All Articles With Category : Loans

The latest and the best financial news, tips and tricks.

Bank Housing Loan Approval Tips to Help You Get That Dream Home

To own a home, you need a reliable financing partner—in most cases, it’s a bank. But before you look for a bank that will help you with that, understand that the process of getting a home loan is very much different from applying for a car loan or getting a new credit line. If you liken the mortgage application process to other loan services of your bank, you’re bound to get frustrated. This is because the housing loan approval process in the Philippines can be quite taxing, and it requires you to invest a lot of your time and effort. Arming yourself with valuable knowledge, though, will get you far. It will even help you increase your chances of getting your housing loan application approved. Here are some of the things you should look into. Why Apply for a Home Loan at a Bank? You have a lot of home financing options, such as the Pag-IBIG housing loan and in-house financing. But one can’t deny that bank financing has some edge over them. The Pag-IBIG Fund may offer lower interest rates, but you may find yourself waiting for weeks before you receive the Pag-IBIG housing loan notice of approval. Meanwhile, some banks’ housing loan approval time can be as fast as five banking days.[1] Generally, banks have much lower home loan rates compared to in-house financing. Their loan terms are much more flexible, too. Some banks offer amortizations payable for up to 20 years. Bank housing loans can also be used for other purposes, such as residential lot purchase, new…

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Getting a GCash Loan in Minutes: Here’s What You Need to Know

While you may already be familiar with GCredit, GCash also has GLoan and GGives that make it easier for users to borrow money and improve their financial condition. If you’re a frequent GCash user, here’s a quick guide on the important things you need to know about GLoan and GGives in GCash.  GLoan Guide: Everything to Know About Getting a Cash Loan Using GCash What is GLoan? GLoan is a lending feature for GCash users. With this personal loan, you can borrow up to ₱25,000 which you can use to pay bills and purchases at GCash non-partner merchants. You can also cash out the loaned amount which can be directly credited to your dedicated bank account.  What are the GLoan Features? Before checking your GCash app for a loan pre-qualification, know more about GLoan’s features below. GLoan Approval is Based on Your GScore   When it comes to a GCash loan application, there’s no need to credit-check or verify your creditworthiness. Your application approval will be based on your GScore,[1] which is computed based on how active you are in using GCash.  You’ll be assessed according to your GCredit payments, wallet balance, and bills payment history. The GScore doesn’t only qualify you for a GCash loan online. It will also let you get up to ₱30,000 credit line, a 3% interest rate, and exclusive benefits and perks.  You Can Get Up to ₱25,000  The loan amount for GLoan is ₱5,000 to ₱25,000.  Enjoy Easy Payment Terms You can pay your GLoan for as low as ₱2,730 per month for nine to…

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Ask Moneymax: What to Do When Harassed and Threatened by Lenders? SLAP!

These days, digital transactions are faster and more convenient, including loans from online lending platforms. Applying and getting approved for loans can already be done anywhere, anytime, and directly just by using a cell phone or laptop. As a result, online loans have become more attractive to cash-strapped borrowers.  Unfortunately, some online lenders resort to harassment and threats in collecting payments. According to news reports, in February of this year, over 45 workers of online lending applications were arrested for supposedly harassing and threatening clients who were unable to settle their unpaid online loan in the Philippines.[1] There have been several terrible stories about the abusive collection practices of certain online lenders. If this is your predicament right now, this article will guide you on the steps to take if an online lender is harassing or threatening you. Related article: What Happens If I Stop Paying My Loan? Everything to Know About Loan Default in the Philippines Got an Unpaid Online Loan in the Philippines? Here’s What to Do If the Lender Harasses You What to do if you’re a victim of online lending harassment? SLAP. This does not refer to the controversial act at the 2022 Oscar Awards or the #WillSmithChrisRock incident but is merely an acronym to remember easily: Stay calm, Learn, Arrange, and Pursue.  Each of these steps will be explained below. Indeed, any form of violence must not be condoned.   What to do if you’re a victim of online lending harassment? SLAP: Stay calm, Learn, Arrange, and Pursue.  Step 1: Stay Calm When faced with personal…

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Need Cash? Check These Options for Easy Loan Application in the Philippines

Getting a loan is understandably a meticulous process. But there are still good options to consider if you’re looking for an easy loan application that gets you the results you need fast. Below are some legit lenders that offer fast loan approval in the Philippines. Check them out to find the best loan provider for you. Top 10 Options for Easy Loan Application in the Philippines Whether you’re looking for a personal loan with fewer requirements, a faster approval process, bigger loanable amounts, or longer repayment periods, here are some loans you can easily apply for. CIMB Bank Personal Loan  Are you looking for an easy loan you can apply for online? CIMB Bank[1] offers an all-digital loan application that takes only a few minutes, with no collateral and guarantor needed. Want to know how to apply for a CIMB Personal Loan? Just download and log into the CIMB Bank mobile app to proceed with your application. 📌 Key Features Loanable amount: ₱30,000 to ₱1,000,000 Interest rate: 1.12% to 1.95% per month Loan tenure: 12 to 60 months Processing time: 10 minutes via the CIMB Bank mobile app  🧑 Who Can Apply for a CIMB Loan? Individuals who meet the following criteria can apply for this loan: Aged 21 and above but not older than 65 upon loan maturity Filipino citizen with a mailing address and active mobile number in the Philippines With a minimum gross monthly income of ₱15,000 If employed, must be tenured for at least six months unless working in the top 15,000 corporations If self-employed, must…

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Car Loan Restructure in the Philippines: Why You Should Apply for One and How to Do It

After two pandemic-stricken years, it’s safe to say that the country is slowly going back to normal. However, one can still feel the traces of financial difficulties brought about by those years. Among the most affected are car owners. Majority of them were still paying their car loan when the pandemic started. But the COVID-19’s economic repercussions disrupted the continuity of their payments. Some have already defaulted while others are still struggling. In case you’re an affected borrower, there’s one practical way to deal with your car loan. It’s called the car loan restructuring program. Curious to know how a car loan restructure in the Philippines works? Let this guide help you. What’s a Car Loan Restructure in the Philippines? A car loan restructure in the Philippines is simply a way of modifying the terms of your loan to help you reduce the burden of repayment. It may involve changing the schedule of payments, giving you a grace period, or even adjusting the interest rates. All these options may be taken into account to help you recover financially. Why Should I Apply for a Car Loan Restructure? A car loan restructure comes with some benefits, which will ultimately help you keep stress at bay. Here are the top reasons you should apply for it. 1. You May Get a Lower Interest Rate Your existing car loan may have a high interest rate. But if you restructure your debt, there’s a chance that your lender will give you a much lower interest rate. When that happens, you’ll be able to reduce…

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Everything You Need to Know About Housing Loans in the Philippines

Many Filipinos dream about having their own home. However, buying a house or a property in the Philippines can be quite expensive. But according to the Bangko Sentral ng Pilipinas, the number of real estate loans granted for all types of new housing units in the country jumped by 51.1% in the third quarter of 2021. The purchase of new housing units accounted for 84.7% of the real estate loans.[1] This just goes to show that despite the rising prices of properties, you can still get your dream house with the help of a housing loan in the Philippines. What is a Housing Loan? A housing loan is a financing facility that provides funds for the following: Acquisition of a fully developed lot Purchase of a residential house and lot, townhouse, or condominium unit Construction or completion of a residential unit on a lot you already own Home improvement or renovation of existing residential property Refinancing of an existing housing loan Moreover, a housing loan in the Philippines usually offers a high loan amount and competitive interest rates for long repayment periods. What to Consider Before Getting a Housing Loan Before you apply for a housing loan, it’s important to know what makes up your housing loan. These are the four main things you should consider when making the decision to get one. Monthly payment. Depending on the loan amount the bank will approve you for, your monthly payment should be fit for your budget. To achieve this, you must have sufficient income that’s at least three times more than…

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How to Write a Business Plan Like a Pro: Step-by-Step Guide and Samples

Banks that provide personal loans for businesses in the Philippines require prospective borrowers to submit documents that prove their creditworthiness. Applying for a business loan? A requirement you must pay attention to is the business plan,[1] a proposal that covers all the nitty-gritty of starting a business in the Philippines. It’s your solid proof of your business’ high-profit potential and your ability to pay off your loan. Many aspiring Filipino entrepreneurs who don’t have time to prepare a sample business plan for a small business just wing it for the sake of fulfilling the bank’s loan requirements. Don’t make that mistake. Writing a business plan does take time and effort. If you’re serious about improving your chance of getting approved for a loan for your business, you have to make it as comprehensive and detailed as possible. Why Do You Need a Business Plan in the Philippines? A business plan will define your short-term and long-term business objectives and help you focus on specific steps to achieve these business objectives. Moreover, it will also help you come up with effective strategies for your business’ growth and attract potential partners or investors, just to name a few. 6 Steps to Writing an Effective Business Plan It may be a daunting task, but here are six steps to guide you through creating your sample business plan for a small business. 1. Define Your Business Concept Every local business in the Philippines starts with an idea, and yours has to be developed into a clear business concept. Doing so will keep you on…

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Get Cash When You Need It: Complete Guide to PondoPeso Loan Application

Gone are the days when you had to go to the bank to apply for a loan. Over the last few years, several fintech companies have developed mobile apps that allow people to borrow money online. This is a significant milestone in the Philippine financial landscape since more Filipinos get the chance to secure cash whenever they need it. There are countless online lending apps out there, and the choices may overwhelm you. But if you’re looking for an alternative to the most popular ones, consider using PondoPeso. Before you install the app and start your PondoPeso loan application, here are some important things that you need to keep in mind:   Who is PondoPeso? Owned by Fynamics Lending, Inc., PondoPeso describes itself as one of the unique fintech platforms in the Philippines that provide financial mobility anytime, anywhere. In simpler words, it’s an online lending app.   If you’re asking if PondoPeso is running a legitimate operation, yes, this company is registered with the Securities and Exchange Commission (SEC).[1] And according to PondoPeso, its services are based on mobile internet security technology and big data analysis.[2] What is a PondoPeso Loan? A PondoPeso Loan is a short-term loan that will help you purchase what you need or tide you over in case you’re cash-strapped. It’s a non-collateral loan, so there’s no need to surrender an asset in exchange for cash. PondoPeso Loan Key Features Loan amount: PHP 5,000 to PHP 40,000  Annual contractual rate/Effective interest rate: Up to 10.05% Loan terms: No less than 91 days Loan processing time: One hour…

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Looking for the Best Housing Loan in the Philippines? Check Out These 10 Banks

When exploring the best housing loans in the Philippines, the first thing that comes to mind is the Pag-IBIG Housing Loan. With the government institution approving a total of PHP 63.75 billion in housing loans in 2020 alone,[1] many Filipinos chose this path to secure a home for their families or for their own personal investment. However, banks also offer home loans that work to your advantage. They offer competitive rates and flexible terms that won’t hurt your budget. If you’re planning to get financing to purchase a new residence, we’ve narrowed down the best housing loan options for you. Check out our list of the best banks for a housing loan below. What’s the Best Housing Loan in the Philippines? Here are 10 Great Options  Researching the best housing loan in the Philippines can be overwhelming, especially for busy people like you. Here’s our detailed list of banks and each housing loan’s features that you need to know. 1. RCBC RCBC offers the lowest minimum loan amount on this list. This is particularly useful if you plan to borrow just a fraction of the home’s price tag and repay the loan as quickly as possible. RCBC Home Loan Features Minimum loan amount: PHP 300,000 Interest rate: 6.38% to 10.5% depending on the term Loan term: Up to 20 years Fixing option of one to 20 years Can be used for the purchase of a house and lot, vacant lot, and home renovation Can also serve as a multi-purpose loan or used for home loan refinancing Who Can Apply for…

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Dear Lender: Go Easy on Me! It’s Pandemic and I’m Bankrupt, er, Insolvent

“I had good intentions and the highest hopes. But I know right now it probably doesn’t even show.” – Easy on Me The lyrics of Adele’s latest song may be specific to her, but its intriguing message may also stir emotions in those going over the demand letters (or emails) from lenders. Receiving a demand letter for outstanding loans is not good news, but ignoring it (hoping that it will go away) is not a wise move, either. Don’t wait until it piles up because the interest rates may add up, and you might end up owing more than your loan amount. If it is a secured loan with collateral such as a car loan or a housing loan, you may run the risk of foreclosure or repossession. The next essential step is to read the letter, no matter how long or short it is, and see if there are any deadlines for you to respond or to make your debt payment. When the country’s main carrier, Philippine Airlines, announced that it filed for creditor protection under Chapter 11 of the U.S. Bankruptcy Code, many were interested to know if there are also bankruptcy proceedings in the Philippines. Before you reply to the demand letter and mention the words “bankrupt” or “bankruptcy” to describe your financial state to your lender or creditor, understand first what these terms are and how they work in the Philippine context. Struggling with Debt Payment? Know the Legal Remedies for Debtors in the Philippines 1. What does being bankrupt mean? The word “bankrupt” refers to…

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Buying a Vehicle? Here are Your Car Financing Options

For many millennials, buying a car is something to cross off their bucket list. Having that first set of wheels means you’re on the right track to becoming a full-fledged adult. But you need money—lots of it—for your biggest investment ever. As a young professional, you aren’t making enough money to drive your dream car out of the showroom and into your garage. The cheapest sedan in the market today costs over half a million pesos. Even if you have that amount in the bank, you won’t dare spend it all on a whim. Because yes, you’re a responsible adult who’s got bills to pay and maybe even mouths to feed. Good thing, there are different car financing schemes in the Philippines that allow buyers to get their dream car without having to fully pay for it in cash. 4 Car Financing Options in the Philippines Did you know that there’s more than one source of car financing in the country? Here are your options for when you need money to buy a car in the Philippines. Bank Financing In this car financing scheme, the bank or a lending company lends you a specific amount, so you can buy a car. You’ll then be paying the borrowed amount in a series of monthly payments over the tenure or period of the loan, normally between 12 and 60 months. But other than repaying the loan amount, you’ll be also paying the interest. Bank financing is also known as direct lending because the car buyer gets a loan directly from a bank…

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Ask Moneymax: I Can’t Pay Off My Debt This Pandemic. What Should I Do?

“Begin with the end in mind.” – Dr. Stephen Covey, The 7 Habits of Highly Effective People To begin with the end in mind means knowing where you’re going, so you can better understand where you are now and ensure that the steps you take are always in the right direction. Covey’s second habit emphasizes the value of thinking first before you act. This applies to all facets of life, even to ongoing personal battles along with the continued rise in COVID-19 cases and the threat of the Delta variant: coping with grief, toxic relationships, struggles at work, and financial hardship. It’s easy to assume the worst, wallow in despair, or disregard contractual obligations. But that’s not how to deal with this pandemic crisis. You need to face your responsibilities head-on. Yes, that includes settling your outstanding bills and debts! This article aims to help you manage debt in this new normal and to provide answers to common questions borrowers ask, like what happens if you can’t pay off your loan and what to do about it. Managing Debt in the New Normal: Your Burning Questions Answered 1. Is there a difference between loan delinquency and loan default? Loan delinquency and loan default are used interchangeably in the Philippines. Under Republic Act No. (R.A.) 10870, otherwise known as the Philippine Credit Card Industry Regulation Law, default or delinquency refers to the nonpayment or payment of an amount less than the amount required to be paid for at least three billing cycles. The law also says that the billing cycle is…

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Ready to Upgrade Your Home? Here’s How to Finance a Home Renovation

More often than not, when people talk about home renovation, they actually talk about building their dream house. But that’s not the only reason property owners want home improvement projects.  Some want to turn their homes into a money-making asset, such as a rental property, whether for long-term residents or Airbnb bookers. Others want to add rooms and kid-friendly features to accommodate their growing family. Moreover, you’ll always find people who will remodel their properties before selling them so that they’ll fetch a higher price. Regardless of your plans, the biggest question that you’ll need to ask is how you’re going to pay for it. Pinning this down early on will keep you from making costly mistakes in the future.  Thankfully, there are a few practical ways to finance a home renovation. We’ve listed them down below, plus a few handy tips on how to save on renovation costs while maximizing your budget. Ways to Finance a Home Renovation in the Philippines The method of paying for your home improvement project will depend on two things: the amount of money that you have or are willing to borrow and the size of the property to be renovated. Throughout the project, all your decisions should be guided by these two variables.   In the Philippines, there are five ways to finance your home renovation project aside from a regular housing loan. Each one caters to different needs and has its pros and cons. Let’s take a closer look to determine which one suits you best. Save Up and Pay Cash Perhaps, the…

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SAFC Loan Guide: What to Know About South Asialink Finance Corp’s Loan Products

A lot of people who need extra funds often go for unsecured or non-collateral loans. Primarily, this is because unsecured loans providers are easy to find. Also, you won’t have to worry about surrendering any asset to borrow the cash that you need. Nevertheless, getting a secured or collateral loan still makes a great choice, especially if you’re in a bind and require a huge amount of money. In this case, working with a reputable loan provider, such as South Asialink Finance Corporation (SAFC), is a wise move. The company is known for its vehicle collateral loans. So if you have a car or a truck, this one’s for you. Moreover, South Asialink Finance Corporation has financing products for those who are looking to buy a car or a truck. Here’s what you need to know about the SAFC loan. Who is South Asialink Finance Corporation? Founded in 2003, South Asialink Finance Corporation or SAFC is a former division of Asialink Finance Corporation. SAFC is a private financing company that offers retail credit to individuals and small and medium enterprises (SMEs).[1]   Currently, the company operates mainly in Southern Luzon, from Laguna Province to Bicol Region. As of November 2019, there are 42 SAFC branches in the whole area of South Luzon and Cebu. What are the SAFC Loan Products? If you’re curious to know what loan products you can avail, here are SAFC’s collateral loans and financing products.[2] 1. Car Loan If you need emergency cash, you can have your car as your collateral. You’ll just have to submit your…

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Starting a Business? Here’s Your Guide to Esquire Financing Business Loan

You may be incubating a brilliant business idea that has the potential to become the next Jollibee or Facebook. But that idea will not take off unless you have enough fuel. Your determination can only do so much; you need money to make things happen. It’s easy to find a business lender these days. However, finding one who understands the drive and mentality of small business owners may be quite challenging. Nevertheless, there are a handful of reliable lending companies out there―and Esquire Financing, Inc. is one of them. If you want to turn your business plan into a reality, consider collaborating with Esquire Financing, Inc. Here are some important tidbits about the company. We’ve also included a short application guide should you decide to apply for this loan. Who is Esquire Financing? Esquire Financing’s business boan is a financial loan designed to support micro, small, and medium enterprises (MSMEs). It’s a non-collateral loan, which means that you don’t need to declare any assets for your application to be processed.[2] Where Can I Use Esquire Financing Business Loan? Primarily, you can use the proceeds of the loan to start your dream business. But Esquire Financing, Inc. also provides additional working capital for business owners who want to scale up their ventures or simply ensure the continuity of their operations. Read more: Tala Loan Application Guide: Everything About Borrowing from Tala Philippines What are the Advantages of Esquire Financing Business Loan? There are many good reasons to apply for a business loan with Esquire Financing. Here are some of them.   1….

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BillEase Loan: How to Shop Now, Pay Later and Get a Cash Loan Through BillEase

Amid these trying times, a lot of Filipinos wish to borrow money as financial relief in these trying times. Different loans fulfill different life goals. But have you heard about the BillEase loan that takes care of your online purchases and cash needs? Yes, BillEase Loan[1] is an option for those who want to buy essentials, gadgets, and other items from digital stores. Aside from that, BillEase also offers cash loans for those who need money for other purposes. Learn more about the BillEase loan through this ultimate guide. How BillEase Works The BillEase loan gives Filipinos a chance to shop and pay with convenience. You can borrow money from BillEase via two loan products: the Buy Now, Pay Later option and the BillEase Cash Loan. Upon BillEase approval, borrowers can enjoy the following benefits: Low Interest Rate With the loan’s monthly interest rate of 3.49%, borrowers don’t need to worry about huge add-ons to the principal loan amount. BillEase now also offers 0% interest[2] when you buy from its select partner merchants. Flexible Loan Amount Borrowing from the BillEase app allows you to get up to PHP 40,000 loanable amount depending on your account’s credit limit. In-App Exclusive Features Upon approval of your BillEase Loan, you can automatically use the in-app features that allow you to top up your e-wallets, pay bills, and buy load. BillEase Buy Now, Pay Later Guide What is the BillEase Buy Now, Pay Later Service? BillEase Buy Now, Pay Later (BNPL) is an online shopping loan that pays for your bills from the list…

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12 Personal Loan Myths Debunked: Know the Real Deal Before Borrowing

Think everything you hear about personal loans is true? Filipinos have this irrational fear of getting a loan because of what they hear from other people. Believing in personal loan myths could lead to missed opportunities for achieving goals like starting a business or funding your child’s education. In itself, borrowing money from reputable financial institutions is not bad. When used and managed responsibly, personal loans can help you financially. Educating yourself about personal loans in the Philippines is a good first step when deciding whether to get one or not. Be informed. Here are the common personal loan myths debunked. 12 Personal Loan Myths Busted 1. Personal Loans Have High-Interest Rates Personal loan myths like this come from the experience of borrowers who get trapped in high interest of many quick easy loans, who believe that these are the only types of loans available for them. However, not all types of loans in the Philippines come with high-interest rates. Interest rates on personal loans from government agencies and banks, for example, are as low as 10% per annum. To find personal loans with low interest rates, you have to do some research and compare rates online. It also helps to work on having a good credit score, which will raise your chance of qualifying for low interest rates on personal loans in the future. 2. Personal Loan Application is a Complicated Process One of the reasons Filipinos don’t push through their personal loan application is the belief that it takes a lot of time, paperwork, and effort. On the…

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RFC Loan Guide: How to Get an Online Loan from Radiowealth Finance

Sometimes, cash-strapped people tend to borrow money from the first lender they come across. It’s understandable if the borrower is dealing with an emergency. But if you have some leeway, you’ve got to take the time to shortlist quality and reputable loan companies. In case you’re in this process, make sure that Radiowealth Finance Company (RFC) is part of your list. RFC is one of the most reputable and longstanding loan institutions in the Philippines. Founded in 1935, the company has gone a long way from being the pioneer of appliance financing to becoming a lending institution that offers a wide range of loan products in the Philippines. Here’s everything you need to know about this online loan, so you know if it’s perfect for you. We’ve also included a quick RFC loan application guide should you decide it’s the best loan for your needs. What is an RFC Loan? An RFC loan is an online loan from the Radiowealth Finance Company (RFC)[1] that gives Filipinos an affordable and easy way to get personal or business financing. RFC has been operating for over 50 years, starting with providing car loans and appliance loans—the first financing company to offer these financial products—in the 1960s. Radiowealth Finance Company seeks to empower and help underserved Filipinos to optimize their potential and achieve growth through alternative sources of funding. Because Radiowealth Finance is a non-bank financial institution, its main stakeholders are Filipinos who don’t have access to banking services or can’t avail of banks’ credit and loan products because of lack of financial documents…

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Your Guide to Applying for a Motorcycle Loan in the Philippines

For many Filipinos, a motorcycle is an ideal mode of transportation. It’s significantly more affordable than cars, much easier to maintain, and it can navigate even the trickiest traffic jams. More importantly, it can also be a source of livelihood; a lot of motorcycle owners double as couriers or food delivery riders. Just this year, the production of motorcycles and scooters has gone up by 62%, from 209,670 units last year to 339,395 units this 2021.[1] This only shows how highly dependent on motorcycles Filipinos are. Are you planning to buy a motorcycle soon? If you haven’t saved enough or just don’t want to scoop some money from your bank account, consider getting a motorcycle loan. If this is your first time applying for such a loan, here’s a comprehensive guide to help you out. What is a Motorcycle Loan? A motorcycle loan is a type of loan that helps you finance your motorcycle purchase. It’s usually offered by banks and lenders and can be a secured or unsecured loan, depending on the lender. Just keep in mind that unsecured motorcycle loans may have much higher interest rates since you’re not using your motorcycle as collateral. Furthermore, you can use your motorcycle loan to buy either a brand-new or secondhand unit. If the loan proceeds have an excess, you can use the remaining amount to buy motorcycle accessories. Why Should You Get a Motorcycle Loan? There are many reasons that may convince you to apply for a motorcycle loan. Here are some of them: 1. The Application Process is Usually…

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Study Now, Pay Later: How to Get a Student Loan in the Philippines

About 44,000 college students[1] were expected to have stopped schooling in 2020 amid the pandemic. Most of those who might not have enrolled last year said this was due to the economic crisis since most parents have lost their jobs. This year, there’s no reason for you to be left behind because you have alternatives to explore for funding your college education. Now more than ever, student loans in the Philippines can help financially challenged families. Undergraduate students who may have been declined scholarships and grants can seek refuge from student loans to pay for tuition, gadgets, school equipment, and other costs of homeschooling like internet connection. Whether you’re a student or a parent, now is the time to take advantage of an education loan in the Philippines that can help those who are eager to continue their college education despite the financial challenges of the pandemic. What is a Student Loan? A student loan is an amount borrowed to pay for the cost of a college education. Also called an education loan, tuition loan, or tuition installment plan, this type of loan usually covers tuition and other school fees, books and supplies, allowances, student accommodations, and other school expenses. Students who need financial assistance (or their parents and guardians) may apply for student loans in the Philippines. Unlike scholarships and grants, student loans must be paid back in monthly installments, plus interest, over the entire loan term. Some lenders allow student-borrowers to fully repay their loans after they graduate or find a job. Scholarships, Grants, and Student Loans: What’s…

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