Balikbayad Review

Company Information

Balikbayad is one of the several commendable platforms that provides an exclusive financial solution for OFWs across the globe. It continuously serves its purpose under the First Digital Finance Corporation, which was established to address the financial burdens of many Filipinos. 

With a set of experienced professionals whose expertise lies in banking, consulting, and technology both locally and internationally, Balikbayad envisions to be one of the trusted, secure, and reliable financial services for OFWs. Over the years of its operation, it aims to drive financial innovation across the region by maximizing its advanced technology and digital tools to mitigate operational costs and improve its service efficiency for its targeted consumers.

The loan provider is duly registered as a financing company with SEC Registration No. CS201516347 and Certificate of Authority No. 1101. Its headquarters can be found at 9F, TM Kalaw Center, 667 TM Kalaw Ave, Ermita, Manila and has other branches in Ermita-Adriatico, Makati and Cebu. 

For any inquiries or concerns that loan applicants would like to raise involving their loan services, Balikbayad may be reached through their contact numbers at +63925 310 1535, +63 995 429 6450 for Globe users, or +63 918 345 8003 for Smart users. Customers may also send them a message on their official Facebook page at facebook.com/balikbayadph or an email at [email protected] 

Products and Services Offered

As a growing lending institution, Balikbayad introduced loans that are particularly beneficial for millions of Filipinos working abroad. These loans can be divided into two kinds of loans depending on the borrower’s employment status. It could be a loan formed for returning OFWs to what Balikbayad calls “Balik Manggagawa” or a loan program that is granted for Filipinos with active employment statuses such as a land-based OFW or a seaman. 

Either way, Balikbayad provides eligible clients with a hassle-free application process and a quality financial service. Below are the details that may best explain the OFW Loans offered by Balikbayad:

OFW Loans

Unlike other typical loans, OFW loans provide financial assistance for qualified returning OFWs or Filipinos currently working abroad. It’s designed as a program that allows Filipinos to borrow instant cash in aid of their financial distress, such as the need to consolidate their debts, build their business in the country, or simply finance their travel expenses, just to name a few. 

Loan Features

For Land-Based OFWs

• Loan Amount: ₱20,000 up to ₱500,000 (maximum of twice the monthly salary)
• Loan Tenure: Within 6 to 18 months
• Interest Rate: 4.99% per month

For Seaman OFWs

• Loan Amount: ₱30,000 up to ₱500,000
• Loan Tenure: Within 3 to 8 months
• Interest Rate: will depend on the loan amount and the repayment term

Approval Period: within 24 hours

Eligibility Criteria

For Land-Based OFWs

• Must be at least 18 years of age and not older than 60 years old upon loan application.
• Must be a duly-recognized Filipino citizen working in any type of land-based industry abroad.

For Seaman OFWs

• Must be at least 18 years of age and not older than 60 years old upon loan application.
• Must be a duly-recognized Filipino citizen who is working as a seaman abroad.

Requirements

Applicants can submit the following requirements upon loan application. The documents may be submitted in a photocopy unless otherwise stated. 

For Land-Based OFWs

• A valid Passport and Employment Visa
• Overseas Employment Certificate (OEC)
• Original copy of Electricity bill with the address indicated in Philippine residence for the past three (3) months
• Employment Contract (with English translation)
• Airline Ticket upon release

For Returning OFWs (Balik Manggagawa)

• Valid employment contract (renewed if previously expired)
• Latest payslip

Eligibility and Requirements for the Related Co-Maker

• Must be at least 18 years of age and not older than 65 years old upon loan application.

• Original copy of one (1) valid primary ID ((Driver’s License, UMID, or TIN ID)
• Document proving the relationship with the applicant (i.e. Birth Certificate or Marriage Certificate, if married)
• The co-maker’s name in the remittance proof

For Seaman OFWs

• A valid Passport
• Seaman’s Book
• Seafarer’s Registration Certificate (SRC)
• Overseas Employment Certificate (OEC)
• Original copy of Electricity bill with the address indicated in Philippine residence for the past three (3) months
• Employment Contract translated in English, if in another language
• Airline Ticket upon release

Eligibility and Requirements for the Related Co-Maker

• Must be at least 18 years of age and not older than 65 years old upon loan application.
• Original copy of one (1) valid primary ID (Driver’s License, UMID, or TIN ID)
• Document showing proof of relationship with the applicant (i.e. Birth Certificate or Marriage Certificate, if married)
• The co-maker’s name in the Allotment Certificate

Why Choose Balikbayad?

Balikbayad specifically caters to OFWs, and with this in mind, there are many different advantages of choosing the service to address their financial concerns. Among them are the following: 

Simple Application Process

The application process is one of the most important factors that borrowers consider before availing a loan product. A convenient process helps them quickly obtain cash or receive an immediate notification whether or not they have to look for another loan provider.

Unlike other common lending companies, Balikbayad provides a hassle-free application process with only a few steps to accomplish. It helps borrowers, specifically OFWs, access immediate funds for whatever purpose they may have. 

Minimum Requirements

Other loan providers ask for many requirements, making the process daunting and complicated. With that said, borrowers prefer less stringent documentation requirements to expedite the loan application. 

For both land-based and seaman OFWs, only proof of their employment and other primary information will be required to get a loan approved. At Balikbayad, you will not deal with a loan transaction that needs multiple IDs, 2×2 pictures, or repetitive documents for your co-maker.

Get 100% of Your Total Approved Loan

Balikbayad offers competitive rates and ensures you will receive the exact amount you applied for without deductions. The borrowers will receive the total approved loan amount. No hidden fees or extra charges, but the processing fees will be carried over to monthly payments. 

With a Wide Range of Financial Services

Aside from the loan programs that Balikbayad introduces for its consumers, it also provides a wide range of financial services, including opening and maintaining the checking accounts of its loan applicants. 

Suppose you find yourself eligible for their loan product but have yet to open a checking account. In that case, you do not have to worry because Balikbayad will still accept your loan application and endorse you to a bank to open a checking account. It doesn’t also block or hold any part of your loan to maintain the balance of your checking account that your bank requires.

How to Sign Up

There are two methods for applying for a Balikbayad loan. One is to apply through their official website or mobile app first before going to the actual branch and the other one can be done by directly submitting all requirements to any Balikbayad branch. The following are the steps that can guide you to apply either way for a Balikbayad loan:

Via Balikbayad Official Website

Via Balikbayad Mobile App

The online application is for pre-approval.  Independed which way you choose to apply after the online steps you have to visit the nearest Balikbayad branch. After Website or App application:

Conclusion

Contrary to the popular belief of most people that OFWs have a lot of money, many still struggle to achieve financial security and independence. Balikbayad’s loan products help OFWs address any financing requirements they may need – be it for personal reasons or to finance business opportunities.