If you've ever considered pursuing career goals like setting up a business or enrolling in a skills workshop but needed the extra financial help, applying for a loan is a viable option in making them happen. It might seem like a leap for someone who's never applied for one, but needing a loan doesn't mean you have horrible spending habits! In fact, it's something many people consider as they are about to make life-changing decisions that come with a hefty price tag, like buying a home or boosting your business.
Sometimes, your big purchases don't just mean physical items, but it can also refer to financial investments that can potentially reap bigger returns and help you gain meaningful experiences. Here are some examples:
1. Attend boot camp skills classes (Starting capital: P20,000 to P30,000)
If you've always wanted to learn how to apply makeup, paint, dance, or speak a new language, make time for it. Is there a painting workshop in your area you've always wanted to check out? There's always something new to learn, and all you need is the initiative. These new skills can be used to start your own business or beef up your resumé for your dream job.
2. Run a franchise (Starting capital: P35,000)
Setting up a franchise removes the guesswork out of starting a business, since franchisors are there to help you set up, supply stocks for your store, and guide you along the way. The best part about having a franchise is that people are already familiar with the brand, so you immediately have an existing pool of loyal, returning customers to rely on and serve. While convenience stores and restaurants require higher capital, small food stalls can be franchised for as little as P35,000.
3. Set up a home-based business (Starting capital: P50,000 to P100,000)
If you've always had a unique idea or product that people can benefit from, then consider starting a home-based business. Whatever your specialty may be—making fashion accessories, home decor, or catering services, for example—a start-up is a popular venture. Besides, having your own business gives you the freedom to work in your own time and be your own boss.
4.Own a condo unit (Starting capital: P1.5 million to P2 million)
The numbers might scare you, but real estate investment is a popular financial move to earn extra cash on the side. Seeing the returns may take some time, but many residential properties offer flexible terms for you to purchase a unit with an affordable down payment. Just remember, you’re buying to own a condo unit not for you to live in, but for you to rent out—that’s how you make money. To make it more appealing to potential renters, consider locations near schools and business districts, as well as properties with amenities to guarantee satisfied, long-staying tenants.
If you’re ready to take the next step from money spender to money maker, you can get a helping hand from a global institution like Citi through their Citi Personal Loans. Get approval in as fast as 24 hours with no need for collateral or a guarantor, and the program comes with flexible payment terms for loans valued up to P2 million.
Read more life hacks, financial insights and tips to know more about loans and how to manage your credit, and expand your business on the Citi website. Find out more by visiting Citi Philippines' website and following them on Facebook.