Take a fresh start to understand ample ways to guide you in choosing the right loan for you this Chinese New Year.

For many years, the country has observed Chinese New Year as a manifestation of solidarity between both Chinese-Filipinos and Filipinos in celebrating prosperity and a good life.

The Chinese are identified as frugal because they always look at the value of a commodity instead of spending impulsively. In their tradition, during the Chinese New Year, children are given red envelopes or “angpao,” to teach them on responsible money management at an early age. Chinese people perceived this as a best way for their children to receive a gift that teaches a lesson.

You can start a small business or invest your money to get favorable returns.

That the new year is a great time to have a fresh start, meanwhile, is a concept instilled in many Filipinos. We see it as a great time to hope for a better financial stability. However, in a survey question conducted by Statistics Weather Station, “Is it with hopes or with fears that you enter the coming year?” Only 92 percent of Filipinos are hopeful to enter the year 2019, which is a four-point decline from 96 percent hopefuls last year.

How can the hope of many Filipinos be translated to financial success this Year of the Earth Pig?

There are plenty of ways one can pursue financial success. You can start a small business or invest your money to get favorable returns. If you’re short on cash, you can take out a loan.

In the Philippines, applying for a loan has a negative notion because it correlates to debt. But consumer loans actually support people to build and establish a credit history that virtually all banking and finance companies are looking for.

Loans come in handy for purchase of big-ticket items, a means to buy your dream house or car or simply as a buffer for emergency cash needs.

This Chinese New Year is the best time to debunk the notion on applying for a loan. Now is the time to understand that loans are serving a number of purposes.

Loans come in handy for purchase of big-ticket items, a means to buy your dream house or car or simply as a buffer for emergency cash needs. However, applying for a loan for the first time can cause confusion, to say the least, and can come with serious financial consequences.

To set you off to a good start, here are a few tips for first-time loan applicants that can help you build and establish financial success and stability.

eComparemo.com, the country’s largest online financial supermarket, helps you choose the right loan with this guide. For more information, please visit www.eCompareMo.com.