OFW loan

Many Filipinos dream of becoming overseas Filipino workers. Such a desire arises in connection with relatively high wages, compared with colleagues working in the homeland. Filipinos abroad may require a large amount of money: for purchase of real estate or a car, for education for children, for treatment. In such cases, banks offer «Overseas Filipino Workers- collateral loan».

OFW loan


Benefits of a collateral loan

A collateral loan is the receipt of the amount of money for certain needs under the pledge of personal property. Personal property means: real estate, a car, securities, etc. If for some reason the borrower does not return the amount of the debt, his property is withdrawn and he loses the right of ownership. In other cases, the debt may be paid by the co-borrower.

As any type of lending, a collateral loan has pros and cons.  

Main advantages:OFW loan

  • low interest rate;
  • quite a long loan term;
  • availability of the possibility of loan processing without references;
  • high loan amount;
  • quick and easy approval;
  • opportunity to receive money immediately.

Where it is better to take a collateral loan

Before you make a final decision, you should carefully examine all possible offers from banks. A collateral loan is possible in many organizations.

Bank of the Philippine Islands

OFW loanIt’s necessary to work abroad for more than 2 years and have a monthly income of more than 30 000 Philippine pesos. The borrower has the right to apply for a car loan, a loan for personal needs. Mortgage loans are offered if the salary is more than 40 000 Philippine pesos. To submit an application, you must be over 21 years old and younger than 60 years old at the time of full repayment of the debt.


Security Bank

OFW loanOne of the largest banks. It takes care of the comfort of employees and customers, the motto of the company “You deserve the best.” Borrowers are offered car loans and loans for the purchase of real estate. Wages – from 40 000 Philippine pesos. It is necessary to work abroad for more than 2 years. To receive a loan for real estate, you should have a salary of 50 000 Philippine pesos.

BDO Unibank

OFW loanUnibank offers a loan for a vehicle, real estate, personal needs.

Wages – from 40 000 Philippine pesos. You need to work abroad for more than 2 years and have a monthly income of more than 50 000 Philippine pesos to receive a car loan, 10 000 Philippine pesos for any other type of lending. The borrower must be over 21 years old and younger than 60 at the time of full payment.


Philippine Savings Bank

OFW loanThe history of the bank begins in 1960. The first office was located on Miranda Square, Kuapo, Manila. The organization is very popular among customers. To submit an application, you must be over 21 years old, younger than 60 years old at the time of full repayment of the debt. Family income is from 30 000 Philippine pesos, and the term of employment abroad – more than 2 years.


Pag-IBIG Fund

The company Pag-IBIG Fund issues OFW loan bank account without requiring collateral or income certificates. When contacting the service, client should not wait too long. Loan can be received instantly. Interest rate is 2,5-3,5%. To draw up a loan, you only need to specify your data and account number.


In BPI, you can not just draw up a card to take a loan if necessary, but also use additional services, bonus points and other benefits of the service. The service accrues bonus points for using the account to pay for air tickets, food, accommodation and other purchases. A loan in the amount of 20-100 thousand pesos is available for a client.


Metrobank provides customers with excellent conditions for obtaining loans, providing absolute security through the use of modern chip cards. The interest rate is lower than that of competitors. To get a loan, you need to fill in a simple form, specify an account number and use the money.


At Rcbc you can easily get a loan to meet your current needs and requirements. The company does not interested for what purpose money is required. The amount from 50 thousand to 1 million pesos for a period of 6-36 months is available. The applicant only must be an owner of the OFW card for at least two years.


In Sss you can take a loan, provided that the client meets certain requirements. The applicant must have a permanent job for 36 months, as well as regular receipts to the account within 6 months prior to the request. In the process of repaying the loan, the borrower must not retire.




interest rate
for per day
PHP 5000 - 10000
from 30 to 60 days
(4,1/5) 181 voice



interest rate
for 1% per day
PHP 2000 - 20000
from 65 to 90 days
(5/5) 498 voice
Receiving money in any way 24/7!

Robocash PH

Receiving money in any way 24/7!

interest rate
for 2,18 % per day
PHP 1000 - 25000
from 7 to 30 days
(4.98/5) 1342 voice
Guarantee of a loan on a card!


Guarantee of a loan on a card!

interest rate
for 2% per day
PHP 2000 - 20000
from 10 to 30 days
(4.11/5) 398 voice
The most convenient loan!
Cash Mart

Cash Mart

The most convenient loan!

interest rate
for 0,8% - 3,5% per day
PHP 5000 - 30000
from 7 to 30 days
(4.33/5) 489 voice

Requirements for a collateral loan

A specific organization may have its own additional conditions. For example, one of them may request an income of 40 000 Philippine pesos, and the other denotes a minimum wage of 50 000 Philippine pesos.

The requirements listed in the article are general in nature. There are the following basic requirements for the borrower:OFW loan

  1. Philippine workers must have a valid contract with the employer.
  2. Age must be more than 21 years and less than 59 years.
  3. Work experience abroad must be more than 2 years with a minimum income of 30 000 Philippine pesos.
  4. The borrower’s age must be more than 21 years and less than 59 years. The co-borrower is necessary because various factors may prevent the borrower from paying the full amount (dismissal or change of the political course in the country where the borrower is working).

To submit an application, you must provide documents:OFW loan

    • photocopy of 2 documents proving the identity (passport, driver’s license, individual identification number);
    • last employment contract or work visa;
    • completed and signed application form;
    • photocopy of the certificate of employment abroad;
    • personal phone number;
    • proof of residence in a particular place (the last bill for electricity or water, a certificate from the police).

You can make an application through the official website online. This option saves time and allows you to send documents instantly.

How to make a collateral loan to be approved

In most cases, Philippine banks are strict in providing collateral loans and other loans. This is due to three factors:

  1. The terms prescribed in the contract may vary. They are determined by the employer. Philippine workers are not able to change them on their own, but at the employer’s will they can be reduced or increased.
  2. The situation prevailing in foreign policy may affect the level of wages of workers.
  3. In a country where workers are employed, various emergency situations may occur (natural disasters, riots, political tensions).

OFW loanThe above factors carry a certain risk to lenders. In order for the collateral loan to be approved, made it quickly and without any problems, you should keep in mind some details. For example, appearance plays a huge role. As soon as a person enters the bank, employees begin to estimate him.

Much depends on creditworthiness. The higher the income, the greater the loan amount. Employees pay attention to the credit history of the borrower and co-borrower.

In addition to the details mentioned above, you should keep in mind the correct completion of documents. It is necessary to specify the correct data, take care of the appearance of the documents (they should not be torn, filled with water, etc.).


Conditions for obtaining a loan

The terms may differ for each particular organization and for each specific case. In the most typical situations, a loan is drawn up under the pledge of an apartment, house or vehicle:

  • the property must be drawn up on the borrower;
  • property must not be in a court dispute;
  • the amount that the bank issues should not exceed 80% of the pledged property.

How to return

A collateral loan can be returned in several ways. It is necessary to return the amount on time, this has a positive effect on credit history.

Experts advise to make a payment a few days before the specified date, as the procedure of bank transfer sometimes occurs quickly, and in some cases slowly, within a few days.

Each bank has its own payment methods. Most often it can be done in the bank branches or online.  


Philippine workers make a huge contribution to the country’s economy. This is one of the main sources of income. Despite the high level of income, they still need money. Credit offers from banks can help in any situation.

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