Year: 2017

Everyone loves the convenience of having their own ride. Regardless of brand and model, a vehicle would let you travel wherever you need to go and at your own pace. The possibilities are endless, which is why it’s always appropriate to take care of your car, no matter what. Out of all the risky things that may happen to your car, the sudden occurrence of natural disasters may be the scariest of them all. It is uncontrollable, unavoidable, and definitely very destructive. Being prepared is definitely the key. This is the perfect opportunity then to obtain comprehensive car insurance. You may wonder, is it worth it? The answer: Yes, it definitely is.

Here are a few things that you must know in order to get oriented about Comprehensive Car Insurance and its importance:

What is a Comprehensive Car Insurance? 

A Comprehensive Car Insurance is a coverage that helps pay to replace or repair your vehicle should there be anything that may happen such as if it gets stolen or damaged in an incident that does not involve impact or collision (much like a car crash). Comprehensive typically covers damage from fire, vandalism or falling objects (such as a tree branch or hail storm). As we had mentioned the part where it says “falling objects,” you may realize by now that storms are the main culprits when it comes to this type of unfortunate happening.

What are its importance/benefits?

1. A car insurance that only implements a minimum coverage wouldn’t be able to insure your vehicle, since it would simply cover body injuries from collisions (as with the case of collision coverage).
2. A Comprehensive Car Insurance covers any type of natural disaster, regardless if your vehicle received damage from a falling object (hurricane) to being flooded by rain water (monsoon), then you would have nothing to worry about.
3. Unlike the usual car accident which would involves collision between two cars or a car and an object, natural disasters cannot be controlled by any means possible. The weather reports can only do so much. A tree branch falling on your vehicle is an uncontrollable circumstance, even if you had practiced all the precautionary measures beforehand (how were you supposed to know the direction which the tree would land on, right?) Simply put, it can happen anytime and definitely catch you off-guard.
4. The collision coverage cannot be added to your auto policy without comprehensive coverage listed. But, comprehensive can be added to your auto policy without collision.
5. The Comprehensive Car Insurance is a nice in between coverage for anyone who wants some protection but does not want to pay for full coverage.

With these information in mind, now’s the time to decide which insurance coverage works best for you and your car. At Cebuana Lhuillier, we offer AutoCARE Insurance. This is a Standard Comprehensive Car Insurance that covers Own Damage (OD), Theft, Loss and/or Damage. Excess Bodily Injury (EBI), Excess Property Damage (EPD), and Acts of God/Nature (AOG/AON). What are you waiting for? Visit your nearest Cebuana Lhuillier branch now – we assure of a fast, easy, and secure transaction.

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Filipinos opt to work abroad to provide better lives to their loved ones. Leaving family to find better opportunities overseas is difficult, but Overseas Filipino Workers (OFWs) do so to fulfill their duties and obligations to their beloved.

With the prevalence of technology, there are now many ways to send over their hard-earned money back home. If you are an OFW, knowing more than one way to remit money to your loved ones would enable you to have alternative; just in case other means to do so are unavailable. We’ve listed 4 ways you can send the money you worked hard for to the Philippines:

Via bank transfer

Safely send money to the Philippines by wiring money to your loved ones’ bank account. A wire transfer is an online means of transferring funds from one financial institution to another. You can remit money through major banks here in the Philippines. However, there are flat rates for sending and receiving money through this method. This is one of the secure ways of sending money but transfer rates and speed of transfer vary for each bank.

Via foreign exchange services

First of all, don’t confuse foreign exchange services with foreign exchange traders who perform a different service. Foreign exchange (forex) companies complete international currency transfers to individuals and businesses. They transfer the funds from one country to another and exchange the currency between the two countries. Most forex companies are located in the United Kingdom (U.K.), but some are also located in North America and Asia. It should be noted that forex companies should only be used for large transactions, and that the company does not charge a fee; they make money on the exchange rate.

Via Prepaid Cards

The use of prepaid cards is a great way to spend without going over the budget. Your family in the Philippines can acquire a prepaid card which you may reload at any time even while you’re on the other side of the world. Simply set a budget to better monitor your family’s expenses whether the basics such as the weekly trip to the grocery or leisure, like watching the latest movie showing in the cinema.

Sending money via remittance services

Here’s one we definitely recommend. Cebuana Lhuillier’s Pera Padala Service ensures an easy, quick, and safe way to send and receive money. With more than 2,000 branches nationwide and accredited international partners, this money transfer service is made available to clients within and outside the Philippines. All transactions are real time, which enables clients to claim the money as soon as the sender completes the sending process in the branch.

The right money transfer service depends on what works best for you and your family here in the Philippines. Ask other OFWs or Filipino immigrants on what works best for them to weigh in on your decision, keeping in mind the main objective – to send money to your loved ones in the Philippines safely and timely.

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Do you know where your salary goes every month? If not, it’s probably about time to track your expenses and start paying attention to your money to stop living from this month’s paycheck to the next.

Making both ends meet is tough, but much tougher when you would not be able to provide for your family, especially when the need arises (emergency funds, tuition fees, etc.). Yes, the economy has made it even difficult for everyone to earn more than what they really deserve. Hence, it would not be a surprise that many would prefer to leave for a much higher pay in foreign countries.

Living paycheck to paycheck does not mean you’re stuck forever in this situation. It’s going to be tough in the beginning but definitely worth it when you get the hang of saving. We’ve listed below some ways to help you out:

Set aside savings

As soon as you receive your monthly pay, set aside a specific amount for your saving. Regardless if it’s just a couple of hundreds, put it in your savings account or your piggy bank. Push yourself not to touch your savings and keep them until they increase in value. You’d be surprised at how much you’ll be able to save in a short amount of time. Delayed gratification is the key; for money saved will be money well-spent later on.

List down your budget.

Start figuring out how much money you have coming in and how much you are actually spending. From your basic expenses to your luxurious spend, go through all your expenses in a month and figure out exactly what you’re paying for monthly.

From this, you’d be able to identify which items you can reduce what you’re paying for each month. The next step is to create your budget based on what you should be spending on everything – including recurring bills, those you’ve reduced and those you have to pay every month, as well as other expenses like groceries and emergency fund.

Then split your monthly paycheck to cover each item on your budget list. You can go the old-school style of setting aside money for your expenses on envelopes and paying for everything in cash. You can also set up different accounts for each area on your budget and manually allocate money on each account to cover all of your expenses. Then whatever’s left of your account will be automatically placed on your savings.

Live below your means.

The salary increase you received when you transitioned from probationary to regular employee does not mean you also increase the amount you’re spending for unnecessary items. Try to avoid sinking back into your old spending habits whenever you’re getting additional income from other streams. Keep living below your means and setting aside money for a brighter future ahead.

Once you are sure you’re in a better financial situation, then re-evaluate your budget and add back a few things you really want. The key is to keep spending less than the amount that you actually make.

Ask for help.

When you’re in the deep financially, do not be embarrassed to borrow from family or close friends. Transitioning from one milestone to another, such as graduating from college then entering the workforce, or moving from one job to another, can be overwhelming. Establish a payment scheme with them to make sure you pay them back.

You can even ask help how you can fix your finances, for handling matters of the money can really be daunting. Reach out for help or guidance from people you trust and know you well.

Get a part-time job.

If you’re barely scraping by with you have, you may need to look at working overtime, getting a second job, or possibly getting a new, higher-paying job. Of course, you must balance your obligations in order to perform well on both jobs, however, you must not forget to rest as well, for a healthy body would enable you to do more, rather than a frail one which would weaken you, even to the point of struggling on a single job.

Bottom line of all these is it’s important to know where your money goes. We all know how these tips are actually easier said than done. But in the end, these small sacrifices will help you achieve a financially-sound future. By adopting these simple steps into your lifestyle, you’ll wake up one day and realize that you’re no longer waiting for that paycheck and actually have savings set aside on your bank account.

With these saving tips in mind, you may want to find a trustworthy bank that may handle your hard-earned money well and safely. If you’re a resident of Bacoor, Cavite, and Batangas, then the Cebuana Lhuillier Bank is your one-stop spot for opening your own savings account. All transactions are real time, removing all the hassle that you may have experienced in other banks. Visit the Cebuana Lhuillier Rural Bank now and start living your way to a financially secured future.

There may come a time in which you may need to apply for a loan. You have a justified reason in doing so and are willing to present all of the requirements in order to get your application approved. But the extremely thorough application process when applying for loans, there is no assurance that you get an approval especially if you do not provide a solid proof of your capacity to pay for the money you will be borrowing.

If you are thinking of or already are applying for a personal loan, here are some tips to pass that credit check and have your loan easily approved:

Improve your credit standing.

Keep in mind that your credit history is easily accessible to lending institutions. An impressive credit history will give you nothing but glory, even if you’re not processing to apply for a loan now or you just think you might need it in the future. Pay any remaining debts, including credit cards and other loan obligations. If you have existing obligations, make sure to pay in full and on time. Avoid using credit cards in the meantime since purchases could pile up and financial institutions have their way of checking whether you pay on a regular basis. Believe us, this would definitely convince the lenders in trusting you with their money.

Show a proof of your income.

The main thing any lender is concerned about is how you would pay back the money you borrowed. They would be inquiring how long you have worked at your current job and the stability of your job to indicate your long-term reliability financially.

Some lenders may also consider your employment industry and history, as well as your employment status – whether you are under a contract, casual or self-employed. Proof of income would provide a general idea of how much you make in a month. Lenders may also request you submit a copy of your tax returns to further verify your financial stability and capability to pay off the loan you will be borrowing.

Maintain a savings account.

Aside from the fact that it would show financial responsibility, it would also enable you to have an emergency fund, for when you are not able to receive any earnings for a particular month due to an unexpected occurrence, you would at least have something extra to pay off the loan’s monthly obligation. Make it a point to set aside cash on your savings account. When you do this, you are demonstrating that you are likely able to manage your loan repayments.

Go for a realistic loan amount.

By now, you should already be aware of your credit history and current score. The financial institution should be able to tell you the range of credit score required to get approved. Plan ahead and request for the necessary to documents weeks prior to your application. Consider your financial limitations when applying for a loan. Apply for the amount of loan based on your ability to make repayments that you can actually afford.

Create a checklist.

Financial institutions already easily provide the information necessary for various transactions, including loan applications. Based on these information, it is best to create a checklist of the needed documents for your loan application. It can take some time to secure the documents from your creditors, employer, and other financial resources. Incomplete documentations may result to your application getting disapproved.

The lesser, the better.

Before you apply, it is recommended that you check various lenders and the loan facilities to know which offer fits best to address your financial needs. Compare interest rates and payment schemes to help you decide which is more convenient and easier for you. Then pick two to three lenders. Take note, submitting to too many lenders is inappropriate and may affect the approval of your loan. Stick to one or two lenders and fulfill the documents necessary. Follow the tips we have listed here and you will get your loan approved in no time.

After reading through our tips, you will definitely want to choose a loaning service that would best be applicable to your needs, without all of the hassles. Look no further than Cebuana Lhuillier’s Happy Loan, a multi-purpose loan amounting to Php 5,000, Php 10,000, or Php 15,000 offered to any individual who is employed, self-employed, student, or a remittance beneficiary. Our more than 2,000 branches give customers unlimited access and convenience in applying for a loan. Our five-point application to disbursement process ensures services are delivered on time.

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If you are in need of immediate cash and currently have a decent credit score, most banks and other financial institutions will be willing to offer you a personal loan. The eligibility to apply for this type of loan varies from lender to another, and is based on your income, credit score, age, and overall financial stability.

People apply for personal loans for a variety of reasons. You can use a personal loan to invest in business, pay for unexpected medical emergencies and even fund your upcoming vacation.

Here are a few things you should take note of before you apply for a personal loan:

Determine the type of loan that you can afford.

The payment length and amount of the loan are important factors to consider, as the interest would build up over time. This is very risky, as you would not want to be burdened by a high amount of interest in the long run.

Policies implemented on the loan.

Personal loans attract many people because they are more negotiable, in terms of the rules of payment, and the length of time to pay off the loan. Be careful still, as different establishments have different rules and regulations. What you thought may be a harmless decision may be a critical cause for penalty if you don’t read the fine print.

Making late payment and penalties.

Paying your loan is one thing, paying it on time is another issue. These penalty rates are forms of reminders to encourage borrowers to pay on time and right on schedule.

Most credible lenders will assist you, should you need an extension. But be cautious because this can also mean they can charge you with high-interest rates. Not only will you end up paying more, you’ll also be paying your loan longer. Which is why it is important, that from the beginning, you’ve already set up a budget and a strategy on how you’ll be paying your loan off. Setting up a budget will not only help you stay on track with your payments but it could also save you money by avoiding the penalties that go with late payments.

Need a co-signer?

A co-signer will be necessary if your credit is poor, or if you can’t provide some type of security or collateral. Certain lenders will require a minimum credit score in order to receive a personal loan.

Other risks that come with personal loans.

Payments for personal loans are fixed; therefore you need to make sure you can pay it back on time. Find a credible loan provider that is popular and has good reviews, as there are scammers out there trying to get money.

Beware of hidden fees.

You’ll want to check not just the interest, but the origination fee. The origination fee is what the lender is charging to pay for the processing costs of your personal loan. Depending on the lender, fees can be close to 5%. Make sure to check the total amount you’ll have to pay, with all fees included. Certain lenders will charge if you pay your loan too quickly.

Analyze the total costs.

When searching for a personal loan, you’ll want to make sure to compare total costs of loans, as opposed to interest rates alone. You might find that a lender has better interest rates, but a much higher origination fee. Speak to different lenders and take your time finding the best option.

Apply for your very own loan with a trusted name that offers only the best service possible. Cebuana Lhuillier’s Lucky Loan should definitely be your top choice. It is a multi-purpose loan offered to registered entities such as tricycle operators, credit cooperatives and other groups, as well as SMEs such as restaurant and mini groceries, among other businesses. Our more than 2,000 Cebuana Lhuillier branches and online presence give customers unlimited access and convenience in applying for a loan.

Starting a business is never easy, yet, very manageable if you make the right decisions from the very beginning. You have your business strategy laid out but you do not have the required capital to start-up your plans. You would like to avoid borrowing your initial fund from banks and other loaning establishments as collaterals and interest rates are risky parts of every business ventures. So, what can you do? Believe it or not, there are various ways to creatively source funds for your business. You just have to know where to look. Here are some examples:

Personal financing

One of the simplest means of earning money for your own venture is to be able to save up for it from the very beginning. Think about this, your savings, your own capital, and no borrowed amount from anyone, means no debt and no one to owe money to, especially as all of the funds used for your business came from you. As the saying goes, “if you want something done right, you have to do it yourself.”

Crowdfunding

The great thing about the internet is it brings people together in order to fulfill a good purpose, one of which is business funding, or what we now call as Crowdfunding. Crowdfunding websites have been on the rise these past few years. This is a way to get people to invest in your cause in exchange for something else, aside from money. Popular sites that facilitate crowdfunding include IndieGoGo and Kickstarter. These are websites for people who wish to showcase their business ideas, and in turn receive financial backing from around the world to start up those ideas into an actual venture. However, it’s important to note that crowdfunding is very emotional and the success of your crowdfunding effort is based on how your business idea appeals to people.

Friends and Family Loans

One way to obtain money for starting your business would be to borrow from your family and friends. Unlike banks and other funding organizations, they would be more forgiving when it comes to deadlines. Of course, never forget to pay your interest (and on time) as to not risk any family relationship or friendship over money. This would also avoid any unlikely sense of gratitude that may occur once your venture succeeds.

Peer-to-peer lending

Peer-to-peer lending is a process in which a group of people comes together to lend money to one another. It’s been practiced for years, in examples like small business groups or ethnic groups supporting similar efforts. In a similar case, look for a successful entrepreneur peer willing to fund new ideas, showcase what you’ve got and convince the financier that their money wouldn’t go to waste. The downside of peer-to-peer loans is that they are not easy to get and the interest rates can go very high.

Get help from Angel Investors

Angel Investors are a group of people or organizations who are always on the lookout for new and bright business ideas. They would invest on your business, given that once it becomes successful, they receive a share of your profits. One such company that was funded by angel investors was Google, which started out from scratch and is now a multinational company with a net worth amounting hundreds of billions.

Venture Capitalists

Similar to angel investors, Venture Capitalists would require a share of your profits once your business becomes a huge success. However, unlike angel investors, they would prefer to have some control in how the company is handled, as they are looking to ensure profit on their investments as well. This would be most applicable if you wouldn’t mind having an extra hand or consultant in your business.

Inventory Financing

This method is solely for those who are looking to try out the retail business. The lender would provide you with funds so you may purchase items which would be sold by your business, like groceries or the local second-hand clothes stalls famously known as “ukay-ukay.” Take note that this method strictly entitles the lender to only provide funds for a retail type of business.

Vendor financing

Simply put, if you need products for your inventory, many manufacturers and distributors may be convinced (after further proposals and negotiations) to put off your payment until you sell the goods. This really means an extension of the normal 30-day payment terms to a period of months or longer, depending on your credit worthiness and extra fees.

Credit Card Stacking

This method would allow you to use different credit cards with total credit limits that match the amount of financing that you would need for your business. It may seem like a fairly inexpensive way of gaining your capital. However, there is a reason why this method is also said to be “unsecured.” With the negativities tied to credit cards, some lenders would allow you to do this for free. Take strong caution in undergoing this procedure to avoid any possible debt problems in the future.

Microloans

If you’re going to get creative about your business fund, why not go all the way with a service that would rightly look out for you and your venture? Cebuana Lhuiller’s Lucky Loans is a multi-purpose loan offered to registered entities such as tricycle operators, credit cooperatives and other groups, as well as SMEs such as restaurant and mini groceries, among other businesses. This loan would only require business permits, proof of billing, and proof of income as preliminary documents for your loan application, and then you’re on your way in undertaking a fruitful venture.

Visit your nearest Cebuana Lhuillier branch now to know more – we assure a fast, easy and secure transaction!

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