In case you are wondering how to Buy-Out your existing loan from City Savings Bank, I will share my recent experience in this post.
Short background story: I availed of the Salary Loan offered by the City Savings Bank last March 2021. I used the money as an additional financial resource (an add-on to my Mama’s money) to buy our lot in our hometown in Monkayo. The property was already foreclosed then, so I availed of it even if the interest was high.
As mentioned, the interest was high. For the money I loaned, which was 350,000, the processing fee was 21k, and the monthly amortization was 7,800+. That is for five years.
Tagum Cooperative just had a MOA with our school; fortunately, I have already been a member since 2017. This gives me the edge of getting a higher net loaned amount because I do not need to pay a membership fee.
Tagum Coop forces you to save, HAHAHA, because before approving your loan, they will get 3k from your loaned amount, eventually earning interest. This, I think, is somehow helpful and practical. More to that is they add up lower interest rates.
That’s it! If you have been following this blog, I have listed my goals for this year: settling my debts. So, this loan is for that and my upcoming dissertation writing journey.
May God bless my finances hehe and my goals for 2023! Whew!
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