What Can I Buy With My Personal Loan?

There are different loan types available, as we covered in this article.

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When you take out a Housing Loan, you can only use that money to buy a house. If you accept a “buy now, pay later” deal from SM Appliances or Abensons, you must purchase a gadget or other item from their shop.

What can I buy with my personal loan?

There are different loans, for different purposes.

So, when you apply for and get approved for a Personal Loan, what can you spend your personal loan money on?

 

We will dive into that now in this article.

Different lenders will have slightly different rules, so be sure to double check the guidelines about what you can and can’t spend your money on, BEFORE signing for the loan.

However, generally speaking these are types of things you can buy using your personal loan:

  • Home Renovations , repair and upgrades.
  • Education expenses
  • New TVs, Clothes Washing Machines and other gadgets/electronics.
  • Your dream holiday.
  • Special Events like Weddings, Birthdays, etc.
  • Health and Wellness
  • Medical Emergencies
  • Some banks will allow Debt Consolidation

As you can see, the use of a personal loan is varied.

There are usually less restrictions placed on a Personal Loan over a Salary Loan for example. Your “instant pera” can be used for most things you’d want to buy or invest on.

Now you know what you can buy, the next common question we get from people just like you is:

How Much Can I Borrow?

Here are a few examples:

  1. BDO Personal Loan: From Php10,000 up to Php1,000,000
  2. BPI Personal Loan:  From Php20,000 up to Php1,000,000
  3. CITIBANK Personal Loan: From Php20,000 up to Php2,000,000

Before you start seeing ($) ($) in your eyes, always remember that any licensed and reputable lending company will only lend you a maximum amount that you will be able to repay.

The amount you can borrow will be determined by your salary. If your monthly salary is Php21,000, a bank will not lend you so much that your monthly repayment will be Php15,000 for example. As this will put too much stress on your finances quickly or soon enough.

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How much can I borrow?
How much can I borrow?

You will only be approved for a Personal loan that you can afford. This will be determined by your salary and everyday living expenses. A bank or lender will always attempt to loan you what you can afford to repay.

What are my repayments?

Your repayments will be higher, if your personal loan amount is higher. And lower if your loan amount is lower. A licenses lender / or bank will always aim to issue you with an amount you can afford to repay.

Is this secure & safe?

Yes. We help thousands of Filipinos get a loan every month. And we have not yet had any concern reported to us. The services we provide are secure and online. Your information is cared for like it is our own.

Who are you?

We're based right here in the Philippines. We match our clients to the right lenders. So you can have the best chances of approval and the quickest turn around time. We have partnerships with the biggest banks and lenders in the Philippines.

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