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Everybody knows that personal loans can be used to make large purchases such as vehicles or houses, but many people use them for very different reasons. Here is Asteria’s top 20 alternative ideas for using personal loans in the Philippines.

1. Education

Studying is something that can bring great joy and even help you to increase your earning potential. Now that distance learning and remote courses are available online, anybody with access to a laptop and an internet connection can pick up new skills. You can even study for a full degree online. Costs will vary depending on the type of course and the level of qualification you are aiming to achieve but using a personal loan to further your education can be one of the most rewarding things a person can do. Lenders will generally approve loans for most purposes, providing they are not unrealistically expensive, and your credit rating is ok. This means that most people can use any of the approved lenders in the Philippines to finance their studies if they want to.

2. Business Clothes and Uniforms

This may not be the most exciting use for a personal loan in the Philippines, but it is one of the most practical. If you are still working and need to update your professional wardrobe, applying to lenders to get the funds you need can be a sensible option. Many people do this when they start a new job or go into business. The way you look can make a huge difference to things like interviews and meetings with potential customers, so this type of borrowing can actually be an investment in yourself.

3. Collectables and Antiques

For many people, collecting records, action figures or antiques can be a hobby, albeit one that can cost quite a lot of money. Using a personal loan to cover the cost of some of the more sought-after items on your list can be a good way of ensuring that you don’t miss out. You also have the option of reselling any goods if you happen to get into financial trouble in the future. For very expensive purchases, a combination of savings, your salary and a personal loan may be required, and borrowing a little may be all you need to complete your collection.

4. Alternative Therapies and Treatments

Your health matters and increasingly, looking after your body can cost money. Massages, reiki, hypnosis and other styles of alternative therapy are popular all over the world, including the Philippines. A small personal loan can be enough to cover a series of treatments, meaning that you can take care of any niggling ailments that aren’t serious enough to warrant a visit to the doctor.

5. Fitness and Health Club Memberships

An active lifestyle is one of the best ways to say fit and healthy but exercising properly can often come with a price. Personal trainers, memberships to gyms and other sports-based activities will all cost money, which can be hard to find when your salary isn’t especially high. Using a personal loan to pay for this kind of activity may not bring you any material rewards, but it can potentially change the way you feel for the better. That’s something that is difficult to put a price on.

6. Concert Tickets and Performances

Whether you’re a fan of the Rolling Stones or Miley Cyrus, going to live concerts and other music events can be one of the best ways to spend your free time. Since the birth of streaming and the inevitable rise of piracy, concert tickets have generally escalated in price to ensure the artists get paid for their work. Using a personal loan to cover some or all the cost of an upcoming show is a way to ensure you don’t miss out on seeing any of your favourite bands.

7. Subscriptions and Streaming Services

If you can’t bear to miss out on any of your favourite shows but you’re struggling to cover the cost of all your streaming subscriptions, a personal loan can be an effective way of making sure that you don’t get left behind. Using a small to medium sized personal loan will generally be enough for you to pay for a full year’s worth of entertainment, so you’ll always having something to watch or listen to when you get home from a hard day at work.

8. Legal Fees

Hopefully you won’t need to use a personal loan for this reason but if you are out of options, it can be a way of finding the funds you need fast. If you do need legal assistance quickly, waiting around or saving up often isn’t a realistic option, so although it should only be used as a last resort, borrowing to cover the costs of lawyers and other legal fees can be a solution for those in need.

9. Pets

If you know you are due to receive some money soon but would like to buy a pet straight away, a personal loan could be a way of allowing yourself to meet a new furry friend. Borrowing enough to cover the cost of things like initial vets’ visits, cages, leads and food is generally a good idea and providing you can cover the repayments, this option means you won’t have to wait to take your new companion home with you.

10. Birthdays, Christmas and Other Celebrations

Some events only come around once a year and unfortunately, we don’t always have enough money to cover the costs of essentials like gifts, food and decorations. Small personal loans can help you to enjoy the important events in your life, even if you don’t have much saved up. Planning repayments responsibly is essential, but this option allows you to enjoy special moments with your loved ones when it matters the most. Whether you’re planning a surprise party or a substantial gift that can act as a keep sake, using lending as a way of avoiding disappointment is something many people do.

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