3 terrible reasons to take a personal loan

Used to cover a variety of financial needs, a personal loan typically comes with low interest rates.

Personal loan rates in the Philippines range from 1.20 percent to 1.94 percent, compared with interest rates of 2.00 percent to 3.54 percent on credit card loans.

Lower interest rates make it more tempting for some Filipinos to go for a personal loan. Borrowing money from a bank is actually a good idea to meet your financial goals—as long as you are doing it for the right reasons.

Below are three terrible reasons to justify for a personal loan.

For more finance tips, visit MoneyMax.ph.