loan

The availability of online loans in the Philippines and globally has made it easier to access a loan when necessary.

Local startup Uploan PH has transformed during the pandemic and has evolved into SAVii Asia, a platform that provides loan to employees via salary deduction arrangements to over 400,000 employees and 100 plus corporate employers in the Philippines.

More than half (56%) of Filipino MSMEs had to rely on friends and family for loans, and 45% used personal funds to launch their business.

Under the enhanced I-STUDY Lending Program, Landbank is now offering a loan of up to P50,000 per student to finance the purchase of learning gadgets that can be included in the maximum loanable amount of P150,000 per student or P300,000 per parent-borrower to cover payment for tuition or enrolment-related fees.

GSIS members and pensioners may take out a P20,000 loan, which is payable in three years at 6 percent interest per annum.

The I-Tech program also allows inventors to borrow up to 85 percent of the total loan amount or a maximum of P12.5 million, or what the borrower's repayment capacity is, whichever is lower.