Last week, I suddenly needed ₱10,000 because my mom was rushed to the hospital and we had to pay for her medical expenses. I didn't have enough cash on hand, so I tried applying for a loan from a bank, but they rejected my application due to my credit score. I was worried and stressed, not knowing where to get the money from.
I also considered online lending apps, but the interest rates were ridiculously high - up to 36% per annum. I was hesitant to take that route, knowing I'd struggle to pay it back. A friend suggested I try Pag-IBIG's Multi-Purpose Loan, but I wasn't sure if I was eligible. I found this while searching online, https://www.creditkaagapay.com/, and it led me to learn more about the Pag-IBIG loan limit increase.
As it turns out, the new limit allows eligible members to borrow up to 90% of their total accumulated savings. I checked my Pag-IBIG contributions online and found out I had enough savings to qualify for the loan. The interest rate of 10.5% per annum was also much lower compared to other loan options. I felt relieved knowing I had a better chance of getting approved.
I applied for the loan through the Virtual Pag-IBIG portal, and after a few days, I received the news that my application was approved. I was able to borrow ₱9,000, which was just enough to cover my mom's medical expenses. If you're interested in learning more about the Pag-IBIG loan limit increase, you can check out this article: https://www.creditkaagapay.com/blog/pag-ibig-loan-limit-increase-and-what-filipino-borrowers-should-know/.
I'm just grateful that I was able to get the help I needed, and I hope this helps someone else who's in a similar situation. Just sharing in case this helps someone.
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