Apply for Credit

  1. Apply for credit that allows including in the operation bank loans or other loans. If the tips have given you have been generous lately, or your sales commissions have been on the rise, some programs let you include tab that kind of income, to increase the amount of credit you can receive.
    • The same interest rate of around 12% and the online portal offers a free workshop for you to decide what kind of credit is the best for you.
  2. Check if you can apply for credit. Now if you are a public sector worker, you can request a credit. According to the mode, you can get a credit of almost one million pesos as one of the beneficiaries of an annual sweepstakes or 100% of the money you have accumulated in the SAR (System Retirement Savings), without having to participate in the draw.
    • But remember that obtaining credit is not winning the lottery. In both cases, you have to design a payment schedule; however, you may not have to carry this responsibility alone.
  3. If you do not work in a formal business or a government body and also your resources are rather limited, it would be worth you to review if you qualify for a subsidy (National Fund Trust for Popular Housing), which grants through various programs (especially in rural areas) and requested at the offices of state or local government.
  4. Mortgage requests, if you do not get a government loan. This is an option is far less cumbersome than government loans.
    • It is true that their programs usually require their customers checking a higher income; also, banks are interested go to your history in the Credit Bureau.
    • The positive is that the interest rate you must pay can be much lower (in some cases up to 8.5%): one or two percentage points less can be tens or hundreds of thousands of pesos in total.
    • Also, according to the design of payment you choose, you can avoid too high a down payment; get a reduction in your monthly payment in times of low income or life insurance, sickness and even unemployment.
    • However, you should be very careful with marketing: a loan with CAT (Total Annual Cost), monthly payments and lower interest rates very likely means that during the first years of the loan not amortize capital. This means that your payments during that period are intended to cover the interest on what you paid the bank and not the loan itself.