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17.12.2021

Make Your Salary Loan Last Longer

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You filled out the application form, submitted the required supporting documents, and waited anxiously for the loan provider to accept your salary loan application.

You open your email or get a text message. “Congratulations! Your application has been approved!”

Being approved for a salary loan can make you feel both relieved and overwhelmed. After all, you now have the financial resources (however limited) to partially or completely solve your monetary issues. But before you dive in, here are some tips that can help you make the most out of your salary loan.

1. Set a budget with your Salary Loan

Now that your salary loan application has been approved and the amount reimbursed to your e-wallet or bank account, it’s time to sort out and budget your most important expenses.

Write down your expenses on a sheet of paper, indicate the loan amount that you were granted, and allocate enough amount per expense. Setting a budget and sticking with it helps you develop discipline over your money, more so if it’s a loan.

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2. Use it for your necessities

After figuring out your budget, prioritize immediate and necessary expenses before leisurely wants.

This way, you can deal with major issues at the onset and deal with less important expenses if you have a spare.

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3. Take note of your due dates

It’s understandable to spend your loan on emergencies and unexpected or necessary purchases, but loans are still obligations that you have to repay. If you don’t want to incur penalty fees, set reminders for your loan repayment dates.

Which brings us to item number four…

ALSO READ: What is UnaPay Salary Loans?

4. Take note of the interest rate and other charges

Interest rates can be quite a pain when it comes to repaying your loans.

On top of that, penalty fees can quickly pile up if you habitually or accidentally skip a repayment deadline.

If you don’t want these charges to eat away at your wallet, always keep your agreed loan terms in mind and avoid doing anything that can incur penalties or other charges.

ALSO READ: 5 Financial Horror Stories

Let UnaPay be your partner in times of happiness and emergencies!

With UnaPay Salary Loans, you do not need to worry about not having enough funds, especially when you need it the most. Aside from quick financial relief, UnaPay also provides perks such as financial and health wellness seminars for partner companies and their employees.

Be an UnaPay partner company now!

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