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Features and Types of fast OFW Easy Loans in the Philippines
Not all financial institutions offer OFW loan fast release with no hassle, limiting an OFW’s ability to secure loans from anywhere. But the loans are loaded with features so that an OFW can keep them in perfect alignment with his or her financial goals at different stages of the emigrant life. While most online OFW loans don’t require a co-borrower or collateral security, the loan amount, interest rates, loan conditions, and loan duration vary with each lender.
Some of the primary categories of OFW loans 1 day processing are:
OFW Personal Loan
You can get a cash loan Philippines for OFW to manage your immediate financial requirements. These loans don’t require any collateral or good credit score. Your income and expenses play a crucial role in setting the limit for the loan amount.
You can use the loan for any financial requirements such as small scale home renovation, fund a vacation or purchasing a new home appliance, etc.
OFW Auto Loans
Owning a car is in the bucket list of most Filipinos, and car loans help them achieve it. The loan is secured and uses the car as collateral. The borrower has to repay the loan as EMIs. If the borrower defaults the payments, the lender can repossess the vehicle.
OFW Home Loans
For most Filipinos, the primary purpose of their expatriate life is to own a house. Even if they draw a handsome salary, accumulating the lump sum payment for house purchase is not easy. Home loans provide the necessary financial OFW loan assistance in the Philippines by considering the property as collateral. You will get the ownership of the house only after the complete repayment of the loan as EMIs.
OFW Business Loans
No one intends to stay in a foreign country forever. But the financial obligations and a lack of proper revenue sources hold them back from returning to their homeland. OFW business loans allow any Filipino to get additional working capital to become an entrepreneur. Even while continuing to be an expatriate, one can secure OFW business loans to set up a business for his or her family members and start earning a second income. The scope of OFW business loans is quite extensive. Some lenders offer low interest OFW loans up to PHP 5 Million for an annual interest rate of 7.5% with a repayment window of up to 7 years.
OFW Seaman Loans
Seafaring is one of the prominent livelihoods of the Filipino population. They work as captains, cooks, cleaners, or engineers on international ships for cargo, oil, and cruise ships. Seaman OFW loans help seafarers tide over their financial difficulties, especially when to board the ship by allowing them to apply for OFW loan one day process from anywhere in the Philippines.
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Where Can an OFW Get a Loan?
Banks, OFW lending company in the Philippines, and agencies for the welfare of non-resident Filipinos, such as the Overseas Workers Welfare Administration (OWWA), offer OFW loans to the migrants. (3)
Bank loans in the Philippines for OFW
Banks offer OFW lending with better loan conditions such as low-interest rates, high loan amounts, and extended repayment window. For example it is BDO OWF loan. Unfortunately, the distribution of banks is quite uneven throughout the Philippines. OFW bank loan requirements in the Philippines are difficult for many applicants. One may get an easy OFW loan from a co maker in Manila through banks, but not in other areas. The stringent eligibility criteria, lengthy processing time, and low approval rates make an OFW hostile towards banks for their immediate financial requirements.
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Lending Companies for OFW loan in the Philippines
The private lenders with their flexible loan criteria, minimal documentation requirements, short processing time, and high loan approval rates, make an irresistible option for an OFW for their financial needs. The majority of the lending companies for legit OFW loans without co-borrower operate through online mode. They rarely use credit history to gauge the credit worthiness of a borrower.
Similarly, their definitions of jobs are much broader than banks. If you have a regular income, the lenders will give you OFW quick cash loan online. Your additional income outside your employment, such as the sari-sari shop or rent, will also be considered while deciding the loan amount. You can easily choose the best loan app for OFW Philippines
OFW loan in OWWA
OWWA, in collaboration with various banks, offers affordable, feature-rich, and easily accessible loans for OFW abroad with minimal procedures.The OWWA loan for OFW 2023 is offered to current OWWA members who are also certified as OFW. They must first obtain this certificate as they will submit it to the bank as part of the requirements.
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Who is Eligible to Apply for OFW Loans?
The loan eligibility varies with each company. But the essential eligibility criteria are the following:
- The applicant should be a Filipino citizen;
- The minimum age for the borrower is 21 years;
- The age shouldn’t exceed 65 years upon loan maturity;
- The applicant should be working abroad with an active employment agreement;
- First time OFWs with no initial capital or funds can apply for the loan too;
- The applicant should have an immediate family member, spouse, parents, siblings, or children as co-borrower;
- The loan amount depends on your salary and expenses.
Some of the loans require a co-borrower, and the eligibility criteria for the co-borrower are given below:
- The co-borrower should be a Filipino citizen within the age group of 21-59 years old;
- The co-borrower should be an immediate relative of the OFW;
- The co-borrower should have a regular source of income.
- OFW Loan Requirements
The essential documents one has to submit for an OFW loan are the following:
- Proof of identity, employment, and compensation;
- At least, two valid IDs – OWWA ID, Seaman’s book;
- Consularized employment;
- Copy of visa;
- POEA Overseas Employment Certificate;
- Plane ticket;
- Proof of residency under the name of the borrower;
- Proof of remittance;
- For seafarers – the latest crew contract;
- Proof of billing.
The co-borrower eligibility requirement are the following:
- Payslip for the last three months;
- Certificate of employment;
- If not employed – the copy of business permit like DTI (4);
- Two valid IDs and photos;
- Proof of billing and relationship with the borrower.
How Can a Filipino Employee Get a Loan Abroad?
The OFW online loan application and approval process are quite simple and straightforward. The majority of the banks or lenders accept applications through an online portal and offer OFW loan 1-day processing. The first step is the submission of the application. One can use the online or offline mode of application as per the availability.
Once a duly filled application with the supportive documents is submitted, the lender will scrutinize it and decide within a few hours or days. Some categories of loans for OFW in the Philippines such as seafarer loans require your physical verification. In that case, you may need to present yourself before the lending agency. After the loan approval, the fund will reach you within a few hours.
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Digido Reviews
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Jian
Very reliable and fast approval. It helps a lot.
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Niyell
Customer Service agents are courteous and polite. They extend assistance to resolve issues.
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Edcel
Digido is superb to the point of acing clients or customer needs for loan. The free choose of how many days you can pay and the payment extension is beyond compare. Although the interest is quite high but it will really compensate fast-pacing response. The agent were very responding and accomodating! I love Digido, Happy Chinese New Year ❤️
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Reymart
Nice app, you can have your loan in an instant and great thing taht your first loan dont have a charge
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Jessica
Digido you saved my husband life. When i need the money the most, for hospital. Thank you.
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Hence, users are enjoined to exercise appropriate diligence in using the data and information published in the website, and they are urged to study and compare it with other credible sources. Users understand that the writers, publisher, website owner and the Corporation are not liable for any damage or injury they sustained for their wrongful or erroneous use of the data or information written in the article and published in the website.
FAQ
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Where can I get a loan for OFW?
Look at the offer of major banks, such as BDO, PsBank. Also look at government loan programs.
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Can OFW apply for SSS loan?
Yes, if the borrower meets several requirements, which are detailed on the SSS website.
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How can I get Pag Ibig loan for OFW?
Visit your nearest Pag - IBIG office for a loan consultation. Fill out the necessary loan application forms. Submit your requirements and wait for a response.
Authors
Joshua Morales is the head of Customer Care Dept. and Online Sales Dept. of Digido Finance Corp. creating articles, blogs, and other learning mediums that helps Filipinos struggling on their financial literacy. Joshua also loves Cycling, Photography, Cinematography, Online gaming, Fine Arts, and dreams of becoming a Doctor of Veterinary Medicine.
Mark Anthony is, the Finance and Accounting Manager. of Digido Finance Corp., monitoring and controlling the flow of cash that comes in and out of the company to meet the company’s business needs, preparing the financial reports and analysis of income and expenses, and monitoring tax compliance.
Digido Reviews
-
Jian
Very reliable and fast approval. It helps a lot.
-
Niyell
Customer Service agents are courteous and polite. They extend assistance to resolve issues.
-
Edcel
Digido is superb to the point of acing clients or customer needs for loan. The free choose of how many days you can pay and the payment extension is beyond compare. Although the interest is quite high but it will really compensate fast-pacing response. The agent were very responding and accomodating! I love Digido, Happy Chinese New Year ❤️
-
Reymart
Nice app, you can have your loan in an instant and great thing taht your first loan dont have a charge
-
Jessica
Digido you saved my husband life. When i need the money the most, for hospital. Thank you.
Submit review
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