Can’t wait for the iPhone 7 release in the Philippines?
I mean, who isn’t excited about this latest offering from Apple? Ever since the first iPhone was released, we eagerly await every new iteration of the the arguably must-have gadget of the past decade.
Smartphones in the Philippines
There are more mobile phone subscriptions in the Philippines than the population (114.6M versus 100.8M), and people are making the switch from basic phones to smartphones. Given our current smartphone penetration of 40 percent expected to continue rising to 70 percent by 2018, it’s not a surprise that more and more Filipinos are investing their hard-earned cash in iPhones and android smart phones.
In fact, 3.5 million smartphones were shipped to the Philippines during the first quarter of 2016. Moreover, local smartphone brands that sell low-end, affordable devices comprise more than half of the smartphone market. All these spell great development in our country, as smartphones and telco internet subscriptions make the internet cheaper and more accessible to all Filipinos.
Budgeting for iPhones and smartphones: Is it okay to get a personal loan or gadget loan to buy one?
Investing in iPhones and smartphones are generally a great idea, as it opens up the world at your fingertips through the internet. They empower you to communicate with anyone with the world without the overseas call charges of the past, which is great especially for OFWs and their families back home. It allows you to maintain and create new relationships through social media, get your artwork, video, or any content viewed by the world, and expand your worldview even without travelling. But just how much is too much to pay for a smartphone?
If you need to get a personal loan, gadget loan, salary loan, credit card loan, or any type of loan to purchase an iPhone or smartphone, it may be an indication that you are paying too much. This is a case to case basis, as the legitimate need for the gadget may require you to get a personal loan or another kind of loan. From a budgeting perspective, there is nothing wrong with buying an iPhone7, Samsung S7, or any high-end smartphone as they are amazing gadgets – as long as you can comfortably afford it. However, if it will make your finances will be easier to handle, maybe getting a lower-end smartphone than the one you’ve been wanting is not a bad idea.
Just for fun, we listed the top 10 things you can purchase alternatively for the price of an iPhone 7:
Want to get a Personal Loan for a legitimate need?
We at Loansolutions can help. We are the country’s largest network of banks and legitimate lenders in the Philippines. Our trained loan agents will help you find a loan you can qualify for and process all the documents and requirements. Applying for a personal loan is easy as most of the processing is done online – even with your smartphone. What’s more, we do this for you 100% free.