Choosing the best personal loan isn’t as simple as comparing interest rates and monthly installments. You need to consider fees like the effective interest rate (EIR), a rate that measures the actual cost of borrowing money.
Personal loans with low interest rates in the Philippines have EIRs ranging from 10 percent to 30 percent. The EIR includes some of the loan fees and charges below. Know them to make a smarter choice when getting a personal loan in the Philippines.
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