The good news is that there are now many providers of Teachers loan. All teachers need to do is spend ample time researching on who best to call in times of financial constraints. Today, the following are the usual go-to for quick cash loan:
- DepEd with its DepEd Livelihood Loan Facility
- UnionBank with its UnionBank City Savings Teachers loan
- Philippine Public Schools Teachers Association (PPSTA) – PPSTA Eduk Loan Program
- Banks (e.g., Agribank PPN Teachers Loan, Land Bank of the Philippines)
- Private Lending Firms
For many providers, interest rates may depend on the length of time for payment and amount of money borrowed.
Who Can Qualify?
Are you at least 21 years old but not over 70 years old?
Are you a Filipino citizen?
Are you a regular employee who’ve spent at least 1 year with your employer?
Are you earning a gross monthly income of at least PHP 10K?
If you’ve answered YES to all of the questions above, then you can qualify for a Teacher’s Loan. Just present the following additional requirements upon application:
- Latest 2×2 pictures (4pcs)
- 2 Valid IDs, preferably including your PRC ID
- Appointment Record (Photocopy)
- Latest Service Record (Photocopy)
- Original payslips for 3 consecutive months
- Duly filled out application form
Before getting a loan, teachers should also consider different aspects first to ensure they’re getting the best deal. For one, they should consider the interest rate, which usually plays around 1-1.8%. The lender’s terms of conditions, money receipt options and payment methods are also important things to look at. Also, bear in mind that lenders may require other documents (e.g., credit status, proof of income) to really determine the borrower’s capacity to pay.
Why Partner With Us
To save you from the hassle of finding a lending firm, Loansolutions PH has designed a scheme that will help you find a reliable provider quickly. Just complete our 3-step application process and we’ll be the one to match you up with the right provider. We have a network of partner lenders from around the country offering fast cash for as low as 1 – 1.8% interest rate.
Through this scheme, we’ll be able to change the Philippines’ traditional lending industry, which poses limits to borrowers. Instead, our system profiles applicants up as objectively as possible so that providers can compete with others in real time to get the borrowers they target.
We also have a loan monitoring system that will allow applicants to check their loan status. Plus, our blog is packed with informative materials focusing on loans and funding solution tips.