There is a widespread misconception that all debts are bad, yet in reality, this isn’t exactly the case. When used with purpose and managed responsibly, borrowing money—whether it be through loans or other forms of credit—can be a powerful tool for achieving one’s goals and creating financial opportunities. The key lies in knowing how to borrow money with a purpose and maintaining a manageable repayment plan.
Among the ways in which borrowed money can be used strategically is by using the funds to improve your financial situation or to invest in income-generating opportunities. In such cases, it is then important to have a means by which you can easily borrow money so you can reach your goals faster. Maya understands well the need for a quick and convenient way to instantly borrow money when you need it, hence why we offer flexible lending options in the form of Maya Easy Credit and Maya Personal Loan.
Maya Easy Credit lets you borrow up to PHP 30,000 that’s payable for up to 30 days. The application process requires no excessive documentation and can easily be accomplished via your Maya app, making it suitable for first-time borrowers and for people who need immediate funds because of an emergency. Once approved of the loan, you can transfer the amount to your Maya Wallet, or you can choose Maya Easy Credit as your payment option when you Pay with Maya online or when you scan any QR Ph code to pay in store.
When you need to borrow a higher amount, you can opt instead for Maya Personal Loan as it can give you up to PHP 250,000 in funds with flexible repayment terms ranging from 6 to 24 months. The loan application can also be done right on your Maya app and the funds are deposited directly to your Maya Wallet once your loan application is approved. Not only do we make it hassle-free to borrow money online, we also let users choose which one suits their financial means and unique situation best.
Once you’ve secured a loan or credit line, making the most of those funds is essential. Here are some smart ways to put borrowed money to good use.
1. Consolidating High-Interest Debt
High-interest debts such as unpaid credit card balances tend to balloon over time, which is why they are best paid in full as soon as possible. Borrowing money through a personal loan can help you consolidate multiple high-interest debts, like credit card cash advances and credit card balances, into a single loan with a lower interest rate. This strategy makes repayments more manageable and allows you to regain control of your finances.
2. Starting or Expanding a Micro Enterprise
Whether you’re an aspiring business owner or a micro-entrepreneur, borrowing money through a loan or credit line can be a great way to obtain the funds needed to start or expand your business. For example, you can use Maya Personal Loan to purchase a big batch of inventory, upgrade expensive equipment, or launch big-ticket marketing efforts, all of which contribute to growing your business. Meanwhile, Maya Easy Credit, which offers up to PHP 30,000 in credit, can be a practical solution for managing smaller or emergency business expenses. Since it comes with zero interest and a service fee of as low as 3.99%, you can use it for urgent needs like restocking fast-moving products, handling minor repairs, or covering unexpected operational costs without straining your cash flow. This flexibility allows you to keep your business running smoothly, even during unpredictable situations.
Through this strategic use of loan money, your business can eventually start bringing in more profit. This increased cash flow makes it easier for you to manage your expenses and sustain your operations. As your business grows and its financial standing improves, you may also become eligible for a formal business loan in the future, providing even more opportunities to scale and expand.
3. Investing in Education or Skills Development
Taking out a loan to pursue higher education, obtain certifications, or upgrade your current skillset can be a wise move, as doing so increases your earning potential over the long term. For example, if you’re a freelance virtual assistant aiming to increase your clientele, then investing in training courses can enable you to offer additional services such as graphic design or copywriting, which will, in turn, allow you to attract new clients. With a larger income, it will become much easier for you to stay on top of your financial obligations
4. Funding Major Life Milestones
Major life milestones such as weddings, childbirth, or sending your kids or a family member to college can be costly. Rather than deplete your savings to pay for them, a well-structured loan can help spread out the cost over time, making these significant expenses more manageable.
For example, you can use Maya Easy Credit to get quick funds to pay for a family member’s school expenses such as books and school supplies. This will allow you to stick to your monthly budget rather than have it stretched thin should you accommodate those additional expenses on top of it.
For bigger financial commitments or major life investments, Maya Personal Loan can provide the necessary funding. You can use it for a down payment on a condo or house, allowing you to secure the property without depleting your savings. It can also help cover the cost of home renovations, whether you’re upgrading your living space or making necessary repairs. Additionally, if you need to purchase a car for work or for family use, a personal loan from Maya can also make it easier for you to afford the initial payment, giving you access to reliable transportation without straining your finances.
5. Emergency Financial Relief
A personal loan or credit line can be a lifesaver during emergencies such as sudden medical expenses or unexpected house repairs. While it is highly advisable to have an emergency fund for such scenarios, borrowing can provide you with additional funds should your savings fall short. Doing so also lets you address those urgent financial needs without derailing your monthly budget and missing other financial obligations.
Borrowing money can be helpful in managing your finances and even improving your life situation, so long as the funds are used strategically. With the help of the pointers above, you can use your borrowed money not as a mere quick fix but as a means to achieve financial empowerment and stability.
