Credit is not necessarily a bad thing. Through credit, Filipinos can reach many of their goals such as launching the business of their dreams or providing a better home for their families. This is why it is crucial for Filipinos to become credit conscious and responsible in handling borrowed funds.
Security Bank supports the Bangko Sentral ng Pilipinas (BSP) in celebrating Credit Consciousness Week 2022 from April 24 to 30, 2022, pursuant to Presidential Proclamation No. 568. This year’s theme is Wastong pag-utang, susi sa pagbangon ng bayan—a call that highlights the impact of proper credit management to the growth of the economy.
Staying true to their #DitoPwede tagline, SB Finance, Security Bank’s consumer finance arm and a partnership with Thailand’s Bank of Ayudhya (Krungsri), is set on offering loans digitally and conveniently through their new zukì mobile app. According to SB Finance President and CEO Abbie Casanova, the idea is to eliminate the intimidation brought about by applying for a loan.
“Filipinos should have access to safe and easy loans to make their lives better,” she added. Here’s how borrowers can achieve good credit health:
Financial education and sound advice from trusted financial institutions go a long way. This means knowing when or when not to take out loans and allotting funds for purposeful activities or items.
To help with this, Security Bank ensures that borrowers are well-informed of credit products according to their needs. “We ensure that our borrowing customers are aware of the requirements and the responsibilities of a good borrower, before they avail of a loan,” Maki Tingson, Security Bank’s Retail Banking Segment Head, shared.
Be accountable, borrow wisely, and pay on time. Missed payments are recorded. Remember to always pay on time so it does not reflect badly in your credit history. Your credit history is important in determining your chances of availing of future loans.
Update your bank records. Never miss a statement or payment by making sure that your records are updated! This way, you’re aware of all notifications and advisories from your bank.
Remember that while Credit Consciousness may be celebrated for one week, it should be observed all-year long.