What Savings and Loan Associations in the Philippines Do?

Savings and loan associations (SLAIs) in the Philippines are a multi-purpose financial institution where you can secure, borrow, and grow money effectively. They are very much similar to commercial banks but have major differences when it comes to membership, rates, operations, financial products, and flexibility. Moreover, SLAIs place a stronger emphasis on providing more economic opportunities for individuals who are often members of the middle-class instead of large corporations. Their priority is to help families maximize their money, be free from any financial restraints, and secure a more financially stable future. Here’s what savings and loan associations in the Philippines offer:

SAVE

Saving accounts aren’t created equal. Unlike commercial banks that require you thousands of pesos to open and maintain an account, several SLAIs allow its members to have a minimum maintaining balance as low as PHP 1.00 and an initial deposit of PHP 100 only – making the saving process easy even on a tight budget!

LOAN

One advantage of being a member of savings and loan associations in the Philippines is getting access to their comprehensive loan products that fit the unique financial needs of each member, be it for an emergency, vehicle, real estate, education, or simply, a salary loan. Plus, these products come with fast approval, low-interest rates, and flexible repayment terms.

INVEST

SLAIs are also rich in investing strategies that significantly grow your money. Several SLAIs can offer high dividend rates of up to 18% per annum, tax-free! No need to stress yourself over things that require a lot of analyzing and watching the stock or investment market. Just invest your money and watch it grow as SLAIs will do these things for you.

Remember, terms and conditions of various savings and loan associations in the Philippines differ. Know the guidelines first before applying as a member to ensure that you’re with the one that perfectly fits your budgeting style and truly understands your financial goals.