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CASH LOAN BASICS How it works and what you need to know

CASH LOAN BASICS
How it works and what you need to know

January 11, 2022 | by HC Mutual

What is a cash loan?

A cash loan is a multi-purpose loan that you, the borrower, receives in cash. Also known as a personal loan, this type of loan is unsecured and does not require any sort of collateral in stocks, fixed assets, or property. In the end, the cash loan is backed only by your assurance to repay your lending bank, cooperative, or financial institution.

How do cash loans work?

When you take out a cash loan, your lender charges interest for loaning you money. Loan repayment is done through monthly installments – paying the amount you borrowed along with interest. Depending on the terms of your cash loan, this credit period can range from 6 months up to 24 months.

Since personal loans are unsecured, the interest rates can run as high as those found in credit cards. These interest rates may be fixed or flexible, depending on your lender’s terms and assessment of your credit history. Some lenders have an increasing interest rate throughout longer payment terms.

Be prepared for life’s ups and downs.

We are here to support you in taking care of what’s important to you, whether in good days or in challenging times. The HC Mutual KayaMo Cash Loan is a fast, multipurpose loan that you can turn to without touching your hard-earned savings. 

  • Loan release within 24 hours of approval
  • Interest rate as low as 0.88% (add-on)
  • Hassle-free cash disbursement through direct bank deposit or USSC Super Padala Remittance at over 800 USSC Branches nationwide
LEARN MORE

What do you need to know about cash loans?

Your loan,
your needs.

With a wide range of offers available, cash loans differ from lender to lender. Even those with the same interest structure can vary in requirements, fees, and penalties. It’s best to compare a selection of offers to see what matches your current needs, capacity, and financial situation.

Your credit
history matters.

Your chosen lender determines your creditworthiness based on your income, credit score, and other outstanding debts. Their assessment affects your borrowing limit, or the amount you can receive, and the loan interest rate. As cash loans are based on the promise of repayment, lenders look for those who have an established history on-time payments, stable income, and a low income-to-debt ratio.

Your monthly
responsibility.

Borrow only what you need and repay your loan as soon as possible. Before taking a loan, you should note how much you need to pay over the entirety of the loan. This lets you to plan and budget for the upcoming months to avoid late fees and extra interest charges.

Cash loan tips and reminders

Thinking of taking out a cash loan? Here are some things to remember so you can maximize its advantages while maintaining healthy finances. 

  • Compare loan offerings as these can vary in requirements, fees, and penalties.
  • Deal with only reputable financial institutions that are registered under the DTI and SEC.
  • Your credit history makes a difference. From your income, credit score, and other outstanding debts, lenders can get a sense of your creditworthiness.
  • Your credit assessment affects your borrowing limit, or the amount you can receive, and the loan interest rate.
  • Make sure to pay your loans on time to avoid incurring late fees and extra interest charges.

Overall, cash loans are a quick way to fund anything from emergency expenses to travel costs to large purchases. However, cash loans are still only a short-term source of financing with high interest rates. It’s always best to maintain healthy, sustainable personal finances to the best of your ability for the long term.

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Cash Loan HC Mutual

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Finding a Home in the New Normal: 6 Things to Look Out For

Finding a Home in the New Normal: 6 Things to Look Out For

September 27, 2021 | by HC Mutual

Owning a home is the dream for many Filipinos. But because of COVID-19, many of us have placed building or buying property on the back-burner to prioritise the essentials and to adjust to our world in the midst of a pandemic.

As we adapt to the new normal, people are coming back to the market to look for their dream homes—and we’re here to help you find the right fit for you if you are one of them. We’ve listed down some tips and things to look out for online when choosing or shopping for your new home.

1

Set your budget.

Before you browse listings or contact a real estate agent, set a budget to make sure that you can find a home with everything you need. Factor in the price of the property PLUS any additional expenses like taxes, renovations, insurance, and utilities.

First time buying a home? Read our guides on property fees and taxes and house shopping.

2

Double down on comparing interest rates.

Finding a nice home may make you want to close the deal immediately. However, look at your other options first and compare interest rates, prices, and the property’s value for money. Developers and sellers offer more competitive rates now because less people are actively looking to buy real estate.

3

Ask for photos, videos, or virtual tours.

Expect to look at homes or even close the deal without actually visiting the space because of restrictions and safety regulations. Don’t be afraid to ask for multiple photos and videos of the different parts of the home. Ask for close-ups and video calls to make sure that the property is in good condition.

Collect milestones in your first home.

Get on track to achieving your dreams for the future with a flexible and hassle-free loan. HC Mutual designed the KayaMo Home Loan to make it easier for Filipinos to own a home.

  • Php 450,000 to Php 20M loan amount
  • Payment holidays extension in case of emergencies
  • 1-year Accidental-Life Insurance coverage worth Php 500,000
LEARN MORE

4

Research the area’s internet providers.

One major factor to consider in our new normal is your internet connection. With online classes and the work from home setup for some employees, make sure that your WiFi is stable and can handle multiple device connections at all times.

5

Consider the number of rooms.

Your living space is especially important today. In case a member of your family needs to quarantine, would you have a designated room or area for self-isolation? Having enough space is also good for your family’s health and well-being in the long run. By preventing overcrowding in your home, you lower the risk of disease, stress, and sleep disorders.

6

Check the neighborhood’s accessibility.

With how unpredictable these times can be, having access to essential establishments like grocery stores and hospitals is vital. Alternatively, make sure that your home can be reached by couriers, food deliveries, and the like.

Above all else, consider what you want and need, your comfort, and your safety. These are the most important factors to consider because your home is where you build up the future with your family.

Tags
First Home Home Loan Home Tips

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Towards a better future: Building up savings amid COVID-19

Towards a better future: Building up savings amid COVID-19

April 29, 2021 | by HC Mutual

Our way of life has changed drastically because of the pandemic. As a nation, we have discovered and endured unprecedented challenges, risks, and uncertainties. Financially, COVID-19 has also underscored the importance of planning and saving.

Beyond taking care and providing for your family during these difficult times, building up savings ensures a better future for you. Tomorrow brings new opportunities, and enough preparation can give you and your loved ones the best chance to seize them. To help you get started on your savings or achieving your financial goals during this pandemic, we’ve prepared a few tips for you.

1

Track your expenses 
and your income.

The first step to saving is reviewing, understanding, and evaluating your current cash flow and financial capacity. Ask yourself: Where is your money going? What are you spending on the most? How much are you earning at present? Are you receiving any financial assistance?

2

Set goals. Work through them one at a time.

Building up savings during this pandemic is a long game. Start by listing down short-term and long-term financial goals that you can slowly work through, one by one, within a set timeline—no need to rush. For a more detailed know-how on setting goals and putting them into action, check out our guide to creating doable financial plans here.

3

Utilise payment 
holidays.

Give yourself breathing space and ease the financial stress of the pandemic by seeking assistance where possible. Many financial institutions like HC Mutual provide payment holidays for loans and other financial services in case of emergencies. Check your utilities, mortgage, or active loans if it is possible to work out an arrangement for you.

Start saving for the future today.

HC Mutual offers its members the KayaMo Saver’s Plan—a hassle-free way to build up savings and put your financial goals within reach.

  • As low as P101 per payday
  • Flexible savings plans of 3, 5, or 7 years
  • Access to the KayaMo Cash Loan – This way, you can have the means to address your immediate financial needs without dipping into your savings.
LEARN MORE

4

Prioritise the 
essentials.

Online shops and cashless transactions have made it easier to spend money. While it is good to treat yourself once in a while, keep your shopping to a minimum and focus on securing essentials first.

5

Reallocate 
your funds

With the nationwide push to stay at home for safety, online classes, and—for some
individuals—the work-from-home setup, a portion of your budget can be added to your savings and emergency funds.

Final Thoughts

Despite the fear and struggles caused by COVID-19, all hope is not lost. You can still look forward to a better tomorrow and ensure that your loved ones can have a future with careful planning, good saving habits, and financial safety nets.

Tags
Cash Loan HC Mutual Personal Finance Saver’s Plan Savings

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Alternative Financing: How Non-banking Options Like HC Mutual Can Help You

Alternative Financing:
How Non-banking Options Like HC Mutual Can Help You

March 31, 2021 | by HC Mutual

Saving and responsible borrowing are some of the most important things to consider for your financial growth. They help you build up a good credit score, prepare for emergencies, get you your first car or home, and most importantly, make sure that you can give your family a comfortable life.

But sometimes, saving or borrowing through traditional institutions like banks can be tough. The list of requirements is long, approvals are strict and often impossible with a damaged credit history; opening and maintaining a savings account can even cost you extra. 

If you find it difficult to access essential financial services because of these hurdles, rest easy—there are many options still available to you. Let us walk you through the basics of alternative financing and how this can help you achieve both your short-term and long-term financial goals.

What is alternative financing?

Nonbank or alternative financing are services, loans, or funds that are secured outside traditional banking. They can be provided by individuals, businesses, or financial institutions that are government-run or privately owned.

HC Mutual Building and Loan Association

is one of the many home-grown, non-banking institutions in the Philippines. We empower everyday Filipinos by helping them build up their savings and making sure that their dreams and financial goals are within their reach.

LEARN MORE
How is alternative financing
different from banks?

Better access
Getting the funding you need can be as simple as a few taps on your phone. Many alternative lenders and nonbanks rely on technology, making their products and services available online.

More flexibility
While non-bank institutions still need to follow guidelines and rules, they can better personalize rates and fees, and create more options for different financial needs.

Easier application and approval
Alternative financing requires less documents, is more forgiving when it comes to credit, and can sometimes require lower down payments depending on what service or loan you are applying for.

HC Mutual, for example, understands what it means to live on a budget, paycheck-to-paycheck, which is why we adapt a holistic view on our members’ credit history and worth.

Less waiting time
Alternative financing can release loans or provide funding within a few days. And in some cases, like the KayaMo Home Loan and KayaMo Cash Loan, within 24 hours of approval.

A world of possibilities: Alternative Financing Services

There is a wide range of non-banking services available to you. We’ve listed down the essentials to help you get started:

Building and Loan Associations

The main purpose of these financial institutions, like HC Mutual, is to make owning, purchasing, or building a home easier for more people, especially those who may be underbanked. Individuals or members subscribe to a number of shares for a time frame of their choice, investments that grow through interest, which members can then claim after maturity. As a benefit of being a shareholder, they also gain access to the institution’s loans and financial services.

Digital wallets

In this age where cashless payments are prevalent, nonbanks enable digital money management without having to open a savings account that requires a maintaining balance.

Personal, salary, and mortgage loans

Applying and receiving loans through alternative financing is easier and faster, with many financial institutions offering more flexible terms.

Business loans

Small businesses often have a harder time getting loans from banks. But by opting for alternative financing, even burgeoning entrepreneurs can get the capital they need to kickoff their business.

Peer-to-peer (P2P) lending platforms

P2P or crowd lending offers the same benefits as any alternative financing service, but with lower interest rates. This is possible because P2P platforms do not own the loans—they simply connect alternative lenders to borrowers.

Ask before you leap
We understand that going to the nearest nonbank can be tempting right now. But to make sure that you can make the most out of your hard-earned money, look out for these three points:

1. Interest rates – Alternative lenders can afford faster approvals and funding because of their interest rates. Before choosing a financial institution, make sure to look at your options and compare their fees and rates.

2. Transparency and simplicity – Did they clearly state and list down the fees and interest rates? Are the terms and conditions easy to understand?

3. Credibility – Try asking around or reading online articles. Have people ever worked with this financial institution before? Are they trustworthy? What are other customers saying about them?

Final Thoughts

Traditional banks will always be our first thought when it comes to loans and savings. But when getting access to crucial financial services becomes difficult, you can always look at different avenues. There are many options available that are safe, secure, and reliable—just make sure to ask around and research, and you’ll surely find the best fit for you and your financial goals.

TH 1
Price: Php 3,415,000

We’d love to talk to you more about this HC Mutual-Acquired listing. Kindly fill out the form below and a member of our team will give you a call to discuss details.

Thank you for your interest.

We will be in touch with you soon to discuss more about your chosen home listing. Looking forward to talking to you!

Tags
Cash Loan HC Mutual Home Loan Personal Finance

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Treasuring Your Home: Maintenance and Upkeep Tips

Treasuring Your Home:
Maintenance and Upkeep Tips

November 17, 2020 | by HC Mutual

Our first home will always be a source of pride. It is a hard-earned goal, a place of respite, and—often for Filipino families—a legacy to pass on to their children. But whether it’s for the future or today, it’s important to keep your home in pristine condition and protected against raging storms and blistering heat.

If you’re a first-time homeowner, here is a handy guide to help you get started on a good maintenance routine.

  • Set up a cleaning schedule With the ongoing health crisis, hygiene and sanitation are especially important. It’s best to do a thorough clean-up regularly: schedule days for wiping down every corner, washing and drying rugs and carpets, cleaning your windows, and scrubbing down your bathroom and kitchen.
  • Test your home appliances Have you ever had your appliances break down at the same time? Preventing this stressful experience is easy but often overlooked: Check and clean your appliances regularly to extend service life and avoid unexpected expenses.
  • Check your plumbing Be on the lookout for leaks, rust, and clogging in your sinks and drains. By repairing or replacing the necessary fixtures in a timely way, you can prevent water damage to the structure and ensure that your home has clean water at all times.
  • Clean out the gutters Cleaning out clogged gutters may be a taxing chore, but it is vital in keeping your home in good condition. Gutters left with deposits and blocks can cause indoor flooding, rotten wood, holes on your roof, and water stains.

BUDGETING TIP!
Allocate a portion of your monthly budget to home maintenance. In addition to being prepared, you can also have the means to solve minor fixes before they turn into
problems—letting you save more time, effort, and money in the long run.

For unexpected repairs or renovations, HC Mutual offers flexible loans like the KayaMo Cash Loan. Our members enjoy quick loan release as early as 24 hours after approval.

Don’t forget!

Your Checklist:
  • Clean every room regularly
  • Check your appliances
  • Repair leaks and clean out clogs
  • Clean the gutter
  • Fill or replace cracked tiles
  • Repair wall cracks
  • Watch out for holes or rust on your roof
  • Add a fresh coating of exterior paint
  • Open windows for better ventilation
  • Repair cracks on tiles and walls When left alone, even hairline cracks can lead to bigger damages and serve as breeding grounds for bacteria, especially in the bathroom and kitchen. Make sure to fill in cracks and gouter gaps with paint or glaze.
  • Inspect your roof The roof plays a crucial role in keeping your family safe and dry—sheltering you against strong winds, heavy rainfall, and intense heat. Check your roof regularly and schedule needed repairs in the summer to make sure that you aren’t caught off guard by holes, rust, or corrosion during rainy days.
  • Paint your home’s exterior walls A fresh coat of paint gives your home an extra layer of protection against the elements, dust, and even insects. Schedule a yearly inspection of your exterior walls and repaint when needed. Choose your favorite color and add more life to your walls while keeping your family safe.
  • Ensure proper ventilation Home maintenance goes beyond preventing
    damage—your family’s comfort and health are also important. Open windows to let in fresh air and improve indoor air quality. Proper ventilation is good for a person’s well-being and in regulating the temperature inside your home.

BUDGETING TIP!
If you’re still saving up to buy or build your first home, factor in the budget you’ll need for utilities, furnishings, maintenance, and insurance.

The KayaMo Home Loan makes owning your home easier with its fixed rates, payment holidays, and Accidental Life Insurance coverage.

A well-maintained home can mean protection for your family during stormy days, comfort in turbulent times, and a safe space for children to grow happy and healthy. When you keep your home in good condition, you also show how much you care for your family.

Tags
First Home Home Ownership Home Tips

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Bayanihan to Recover as One Act: Together, we can overcome any hurdle.

Bayanihan to Recover as One Act:
Together, we can overcome any hurdle.

October 16, 2020 | by HC Mutual

As part of the Bayanihan to Recover as One Act (R.A. No. 11494), you could get a one-time 60-day grace period for your loans if needed. This grace period is open only to qualified members with active cash loans and mortgages, as well as current loan accounts with payments expected between September 15 to December 31, 2020.

Rest assured that you will not incur any additional interest, penalties, fees, or other charges from this grace period. However, interest accrued for cash loans and/or mortgages during the 60 days should still be paid by December 31, 2020. You may choose to complete your payments for rescheduled due dates in full or through a staggered basis.

We are here for you.

Should you wish to avail of the 60-day grace period, kindly contact us on or before October 26, 2020.
Email address: callcntr@homecredit.com.ph
Trunkline: (02) 8771 1190 to 95
Mobile: 0917 883 6970
Office hours: Monday – Friday, 9AM – 4PM

Applying for this grace period benefit is completely optional. We will continue to process payments under Auto Debit Arrangements (ADA) or Post Dated Checks (PDC) unless you notify us of your wish to opt in.

The deadline for applications for the grace period benefit is until October 26, 2020 only.

Get in touch so that we may discuss any clarifications and revisit the payment terms of your loan. It is our pleasure to find the best way to provide you with the support you need to weather these challenging times.

Learn more about the BARO Act.

For more information, please feel free to download these files and read about the Bayanihan to Recover as One Act (R.A. No. 11494).

BSP Memo 2020-68
BSP Memo 2020-74
Tags
BARO Act Cash Loan HC Mutual News Home Loan

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Pay yourself first: 8 QUICK-AND-PAINLESS MONEY SAVING TIPS

Pay yourself first:
8 QUICK-AND-PAINLESS MONEY SAVING TIPS

October 15, 2020 | by HC Mutual

You don’t have to see the whole staircase, just take the first step.

– Martin Luther King, Jr.

We all have goals and dreams for the future. It may be the latest new gadget, getting another degree, travelling, starting a business, or owning a house. Whatever it may be, more often than not, it requires money. But if you’re the average earning adult, the numbers may seem impossible next to your list of expenses. As a result, we may prematurely park these goals for “when we’re ready” or sigh them off as daydreams.

It matters that you want to start working towards your goals—so here are some tips to push you forward and help you save in a smart, doable, and efficient way!

1. Track your spending

The first step to finding out how you can save is knowing how you spend. Whether it’s a monthly bill, an online purchase, or even a tip to your delivery guy, record it. Do this religiously for at least a month. Understanding your expenses in detail is the key to controlling it.

Once you have the data, organize it by categories (e.g. utilities, groceries, subscriptions, etc). Check your bills and statements to make sure your records are accurate. Thankfully, there are now spending tracker apps that can help you do this seemingly cumbersome task.

2. Make savings part of your budget

In the words of Warren Buffet: Spend what is left after saving. Once you have an idea of how much you spend monthly, allocate your monthly income and add savings as a budget category. Make it a goal to put 10-15% of your income under it.

3. Look for where you can cut down

If your expenses are too high and you can’t reach your monthly savings goal, it’s time to look at areas where you can cut back. Start with identifying nonessentials: Internet, telco, or cable too high? Time to look at downgrade options. Do you need both Youtube and Spotify? Perhaps you can order less and cook more?

SAVING TIP

When you feel like buying something nonessential, give yourself time to cool down. Wait a few days and see if you can live without it or if you are ready to save up for it.

4. Set a savings target

One proven motivation technique is to know exactly what you want to get in the end. It should be something concrete so you always know how well you’re doing. For instance, if you want a car, find out how much money you’ll need to buy one. Armed with your budget, you can now figure out how much you’ll have to save monthly, how long it will take you, and if you want to adjust your spending to get there earlier.

SAVING TIP

Your goal doesn’t always have to be big. It can be a small, short-term goal like a new bike or phone. Succeeding will give you a feeling of reward and accomplishment, and makes you more confident to set bigger and bigger goals.

5. Prioritize your goals

Don’t forget your long-term goals, and make sure you’re not putting off important things (like retirement) for shorter term needs and wants. Allocate your savings so it is balanced between immediate rewards and long-term security.

6. Use the right tools for saving

Consider a mix of options for your short-term and long-term goals. For short-term, you can use your savings account or open a time deposit. For longer term goals, consider retirement insurance or securities such as stocks or mutual funds. There are banks that offer investment accounts with higher interest rates. There are life insurance plans where you’re insured for a set period and get a lump sum when it matures. There are also financial institutions like HC Mutual which offer a combination of these features.

As you do your research, take note of details like balance minimums, fees, and interest rates to find the best mix and fit for you.

SAVINGS TIP: For those who want to save for longer-term goals but have smaller starting income, HC Mutual offers the KayaMo Saver’s Plan:

  • Choose a savings plan that fits your needs and goals within fixed terms of 3, 5, or 7 years
  • Depending on your plan, you can earn bigger premiums by the time your savings mature
  • Auto-debit arrangements or automatic payroll deduction schemes are available to make saving easier and more regular
LEARN MORE

7. Automate your saving

Setting up automated savings reduces the chances of spending that money instead of saving it. For example, if you’re using a bank, you can open a separate (sacred) savings account and set up automatic monthly transfers from your payroll account. HC Mutual deducts your savings directly from your payroll to make saving easier for you.

8. Check your progress regularly

Review your budget monthly and see how your savings grow! Not only will it motivate you, it will also help you identify and fix any problems that may come up. Who knows, it may even inspire you to find more ways to reach your goals faster.

Tags
Saver’s Plan Savings

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House hunting made easy: Listings for the first-time home buyer

House hunting made easy:
Listings for the first-time home buyer

October 6, 2020 | by HC Mutual

Looking at different properties and deciding on your first home is an exciting journey. It may seem overwhelming, but with careful planning and good saving habits, you can find the best match for your budget without compromising your family’s comfort and happiness. Let’s get you started on your search with our recommended listings.

The first things to consider

Your house hunting begins with knowing what you’re looking for. List down what your family needs in terms of location and house size, consider distance from schools and your workplace, and balance those out with your goals and budget.

As you browse listings, ask yourself:
  • How much is your price range?
  • Is the property worth its price?
  • How many will be living in this house?
  • Will your family be comfortable living here?
  • What are your deal breakers?
  • Are you happy with this property?
Where can you start?

Acquired properties are usually more affordable than newly built projects. You are most likely to find a house in good condition and with flexible payment options. To help you begin your search for your first home, you can take a look at these HC Mutual-Acquired home listings:

TH 1

If your focus is on convenience and accessibility, the TH 1 is only a 10-minute drive away from schools, hospitals, malls, churches, and more. Located in Marikina, this property is guaranteed to be in a safe and clean community.

Location: Marikina

Lot Area: 52 sqm.Floor Area: 68 sqm.

Features:

  • 3 bedrooms
  • 2 bathrooms and toilets
Price: Php 3,415,000
I’M INTERESTED
TH 2
TH 2

For families that prefer serene settings without sacrificing convenience, try taking a look at the TH 2. It is found along a quiet street in an exclusive compound near schools, commercial establishments, and hospitals.

Location: Marikina

Lot Area: 52 sqm.Floor Area: 68 sqm.

Features:

  • 3 bedrooms
  • 2 bathrooms and toilets
Price: Php 3,415,000
I’M INTERESTED
RFP 1
RFO 1

If your priority is security and peace of mind, the RFO 1 is found in a safe community that boasts guards on a 24/7 rotation.

Location: Marikina

Lot Area: 91 sqm.Floor Area: 136 sqm.

Features:

  • 3 bedrooms
  • 3 bathrooms and toilets
Price: Php 5,900,000
RFO 2

If your priority is security and peace of mind, the RFO 2 is found in a safe community that boasts guards on a 24/7 rotation.

Location: Marikina

Lot Area: 91 sqm.Floor Area: 122 sqm.

Features:

  • 3 bedrooms
  • 3 bathrooms and toilets
Price: Php 5,600,000

Take the first step towards
a brighter future.

We believe that every Filipino deserves to live peacefully in their own home, which is why we’ve made it easier for HC Mutual members to buy or build theirs with the KayaMo Home Loan. This hassle-free offer focuses on your long-term goals and financial mobility:

  • Loan amount up to 80% of the property’s Total Contract Price
  • Down payment of 10% to move in, with 0% interest for the remaining DP amount
  • Fixed rate for the entire loan term
  • Payment Holidays for your peace of mind during emergencies or financial difficulties

Learn more about the HC Mutual-Acquired Homes listed above or apply for the KayaMo Home Loan by sending us a message at mortgage@homecredit.com.ph or calling (02) 8771-1190 today.

TH 1
Price: Php 3,415,000

We’d love to talk to you more about this HC Mutual-Acquired listing. Kindly fill out the form below and a member of our team will give you a call to discuss details.

Thank you for your interest.

We will be in touch with you soon to discuss more about your chosen home listing. Looking forward to talking to you!

Tags
First Home Home Listings Home Loan

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CASH LOAN 101: Because it pays to be informed!

CASH LOAN 101:
Because it pays to be informed!

September 24, 2020 | by HC Mutual

What is a cash loan? Is it different from a personal loan?

A cash loan, also commonly known as a personal loan, is an unsecured loan (meaning it does not require collateral such as a car or a house) that can be used for almost anything: from home renovation, emergency medical bills, or even capital to start a small business. Unlike secured loans, personal loans are backed only by your promise to repay the lender, which ranges from banks, peer-to-peer lenders such as a cooperative, and other financial institutions like HC Mutual.

What you need to know about personal or cash loans

When you take out a personal loan, the lender will charge interest as a fee for lending you money. Effectively, you will be repaying the amount you borrowed plus interest through monthly repayments over a set time period. Because personal loans are unsecured, interest rates often go as high as those for credit cards. (However, some lenders may offer lower rates under certain conditions, e.g. if you already have a savings account with that particular bank).

  • Advantages: they are easier to apply for than auto loans or a mortgage, and you get the cash upfront as a lump sum in a matter of days—handy if you need cash quickly
  • Disadvantages: spreads the cost of a purchase over several months or years

To know your eligibility as a borrower, lenders usually look at your income, credit score, and other standing debts. The amount you can borrow usually depends on your income and your existing account with the institution (if applicable). To get the best offers on personal loans, it’s best to have a history of on-time payments, a steady income, and a low income-to-debt ratio.

Common features of a personal loan

Interest rates may be fixed or determined by the lender based on your creditworthiness and length of loan

Paid back in fixed monthly payments typically over the course of 6, 12, 18, or 24 months

Some loans may feature increasing interest rates for longer payment terms

PREPARED FOR ANY OCCASION.

The HC Mutual KayaMo Cash Loan is a fast, multi-purpose loan you can avail without touching your hard-earned savings. 

  • Get preferential interest rates for personal loans up to P500,000*
  • Same day cash release via direct deposit
  • Applications 100% online for safety and convenience

*Depending on total amount of paid up subscriptions with HC Mutual

LEARN MORE
4 TIPS FOR GETTING A PERSONAL LOAN
1

Get pre-qualification from multiple lenders
You can do this to find out how much each lender is willing to loan you given your credentials, and their terms and conditions. (Doing this will not affect your credit score. Learn more about credit scores here.) Use these to compare your offers from multiple lenders to see what’s best for you.

2

Read the fine print
Did you know that indicated interest rates do not fully reflect the loan’s true cost? It is always best to have all the information before you make a decision, and lenders are required by law to give you these if you inquire:

  • Other charges to get the loan such as closing fees, origination fees, processing and document preparation fees
  • Charges related to loan servicing, such as late payment fees or NSF fees (overdraft or non-sufficient funds)
  • Benefits, such as payment holidays

CASH LOAN TIP: 
Some lenders charge prepayment penalties for overpaying or paying off the loan earlier (e.g. paying in full in 6 months for a 12-month loan).

3

Compare offers
When comparing loans, make sure you’re looking at similar offers with the same type of interest rate structure. Here are some things to consider:

CASH LOAN TIP: 
For some lenders, it actually costs you less to borrow more, meaning you pay less interest and get more of the loan value by getting a slightly bigger loan.

4

Save on personal loans
Personal loans are monthly liabilities. Know how much interest you’ll have to pay over the whole life of the loan, and how long it will take you to pay off given your monthly budget. Our advice: Only borrow if needed, planned and budgeted, borrow as little as possible, and repay as quickly as possible.

  • Make more frequent payments
  • Pay more than the minimum amount monthly
  • Set up automatic payments to avoid late fees and extra interest charges
  • Make bigger payments when you can
Conclusion

Personal loans may seem like a quick solution, but you still have to shop around and compare to find the right one that fits your need, your capacity, and your financial situation to make sure you maintain healthy and sustainable finances in the long term.

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Cash Loan Personal loan

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ANNOUNCEMENT: HC Mutual Annual

ANNOUNCEMENT: HC Mutual Annual Stockholders’ Meeting

July 8, 2020 | by HC Mutual

WHO

Stockholders of record at the close of business on June 30, 2020

WHEN

July 29, 2020 (Wednesday), 2:00 PM

WHERE

Board Room Level 26
Insular Life Corporate Centre
Insular Life Drive, Filinvest Corporate City
Alabang, Muntinlupa City

Meeting Agenda: 

  1. Call to order
  2. Certification of Notice and Quorum
  3. Approval of the Minutes of the previous Annual Stockholders’ Meeting 
  4. Annual Reports 
  5. Ratification of all Acts and Resolutions of the Board of Directors and Management
  6. Election of Members of the Board of Directors 
  7. Appointment of External Auditor and Fixing of its Remuneration 
  8. Amendment of Articles of Incorporation (AOI) and By-laws
    to change the corporate name 
  9. Other matters
  10. Adjournment

Only stockholders holding common shares are entitled to vote during the annual meeting. You may download documents pertaining to Corporate Governance by clicking here.

If a stockholder is unable to attend personally but would like to be represented at the meeting, he or she must accomplish a Proxy Form to be submitted on or before July 17, 2020 to:

Corporate Secretary
26th Floor Tower 1 Insular Corporate Centre
Alabang, Muntinlupa City, Metro Manila 

Stockholders who cannot physically attend may instead participate in the annual meeting by joining the online video conference via Zoom. The meeting link will be sent after pre-registering.

Pre-registration is required to attend.
To pre-register or inquire, please email callcntr@homecredit.com.ph or call (63) 917 883-6970.

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HC Mutual News

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