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Heard of any offer for OFW loan in the Philippines? I must admit there are so many types of overseas worker personal loans being offered by different lenders, private loan companies and banks but what security do you get out of them? In this case of lack of information, you may instead get the fast cash loan handover with the lowest interest rate possible. For starters, you can get BDO OFW loan instead through their Asenso Kabayan Program. You may see more details about this cash credit extended to OFWs below including its payment terms, requirements, mode of payment or how to pay for the loan and the latest promo offers.
The personal OFW Loan is a multi-purpose, non-collateral loan for individuals who had a fixed source of income through salary stated in their employment contract. This type of lending system in the Philippines is paid through monthly amortization at a fixed interest rate and period depending upon the contract term of the borrower. This credit system employs and uses the same principle as that of the payday loan in the United States and United Kingdom. The only difference is that with the OFW loan, the worker is destined to work outside of the country so the risk of lending companies not getting paid is much higher compared to the regular salary loan (otherwise known as the payday loan).
With this type of loan for overseas Filipino worker you can get a total loanable amount of Php 20K minimum and Php 500K maximum but this year 2015, lending companies vying to compete for this industry will possibly make more terms affordable and loanable amounts much higher like for example Global Dominion and Asialink Finance who have both made their offer better with a total loanable amount of up to 200% of the contract salary of the overseas worker.
Call me to apply for OFW Seaman Loan – Sam Casuncad (loan consultant) (home phone: 366 36 45) or (Sun Cellular No 0932 – 872 5532) / (Globe Cellular No 0917 – 5019245) / (Smart Cellular No 0939 – 9269335). You may also email me at firstname.lastname@example.org for any questions and inquiries.
- POEA-validated contract of employment of OFW info sheet or Balik Manggagawa documents
- Passport, E-receipt, visa and plane ticket
- Contract salary must be at least 25K in peso to qualify
- 2 primary valid IDs
- Electric (MERALCO) or water (MWSS) bill ONLY (no need to be under your name but must have same address as valid IDS)
Loan Interest Rate:
5% monthly add on
11 Major OFW Loan Purposes:
- Tuition/ Education
- Emergencies (medical, memorial,etc.)
- Appliances/Furniture/Electronic Gadgets
- Special Events (weddings, anniversaries, etc.)
- Balance Transfer/Debt Consolidation
- Buying stuff for OFW departure preparation
- Personal Investments (business, insurance, etc.)
- Car Repairs/Upgrades
- House Renovation/Upgrades
- Lot Down Payment
Fixed Monthly Payments means that you will pay the same amount of amortization every month. The terms of payment available are from within flexible payment terms as listed below:
- 6 months
- 12 months
- 18 months
- 24 months
- 36 months
There is only one way to pay for this type of loan offer and that is through issuance of post-dated checks on a monthly basis. This means that borrowers with own checking account will get the advantage of faster loan approval and release of cash. Don’t worry, if you don’t have any, the bank will give you a referral. All you have to do is to prepare for the initial deposit amount required to open your own checking account.
(credits to BDO.com.ph for the OFW loan information above) With this type of loan, approval is as if you are just out to make your SSS loan inquiry. If you want to know more about this loan, please visit bdo.com.ph now!
You may also see more details for overseas Filipino worker loan.
Other Types of Loans Offered:
- Seaman Loan
- Car Loan Without Taking Your Car (Original OR CR Only)
- Taxi Collateral Loan
- Truck Collateral Loan
- Tricycle Collateral Loan
- House and Lot Collateral Loan
- Doctor’s Loan
- Second Hand Car Financing
- PUJ or Jeepney Loan
- Business Loan
- Salary Loan (Personal Loan for Employed Regular Workers)