Top 10 Online Student Loan Apps in the Philippines with Post-Graduation Payment Options (2024)

In the ever-evolving landscape of education, the pursuit of higher knowledge often comes with a hefty price tag. For many students in the Philippines, the dream of attaining a college degree can be financially challenging. However, the advent of student loans has revolutionized the way students fund their education.

Don’t overlook:

Top 10 Fast Online Loans in Philippines – A Valid ID is All You Need Updated in April 2024 

Rank Lender Name & Application Link Loan Amount Loan Term Interest Rate Repayment ID Required Age Range Special Feature

Apply Now

₱1,000 – ₱25,000 3 – 12 months 0% for first loan Monthly or End of term Only ID Card required 20 – 70 Receive money in 15 mins

Apply Now

₱1,000 – ₱25,000 3 – 12 months 0% for first loan Monthly or End of term Only National ID required 20 – 70 Receive money in 15 mins

Apply Now

₱1,000 – ₱25,000 2 – 4 months 0% for first loan Monthly or End of term Only ID Card required 18 – 70 Easy loan approval

Apply Now

₱1,000 – ₱50,000 1 – 12 months 0% for first loan Monthly or End of term Only ID Card required 20 – 65 Receive money in 10 mins
Apply Now
₱1,000 – ₱25,000 1 – 180 days 0.1% Monthly or End of term Only ID Card required All accepted Approve Bad credit
Apply Now
₱1,000 – ₱25,000 2 – 4 months 0% for first loan Monthly or End of term Only ID Card required 18 – 70 Easy loan approval
Apply Now
₱1,000 – ₱25,000 3 – 6 months 0% for 7 days Monthly or End of term Only ID Card required 21 – 70 Receive money in 4 mins
Apply Now
₱500 – ₱25,000 60 – 180 days 1.2% per month Monthly or End of term Only ID Card required 18 – 65 Receive money in 5 mins
Apply Now
₱1,000 – ₱20,000 7 – 30 days 0% for first loan End of term Only ID Card required 21 – 70 Receive money in 5 mins
Apply Now
₱500 – ₱20,000 7 – 180 days 0% for first loan End of term Only ID Card required 22 – 65 Easy loan approval

In this article, we will delve into the intricacies of student loans in the Philippines for the year 2024, covering everything from the basics of these loans to the top providers and expert insights. Whether you are a prospective student or a parent, this guide aims to equip you with the knowledge needed to make informed financial decisions regarding your education.

Understanding Student Loans in the Philippines

Student loans, in essence, are financial instruments designed to assist students in financing their educational endeavors. In the Philippines, these loans are conveniently facilitated through online platforms, providing students with a convenient way to address their short-term financial needs related to tuition fees, living expenses, textbooks, and more.

Loan Parameters:

  • Loan Amount: Ranging from 1,000 to 60,000 pesos
  • Eligibility: Applicants must be between 18 to 60 years old
  • Loan Term: Flexible, ranging from 1 to 12 months
  • Interest Rate: Typically low, with some providers even offering 0% interest for the first loan
  • Requirements: National ID or Visa
  • Repayment: Payable after graduation, providing students with a financial cushion as they transition into the workforce

Pros and Cons: Pros:

  • Swift access to cash for essential educational expenses
  • Convenient for international students pursuing education in the Philippines
  • Accessibility for individuals with less-than-ideal credit scores Cons:
  • Short-term lending nature

Effectiveness Evaluation:

In general, student loans in the Philippines are considered highly effective in addressing immediate financial needs for students, ensuring that their education remains uninterrupted.

Pros and Benefits of Student Loan Apps for Students in the Philippines

  • Online Application: Students can apply for loans from anywhere with an internet connection, eliminating the need for physical visits to banks.
  • Streamlined Process: The application, approval, and disbursement process is simplified, saving students valuable time and effort.
  • Fast Access to Funds: Applications are typically processed and approved quickly, allowing students to swiftly resolve urgent financial challenges or unexpected expenses.
  • Flexible Repayment: Students can select and adjust loan terms and repayment schedules to align with their current financial capabilities.
  • No Collateral Required: Loan approvals are primarily based on solvency and credit scores, without the need for collateral.

Cons and Drawbacks of Online Student Loans in the Philippines

  • Limited Loan Amounts: Student loans often come with capped limits, and the repayment period is relatively short-term.
  • Higher Interest Rates: Interest rates for student loans tend to be higher than those of traditional loans due to the inherent risk associated with student borrowers, who typically lack a stable income and credit history.
  • Potential Fees: Some online student loan providers may impose additional fees.
  • Debt Accumulation Risk: Without vigilant financial management, accumulating debt can lead to financial difficulties, potentially impacting the ability to repay loans in the future.
  • Risk of Predatory Lenders: Choosing a reputable lender is crucial, as failure to do so can result in a spiral of unmanageable debt.

Criteria for Evaluating Student Loans in the Philippines

  • Licensing and Legality: Verify that the loan servicer is legally licensed to operate by the appropriate authorities.
  • User Reviews and History: Research user feedback and reviews to ensure that the provider is trustworthy, compliant with legal regulations, offers excellent service, and boasts a quick review process.
  • Transparency: Ensure that the loan provider offers detailed and transparent information about loan terms, interest rates, penalty fees, and other requirements.
  • Customer Support: Reputable companies typically have efficient customer support and are ready to address any customer questions or concerns.
  • Data Security: Confirm that the lending company in the Philippines has robust security measures and privacy protection policies in place to safeguard personal information from misuse or leaks.

Interest Rates for Cash Loans for Students in the Philippines

  • On average, interest rates for fast student loans in the Philippines hover around 11.9% per month.
  • Student loan pay-after-graduation interest rates are generally higher than those of traditional loans due to the heightened risk posed by students, who lack stable income and a substantial credit history.

Example Calculation: Let’s illustrate this with an example:

  • Student A borrows 10,000 pesos for one month at an interest rate of 11.9% per month.
  • The amount of interest payable after one month is calculated as follows: 10,000 x 11.9% = 1,190 pesos.
  • Therefore, the total amount payable after one month is: 10,000 + 1,190 = 11,190 pesos.

Requirements for Student Loans in the Philippines

  • Enrollment: To qualify for a Philippine student loan, borrowers must be currently enrolled at an accredited university, college, or equivalent educational institution in the Philippines.
  • Age: Generally, borrowers must be of legal age, which typically requires them to be 18 years or older.
  • Identification: Borrowers need to have a government-issued ID to verify their identity and personal information.
  • Credit History: While having a good credit history can be advantageous, it is often not a strict requirement, making these loans accessible even to those without a substantial credit history.

Credit Line and Loan Term for Educational Loans in the Philippines

The credit line for student loans in the Philippines is typically determined based on the student’s income and ability to repay. Loan limits can vary, ranging from 1,000 to 25,000 pesos, with some lenders offering a maximum limit of up to 50,000 pesos.

Loan Term:

Philippine loan tenors are generally shorter than those of traditional loans, typically ranging from a few months to a year. However, some lenders may offer more flexible loan terms, allowing borrowers to select a repayment period that aligns with their financial situation.

Comparing Student Loans in the Philippines for Study Abroad

Comparative Criteria Mazilla Binixo Soscredit
Limits 500 – 25,000 pesos 1,000 – 25,000 pesos 1,000 – 25,000 pesos
Tenor 3 months – 2 years 3 – 12 months 3 – 12 months
Interest 30% – 365% per year 4 – 916% per year 143% – 180% per year
Approval Time 15 minutes 15 minutes 10 minutes
Overall Score 7/10 7/10 9/10

How to Apply for a Student Loan in the Philippines

  • Research and Compare Providers: Begin by researching and comparing student loan providers in the Philippines. Consider factors such as interest rates, loan terms, loan limits, and user reviews to select the provider that best suits your needs.
  • Fill Out the Loan Application: Visit the online loan platform of your chosen provider and complete the necessary information in the loan application form. This typically includes personal information, educational details, income, and other relevant documents.
  • Verify Information: Verify the information provided in the loan application by submitting a valid government-issued ID.
  • Approval and Disbursement: The lender will review your application and promptly communicate the loan decision. If approved, you will receive the loan contract and can sign it online. Once completed, the funds will be disbursed to your bank account.
  • Repay the Loan: Ensure that you make timely payments for the loan, including interest and any applicable fees, according to the agreed-upon schedule to avoid penalty fees and safeguard your credit history.

Top 10 Best Online Student Loans in the Philippines for 2024

Below is a list of the best student loan providers in the Philippines for 2024:

Online Loan
Loan Amount
Loan Term
Borrower Age
SEC License
APR 143%
₱1,000 - ₱25,000
from 3 to 6 months
21 -  70 years
SEC Registration No. 202003056. Certificate of Authority No. 1272
APR 145%
₱500 - ₱20,000
from 3 to 6 months
22+ years
Certificate of Authority To Operate Number: 1254
from 0%
₱1,000 - ₱20,000
from 10 days
22 - 70 years
Registration № CS201726430, CA №1181
0.16% per day
₱500 - ₱25,000
from 2 to 6 months
20 - 55 years
SEC Registration No. CS201918702. Certificate of Authority No. 3169, NPC Registration No. PIC-001-791-2021
APR 84%
₱5,000 - ₱50,000
from 6 to 24 months
18+ years
APR 365%
₱1,000 - ₱20,000
7 or 14 days
18+ years
Company Registration No. CS201951088 and Certificate of Authority No. 2918
₱5,000 - ₱25,000
from 6 to 12 months
18 - 68 years
Reg No. CS201602333
APR 143%
₱1,000 - ₱20,000
22 - 70 years
Registration № CS201804564
APR from 0% to 427%
₱500 - ₱25,000
from 3 to 12 months
18+ years
Latvian business number 43603085405
APR from 4% to 916%
₱1,000 - ₱25,000
from 3 to 12 months
18+ years
from 0%
₱1,000 - ₱50,000
up to 12 months
20 - 65 years
SEC Registration No. CS201908275 SEC Certificate of Authority No. 2990
APR from 30% to 365%
₱500 - ₱25,000
from 91 days to 2 years
18+ years
from 0%
₱1,000 - ₱25,000
18 - 70 years
registration number: 14523902
from 0%
₱1,000 - ₱25,000
18+ years
registration number: 14523902
APR from 4% to 916%
₱1,000 - ₱25,000
from 30 days
18+ years
1.3% per day
₱1,000 - ₱30,000
from 30 days
20 - 65 years
APR from 0% to 427%
₱500 - ₱25,000
from 3 to 12 months
18+ years
APR 180%
₱1,000 - ₱25,000
from 3 to 12 months
20+ years
APR up to 180%
₱1,000 - ₱25,000
from 3 to 12 months
20+ years

Expert Opinions on Student Loans in the Philippines

We turn to renowned economists for their insights on student loans in the Philippines, emphasizing the convenience, flexibility, and responsible financial management that these loans offer.

According to Gérard Debreu, a French economist: “Education loans for MBBS in the Philippines offer convenience and flexibility to students. The application and approval process is usually quick and can be done from anywhere with an internet connection, giving students access to financial resources to meet their academic and daily living needs.”

Mr. Ronald Coase, a British economist, advises, “New Zealand student visa Philippines requires students to have careful financial management. Students need to ensure that the loan and repayment terms are in line with their financial ability and have a plan to repay the loan on time to avoid financial risks.”

Frequently Asked Questions about Student Loans in the Philippines

Here are answers to common questions about student loans in the Philippines:

Is there a student loan in the Philippines?

Yes, in the Philippines, several financial companies and online credit unions offer loan apps for Filipino students. These companies often provide loans to assist students in meeting their financial needs while pursuing their studies. Borrowers are typically required to be enrolled students studying at a university, college, or professional high school in the Philippines.

How much is a student loan?

The limits for student loans in the Philippines may vary depending on the company and financial institution. Loan limits are usually determined based on a student’s income and ability to repay. Typically, loan limits for online student loans in the Philippines can range from 500 to 50,000 pesos.

What should I consider when registering for an online loan for students in the Philippines?

When applying for a cash loan for Filipino students, borrowers need to carefully choose a reputable and reliable loan company. It’s crucial to seek transparent public information about loans, avoid the trap of black credit, and assess your financial capacity to ensure you do not borrow beyond your ability to repay, thereby avoiding difficulties in debt repayment and the risk of accumulating bad debts.

Based on our extensive research and evaluation, we recommend Soscredit as a suitable student loan provider in the Philippines for its fast approval process, flexible loan limits, competitive interest rates, and robust personal information security policies. Soscredit has garnered positive feedback from customers and is a trustworthy choice for those seeking financial assistance for their education.


Student loans have emerged as a lifeline for many students in the Philippines, enabling them to access quality education and achieve their dreams. By comprehending the criteria, benefits, drawbacks, and reputable providers in the student loan landscape, students can make informed choices that support their educational journey. It is imperative to prioritize responsible borrowing and financial management to ensure a successful academic experience and a brighter future. Remember, your education is an investment in yourself, and with the right financial decisions, your dreams can become a reality.

5/5 - (10 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *