How Personal Loans Can Help You Prepare for Life’s Major Milestones

Filipinos place great importance in achieving and celebrating life’s major milestones. Rather than let these moments just pass by, Filipinos are more likely to spend time, effort, and money to make them as memorable and impactful as possible. For key life milestones such as childbirth, this could mean being better prepared with baby necessities and other key expenses. Meanwhile, for investment milestones such as buying a dream home, more people would certainly aim to buy a more comfortable and visually pleasing property rather than a cramped one.

That being said, not everyone may have the financial means to fund these major milestones. In such cases, personal loans can be a big help. A personal loan is among the best loans you can get when funding a milestone as they usually come with lower interest rates compared to other credit options like credit card cash advances. Repaying personal loans is also much easier as they have fixed monthly payments, making the cost predictable and thus easier to budget. More importantly, most personal loans, particularly those offered by digital banks like Maya, don’t require any collateral, which makes them accessible while also reducing risks on your part.

To better understand how personal loans can help you become financially prepared during key events or decisions in your life, let’s go over some major milestones that personal loans can assist you with.

1. Buying or Renovating a Home
Homeownership remains to be a priority among many Filipinos, particularly those with families. However, with rising material, labor, and lot prices, building your dream home will certainly require significant financial investment. Many people end up saving for years on end for this purpose, thus being unable to own a home or improve their living conditions right away.
Taking out a personal loan can help you either make a downpayment for a house or make changes to your current one. For the former, a downpayment with a trusted developer is often enough to have your house built, allowing you to move into your new home much faster. For the latter, you can use the loan money to add a new floor or extra rooms to your current home, thus improving your living conditions.

2. Starting a Small Business
Many Filipinos dream of having their own business someday, with many even considering it a major life goal they’re saving up for. Through a personal loan, you can secure the capital needed to rent a space, stock up on inventory, buy tools or equipment, and process business permits. Thus, you won’t have to resort to lenders who charge excessive interest, instead opting for a personal loan with more borrower-friendly terms.

What’s great about funding this particular milestone is that your business will eventually generate profit, which can help you pay off your loan much faster as well. It can also feel empowering to be able to provide yourself with a livelihood of your own.

3. Funding a Wedding
Filipinos are deeply family-oriented, a value quite often reflected in weddings. More likely than not, the soon-to-be-married couple would prefer a wedding where they can freely invite as many family members and friends as possible, seeing it as a blessing to be surrounded by loved ones during their special day. Naturally, renting a suitable venue and providing catering for a large number of guests will entail bigger expenses.

A personal loan helps cover these costs, allowing couples to plan their dream wedding while repaying the loan in manageable installments. This option is also suitable for couples who want to avoid high interest rates from informal lenders or would rather not borrow from family for this expense.

4. Paying for Education or Career Growth
Investing in education—whether it’s for you, your child, or a family member—is crucial for a brighter future, but tuition and other school expenses can be costly. Personal loans can prepare you for the financial demands that come with education by covering school tuition fees, review center expenses, or training costs. By having funds on hand through personal loans, you or the person you’re supporting won’t have to delay educational goals due to financial constraints.

5. Purchasing or Repairing a Vehicle
Owning a car or motorcycle can be a game changer for a variety of reasons. For one, the vehicle can provide additional comfort and utility as you go to work or school. Another is that they can be used to offer ridesharing services, thus supplementing your earnings or perhaps even making that your primary source of income.

If a car loan isn’t an option due to high down payment requirements, a personal loan can be an alternative to finance a vehicle. Likewise, if you already have a vehicle that needs major repairs such as engine overhauls, new tires, or bodywork, then the borrowed money can be used to restore the vehicle back to excellent working condition.

A personal loan is a flexible financial tool that helps Filipinos achieve major life goals—whether that be becoming new parents, settling downpayment for your new home, starting a business, and more—without having to save up for years. With the help of personal loans, you can ensure that you’re financially prepared for that major life milestone, allowing you to focus on fulfilling your dreams rather than worrying about money. (MCN)