Mabigat na salita ang LOAN, lalong-lalo na kapag tinagalog mo: UMUTANG. Very intimidating ang konseptong ito and common sense tells us na dapat minimal lang ang ating mga utang to move forward and succeed in life. Pero on the contrary, loans o ang pag utang, lalo sa mga financial institutions like digital banks, can actually be very helpful and aren’t as intimidating as we think they are. So let’s break down the concept of digital loans para mas maintindihan natin siya to help us decide whether getting one is for you or not. OK? Let’s do it!
The first, and most obvious question to ask is…
A digital loan is a cash loan you make from a digital bank or financial institution with one key difference: obviously, digital siya! This means that you do everything through the App – inquiring, applying, receiving the loan amount, and making payments.
So bakit hindi nalang ako mag-apply for a regular loan through a traditional bank?
Actually, madaming rason why digital loans are better than loans from traditional banks, but here are the top 3 reasons:
Dati, pag mag-aaply for a loan through a traditional bank, eto yung proseso: kailangan mong pumunta sa branch, magsubmit ng photocopies of IDs and billing statements, wait a few days for the processing of your application, bumalik sa branch (if approved), pumirma ng maraming documents, tapos wait a few days again for the money to be transferred to your account. SOBRANG HASSLE DIBA?!
Well, thanks to digitization and automation, sobrang hassle-free na ang proseso ng pag loan. It’s faster, less time-consuming, and more cost-efficient! Imagine, nakatipid ka na sa pamasahe, nakatipid ka rin sa oras, nakapagloan ka pa! OH DIBA?! SULIT!
Good things come to those who wait diba? Pero wait, what if kailangan ko ng cash right away?! For a medical emergency perhaps? A family crisis? Dati, wala kang choice. If you needed to get a loan, wait ka talaga. But today, again thanks to digitization and automation, as well as the power of traditional and alternative data, loans are processed much faster which means you can receive cash in minutes!
Through the use of data, kayang ma-access ng digital banks ang iyong profile, payment history, and other relevant data to determine whether you are eligible for a loan almost instantly which means they can approve your application and get money to you faster. GALING DIBA?!
Because digital banks have no actual branches and employees manning the branches, at dahil digital na ang lahat ng proseso at transaksyon, they are able lower their operational costs significantly. Ang effect nito sa pag offer ng mga products like loans to people like you ay much lower interest rates and more flexible payment terms – dahil nakakatipid sila sa mga ibang bagay.
This means that in most cases, lower ang mga interest rates na ibinibigay ng digital banks compared to traditional banks because of their lowered operational costs, which means easier and more convenient payment terms for you!
OK. Now that we have a better understanding of how digital loans work, i-apply natin siya sa mga actual life situations that might help you better decide if Digital Loans are for you…
Meet Mang Jun
Si Mang Jun ay isang full-time Grab Driver. Nakaipon siya enough para makabili ng sarili niyang kotse na ngayon ginagamit niya as a means to provide for his wife and 2 kids who are both in high school. Masipag siya, 7 days a week bumabiyahe para makabayad ng rent, pagkain, at school ng mga anak niya. Pero sagad-sagad na siya to make ends meet.
One day, habang nasa biyahe siya, biglang kumatok yung makina niya. Dinala niya yung kotse sa talyer at nalaman niya na kailangan i-overhaul ito at aabutin siya ng P65,000. Walang ganung pera si Mang Jun, pero kapag hindi siya bumiyahe, hindi niya mababayaran ang mga daily expenses ng pamilya niya.
Nagkunsulta siya sa mga fellow Grab Drivers niya at may isang nag-suggest na mag avail siya of a Digital Loan through a digital bank. Ginawa niya eto that day and within that day naka kuha siya ng pambayad sa kotse niya and was back on the road the very next week! Thanks to the instant cash he was able to receive, nakapagputuloy siya ng hanap buhay niya agad-agad!
Si Joy ay isang negosyante who runs a few small businesses: isang online-selling business, isang milk tea stall, at isang karinderya. Yung asawa niya ay OFW, so on top of all the businesses she runs, siya rin ang namamahala sa bahay at sa mga anak niya: laba, luto, linis, alaga at tutor ng mga bata, you name it. Superwoman si Joy.
Malapit na mag graduate yung panganay niya at pinangako niyang bibilhan niya si kuya ng bagong laptop para sa IT course niya. Ang presyo ng laptop na gusto ng panganay niya ay P150,000 – mabigat pero kaya naman, basta’t pwedeng hulugan. Naisip ni Joy kumuha ng cash loan sa bangko pero dahil sobrang busy niya, wala siyang mahanap na oras gawin ito.
May komare siya na nag suggest mag-apply siya for a digital loan. Hindi familyar si Joy sa konsepto pero upon doing research naisip niya na eto ang best way para maitupad niya ang pangako niya sa panganay niya. Sa sobrang hassle-free ng proseso, she was able to apply and get approved for a loan in minutes, not having to give up time from her already busy schedule. Happy mommy and happy graduation sa anak niya!
Si Jhovert ay isang Security Guard and has been for the last 5 years. Lately, he has been feeling stuck. Sa tingin niya dead-end ang trabaho niya and feels that there is something more that he could be doing. Single siya, and wants to keep it that way to be able to pursue his bigger dreams in life. And the biggest being to migrate to another country and start a new life there. Pero how?
One day, may nakita siyang flyer ng isang Japanese school that teaches basic Japanese. Yung school na ito also had connections with a factory in Japan who would process working visas to work in their factory, basta’t maipasa nung applicant yung basic Japanese test at the end of the course. Sobrang natuwa si Jhovert sa ideang ito (as a huge fan of Japanese anime). However, nung nakita niya yung presyo ng 1 year course, agad-agad niyang narealize na hindi niya afford ang tuition of P90,000. Kahit anong pag-compute niya ng sweldo at savings niya, hindi parin ito aabot sa pambayad sa school.
Security Guard si Jhovert ng isang bank. Isang araw, may nakita siyang bagong poster sa loob ng branch about getting a Digital Loan from their subsidiary digital bank. Na-curious siya at nag tanong siya agad sa isang employee ng branch. He quickly learned that getting a Digital Loan would allow him to get the money for the tuition as well as allow him to pay off the loan on terms he could afford. Within minutes na approve siya for the loan and was able to begin his journey towards achieving his life goal! Good job Jhovert!
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So there! Marami pang ibang scenario of course where getting a Digital Loan could be a great solution to either helping you in your day-to-day life or in achieving your life-long dreams. Sana, sa article na eto, you were able to get a better understanding of what Digital Loans are, it’s benefits, and how it can possibly be useful to you in your current situation.
So the question is, are Digital Loans for you?