Ever since it was rolled out, Maya Personal Loan has proven to be a game-changer for upwardly mobile Filipinos who need flexible financing without the restrictions of a traditional bank loan. Whether you're handling medical emergencies, tuition payments, or looking for funds for your next life move, Maya Personal Loan is an accessible and easy-to-understand loan option for extra funds.
Once you have upgraded your Maya account, applying for a Maya Personal Loan is easy. You can apply directly through the app without additional documentation and receive approval for unsecured online loans of up to PHP 250,000 in just a few seconds. Any approved amounts are instantly disbursed into your Maya Wallet, ready to use for your intended purpose.
This amazing convenience sets Maya Personal Loan apart from traditional bank loans. With no service fees, as low as 0.77% add-on rates, and easy installments of up to 24 months, this modern loan product addresses Filipino borrowers’ frustrations with traditional borrowing. These benefits combine to make Maya Personal Loan one of the best loans available to Filipino consumers.
If you do get a Maya Personal Loan, managing your repayments effectively will help you improve your creditworthiness and give you valuable peace of mind. Follow these practical tips to easily budget for your Maya loan repayments while being able to maintain your lifestyle.
1. Analyze Your Monthly Income and Expenses
Most reputable lenders will only offer loans to borrowers in good standing. Still, you must take stock of your current total income and monthly obligations to make room for your loan payments. Even if you already have a budget, you might want to redo it so you can better accommodate all of your obligations with your real income.
2. Set Up a Dedicated Loan Repayment Fund
Whenever you take on a loan, you should open a separate fund to manage your loan payments. This keeps your money separate and reduces the temptation to spend repayment funds on non-essentials. Consider setting up Maya Personal Goals to help you organize your loan repayments.
3. Keep Track of Your Loan Repayments
Leverage Maya's digital features to closely track your repayment schedule and monthly transactions. You can go to the Loans tab in the Maya app to see your monthly due date and repayment amount. Don't forget to enable in-app notifications from Maya to receive reminders and updates on your loan! Plus, you can also set up your phone's calendar to notify you of payment schedules to avoid missing deadlines and recurring late fees.
4. Keep Your Lifestyle Spending in Check
While enjoying your own money is important, discretionary spending is the first area to cut back on when you experience a financial crunch. Even if your income comfortably supports regular expenses and loan payments for the time being, you should still identify specific areas for reduction. Consider dining out less frequently or cutting back on unnecessary subscriptions to free up extra funds for your loan payments.
5. Make Your Debt Repayments Your First Priority
Maya’s competitive rates make Maya Personal Loans easier to handle compared to competing products but you should still maintain a responsible attitude when paying them back. Debt repayments should always be your main priority, especially if you’re interested in accessing better funding in the future. If you have multiple obligations, prioritize the ones with the highest interest rates to reduce the potential burden on your finances.
6. Maintain a Reasonable Emergency Fund
Even though a loan can be a good solution for emergencies, easy access to loans is no substitute for having a dedicated emergency fund. Even as you pay off your loan, you must allocate a portion of your income toward an emergency fund. Try to keep this buffer equivalent to at least 3 month’s worth of expenses at all times, expanding it as your expenses increase. This will enable you to keep up with loan payments in case of emergencies or a loss of income.
7. Use Maya’s Loan Calculator to Plan Your Repayments
Before you commit to a loan, use Maya’s loan calculator to determine the estimated repayment amounts for the desired repayment periods. You can find the tool on the Maya Personal Loan page. Simply input the desired loan amount and target repayment period to get an idea of how much you'll need to set aside every month. Take note that the actual terms will depend on the results of a credit evaluation. Don’t accept a loan unless you’re certain you can accommodate the calculated monthly repayments for the duration of your loan.
8. Adjust Your Budget When Your Income and Expenses Change
Lastly, don’t forget to review your budget every few months or so. Your financial circumstances can change, so you should also review your budget periodically. Adjust allocations for expenses and savings as needed to maintain a balance between repaying your loan and achieving other financial goals.
Move Closer to Your Desired Lifestyle With a Maya Personal Loan
Getting a Maya Personal Loan is one of the safest ways to access mainstream funding today. Thanks to Maya’s simplified application process, you can score up to PHP 250,000 in unsecured funds simply by upgrading your Maya account, with no additional paperwork. Get over the hurdles of traditional lending and get access to extra funds with Maya Personal Loan and it's user-friendly rates and easy application process. Apply for a Maya Personal Loan to fund your next major life milestone today!
