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As the global pandemic continues to take its toll on the economy and the daily lives of people across the world, many industries have been temporarily shut down due to social distancing measures. This means that there are a record number of people considering a change in career so they can secure a regular income. Those in the performing arts, entertainment, health, fitness and hospitality industries have been hit particularly hard and with no clear indication as to when the lockdown is likely to be lifted, alternative sources of employment are beginning to look like a sensible option. Changing careers can cost money and without an income, this can feel like a difficult hurdle to overcome. In this article, we discuss how to use personal loans to help you change careers during this time of global uncertainty.

Identify Your Potential Career Change Costs

This part of the process is arguably the most time consuming but is also the most important. Whether you are hoping to retrain as a teacher, a self-employed web designer or a remote working admin assistant, the chances are that you will need to pay for a qualification or some kind of formal training to increase your chances of securing regular employment. There are many fully accredited online courses that can be completed from the comfort of your own home and several universities now offer distance learning as standard. Lenders in the Philippines and other parts of the world will usually consider personal loans for career changes as a perfectly reasonable reason to request credit, so providing that you have a relatively good credit history, you should be able find a provider who will approve you.

Brainstorming and Lists

Make a list of everything you think you might need to start you on your journey to changing careers. Include everything you can think of at first, then try to whittle this down to just the essentials. Things like a new laptop, a good quality internet connection, book keeping software and comfortable office furniture are essential for home workers, whereas those who are planning to move in to a physical trade such carpentry or plumbing will need to consider tools, transportation and the cost training or qualifications. Always do this well before you apply for any type of loan as having to submit a second or third application for credit in the same year will profoundly affect your overall rating and will ultimately cost you more in the long term.

Emergency Funds and Petty Cash

No matter how well you plan for the future or how meticulous your plan for a change of career may be, as recent events have demonstrated, life is unpredictable by its very nature. This means that having even a small amount of emergency cash on standby is always a good option. When you are applying for personal loan, think about this and consider taking out enough to cover a small lump sum that you can put into a savings account, should you need to use it later. This means that if you do happen to have a particularly slow month or happen to incur unexpected costs relating to things like vehicle repairs, equipment replacement or other unforeseeable issues, you won’t find yourself in such a difficult position.

Advertising, Promotion and Job Searching

Depending on the nature of the business you intend to move in to, you will need to budget for advertising and promotion. Freelancers usually spend a little bit on things like paid Facebook ads, advertising in local newspapers and digital work sharing platforms. For those in more conventional industries, things like CV writing services, interview practice and basics such as new work clothes should all be included as essentials when requesting your loan amount. Though you don’t necessarily need to spend a great deal on self-promotion, the competitive nature of the job market in the post covid-19 world will mean that you need to do everything you can to stand out from the crowd.

Premises, transport and logistics

If you plan to open a business that sells or transports goods, you will need to ensure that your loan amount covers the cost of any storage or work space you intend to use, as well as things like transportation and staff costs. Special business loans are available for those who want to start larger enterprises such as this and just like salary and personal loan providers, interest rates will vary widely from company to company. Always spend some time comparing providers to make sure you are getting the best deal before you agree to sign up to a legally binding contract.


Certain industries are reliant on location so you may need to consider the cost of relocating to a different area as part of your career change plan. Factor in how much this may cost you and whether or not you will need to leave your current area in order to make enough money to ensure your new venture is financially sustainable. If you plan to open a bar or restaurant, it makes sense to do so in a location that enjoys a lot of natural footfall. For example: a tourist friendly town or city. Similarly, if you plan to work as a teacher, you will need to make sure that you are based in an area where there is a demand for this type of professional. Consider the cost of things like accommodation, transport, bills and other essentials before you submit any applications for a loan.


All new business and career ideas should be checked carefully to ensure they are sustainable before you decide to go ahead. Think carefully about the way the economy is changing and how long you think you may be able to work in your new chosen career. Areas such as teaching, health care work, food production and manufacture are likely to remain profitable, even in times of global hardship, whereas industries that cater for luxury items and non-essentials may not.

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