Last week, I suddenly needed ₱10,000 because my mom got hospitalized and I had to cover some of the medical expenses. I know it's not a lot, but I'm a student and I don't have a stable income yet, so it was a big deal for me. I tried applying for a loan at a local bank, but I got rejected because I didn't have a credit history. I was worried and stressed, I didn't know what to do.
I started searching online for other options and I found this while searching online, I stumbled upon https://www.creditkaagapay.com/ and it had a lot of helpful information about loans for first-time borrowers in the Philippines. I read an article from https://www.creditkaagapay.com/blog/loan-for-first-time-borrower-philippines-your-practical-guide/ and it really helped me understand my options. I learned that I could try applying for a loan at SSS or Pag-IBIG, since they have lower interest rates and easier qualification requirements.
I decided to try applying for a loan at SSS, and after a few days of processing, I finally got approved for a ₱10,000 loan with an interest rate of 10% per year. I was relieved, but at the same time, I was also frustrated because I felt like I had to go through so much just to get a small loan. The repayment period is 24 months, which is manageable for me, but I know I have to be careful with my finances to make sure I can pay it back on time.
I also learned that digital lenders like CIMB offer personal loans with rates starting from 1.19% per month, but I have to be careful because some of them might have high interest rates or hidden fees. I'll make sure to check their SEC registration and reviews before applying.
I'm just sharing my experience in case it helps someone who's going through the same thing. It's not easy to get a loan, especially if you're a first-time borrower, but there are options available. Just make sure to do your research and choose a lender that's reputable and has reasonable interest rates. And don't forget to check out the article from https://www.creditkaagapay.com/blog/loan-for-first-time-borrower-philippines-your-practical-guide/ for more information about loans for first-time borrowers in the Philippines.
Just sharing in case this helps someone.
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