The Many Types Of Loans That You Can Apply For (Infographic)
A 2014 study by the Word Bank stated that 69% of Filipinos did not have bank accounts of their own or maintained one with someone else. The report further claimed that only 3 out of 10 Filipino adults possess bank accounts. This means that the figure of unbanked Filipinos is a lot higher than the global average of 38%! Plus, among the poorest “40% of Filipino households,” only about 2 out of 10 adults in the group have a bank account. Imagine that!
Despite the statistics,Filipinos are still among the best in Asia in terms of their short-term savings and expense tracking behavior, according to a report. Given that, Filipinos are more likely to seek out loans (with surveys reading 10% of the Filipino adults versus a world average of 5%). So, if you are one of those planning to loan cash for financial needs, below is an infographic to guide you through the many types of loans available in the financial market: