Emergency Loan Application Promissory Note: Fill & Download for Free

Most government student loan programs in the Philippines are only available to lower-income families with household income of less than PHP25,000 per month, such as CHED’s SNPL, the SSS Educational Assistance Loan, and the GSIS Educational Assistance Loan.The CHED-funded Study Now, Pay Later program provides a maximum of PHP15,000 per year, at rates of 6% per annum. You’ll need to submit your parents’ latest Tax Income Returns, among other documents, at a CHED Regional Office to apply. (http://ched.gov.ph/apply-ched-student-financial-assistance-programs-stufaps/)If your parents are formally employed, SSS or GSIS members, and have made consistent contributions, they may be able to apply for an Educational Assistance Loan for your tuition. The SSS Educational Assistance Loan has a maximum limit of up to PHP20,000 per semester, while the GSIS Educational Assistance Loan is a one-time loan of up to PHP10,000. Both have rates of 6% per annum, and payment is required to start 18 months after release, with a maximum of 5 years to repay. They can apply for the Educational Assistance Loan over the counter at any SSS or GSIS office. (SSS and GSIS website)Some schools will have their own tuition loan programs or installment/promissory note systems. You can probably ask at your school’s finance office or cashier for how to apply and the requirements you’ll need to submit. Some schools will require you to pay off the loan beforeIf one of your parents earns at least PHP50,000 monthly, and have credit cards, your parents can also look into personal bank loans to cover your education needs. Bank loans can be applied for online or in person at any branch, and typically have rates of 16%-24% per annum, with payments starting immediately. Parents who are members of cooperatives can sometimes also apply for emergency loans for education if they have saved-up capital. Coop loan rates can go from 18% to 36% per annum. Application is usually done at in person at the cooperative.If you need funding for more than just tuition, InvestEd’s Student Loan Program is the first private student loan company in the Philippines that is designed specifically for students. You can submit an online application for tuition loans, gadget loans, allowance loans, and more through InvestEd’s website at www.invested.ph. Students are offered multiple loan options depending on their need - such as repayment only after graduation. Similar to cooperatives and Microfinance institutions, InvestEd Student Loans have an interest of 2% to 2.9% monthly. InvestEd also provides students with trainings, workshops, and other opportunities to teach them how to repay their loan and help them with securing employment post-graduation, and can even advise interested students on facebook (m.me/investedph) on their best options for education financing.

Personal Loans Vs Credit Cards: Which Should You Use?Often, a personal loan can be a more affordable way to finance a large purchase than a credit card. But there are always exceptions.It’s always better to pay cash for large purchases, which is why we drill home the importance of saving as early and as often as you can.But life happens—whether you’ve saved for it or not. Sometimes credit will be a valuable safety net to help you ride out financial emergencies or a tool to finance a big purchase—a car, a once-in-a-lifetime vacation or small home improvement project.When these situations arise, most of us simply reach for our closest credit card. Though credit cards are convenient, in some cases a personal loan may be a more sensible and affordable way to pay for a large purchase over time.Here’s a look at personal loans vs credit cards and the pros and cons of each.How do personal loans work?A personal loan is an unsecured loan that you can use for just about any purpose: Debt consolidation, a vacation, a vehicle purchase, or a home improvement project.A personal loan works more like an auto loan than a credit card.When you take out the loan you receive the loan amount in a lump sum.You make fixed monthly payments for the agreed upon term (number of months).Personal loans usually have terms between two and five years.Personal loans usually have fixed interest rate.There is no penalty for paying off the loan early.Typically, you can apply for a personal loan entirely online. To apply, you’ll need to provide your personal and employment information on an online credit application. The bank may ask to see proof of your income, such as a pay stub or W-2 form. Generally, the bank will let you know if you’re approved within one or two business days.At this point, you’re under no obligation to take the loan—you usually have a week or so to decide. You can review the interest rate and terms of the loan and decide whether it fits your needs. If you accept the loan, you’ll sign a promissory note and the money will be transferred into your checking account. You’ll then receive billing statements and must make equal payments each month on the due date.Most personal loans come in terms of three or five years, but you can find some with terms as short as one year or as long as ten years. Finally, reputable lenders will not charge a pre-payment penalty, meaning you can pay off your loan in full at any time to save money on interest.How are personal loans different than credit cards?A credit card is a line of credit from which you can borrow money at any time, up to your credit limit. A personal loan is a fixed loan which you repay in equal installments for a predetermined period of time.A credit card is what’s known as revolving debt. A credit card has a credit limit that you can use as often as you like and it’s up to you to pay the entire balance off at the end of the month. If you don’t, you begin to “carry a balance”—you’re paying interest on a debt but you still have the ability to make new purchases.A personal loan, on the other hand, is a fixed debt. You receive a fixed amount of money and repay it in equal installments over a fixed number of months.The danger with credit cards, of course, is that you can always charge more at any time up to your credit limit, keeping you stuck in debt. With a personal loan, you know when your debt will be repaid and that you can’t borrow more money without completing a new loan application.Like a credit card, a personal loan is unsecured, as opposed to an auto loan or a mortgage, which are secured by the vehicle or real estate they are used to finance.The difference is if you stop paying a secured loan, the bank can repossess your car or foreclose on your house. For this reason, interest rates on personal loans are higher than secured loans but, in some cases, personal loan APRs can be lower than credit card rates.When is a credit card better than a personal loan?Credit cards are best for making smaller purchases or consolidating smaller debts—up to a few thousand dollars—that you can comfortably repay within a year.If you’re making a purchase of between a few hundred and a couple thousand dollars that you can repay in a year or so, the cheapest way to do it may be to apply for a credit card that offers a 0 percent intro APR on purchases. If you have good credit, a 0 percent credit card gives you an interest free loan as long as you repay the debt in full before the introductory period expires.The same is true if you want to consolidate debt with a credit card balance transfer. If the debt is less than a few thousand dollars and you can pay it off in 18 months or less, a 0 percent balance transfer credit card will be your best bet.Read more: Best Credit Cards Of 2019When is a personal loan better than a credit card?Personal loans are best for larger purchases that will take you more than a year to repay or when you don’t want to be tempted to overspend with a credit card’s open credit limit.If you need to borrow $1,000 or more and need more than 15 months to pay it off or you need to borrow $5,000 or more, which is higher than the credit limit on many credit cards, a personal loan is a better option.With most personal loan lenders, $1,000 is the minimum amount you can borrow. If you have good credit, you can find personal loans for up to $100,000.The biggest downside to some personal loans is that they may charge an origination fee of between 1 and 5 percent of the loan amount. This is a one-time fee that is paid in cash or from your loan proceeds at the time of closing. Not all lenders charge an origination fee on personal loans, but you need to ask about the fee and take it into account when comparing interest rates. One lender that offers you a better APR may actually be more expensive if they charge a fee and the lender with the higher APR does not.How to find the best personal loansThe best personal loan lenders require good credit and are transparent with their rates and fees. Compare our recommended personal loan lenders here.If you have excellent credit, LightStream—a division of SunTrust Bank—has some of the lowest fixed rates we’ve found. You’ll also want to consider SoFi, which requires applicants to have solid finances but takes into account factors besides your FICO Score, which can be attractive to younger applicants who don’t have lengthy credit histories yet.If your credit score falls below 740, you still have a number of great personal loan providers to choose from, but borrowing will be more expensive. Upstart, for example, offers “fair rates” to college grades, even if you don’t have much credit history, but charges a small origination fee in addition to interest.In addition to these online lenders, many banks offer personal loans to existing customers, although they may not be advertised. Credit unions often offer good rates on personal loans to its members and may offer you the best chance of being approved for a personal loan if you have a history with the branch.There’s also a fantastic company we’re partnered with called Even Financial that finds you the optimum loan based on your individual needs, so check them out. You can read our full review of their offering here.Seek help professional help: I used the services of a professional to get my credit repaired and he cleared all my debts and improved my credit score so i would suggest you use his services, He has been helping a lot of people lately , Just search for George Gibbs here on Quora and he would be happy to assist you.

What conditions were laid out when your friend loaned you the money? Loan lesson #101:Never borrow money from any source unless you have a concrete plan on how and when you can pay the loan off in full.Discuss your payment plan. Is your friend willing to accept monthly payments, or do they want it paid back within a specific time frame?Your friend should have you sign a promissory note that lays out the payment plan, including terms and conditions that both of you sign and then have notarized. Be sure that the interest, if any, is calculated, likewise any applicable penalties.Finally, how much do you value your friendship? More friendships are broken because of money than for any other reason. You’re not looking to borrow a lot. But even that relatively small loan could potentially cause a break in your friendship. So, instead of borrowing the money, consider taking a short-term second job. It won’t take that long to have the loan paid off and you’ll feel some discomfort knowing it’s hanging over your head, which is a good thing.Finally, and most important, start setting aside $50 to $100 per month that you do not touch. You will build an “Emergency Fund”, so you’re not ever relying on the mercy of friends/family for money.Best of luck!