COVID-19 has brought numerous difficulties to Vietnam’s economy, including the lending area. Lenders are more and more careful when issuing loans to customers. However, Vietnamese still can be qualified for a loan in Vietnam, even under quarantine conditions.
In the middle of COVID-19: Should you borrow money?
Loan applicants should contact their lenders (banks or personal lenders) to figure out whether they can support them with their debts or not. Many financial institutions have been asked to deduct interest on loans and credit cards. So, they have the right to ask for help from the lenders.
In case of the need for an extra fund, there might be some available borrowing options. If the loan applicant is able to maintain his credit score and his personal finance, he probably will apply for a personal cash loan (so-called in Vietnam “vay tiền mặt“) under quarantine conditions.
How to apply for a loan while COVID-19 is still there?
Loan applicants can apply for personal loans or payday loans at banks and financial institutions in their area. These lenders offer customers a varied sum of money in a varied amount of time.
It’s important to understand the pros and cons of taking a new loan in a pandemic time. In case the income is badly affected by the pandemic, it is better carefully consider it before applying for a loan (to avoid being charged a large sum of interest).
An alternative option is to borrow from acquaintances (relatives or colleagues or family members). It is unlikely that family and friends would charge a high cost as other lenders.