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Tips on How to Manage Your Credits During Covid-19 - Business - Nairaland

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Tips on How to Manage Your Credits During Covid-19 by raihan123210: 7:38am On Sep 14, 2020
Covid-19 has affected every person’s life in any way possible. It restrained us from doing many things such as going for grocery shopping anytime or worse, working. The pandemic has greatly affected means of livelihood that is why people’s spending power has been limited. Another problem that can arise is the inability to pay existing loans.

Despite this, the Bayanihan Heal As One Act enables banks and other financial institutions to give borrowers a grace period of 30 days for payment of loans falling due within the period of enhanced Community Quarantine without incurring interests, penalties, fees, or other charges. However, this does not mean that you can get away with your loan. If you pay beyond the 30-day grace period, you might still incur a fine.

A few tips that could help you in managing your loans

Below we will give you some useful tips.

Make A List of Payables

The initial move in managing your legal online loans https://robocash.ph/ is to identify your current loans and to know the exact amount of how much you owe. All you have to do is make a list. Identify the lender, amount of principal loan, interest, due date, and indicate too the grace period if there is any. Write down all payments made including those during the quarantine. All important information must be indicated to give you a clear view of your current obligations.

Don't Save - For Now

Savings are meant for future use but you are in financial dire straits now. Halt the hemorrhage. One of the tenets of effective money management is save, save, save but not now. You have an immediate task to do. If you have savings at hand then use it to pay your debts. Try to lessen or do away with all your obligations before you go back to building a nest egg.

Set A Budget

After ascertaining all your payables, you know the exact amount of your indebtedness. Set aside the amount for your basic needs, then use all of the remaining portions to pay off your loans. Take advantage of the grace period or any other payment adjustments given. It is really a sacrifice but for a good cause. If you have the money to make a full payment then do it. This will save you a lot of grief.

Downgrade Your Lifestyle

The pandemic woke up everybody, this is the time to be realistic. Since you cannot escape your financial obligations, you have to downgrade your lifestyle in order to stop bleeding your current assets. Keep in mind that there is an end to this pandemic. You can always go back to a luxurious lifestyle that you are used to. Who knows, you might even realize at the end that material things don’t really matter that much.

There are many things that put a big dent on your budget. Start with food. Avoid takeouts or eating out. Make it a once-in-a-blue-moon affair. Learn how to cook. The plus side of it is good health. Once you stop eating those food high in fat and sugar, you will have better health, therefore, less or no medical expense. There is no need to go shopping for new clothes, accessories, and cosmetics. Why? You are at home most of the time. There is no need for new apparels in order to look good at home. When you go out for work or run errands, you are wearing a mask or maybe even a faceshield, so who would bother to notice if you put on a new outfit. You might say it is for your self-confidence. Believe me, you will have more self-confidence if you are able to pay your debts. Lessen the times you go to salons, spas, and other social gatherings where you must cough up cash. You can pamper yourself at home especially with your family. The lists of downgrading your lifestyle are endless. Just make a list on where you spent your hard-earned money and you will see what to strikeout.

Coordinate With Your Lender

Banks and other lending institutions are in the business of lending, their primary goal is to have a successful transaction with their clients where both parties are benefitted. Defaults are avoided, that is why they will help you out to fulfill your obligation. Re-negotiation is the key to have adjustments in your term of payments. They are willing to give you a longer grace period to come up with your payment especially if you have a good credit standing.

Look For Alternative Sources of Income

Opportunities are always around even in times of a pandemic. Supply and demand is forever. Even if you still have your job, you are better off with an additional source of income. This will help you settle your debts earlier and can also be used as an “emergency money” for hospital bills and other important needs.

Assess your skills and talents. Maybe a hobby before can now turn into a part-time small-scale business. Many people are good at baking, food preservation and making confectionaries. There is always a market for good food. One of the easiest sideline businesses nowadays is online selling because there is no time constraint and it can be made even with little capital. Start by making an inventory of your personal belongings such as jewelry, clothes, accessories, house appliances, kitchen wares, electronic devices, and other saleable items. Sell the items that you no longer need. The proceeds can act as your start-up capital once you start your buy and sell work. The possibilities are endless.

How can loans help me in this case?

Just in case you need a quick loan to pay an existing loan or if you need money for emergency purposes or to start a small home-based business, try https://robocash.ph/ . This website provides many excellent loans and credits for residents of the Philippines at a low risk. However, remember to take only the amount that you can refund.

Among the Robocash loans there is an excellent offer for new clients. This is a loan of up to 10,000 pesos at 0%. You will not lose anything if you repay this loan on time. Landing company Robocash will help you hold out until the next financial receipts if the situation becomes completely critical. In order to take advantage of the Robocash quick loan, you need to be a citizen of the Philippines, have a valid ID and a mobile phone. Then everything is very simple - leave a loan application in the mobile app or on the website and wait for a decision. Robocash approves over 90% of applications.

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