Why center agents need a salary loan Updated on August 2024
BPO agents never fail to rank as one of the highest paid jobs in the country in the annual list of both JobStreet and the Department of Labor and Employment (DOLE).
Each of us has at least one friend or relative who is are call center agents. The stories about those agents who are unable to save and in need of immediate cash are not new. As a result, call center agents opt to take out an instant cash loan.
But why does a call center agent resort to a loan application despite a high paycheck? These employees often face unexpected expenses. Even though most call center agents have employer-issued medical insurance, not all illnesses are covered.
Other than that, many Filipino relatives seek financial help from call center agents, thinking their higher salaries are meant to be borrowed by their families. So, it’s no surprise that most agents still need to borrow money from a legal loan provider. Their sole income is insufficient to meet their personal goals. Yet, many family and friends turn to them for financial aid.
These are just a few reasons why call center agents apply for a nearby loan provider. Read along and understand their need for doing such action.
I’ve got a couple of friends who either preferred or were forced by financial circumstances to work in Business Process Outsourcing (BPO) companies.
While they work in various companies, they usually have the same routine: going to work, taking calls/replying to emails, maybe having a drink with coworkers, going home to sleep, then going to work.
When payday comes, they say it will just slip between their fingers. Soon few days will pass, and they will be looking forward once more to payday. Then, if a need arises, they will resort to “utang.”
This morning, I overheard a neighbor, who works in a call center in Ortigas, asking my mom if she could borrow some cash for her children’s tuition. Neighbors usually borrow money from each other for four reasons: instant, possibly no interest, payment can be extended (Sa katapusan nalang po ang bayad), and there is no need to pass any requirements.
All you need is a good relationship with the lender, luck (if your neighbor has extra cash), and tact. If you hit rock bottom and can’t borrow from a relative, a friend, or a neighbor, you get online loans.
But what if your friendly neighbor faces the same financial dilemma as yours? Who will you turn to? And what are the typical causes of borrowing money despite being known as high-paying jobs in the Philippines?
BPO loan is an excellent help for call center agents struggling to budget until their next paycheck. Many apply for it due to these reasons. If you’re facing such a financial struggle like this, you might as well take out a personal loan from a licensed moneylender.
Most Filipinos are using PhilHealth as their health insurance. However, as the truth may hurt, getting money from this institution may be troublesome to many of our kababayans.
Newsflash: Your PhilHealth does not cover the costs of Emergency Rooms.
Also, the PhilHealth coverage may be very limited for most Filipinos with low-wage. As a call center agent, your employer might have provided health insurance or a health card. However, these medical aids have limitations. Often, it covers the employer only, not even your immediate family. If ever they do, these health cards will be charged to your paycheck.
Furthermore, health insurance rarely covers emergency room fees. Unless you face a life-threatening situation or need a surgical procedure, your health card won’t be of use. Whenever you receive your new medical insurance, take the time to learn about the coverage and terms. This way, you’ll know whether you can make use of it or not. In addition, if you need more urgent cash, you can get a salary loan.
Part of the call center agents life is upgrading their lifestyles. Especially for those who just moved into a new home or welcomed a new member of the family, such as a baby, instant loans greatly help in acquiring appliances. An additional family member will cost you more but will make your life happier.
Furthermore, cell phones and mobile data are now necessities. Without it, life feels stagnant. That’s why some are willing to get loans just to upgrade and get the latest smartphone unit on the market.
This is also one of the reasons why ‘5-6’ has grown popular in the neighborhood. Bombays usually offer appliances and electronic gadgets at 20% interest on a daily repayment term. These rates are way higher than those quick cash loans offered by legitimate moneylenders.
Regular prenatal checkups can be very expensive if you don’t have a health card covering such costs. PhilHealth, unfortunately, does not pay for prenatal checkups, no matter how delicate your pregnancy is. While public hospitals offer free consultations, the queue line is agonizingly long. That’s why many prefer a private OB, which can be reassuring if it is your first baby and you have a complicated pregnancy.
Aside from OB visits, other health costs, such as medication maintenance, can be pretty expensive. Add to that the repetitive diagnostic tests to be done to ensure you and the baby are safe. Not only that. Prepping for childbirth will cost you when buying the baby’s clothes, diapers, milk, and more. No wonder why call center agents who are to be moms and dads prefer to take out a salary loan.
As mandated by Republic Act (RA) 10533, signed on May 15, 2013, basic education will comprise kindergarten, primary education (six years), junior high school (four years), and senior high school (two years). Now that we have K-12, parents are concerned about their children’s education. It means an additional two years of school expenses.
Despite the government’s efforts to help with student tuition through vouchers, they are taking more time to implement, and only a limited number of students can avail of such benefits. Parents have to pay for uniforms, have a balanced budget for daily allowances, and pay for other student needs aside from the tuition fees if their kids go to private schools and institutions. College education also does not come cheap.
If parents can’t pay in cash, they opt to pay in installments. Many call center agents provide for their families as the breadwinners. They pay for their siblings’ and children’s school needs, and if their salary seems insufficient, they get personal loans.
Finally, got a week of leave or perhaps a long holiday season? This might be the best time to go on your dream vacation in Bali with your family. Or to any dream destination of your choice.
Sadly, getting a leave approved is easier than funding weekend vacations. You have to book a flight (if needed), room accommodations, food, leisure activities, and more. That’s why getting loans are known to be very useful in these circumstances.
Most call center agents will agree that getting a chance to have this vacation is more complicated than buying the next over-the-edge smartphone. Often, their service is much needed during peak seasons. So, seize the moment when there’s an opportunity. Do not pass up your trip of a lifetime, especially if there are seat sales and promotions.
Most people who buy cars don’t have sufficient funds to get their rides in cash. Many call center agents can afford only the down payment. Such big purchases require car loans if they wish to drive a brand-new car.
However, secured loans can be costly and hard to get if you have a bad credit history. On the other hand, you can get a personal loan from a legitimate moneylender without much fuss over your credit score, unlike getting car loans from a bank. Once you get a car, you can ask your co-workers if they are willing to carpool with you in exchange for chipping in for gas or a reasonable fare.
On top of that, a new car requires regular maintenance, which can also put a hole in your budget. However, with a salary loan, you can settle everything if you put your borrowed cash to use appropriately.
Homes are naturally expensive, and most Filipinos haven’t saved enough money to buy one outright. However, with an approved personal loan, call center agents must pay for a brand-new home over many years. Instead of paying all at once, they make monthly payments, making home-buying more affordable.
Owning a home gives you a stable and secure place to live. If the landlord sells the property, you don’t have to worry about changes in the rent. As you pay off your loan, you build equity. This means you own more and more of the home over time, eventually owning it outright. In addition, buying a home is an excellent investment. Over time, the value of your home might go up, and you could sell it for more than you paid.
When we say special, it depends on your perception. For some, month series, anniversaries, weddings, and the like are special. It might be a simple occasion for others. Still, for some, it might mean the greatest achievement. That’s why these occasions feel best when celebrated, but doing so will cost money. Luckily, you can use salary loans to make celebrations memorable.
Filipinos are known lovers of celebrations, and with a nearby loan provider, you can make parties and gatherings accommodating to more guests. Furthermore, you can purchase engagement rings, exclusive hotel honeymoon reservations, and christening packages for your little angel. No more reason can hinder you from commemorating such memorable life events. But always remember to trust only registered moneylenders in the Philippines.
Call center agents have neverending responsibilities, including financial aspects. As the breadwinner in the family, they are the go-to money solvers. Although they can come up with financial solutions to paying utility bills, they tend to build up debts here and there. However, if you have many dues, you tend to forget your financial obligations. As a result, you incur penalty fees that add to your bills.
Some Filipinos get loans to combine debts into one with a fixed rate, fixed repayment, and terms. Others will simply get a loan to pay off their already existing loans. Doing this makes your finances more manageable. Also, you can easily monitor and minimize the accumulation of various interests. This way, they can pay one loan instead of racking their brains with numerous financial responsibilities.
The ongoing inflation is causing call center agents to struggle to make ends meet. Before, they can buy a two-week supply of groceries from their paycheck and survive until the next. But today, it seems impossible to achieve. As a result, they need to borrow money, or else they’ll starve themselves.
Most Filipinos get loans because they need to buy the basic necessities—food. It might sound unbelievable. But for some reason, your salary might not be enough to get you through the next paycheck. The continuous increase the prices makes budgeting so challenging. That’s why call center agents decide to get a loan to put food on the table three times a day. However, banks offer stringent requirements. So it’s best to look for a reliable money lending company.
When a parent suddenly calls and asks for financial help, it is hard to say “NO.” When you reflect on their hardships just for you to have a decent job, if not a respectable career. But what if you are also at your financial limit? No worries. You can get an instant online loan to send cash to your parents.
We have a family-oriented culture, and though we may say that our society has been modernized, love for our family still holds the top priority for most of us.
Family comes first in every Filipino household. You wouldn’t want to experience the same money dilemma as your parents. Helping them out is also one way of being an excellent example to your child. And it is likely to happen if you apply for a loan.
Starting a venture requires money to rent a space, buy equipment, and purchase supplies. Most call center agents don’t have enough saved to cover all these costs. Fortunately, applying for a personal loan can help manage cash flow. It means you have enough money to pay for daily expenses like salaries, utilities, and inventory until the business starts making money.
Sometimes, business opportunities come up that require quick action. A fast cash loan can provide the necessary funds to take advantage of these favorable circumstances. In addition, taking out a loan and repaying it on time can help build your business credit. This makes it easier to get larger loans in the future if your business needs to expand.
According to Bangko Sentral ng Pilipinas, 47% of Filipinos have borrowed or have an existing debt. As Filipinos living in Manila and working in BPOs, we are not new to financial dilemmas in times we least expect them. Where will you get a loan if you get into a financial crisis?
A BPO Loan is now available for call center agents. You can apply for it at the following financial institutions.
Many Filipinos know that a bank is not only an institution where you can save up. You can also get various loans with strict regulations and loads of requirements. Most banks have personal loans. Typically, it ranges from P10,000 to a million, except for HSBC, which offers up to P5 million.
If you are getting a loan, like 4.4% of Filipinos, just to put food on the table and pay school fees and emergency expenses a few days before payday. Then, it is not a fitting loan for you since bank loans take a few days before you get your disbursed cash.
Also, since you have work, you need to find some time to go to the bank personally, present your documents, and then sign the loan contract before you can get your cash. The personal loan tenure also takes at least three months up to a year. We Filipinos do not want to be in debt for a long time.
Seven out of 10 Filipino adults admit that banks are accessible. However, other access points, such as pawnshops and moneylenders, are easier to reach.
Around 62% of Filipinos have borrowed money from family, friends, and relatives. This is the most convenient way, as most of these transactions do not involve interest. Conversely, this puts trust on the line.
Failure to pay the promised amount on the agreed date creates an awkward rift in the relationship. Others stopped talking to each other just because a few hundred were not paid.
Yes, you can find a Bombay around Manila anytime you want a loan. First, 5-6 is guaranteed quick cash. Second, the Bombay himself will go to your house, and there is no need to go to any bank to fall in line and pay over the counter.
Lastly, you can pay either weekly or daily. So, you will not really feel that you are paying a very high interest rate of 20% if you borrowed P5,000. Then, your interest will be P1,000.
It seems that a lot of Filipinos bite into the bait of quick cash without the hassle of paperwork, but then, you can easily fall prey to lurking loan sharks.
They are more than willing to lend you cash at the most skyrocketing interest rates. And you have no idea that you are just digging deeper into debts instead of getting out of one. Take time to research other options instead of jumping over the first offer you get.
Have you been “investing” in gadgets and suddenly had a financial emergency? Pawning your beloved phone or laptop could have crossed your mind, as 76.2% of Filipinos view pawnshops as the most accessible lender. On the other hand, you could have pawned your ATM card as your collateral. Since some of these lenders could be easier to find in the BPO offices (though not openly advertised). The problem with pawning is the known risk of losing your collateral if you fail to repay your loan with interest. Most pawnshops also ask for just a one-time payment.
While we can think ‘utang’ as an embedded entity in our culture, we can’t deny that it is also changing as our lives progress. Some call center agents are used to convenience brought by the web. It saves time and money to get something in just a few clicks. This is why online lending companies have created online loan services.
You must be mindful that some lenders present themselves as online money lenders, yet at the end of the loan process, you must get down to their office to sign the loan contract before you can get your cash. Real online loans can be availed without going to the lender’s office and receiving the disbursed cash in a day.
Online loans are the most convenient for call center agents since you can apply anywhere. And the loans range from P3,000 to P30,000, payable weekly, bi-weekly, or monthly. It depends on the money lenders’ products and your preferences.
Now that you know why most call center agents need a loan and where to get one, here are some safety tips for taking out an instant cash loan.
When a call center agent borrows money, you must make sure you can pay it back. One way to do this is by using the debt-to-income ratio. This ratio helps you see how much of your salary goes to paying off loans on top of the regular monthly expenses.
The debt-to-income ratio compares how much money you owe to how much you make each month. Keeping your ratio low is crucial. Licensed moneylenders and banks assess the ratio when applying for a personal loan. If the ratio is too high, they might not approve your loan because it means you might have trouble paying it back.
So, when getting a personal loan, remember to keep your debt-to-income ratio low. This will increase your chances of getting the loan approved and help you manage your finances better.
Many banks and money lending companies in the Philippines offer personal loans, which can be confusing. To make the best choice, you must research first and shop around.
The Bangko Sentral ng Pilipinas guides Filipinos in evaluating the following loan details.
However, these details don’t matter if they don’t coincide with the personal needs. Always consider why you need to take out a loan and, most importantly, how much money you need. Make sure that these factors fit well with your financial situation. This will help you find a loan that you can afford that meets your needs.
Before applying for a personal loan, ensure you have all the necessary documents. Different banks and licensed money lending companies might ask for various things. That’s why it’s a good idea to contact your preferred money lender first to get a checklist of the required documents.
Often, you’ll need the following requirements.
Some legal money lenders request more documents. Be ready to provide extra paperwork if needed. By preparing all your documents and checking your eligibility before you start the application process, you can make the whole process smoother and increase your chances of getting approved for the loan.
Financial institutions check your credit history if they can trust you to repay the quick cash loan. If you continually pay your credit card bills on time, you can handle monthly payments for a personal loan.
Having a credit card with a good repayment record means you have the discipline to pay off a loan over a few years. Here’s how you can update your credit score.
By following these tips, you can improve your credit history and increase your chances of getting approved for a personal loan.
Nowadays, you can compute your possible repayment using your gadgets and your preferred legit moneylender’s calculator. Call center agents can find out the interest to pay on a loan, your monthly payments, and any fees using the loan calculator on the lender’s official website.
Here’s how you can use an online loan calculator.
Step 1. Enter the Loan Amount You Want to Borrow. Choose an amount that you can afford to repay and that you really need. Borrowing more than necessary is impractical and can cause financial strain.
Step 2. Select the Loan Duration. This is how long it will take to repay your instant loan cash. The length of time affects the total cost of an online loan. Longer terms usually mean lower monthly payments but higher total interest.
Step 3. Check Your Estimated Monthly Installment. The online personal loan calculator will show you how much you must pay monthly. This will help you plan your budget and determine whether the loan fits your financial situation.
Using an online calculator gives you a clear picture of what your loan will cost you each month and over time. This helps you make an intelligent decision about whether or not to take the loan.
When facing a financial dilemma, take a deep breath and consider your options. Choose online lenders who will help you regain financial stability by considering the interest rate, loan amount, loan terms, ease of loan application, fees, and other charges.
Good money lenders will loan you only the amount they think you can pay at ease, as loans should be your tools for financial independence and not a tool to hurl you into spiraling debt.
Also, as a call center agent, it might be harder for you to apply for a loan because some money lenders consider you a high risk. Do not fret. Take your time to shop around, and you will find the best money lender offering loans that fit your needs and lifestyle, such as Cash Mart.
If you need an instant loan to take care of your financial needs while waiting for the next paycheck, you can get your loan from Cash Mart. Cash Mart offers flexible loans with fewer requirements and the fastest process—online. Start processing your loan now to get your cash within the day.
