These OFW loan offers are only available for Filipino Workers working overseas or about to start their journey to another country. Mainly, these loans are for a house based, car, personal, bank or personal loan sanctioned on special conditions and terms that would suit the needs of Filipino workers and their families.
Only people with appropriate working documents are eligible to apply, especially those who are qualified as PINOYS and currently working abroad, Balik Mangagawa, and the OFW’s who are first timers.
OFW’s can apply for this loan being stationed in any country of the world, but the approval depends upon the establishment of the bank and the assessment of your credibility. Here are few valid approvable reasons that OFW apply for a personal loan in the Philippines.
- To Acquire a Home
Money sanctioned under this section can be used for supporting your family, back at home and for making emergency payments. OFW’s having active contract can apply for this loan when in need and can even use this money to start your own business or to enjoy a vacation at home.
- To Purchase Your New Car
It is similar to housing loan, it is sanctioned based on your credibility and can be used to avail benefits of buying a new car on loan but in the Philippines. Under certain conditions that vary with the banks, these loans are country specific, which is available for OFW’s working in countries like Saudi Arabia and Hong Kong.
- To Start A New Business Or To Grow The Ongoing One
You cannot become self-sufficient by working for your boss. Therefore, you always have to run a small business in spare times. If you are one of them and are very enthusiastic to grow or to start your business, you should apply for this loan. You can even ask for your family to run it when you are overseas. For the one with ongoing business, it can be used as an additional capital investment to expand and improve the business.
- To Pay For Your Flights Or To Process Your Work Docs
You can seek for this assistance to pay for your plane tickets or to process your work docs. Plane tickets can only be bought to travel to the country where you are stationed. And if you are on leave or re-hire status, you can use it to travel back to home country.
- To Come Back Home And Start A New Life
Well, by applying to this category you are applying for a business loan. It can be used by the overseas workers who are willing to return to home and start a new livelihood by starting their own new business.
- For Emergency Or Personal Matters
Few banks offer loans for salaried workers for personal matters like school fees for children, medical emergency and for going on a vacation.
Get more information on OFW personal loan in the Philippines here. Stay tuned with us!