No doubt, the contribution of Overseas Filipino Workers (OFW) to the economic situation of the country is very huge. However, they also need a dependable financial support. That is why they opt for OFW loan, especially when it comes to large purchases like real estate, cars, and more.
If you are among these OFWs who want to take advantage of loans for ofw abroad, then this post is for you!
Types of OFW Loans
There are different types of OFW loans, and you are free to choose which one you think best suits your needs.
- Pinoy Abroad
If you are currently working abroad, then you can apply for this OFW a personal loan. This option caters both land- and sea-based OFWs.
- Land-Based
This OFW loan is applicable if you are currently on vacation in the Philippines. You can also apply for this loan for OFW without collateral of you are rehired with an active work contract.
- Sea-Based
A sea-based OFW loan is designed for seamen or seafarers. Make sure that you are in the country during the loan application process.
- Balikbayan
In case you decided to go back to the country for good, this loan is meant for you. You can use the OFW cash loan to start a business and other valuable purpose.
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OFW Loan Purposes
Every OFW has his or how to own reason for applying for OFW loan. Below is the list of OFW loan purposes:
- Extended Financial Assistance
During times of emergencies, an OFW loan can help you ensure that your loved ones in the Philippines are provided with sufficient financial assistance. It can give you an emergency budget to cover school payments and other expenses.
- Business Opportunity
As an OFW, you do not want to risk your savings. That’s why you can partner with a lending company to start your business. Remember, you’ll not work abroad forever, so it’s practical to build your own business.
- Processing of Work-Related Documents
You can take advantage of loan for OFW without collateral to process your documents. Besides, you can also use it to pay for your plane ticket.
- Debt Consolidation
An OFW loan will help you eliminate your debt while achieving your financial goals. Then, you can focus on providing your loved ones a full financial assistance.
Lending Company for OFW
To give you an idea of the reputable lending companies for OFW in the Philippines, you can take a look at the list below:
- GDFI (Global Dominion)
In this company the OFW loan requirements include a minimum income of PHP20 000 pesos, co-borrower, and a few documents.
- Loansolutions
Here you can get OFW financial assistance both for Land-based and Sea-based workers. The company also provides a loan for OFW’s who want to spend time at home with their family.
- Borrow.ph
The company offers loans from PHP20 000 – PHP1 000 000. Comfortable application form and quick solution.
- Cashmart
To take out an OFW loan you must be a Filipino citizen, at least 21 years old, legal contract with an employer, and any proof of income.
- Landbank
You have to provide OWWA membership and certificate, while the minimum loan amount is PHP300 000 pesos and the maximum amount is PHP2 000 000.
CALCULATE OFW LOAN
Who Can Loan?
You can apply for an OFW loan if you are a Filipino Overseas Worker with a valid contract. Generally, lending companies or
banks welcome OFWs with a minimum salary of PHP20 000. you need to be at least 21 years old, but not more than 65 years upon the loan maturity period. You can get an OFW personal loan if you are an OFW on vacation or an OFW outside the country. Then, do not forget to have a co-borrower.
OFW Loans Benefits
Interestingly, you can experience a number of benefits when you take advantage of OFW loans, including:
- Suitable credit approval
- Quick application process
- Quick approval
- Flexible repayment options
- Immediate money transfer
- The flexible money reception method
- Availability of credit programs to family members
How to Qualify for Our OFW Loans
Before banks and lending companies qualify an OFW, there are some OFW loan requirements that are considered. You can qualify for a specific OFW loan if you are:
- OFW with a valid contract
- At least 21 years old or not more than 65 years upon the loan maturity
- A minimum salary of PHP20 000 for land-based and sea-based
- A minimum salary of PHP30 000 for Pinoy Abroad Loan
- Must be in the Philippines when applying for land-based and sea-based loans
- Must have a co-borrower who is an immediate relative with a stable source of income (Pinoy Abroad loan)
What Banks Offer Loans to Filipino Workers
The good thing about OFW loans is that there are a number of banks that offer these kinds of loans. However, before settling for a particular bank, make sure to get familiar with their requirements, loan offerings, payment options, and other services.
Pag-IBIG and SSS
Pag-IBIG offers affordable loans to Overseas Filipino Workers (OFW) who have made contributions for more than 24 months. Borrowers must be over the age of 65, with no Pag-IBIG loans, unexecuted or unpaid.
Philippine Islands (BPI) loan
If you work abroad for more than two years with a monthly income of over PHP30 000, you may be eligible for a BPI Personal OFW loan. BPI also offers OFW mortgages to people who earn a minimum of PHP40 000. You must be 21 years old to apply, and not more than 60 years after the loan expires.
BDO Unibank (BDO) OFW loan
BDO Unibank offers OFW loan options for personal use, car, and home. You must be employed for more than two years with a monthly income of about PHP50 000 for a car loan and PHP10 000 for all other types of OFW loan. Borrowers must be over 25 years of age but not more than 65 years after the loan expires.
Philippine Savings Bank (PSBank)
OFWs can also use Philippine Savings Bank loan to get money for their home and car. Borrowers must be 21 years old and 65 years old when the loan expires. You must have worked abroad for at least 2 years with an income of PHP 30 000.
Security Bank
Security Bank offers auto loans and home loans to OFWs. The client needs to work abroad for at least 2 years and earn from PHP40 000 per month.
EastWest Bank Philippines
This bank also offers loans to the OFW. It requires a basic annual income of at least PHP180 000 with documentary proof.
China Bank
OFW can apply for a housing loan from Chinabank. An employee must have worked abroad for at least 3 years and have a minimum wage of PHP50 000. The age of the borrower is between 21 and 65 years and has a good credit history.
AUB Seafarers Loan
Asia United Bank offers a popular loan for seafarers. A Filipino citizen between the ages of 21 and 60 can claim up to PHP500 000. At the time of applying for the loan, at least one employment contract must be fulfilled, and an AUB account and a minimum gross salary of $1,000 is required.
How to Increase the Probability of Loan Approval for OFW in the Philippines
In order for you to increase your probability of loan approval, it’s best for you to send a loan application to all lending companies or banks. Once you get their response, you can then compare the terms and conditions of each to choose the best one for you.
OFW Loan 1 Day Processing
As the name it suggests, you can have a loan approval within 24 hours. Most of the banks’ application process will only take about 5 days. But, if you are in a hurry, you can opt for banks that process loans within a day. Then, organizations working with OFWs can offer flexible options to make money transfers following the completion of the transaction.
Loans for OFW Without Collateral
When it comes to a loan for OFW without collateral, some banks may require you a payment along with mandatory contributions, such as:
- Notary fee
- Tax on documentary printing
- One-time commission necessary for processing the request
Loans for OFW Abroad
Even when you are currently working abroad, you still have an opportunity to take advantage of OFW loans. You need to make sure that everything about a particular OFW loan that suits your financial requirements, especially the payment options.
Do not compromise your hard-earned savings. You can always rely to OFW loans.
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