If you are interested in what is OFW loan and don’t know where to start and what to do, you came to the right address. In this article, we are going to consider the sequence of the necessary steps to get this loan.
Probably, the majority of people related to the sea have already heard about the Overseas Filipino Workers loan or as everyone calls it – OFW loan. But unfortunately, it’s not enough just to know that such loan exists. There are many important aspects and peculiarities that should be noted when applying for the loan. We created this article to clarify the main moments of getting this loan and the necessary documents that should be collected. Our team hopes that you will find answers to all your questions here. Let’s go!
Can I get the OFW loan?
Overseas Filipino Workers loans are well-known because of their “soft” conditions in comparison with all other types of loans available nowadays. However, you shouldn’t think that there is nothing special to get it. As for any other loan, there are some special requirements for the applicants. As a rule, the OFW loan requirements vary from one lender to another but there is a certain set of requirements that are similar in all banks. Let’s see what they are:
- First of all, age. You have to be older than twenty-one and younger than sixty to get this type of loan. Otherwise, you will be rejected.
- Proofs of your employment. We think it’s obvious that each lender needs some kind of proofs that you work officially, get the regular salary, and after the expiration of your contract, you are going to return home. Providing lenders with such documents as Employment Contract or Employment Certificate you prove that you will be able to pay the loan.
- Your identity documents. Among the documents that are similar for all the banks, you will definitely find the passport and the ID (government issued).
- Visa. Each seaman when applying for OFW loan Philippines has to provide the Seaman’s Book or working Visa.
- Payslip. Payslips for a certain time period should also be sent to the lender when applying for the loan.
- Application form. The competently filled application form is one of the most important documents that should be given to a lender when you want to get the loan for OFW.
So, if you have all the mentioned documents and your age is between twenty-one and sixty years you can apply for OFW cash loan without any doubts. Where to apply? Read our next paragraph!
Which bank to choose for the OFW loan?
If you decided to apply for the OFW loan in Philippines and fit all the major requirements it’s time to choose a reliable bank. Among all the Philippine banks there are three that remain at the top for many years already. Among them are Bank of the Philippine Islands (BPI), Security Bank, and BDO Unibank (BDO). These banks are considered the most reliable and their requirements and conditions are fully transparent. Let’s consider each of them separately.
- Security Bank. This bank offers OFW loans for seafarers with the work experience of minimum two years and the salary of 40000 (for home-loans type) – 50000 pesos (for auto-loans type).
- Bank of the Philippine Islands (BPI). You can apply for the BPI OFW loan in case of monthly salary 30000 pesos and with at least two years of work experience. In addition to this, your age should be between twenty-one and sixty years.
- BDO Unibank (BDO). To apply for the BDO OFW loan you also have to earn at least 50000 pesos, have two years of work experience and be older than twenty-five years. However, if you are going to apply for the auto-type loan, the salary of 10000 pesos will be enough to get it. The maximal age of getting this loan in the BDO is sixty-five years.
It’s absolutely up to you which bank to choose to apply for the OFW loan, these banks are just the recommendation due to their high level of reliability which is proven over the years. So, if you still haven’t decided where to loan money for OFW consider these banks, compare them with others, and make you final well thought out choice.
Main purposes for OFW loans
So, you decided to apply for OFW loan, chose the most reliable bank for you, what next? The next step for each applicant is to decide on what is the main reason for you to take this loan. Each bank offers several purposes the OFW loan can serve for. Among them are business, education, emergency cases, vacation, and consolidation of debts. Let’s consider the main peculiarities of each of these types separately.
Emergency cases. This is probably the main situation when you need money as soon as it’s possible. For cases when you or your closest ones need help, banks provide fast applications that can be filled online around-the-clock.
Vacation. OFW loans can be also provided for the workers who need funding for their vacations. The main advantage of such loans is that you can relax after the hard work without any worrying about your budget.
Education. The majority of workers try to do their best to help children get a good education. OFW loans can be given to help the seamen’s children achieve their educational goals and find their place in this world.
Business. If you are going to start your new business or to put the existing one on the higher level, you can apply for the OFW business loan. This loan type can provide you with the necessary money amount for your business purposes.
Consolidation of debts. If you are fed up with the constant worrying about your debts payments, you are able to apply for this loan type and significantly eliminate all your debts. With this loan, all the financial goals can be achieved much faster.
As a conclusion to this article, we want you to note that you need to perform three main steps to get the loan for OFW. Decide whether you fit the requirements, choose the reliable bank, and choose the loan type. This is the answer to the question of how to apply OFW loan. Three steps and you reach your financial goal. Fast, easily, and without lots of paperwork. Your goal is closer than it seems.