When you're dealing with a sudden medical expense, planning a major purchase, or simply navigating an uneven month, you may find yourself weighing up whether to borrow money or use your savings. Both options have distinct advantages, and choosing the right path often depends on your financial situation, your long-term goals, and your mindset toward risk.

There’s no universal answer, and that’s exactly why weighing the pros and cons can help you avoid knee-jerk decisions that might cost more down the line. Having access to trustworthy financial tools can also be incredibly helpful when you’re in a bind money-wise. Maya, the #1 digital bank, is making it easier than ever to both build wealth and borrow money online in the Philippines. We offer easy-to-access credit and savings solutions directly through our app, so you’ll never find yourself caught off guard when facing an unexpected expense.

Here’s a look at the advantages and trade-offs of each option to help you figure out what works best for your situation.

Using Your Savings: What to Consider

It can be comforting to know that you already have money you can depend on in a pinch. If you’ve set aside funds for emergencies or big-ticket needs, using your savings can feel like a responsible, low-stress way to manage expenses. It’s especially helpful when you need to pay for something urgently and don’t have time to wait for third-party approvals.

That said, it's worth stepping back to weigh both the short-term relief and the longer-term impact. Here are some major potential upsides to using your own money:

You avoid interest charges, late fees, and other borrowing costs.
There’s no need for applications, paperwork, or approval processes.
Your credit score stays unaffected since there’s no new debt involved.
You maintain full control over how and when the money is used.

However, using savings isn’t always consequence-free. It can affect your financial cushion in ways that aren’t immediately obvious. Consider the following potential downsides:

You may deplete funds meant for emergencies, retirement, or other long-term goals.
Rebuilding your savings can take time, especially if you’re dealing with rising living costs.
You could miss out on compounding interest or other growth if your money were in a high-yield account.
In the absence of a backup plan, unexpected expenses down the line may leave you with fewer options.

Borrowing Money: What to Consider

Borrowing can be a strategic choice for larger expenses or situations where preserving your savings is a priority. It can provide breathing room while still giving you access to the funds you need, as long as you borrow responsibly and choose the right financial tools.

There are many reasons people turn to credit. Done right, borrowing can even work in your favor in the following ways:

You can keep your savings intact for future needs or investment opportunities.
Borrowing allows you to manage major expenses over time, which can ease the pressure on your monthly budget.
Timely repayment can contribute to building or improving your credit score.
Some credit options are reusable or come with flexible terms, which can be helpful for managing recurring needs or emergencies.

Still, debt is a commitment, and like any financial tool, it carries risks when you don’t manage it carefully. Before you take out a loan or activate a credit line, it’s important to be realistic about the trade-offs:

Interest and service fees apply, and they can add up if you delay repayment.
Taking on debt can strain your budget if not carefully planned.
There’s always the risk of borrowing more than you actually need.
Missed or late payments may impact your credit standing.

Borrow Smarter with Maya

If borrowing makes more sense for your situation, it pays to choose options that are flexible, transparent, and easy to manage. That’s where Maya’s lending solutions come in, as we’ve made it a point to design them with convenience and everyday financial needs in mind.

Maya Easy Credit is a revolving virtual credit line worth up to PHP 30,000, which you can activate and use directly from your Maya app. You can use it for paying bills, buying load, or making everyday purchases, as it lets you borrow just what you need and only pay a service fee on what you actually use. You have up to 30 days to repay the money you borrowed. Once you repay, your virtual credit line becomes available again; this makes it a practical tool for managing cash flow.
Maya Personal Loan, on the other hand, is ideal for larger one-time expenses like tuition, home repairs, or medical costs. It gives you access to a fixed amount of up to PHP 250,000 with set monthly repayments of up to 24 months, so you can plan ahead without disrupting your regular savings.

Both products are available through the Maya app, with no need for long forms or in-person appointments. If you're eligible, you can apply, track, and manage your loan or virtual credit line entirely online. After all, we want nothing more than to keep you in control of your finances from start to finish.

There’s no one-size-fits-all answer when it comes to using savings or borrowing money, but knowing your options and having a clear view of your financial situation will make the decision easier. Whether you’re planning ahead or responding to the unexpected, you deserve options that work for you. Don’t hesitate to explore the borrowing options available to you through the Maya app. With our flexible credit and personal loan solutions at your fingertips, you can manage your finances confidently right from your phone.