In the Philippines, the concept of student loans is fairly new as most people either depend on their parents for their education expenses or they work while studying to be able to shoulder their education expenses. Thus, it is becoming a more popular solution for students to keep them in school.
The Best Student Loan Offers
Juanhand is a very accessible online lending platform that is considered to be the best choice for students needing extra money for their unexpected expenses. They offer loans up to PHP 50,000 with a low 1.66% interest per month. Students can avail loans up to six months with collateral in some cases.
Robocash is similar to Juanhand as they are also an online lending platform. What sets them apart is that they offer zero interest on the first loan when paid early or on time. Otherwise, they offer loans up to PHP 25,000 with an 11.9% monthly interest. Loans can be paid for up to six months.
Similar to Robocash, Money Cat also offers zero interest on the first loan when paid on time. They offer loans up to PHP 20,000 with an 11.9% monthly interest similar to Robocash. However, they only have one month loan terms.
Development Bank of the Philippines
They also offer student loans that are much competitive compared to their other competitors. They offer loans up to 12 months, with the maximum amount of PHP 60,000 and a 0.5% interest per month.
They offer student loans from PHP 5,000 up to PHP 100,000 payable up to 36 months. They offer a 1.15% interest per month on every loan.
This bank also offers student loans at very competitive rates. Students can loan up to a million pesos, payable up to 36 months, with interest rates starting from 1.3% monthly. A one-time processing fee of PHP 2000 must be paid before availing of the loan.
This financial institution offers loans up to PHP 15,000, payable up to six months, with an interest rate of 2% up to 2.5% monthly.
Similar to Maybank, they also have a one-time processing fee of PHP 2,000 before availing of a student loan. However, their rates and loan amounts are much higher. Students can loan up to two million pesos, payable up to 36 months, with only a 3.3% monthly interest rate.
UpFinance: Where All Student Loans Meet
If you are a student who does not know how to file an application for a student loan, or encountering everything for the first time, there is a convenient service meant to make every loan accessible to its users. UpFinance is a very useful website where borrowers can choose to send their applications en masse to multiple financial institutions, with the best rates, terms and conditions, and loan offers applicable.
With UpFinance, student loan applications are much easier to file because students have a lot of options to choose from. In UpFinance, student loan applications are sent to multiple prospective lenders with their terms and conditions stated in full for everyone to see.