The millennials are currently dominating the workplace and business world these days. Why not? With ages between 18 and 35 now, they’re definitely the perfect generation to experience what modern society and technology has to offer.
As part of the older millennials, it amazes me that many of our younger ones (who were already growing up alongside high tech gadgets) tend to be successful online entrepreneurs and digital professionals with a sound business sense nowadays. Whether we’re running startup companies or working as employees, we are definitely enjoying many opportunities to earn high income or profit unlike what were available many decades ago.
Unfortunately, it can’t be denied that only a few of us grew up financially literate.
With previously expensive assets like motorcycles, cars, residential property and mobile phones now within easy reach because of low prices and/or highly flexible terms, we’re definitely prone to making major mistakes in managing our personal finances.
In most cases, we spend our hard-earned money on expensive things as a reward for a job well done (or the stress we endured), and it would be too late to realize that we’re already broke but payday is still at least a week away. Good thing we also have easy access to financing these days and the most common of which are the credit cards.
But among the available financing solutions, personal loans are the most perfect for the millennials especially when we have good employment or business records. These loans may not be popular option for many of us, but with help from financial advisers, we can find the perfect financing arrangement that suit our needs.
But what makes personal loans a great deal for millennials? Here are 5 reasons:
Personal loans can be acquired in a matter of days especially if we have good credit and employment history. Such quick turnaround best complements our generally “impatient” nature as labeled to us by the Baby Boomer and Gen X generations.
Fixed (and often low) interest rates
Personal loans offer an annual percentage rate of around 20%. This is much affordable than payday loans which can go around 300% APR or credit card debt which is more or less 42% APR excluding the compounded amounts month after month. Update: We have recently published an article warning Filipinos not to use PayDay Loans.
A safe way to start building credit
It’s recommended to start building your credit history as early as possible. With low APR, fixed repayment schedule and low interest charge on missed payments, personal loans are definitely your safer route as you have low financial risk.
No collateral necessary
Unlike getting a bank loan, applying for personal loans doesn’t necessarily require collateral but the lender will dive into your credit history and employment status to determine your credit worthiness. Since most of us millennials don’t have enough assets that are worthy to serve as collateral, personal loans are our best option.
Personal loans are available on the web, which is a big plus for us millennials because we don’t have to make phone calls or worse, personally visit the bank or lending institution. We generally love quick, convenient procedures; that’s why we’re thankful for companies offering online loan services. To make it even easier for us to find the lender who can best cater to our current situation, we can seek help from online financial advisors who will do the search for us.
How to find a legit personal loan?
It pays to research and check if to get the right personal loan for you. However, not everyone has time to go to multiple banks and lending companies to check the best loan terms given our day jobs and other responsibilities. Fortunately, a lot of this information is readily available online. You can check out financial websites such as Loansolutions, Philippines’ #1 Loans Marketplace. Their network of legitimate lenders consisting of banks and lending companies will help you make an informed financial decision and get the right cash loan.