Can a Housewife Actually Apply for a Loan?
(Updated March 22, 2017)
They say being a mom is working 24/7 with no salary and no day off.
One of the challenging part of being a housewife is trying to budget her husband’s income. It is a wonder how they can stretch the money despite some unforeseen needs.
Children suddenly get sick, bills and grocery prices hike, and school fees happen when you think the budget is just enough for the usual daily needs. One way they do it is through a loan.
So is there a loan for a housewife to apply?
5 Top Reasons Housewives Need a Quick Cash Loan
It is no secret that living paycheck to paycheck is not easy. “Sapat lang” is how most housewives describe their husbands’ salaries. Somehow, we all know that there will be times when that “sapat lang” will suddenly change to “kulang na kulang.” Of course, being responsible housewives, they will try to bridge the financial gap by getting a loan from various sources.
Housewives are resourceful. They will do anything for the welfare of their family. That’s why they are our real life heroes.
Where can housewives get a loan?
You might wonder where you can get a loan for a housewife like you. Here are your possible options.
Family, friends, and neighbors
If it is an emergency, you can likely run into your neighbor’s home to borrow some cash. If you are lucky enough, they will lend you without any interest. There will be no requirements at all. However, what you need is a good reputation as a borrower in your neighborhood.
You can also borrow from your relatives and friends. They usually let you extend your loan. If you say “bukas nalang,” they are usually forgiving and understanding (at least for the first few requests). However, I suggest not to overdo it.
There are a lot of broken relationships just because of “utang.” Friendships and relationships have been wrecked because the borrower tries to avoid the lender instead of approaching the person and truthfully explain why it is taking a long time to pay back. They say a good way to test a relationship is through money.
Once you break your relative, friend or neighbor’s trust, expect that other relatives or neighbors will know about it. Borrowing from people you are close to can ruin your name and chance to borrow again.
The pawnshops are also one of the famous places where you can get instant money. They don’t care if you have previous unpaid loans as long as you have a collateral. You can use your jewelry, watches, and gadgets to get some cash. Most people pawn their beloved rings, necklaces, or earrings though these have sentimental values.
With pawnshops, you risk losing these items. If you fail to pay up, the pawnshop will have the right to sell your pawned items to the highest bidder.
Lenders requiring a co-maker
There are lenders who give loans if you can present a co-maker. They ask for minimum required documents as the co-maker is an assurance that the loan will be paid one way or another. However, (same with the point in number 1) you are risking your personal relationship with your co-maker.
Most co-makers are friends or relatives of borrowers. If you fail to settle your loan on time, the lender will bother your co-maker to pay up for you.
My mom used to be the “go-to” co-maker of her friends. Sad to say, some of those “friends” ran away and left my mom to pay their dues. You can earn the money back, but you can never earn back trust.
A lot of housewives borrow from 5-6. The loan is easy to acquire, but it has an interest rate of 20-30%. The lender will usually go house-to-house and collect the money every day or every week. If you can’t pay up, they will come the next day.
Most loan sharks will just keep on coming back. If you continue to pay up, they will get some of your belongings. There are also loan sharks who harass their borrowers until they settle their loan.
Licensed lenders are responsible lenders who will let you borrow the amount they think you can repay at ease. This will also help you build up your credit history. If you pay diligently, you can build a good credit score.
The credit score is crucial if you and your husband are planning to buy a car or a house because banks will use it to know if you are a good borrower.
Patronizing a licensed lender can also give you advantages such as waived fees and higher loan amount. If you build a good relationship with your lender, you can borrow more.
What you will need are one or two valid IDs, proof of billing and a regular source of money which is your husband’s income.
How to apply in Cash Mart if you are a housewife?
If you are a housewife, you need to prove that you are receiving a financial support.
Let’s say your husband is a seaman or an OFW, you can use his remittance or allotment as your source of money.
- Check the list of eligibility and requirements at cashmart.ph/faq.
- Go to CashMart.ph to fill up the registration form
- Upload the needed documents
- Wait for a call or text from Cash Mart
- Receive the cash in your bank account
- Do not forget to pay on time
If your husband or partner is a regular employee or self-employed
- Ask your husband to apply for an online loan in Cash Mart
- Your spouse or partner can have you as one of his contact references
In case you have a micro business, you can also apply for a loan. You just need to provide your bank statements as proof of your income.
Key Notes to Consider
- It is important to have a valid ID despite being a housewife. You can get an NBI clearance, Postal ID and Voter’s ID though you don’t have a work. All financial transactions require you to present an ID. Save yourself from the hassle. Get at least two valid government ID when you have free time.
- Once you got a loan, pay on time. Unpaid balance may incur late payment penalties and additional interest rate. If you think you can’t pay on time, approach your lenders. Lenders just want to get their money back with interest. They will give you options to help you pay off your loan.
- Use a personal loan calculator. This will help you make an informed decision.
Here, you can see and choose:
- the terms: weekly (pay every week), bi-weekly (pay every 2 weeks) and monthly,
- the number of terms (ilang beses babayaran)
- how much can you borrow,
- how much is the interest, and
- the total amount you have to settle.
Take Note that the whole process is online. there is no need to go to the office to make the applications personally. all you need is a laptop or desktop computer for better web page navigation, a good internet connection for uninterrupted applications, and you’re clearly scanned documents.
Valuable Tip: Complete your required documents for faster processing of your loan application.
If you need more information, feel free to call Cash Mart at 829-000 today.