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As lockdowns and social distancing begins to ease slightly around the world, the immediate future for both business and finance remains very uncertain. This is reflected in both the volatile stock market and profoundly reduced consumer confidence. Thankfully, there has been a great deal of progress made in terms of how the virus is being treated and also how the economy can react to this unprecedented situation. For borrowers, this period is fraught with uncertainty, but with careful consideration and planning personal loans can be a way of planning for an uncertain future.

Food, fuel, and other essentials

If you have been furloughed or laid off, you may be in a position where you need to consider salary loans as a means of getting by. Though this type of loan can be useful in the short term, it should really be seen as a way of borrowing from yourself. As the name suggests, salary loans are designed to help consumers fill the gap between their next pay cheque. Before taking a salary loan, always ensure that you have a means of repaying what you borrowed. This could mean securing temporary work or in some cases, applying for jobs with companies who plan to start up again once the lockdown has been lifted completely. If you have taken all of these step, using personal loans or salary loans to cover the cost of the next few months food, fuel and essentials can be a good way of giving yourself peace of mind and taking away a few of the more pressing worries you might have. Budgeting for weekly shopping trips, planning meals and working out your potential daily fuel costs are all good ways of making sure that you do not end up borrowing more than you need.


As many industries have been severely affected the financial fall out of Covid 19, retraining in a different area is highly recommended if you want to ensure you can continue receiving an income on a regular basis. Though borrowing at times like these can feel difficult and even counter intuitive, using a personal loan to pay for a training course or qualification can be one of the best ways of using your money. You will not see any immediate return, but over time, you will notice the benefits. Search for course providers online as distance learning is now something that is offered by practically every education institution. Whether you are considering learning a trade, acquiring a new qualification, or starting your own business, borrowing to cover the cost of course fees can be seen as an investment in yourself.


For some people, the impact of Covid 19 means they may want to consider moving home or even emigrating to a different country. Doing so is not cheap or easy and in times when income can be scarce, borrowing can be a short-term way of finding the funds you need. Most loan providers in the Philippines and across the world would approve a loan request that was for relocation, providing your credit rating is ok and that you do not have any outstanding debts already. Planning to move is a time consuming and stressful process but knowing you have the funds to cover things like transport, storage, decoration, and other essentials can help make things a little easier.


As the world begins to return to work, childcare will once again become an issue for the vast majority of working families. As all parents will know, childcare is not cheap and if income has suddenly dried up, it can be tough to know where the money is going to come from. A small personal loan may be a good way to tide you over if like many people, you have recently lost a large portion of your income. Paying for a few months of childcare in advance is a good way of taking some of the stress out of your daily life and some providers may even offer a discount for block bookings or longer-term contracts.

Paying Off Expensive Debt

Though you cannot really borrow your way out of debt, with enough research and careful planning, you can often significantly reduce the amount you need to pay off over time. Personal loans are offered at a variety of rates, from as low as 6 or 7 percent to as high as 50 or more. If you already have high interest personal loans or credit cards, you may be able to use a lower cost loan to pay off what you owe. This will reduce the amount of money you need to pay each month and generally speaking, will allow you to pay off your overall debt far quicker than if you make only minimum repayments on higher interest cards or loans.

Tools, equipment, and transport

For businesses and individuals, preparing for the future with a personal loan can mean buying the tools and equipment they will need to function for the coming years now. Doing this will require careful planning and a great deal of honesty. Things like laptops, new vans or power tools can all be quite expensive but if they are something you are going to use in order to generate an income in the future, it should be seen as more of an investment, rather than just buying things for their own sake. Though we would always recommend careful borrowing, due to the impact of Covid 19, many people are in a position where they may need to use finance in order to prepare for the future ahead.


Personal loans can be one of the most useful tools you have in future proofing your business and helping your family to ensure they have everything they need to get through the difficulties that 2020 has presented to the world. Just remember to borrow practically and to use every penny of your personal loan responsibly. These are uncertain times for everybody but there is still hope for a better future.

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