In the Philippine law, there is free education for every Filipino, however, not everyone can take advantage of this due to several factors like financial constraints.
Despite this concern, Filipinos still pursue education. Eligible students are given a chance for a scholarship and other educational support while others try to work while studying.
In the year the 2000s, there were organizations from the public sector that opened study loan programs for those deserving students. But today, everyone can access significantly higher education because many companies now offer personal loans that you can use in studying.
Here are five reasons how personal loans can help you in your education.
Personal loan has a Lower Interest Rate
A personal loan is almost identical to your university’s installment plan. Instead of paying the tuition in a one-time payment, it allows you to have a staggered payment. The only difference is the interest between the two – the longer the duration, the higher the interest. Deciding which one to avail depends on your personal preference.
Manage Your Finances Better
Managing your finances as a working student is a challenge. As an active working student, you may need more time to study than working. Simultaneously covering your cost of living and tuition, and paying it in full may be difficult. Personal loans are flexible and offer different payment terms that fit your monthly budget. Some offer a 6-month, 12-month, up to 36-month installment plan, which means with a P30,000 tuition fee, you need to pay around P1,500 to P3,000 monthly. Personal loan will help you manage your finances better and give you room to save more.
Personal Loan Open More Opportunities for You
Filipino students are skilled and talented, but not everyone can afford the high tuition fees, especially if you plan to pursue your desired courses, such as medicine and law; your options are endless. Personal loan can help you advance your career without considering the tuition fee. You can enroll in top universities in the country and widen your network, which will be beneficial for you in the long run.
Personal loans have a lot to offer, especially the payment terms. You don’t need to pay it immediately. You can pick the payment terms. If you have a good payment history, you can also negotiate for better payment or interest rate. In this way, you can focus on your study.
Student Loans Help You Build Your Credit Limit
Building your credit limit can be an advantage in the future. You can take a loan for different purposes, such as housing, personal, and business loans.
Acquiring personal loans will help you boost your credit score. The lender will approve your loan application with favorable terms if you have a higher credit score. Every lender has its own criteria, but having a high credit score indicates that you’re a creditworthy borrower.
In this modern society, education is the most important. Education molds people into functional members of society. Our population only continues to increase, and so do our needs. A population with a strong and efficient workforce of educated people will lead us to a better world. If you’re interested in taking a personal loan for your education, visit our site, www.parpahiram.com.ph or contact us.