is the easiest way to buy a new or a second-hand car nowadays when cash is not enough. But before you can even apply for a car loan, there are a lot of things to be considered.

The present market activity has brought to you an opportunity to apply for a car loan even without having a credit history. It is no more difficult to face the deal for you. You can have your dream car so easily and you don’t need to worry for not having any credit report as a proof of your good or in case any bad score. The most important step in this case is to open a checking account. Your regular bill payments can be counted as your credit score with respective checking account. That will work for representing your minimum credit history. If possible before making any deal you can open a credit card account but that is not very necessary.

As you have no credit history as such it is very important to settle your payment procedure with little higher amount of down payment. That will decrease the risk of loan and moreover you will be getting comparatively lower rates. Remember that for the reason of not having any credit history you will not get treated with good credit history rather to some extent it will seem that you have bad credit history. But don’t get confused about that; it will not hamper your purchase procedure rather if you desperately make high down payment you will definitely gain lower rate of interest to be paid for your obtained loan.

There are various lenders in the market. You try to make a shop around through the market and in this way you can have an idea how to deal with and how to meet low cost to buy your car. The lenders offer various types of finance packages and a have close look into that and ask for quote from all the lenders as much as possible. That will make your dealing easier. Your no credit history will affect any more if you are able to meet the best car finance. Fix your goal with no quick approach rather try to make an evaluation of all terms and conditions you are being offered and also the charges and interest rates you have to pay. You should also have a clear idea of your monthly payment. Make a suitable judgment over that and decide whether it is affordable for you or not. Don’t forget that it’s a golden chance for you to prepare a good credit scores which will help you in any future dealing very actively.

After selecting the suitable and affordable deal you have to perform some paper works. Fill them accordingly and get approved for getting the loan for buying the car. In this way you can find it no more big deal to have car finance even with no credit history. Again if you find it not suitable for your financial capacity go for refinancing which will take few years and use the rest of the period in making regular payments for your purchased car. So don’t get late and be forward; may be you can have your dream car within next few days and this time it will definitely make you to have a positive approach although having no credit history. Be active and don’t miss the chance to build your good credit history with this car loan facility.

Driving your dream car( Toyota, Honda, Ford, Nissan or Chevrolet) is such a wonderful experience, but when it’s loaned never miss the ride towards it’s monthly payments or else you’ll miss the chance of owning it fully. Have a happy trip!!!