Loans For Students in the Philippines
Travel Loan vs Travel Credit Card
Online travel loans can be convenient if you’re traveling sporadically or if you need a big amount to cover your expenses, but a travel credit card can also help you especially if you’re a frequent traveler.
A travel credit card is perfect for seasoned tourists or if you often travel for work. With a travel credit card, you can avail of services such as airport lounges, membership points, hotel and restaurant discounts, shopping discounts, and even travel insurance!
However, a travel credit card also has its drawbacks. These include interest rates, annual fees, a monthly minimum income requirement, and foreign currency transaction fees.
To sum it up, both travel loans and travel credit cards have their own benefits and drawbacks. Get a travel loan if you want some quick cash for your trip with low interest rates, and a travel credit card if you’re a frequent traveler with more money to spare.
||Travel Credit Card
|Perfect for short-term travel needs
||Perfect for frequent travelers
||Perks such as airport lounges, hotel & shopping discounts, membership rewards, travel insurance, etc.
|Low interest rate
||Interest rate can be high plus annual fees
Where Can You Get a Personal Travel Loan Online?
Banks here in the Philippines don’t specifically offer travel loans, but you can apply for personal loans to fund your travel expenses!
Here are some examples:
You can apply for a BDO travel loan with BDO Personal Loan! You can now bring your travel dreams to life with a low-interest loan complete with easy payment terms!
BDO also has a Kabayan Program, where overseas Filipino workers can apply for secured and unsecured loans depending on their needs. It has flexible loan amounts with a minimum amount of Php 10,000 and loan terms ranging from three months (for unsecured loans) to 36 months.
BPI doesn’t have a BPI travel loan product, but the bank offers personal loans that can be used for any purpose, including travels! With BPI Personal Loan, you can loan for as much as Php 2 million! It is also collateral-free, with flexible loan terms ranging from 12 to 36 months in installments.
In addition, you can also repay your BPI Personal Loan through the bank’s automatic debt facility.
- Security Bank Travel Loan
Just like BDO and BPI, you can get a Security Bank travel loan with Security Bank Personal Loan! Security Bank Personal Loan offers a minimum loan amount of Php 200,001 and a maximum loan amount of Php 2 million.
Payment terms range from 12 to 36 months and you can get approved within 5 banking days.
Loyalty Cards in the Philippines
Just like banks, government agencies in the Philippines do not specifically offer travel loans. That means there is no SSS travel loan or Pag-IBIG travel loan. But you can still apply for personal and multi-purpose loans for your travel needs!
Here are some examples:
You can apply for a cash loan from SSS to fulfill your short-term needs! SSS cash loans are available to employed members or currently-paying self-employed or voluntary members.
The loan has a 10% interest rate per annum until fully paid, based on diminishing principal balance, and has a 24 month amortization period.
The Pag-IBIG Multi-Purpose Loan (MPL) is a cash loan that Pag-IBIG members can avail of to fund their short-term needs!
Qualified members can borrow up to 80% of their total Pag-IBIG Regular Savings, which consist of their monthly contributions, their employer’s contributions, and accumulated dividends.
The Pag-IBIG MPL has an interest rate of 10.5% per annum.
Travel assistance loans
Some tour companies which advertise tour packages also offer travel assistance loans, particularly to those who will travel or migrate to countries which require a visa. Visa requirements include sufficient funds to cover your travel expenses, and it can be hard for some travelers to come up with that amount in a short span of time.
These travel assistance loans can be presented as a bank certificate or proof of funds which can be beneficial when it comes to visa applications. For example, Asian Package Tours offers travel assistance loans with a minimum amount of Php 100,000 and 2-3 days processing time.