Credit is not necessarily a bad thing. Thanks to credit, Filipinos can achieve many of their goals, such as starting their dream business or providing better housing for their families. This is why it is crucial for Filipinos to become credit conscious and responsible in managing borrowed funds.
Security Bank is supporting the Bangko Sentral ng Pilipinas (BSP) in celebrating Credit Awareness Week 2022 from April 24-30, 2022, in accordance with Presidential Proclamation No. 568. This year’s theme is Wastong pag-utang, susi sa pagbangon ng bayan—a call that highlights the impact of good credit management on the growth of the economy.
True to its tagline #DitoPwede, SB Finance, the consumer finance arm of Security Bank and a partnership with Thailand’s Bank of Ayudhya (Krungsri), is committed to offering loans digitally and conveniently through its new mobile app. zuki. According to SB Finance President and CEO Abbie Casanova, the idea is to take the intimidation out of applying for a loan.
“Filipinos should have access to safe and easy loans to improve their lives,” she added. Here’s how borrowers can achieve good credit health:
Financial education and sound advice from trusted financial institutions are very helpful. This means knowing when and when not to take out loans and allocating funds for useful activities or items.
To contribute to this, Security Bank ensures that borrowers are well informed about credit products according to their needs. “We ensure that our borrowing clients are aware of the requirements and responsibilities of a good borrower, before they avail themselves of a loan,” explained Maki Tingson, Head of Retail Banking Segment at Security Bank.
Be responsible, borrow wisely and pay on time. Missed payments are recorded. Remember to always pay on time so that it doesn’t reflect badly on your credit history. Your credit history is important in determining your chances of qualifying for future loans.
Update your bank statements. Never miss a statement or payment by making sure your records are up to date! This way you are aware of all notifications and notices from your bank.
Remember that while credit awareness can be celebrated for a week, it should be observed year-round.