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Personal Loan with Flexible Repayment Terms

Personal loans can be used for a lot of things – funding your dream wedding, as down payment for your house, or as capital for your business. In addition, personal loans are especially useful in times of emergency such as when a loved one gets sick or when your house needs to be repaired due to damages caused by a typhoon. These emergencies are inevitable and sometimes you don’t have a choice but to take a personal loan. If you find yourself in a dire situation, getting a personal loan with flexible repayment terms ensures that you will have enough time to save on the repayment without sacrificing on your basic needs.

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Why choose a personal loan with flexible repayment terms?

The biggest advantage of getting a personal loan with flexible repayment terms is that you will be able to decide when you can fully repay a loan and budget your money accordingly. By choosing the right personal loan with flexible repayment terms, you can reduce your equated monthly installment (EMI) load – the total monthly payment required from adding the principal amount plus interest. In doing so, you will be able to decide how much you can afford to pay each month; hence, unnecessary fees that may arise from late payments.

How to choose a personal loan with flexible repayment terms

Choosing a personal loan with flexible repayment terms depends on many factors: your actual requirements, your income pattern, and your current situation in life. The important thing to remember is that you should never borrow money unless you actually need it; and you know that you can repay it in full based on the agreed terms. If you have no choice but to take a loan, it is smarter to compare personal loans with flexible repayment terms before you commit.

As a tip, choose the shortest time you can borrow the loan, as your paying capacity will allow.


Compare personal loans with flexible repayment terms

There are many banks that offer personal loans with flexible repayment terms. Repayment terms can range from 3 months up to 5 years. Let’s assume that you have an income of ₱30,000 and are going to borrow ₱100,000 at different repayment terms: 1 year, 2 years, and 3 years.

Here is a sample computation of the available personal loans with flexible repayment terms based on the scenario:


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