PERSONAL LOANS - PERSONAL LOANS Co Galang Moon Nalangan...

Info icon This preview shows pages 1–6. Sign up to view the full content.

5,9*7843(51 14(538 Co± Galang± Moon± Nalangan± Paderon± Yao
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

5ersonal 1oan $ type of debt which is made for personal± family or household use± and which is neither a business loan nor a long²term mortgage loan³ $ multi²purpose loan which can be used for any legal purposes³ Ɣ Wedding Ɣ House renovation Ɣ Travel Ɣ Debt consolidation *7(ommon :ses of 5ersonal 1oan Ɣ Health and Wellness Ɣ Education
Image of page 2
9ypes of 5ersonal 1oan Ɣ Secured ² requires collateral± such as a house or car± to back the loan³ Ɣ Unsecured ² does not need any kind of collateral³ They are much more common in the Philippines³ Ɣ Commercial banks Ɣ Savings institutions Ɣ Finance companies Ɣ Credit unions Ɣ Friends Ɣ Family members 8ources of 5ersonal 1oan
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

<-ow do 5ersonal 1oans <ork&3 When you take out a personal loan in the Philippines± you enter into an agreement with the lender ´usually a bankµ and promise to repay your loan over an agreed length of time ´also known as the a loan tenure or a loan tenorµ³ If you¶re taking out a secured loan± you will also need to put up a collateral³ To repay your personal loan± you make monthly payments for the loan tenure until you¶ve fully repaid both the principal of the loan and the interest³
Image of page 4
5ersonal 1oan 9erms Ɣ Collateral ² refers to the asset the borrower pledges to a given lender in order to
Image of page 5

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Image of page 6
This is the end of the preview. Sign up to access the rest of the document.
  • Summer '16
  • Debt, personal loan, Min. salary requirement, Personal Loan Information

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern