What is an OFW Loan?
An OFW loan is another type of a personal loan which is specifically offered to Filipinos working abroad. OFWs and their families have unique needs and want. Perhaps, most OFWs use their loans for their home renovations, to enjoy a holiday or to avail a medical emergency procedure.
Many OFWs get their salary on a monthly basis and the long in-between period makes expenses unpredictable and the budgeting gets more challenging. Aside from the family's budget back home, you will also have to think about your own living expenses abroad. An OFW loan gives you financial flexibility when you need it the most.
Filipinos who live, work and study abroad have endless opportunities. Many would think that they are lucky enough to be abroad raking cash. But that is not the real case. Many OFWs also struggles to make ends meet. While their earning potential is far better than in the Philippines, their cost of living and needs must also be put into consideration.
The OFW loans in the Philippines are for OFWs who have a fixed period of stay abroad. This is usually based on their contract. This is the same with the Personal Loans in the Philippines offered to employed individuals with regular status. The difference is the OFWs' type of employment and income.
There are different types of OFW loans. It is important to have a clear purpose or objective to choose the one that best fits your needs and preferences.
Being away from your own family is hard enough. It is worse when you can’t provide for them when sudden financial crises come such as a medical emergency or tuition fee hikes. Certain financial needs usually come when you least expect it. This is why there are OFW loans that can be disbursed directly to your family from an online lender. This way, you will be assured that your family’s needs will always be met even if your salary comes late.
A career as an OFW can be unpredictable at times. It is also not permanent for many. This is why OFWs must also provide a business opportunity to their families as much as possible. An additional source of income can give your savings a boost.
There are even some OFWs who have managed to quit their careers abroad thanks to their growing businesses. Now they can be with their loved ones while generating enough income.
You can get a loan to invest in a business. There is no need to risk your money in one go. Or perhaps a business opportunity is hard to pass up but you don’t have enough capital. Then you can just get an OFW loan.
You deserve a vacation after so much hard work and sacrifices. Most OFWs can only go home once or twice per contract. Many are even forced to stay abroad and avoid going back to the Philippines because they have to send home money or save more cash to enjoy their dream vacation with their families.
The truth is you don’t have to wait any longer. Spending time with your family are precious moments especially if you have young children. You can simply get an OFW loan online and enjoy your vacation. Go to the places you have always wanted and created priceless memories.
There are OFW loans that are specifically for overseas workers who are currently on-leave and re-hires. If you are an OFW who is about to go back to work after an emergency leave or a planned vacation, but need a financial assistance to get a flight back, you can get an OFW loan online. You can now book your flight and be back just in time to start a new day at work.
The demand for OFW loans is constantly increasing. Many OFWs are parents and older siblings who have not only supported their immediate family members, but are also obliged to send money to cousins, nieces, nephews, and even “inaanaks”.
This Filipino culture is far from over since many of us value relationship. Many value other people’s impression of them rather than the state of their finances. There are too many OFW loans in the Philippines, and you have to choose the best OFW loans.
Loans that require collateral or valuables are called secured loans. Many lending companies require a collateral to ensure that they can get their money back with interest. This is especially true with OFWs since many cross-countries or goes home with unfinished contracts.
Since most contracts of both land-based OFWs and seafarers are valid for at least two years, many unpredictable circumstances could happen that might prevent an OFW from paying the loan.
If you are an OFW you can afford to risk any valuable possessions or you have nothing to use as a collateral, then an OFW loan without a collateral is your best option.
Since you don’t need to pledge any passion, there will be less requirement and paperwork. This makes the process faster and more convenient.
A co-maker is a person who promises to pay the loan and corresponding fees should the principal borrower defaults. The co-maker has to sign the loan contract too. This makes the co-makers’ responsibility a serious one.
A co-maker may not necessarily benefit from the loan directly, but the responsibility of the borrower will be put on his/her shoulders should the principal borrower fails to repay the loan on time. The co-maker assures the lending companies that the loan will be paid.
On the other hand, the co-maker can increase the chance of getting a higher loanable amount. It also improves the chances of getting the OFW loan approved. Unfortunately not many are willing to be a co-maker.
There is some OFW loan lending companies which require the applicant to present a co-maker. Usually, traditional lending companies and banks have a list of eligibility requirements that the co-maker must meet. The co-maker has to fill up an application form too and declare his/her source of income.
Good thing there is OFW loan lending companies who do not require a co-maker to get your loan approved. You can even avail of OFW loans through an online application. And since a co-maker is not required, the process is made faster and simpler.
OFW Loan Online
Whether you want to sponsor a special occasion back home, pay for your child’s tuitions fee, or any kind of emergency, OFW loan online is the easiest and the most affordable way to getting the extra cash that you need.
It gets better:
OFW loan online has more to offer than what meets the eyes.
When you say fixed rate, this means that your OFW loan interest rate will be based on the agreed terms. Unlike others which charge 1% a day, Onlineloans.ph charges a fixed interest rate based on how many weeks you want to pay. You can be charged for as low as 0.8% if you choose the shortest repayment term.
In fact, you can use the provided online loan calculator to easily see how much interest you have to pay on your chosen repayment term. This way you can easily plan your finances ahead and make sure that you can settle your loan without sacrificing your basic needs.
OFW Loan Online from Onlineloans.ph process your loan applications only through the online system. This means you can say goodbye to traditional lending where you have to personally visit a lending office.
With Onlineloans.ph, You simply have to go online and sign up. After creating your Login details, you have to fill up the online forms. It only takes at least three minutes to submit the form.
You can also upload your documents online. It is that easy and convenient. In fact, if you are an OFW your family can apply for this loan for you. They simply have to submit clear copies of your passport, Overseas Employment Certificate (OEC) and a working VISA.
This way, you do not have to worry about how to send extra cash in case of emergency. Your family can now always have extra cash on hand since approved loans are directly sent to their personal bank accounts.
Since OFWs have different payment schedules, Onlineloans.ph have created different payment options. You can pay in weekly, bi-weekly (every two weeks) or monthly. This perfectly fits your salary schedule since you can simply request for your repayment due date to match your salary date.
OFW Loan Online can be paid in thousands of payment channels. You can repay your loan in any 7-11 branches, Bayad Center, LBC, ECPay, SM Payment Center, Cebuana Lhuillier, and SM Payment Center.
These payment channels are easy to find and readily accessible to every Filipinos in the Philippines. Any time of the day, anywhere they are your loved ones and easily remit the loan payments. As soon as you have settled your loan as agreed, then you can easily get another loan.
If you get a loan from an SEC-registered online lending company, you will be able to build your credit score. A credit score is based on your credit history or how well you have handled your previous loan.
If you are able to pay your loan on time, the SEC-registered online lending company will send your positive credit record to the credit bureau as mandated by Republic Act (RA) 9510. This way if you want to get big deal loans with banks, the banks will review your credit history from the credit bureau and they will see that you are creditworthy.
The more positive credit history you have, the higher the credit score you get. Getting a loan will be easier and faster in banks and other institutions.
The OFW loan online is the revolutionary online loan solution specially created with OFWs in mind. Every OFW has a unique responsibility and worries in mind. The OFW loan online has been made with the utmost flexibility to help you meet any financial obligation.
How to Qualify
for Our Ofw Loan
- 21 to 50 years old
- A first degree relative of the seafarer
- Filipino citizenship
- 2 Valid IDs of the allottee
- 2 proof of billings
- OFW’s Passport
- OFW’s Working Visa
- OFW’s Overseas Employment Certificate (OEC)
- Proof of relationship (birth certificate or marriage contract)
- Proof of remittance under the applicant’s name
- 2 proof of billings
- 2 Valid IDs (allottee)
- Seaman’s Book
- Seaman’s Passport
- Seafarer’s Registration Certificate (SRC)
- Seafarer’s Overseas Employment Certificate (OEC)
- Proof of allotment
- Proof of relationship (birth certificate or marriage contract)
How to Get a Loan
Instant cash in just 3 steps
Fill up the form online.
Receive a call from a loan officer.
Expect your cash in a day.