Personal Loans for OFW

What is a Personal Loan for OFW?

OFW loans refer to programs offered by different bank institutions, corporations, and/or the government for overseas workers. These loans may be in the form of cash, property, and the like and can be categorized as a personal loan, car loan, home loan, and/or business loan.

The best OFW loan depends on the type of loan that best suffices your needs and the one that you can manage to repay on time. In addition, applying for Personal Loans for OFW also means paying your initial loan amount which can be coupled with either low or high-interest rates and other additional processing fees.

Legitimate Loan Providers for OFWs

Security Bank OFW Loan

Loan Features

• Loan Amount: Php 30,000 up to Php 2,000,000 
• Loan Tenure: 1 to 3 years
• Interest Rate: 1.39% per month
• Approval Period: Within 5 banking days

Bank of the Philippine Islands (BPI) OFW Loan

Loan Features

• Loan Amount: Php 20,000 up to Php 1,000,000 
• Loan Tenure: 1 to 3 years 
• Interest Rate: 25.03% to 25.74%
• Approval Period: Within 7 to 10 banking days

Banco De Oro (BDO) OFW Loan

Loan Features

• Loan Amount: Minimum of Php 10,000
• Loan Tenure:
  • Unsecured – 3 months to 36 months
  • Secured – 6 months to 36 months
• Interest Rate: (per Annum) 
  • Unsecured – 39.43% to 40.05%
  • Secured – 17.06% to 17.08%
• Approval Period: Within 7 working days

Who can apply for an OFW Loan?

When applying for a personal loan exclusively provided for OFWs, there are qualifications that the borrower should consider prior to the application. The following are some of the common requirements that loan providers assess to allow an OFW to avail of a loan:

• The applicant must be a Filipino employee working overseas with an active contract of employment.
• If you are considered as a Returning OFW, you are eligible to avail the loan. Provided that you have been proven as a Filipino who has previously worked abroad and is planning to return to the Philippines.
• OFWs who will avail the loan for the first time and without any initial capital or fund are also qualified for the loan. 
• For any type of personal loan, the applicant—especially those who have once applied for a loan before—must have a good credit history.

Conclusion

While Personal Loans for OFW help Filipino employees to fulfill their wants and needs as they work abroad, they have been a huge part of boosting the country’s economy. By availing of such loans, not only will the borrower get all the benefits but it could also strengthen bank institutions especially the national government and help the country’s economy grow.