OFW Loan - Overseas Workers (1.3%) Low Interest Credit

You Qualify If:

1. For Pinoys About to Go Abroad - You must have at least 20K salary. Also applies for DH OFW and other rank and file positions.
   
2. For OFWs and Migrants Already Abroad - (currently open) You must have at least 35K salary for skilled and professionals and those living and already working abroad as migrant, citizen or OFW with working visa. OFW must provide proof of remittance to an immediate family or relative or spouse with minimum of 10k per month for latest 3 months.

(currently closed open October 10, 2017) Since Pinoys working abroad (balikbayad) (balik manggagawa) find it hard to apply in OWWA for OFW loan assistance program without collateral, many private lending companies found a way to make this loan easier to apply and qualify for. Banks like BPI, BDO, Security Bank etc. have done the same although the only difference is that private lenders take less time to process the application up to the approval of the loan. Banks also cannot currently accept migrant workers, residents and citizens with regular job abroad.

Requirements as well as pre-qualification is now available online and inquiries are even within reach for interested borrowers who have fast communication medium such as Viber, FB Messenger, roaming number, IMO, Whatsapp, Google Hangouts, Skype or Line etc. Application form may be filled up online too. via our online form below.

How to Pre-Qualify to Apply for OFW Loan in the Philippines

Here at Fast Loan Philippines, we always make sure that clients undergo pre-qualification. This is done through a series of questions in an interview. It helps us and our clients stay away from wasting precious time, effort and money only to find out they can't qualify at all.

Be ready to consider some important aspects that we will be asking about. Don't worry, no need to prepare, just answer us as we ask questions to help us know if you can possibly be approved of your loan application with our lending providers.

10 Factors Affecting Qualification

1. Country destination (negative or delinquent countries are subject for approval)
   
2. Salary stated in the contract (at least 20K for DH, skilled and professional OFW workers and 35k for residents or citizenship holders with regular job)
   
3. Completeness and correctness of requirements on hand (fake requirements automatically declined)
   
4. Departure date (must be 15 days before departure upon loan application)
   
5. Willingness to spare time for the application and patience to allow the process to progress based from lending prerogatives and policies
   
6. Residence location and status (own house or rented allowed) (negative area residence is subject for approval)
   
7. Availability of a co-borrower or co-maker is a must
   
8. (currently open) For migrants or residents with work, must have either Viber, Roaming Number, Whatsapp, Facebook Messenger, Google Hangouts Chat, IMO video and chat and other available communication for personal live interview
9. Migrants and citizens (currently open) - at least 2 months proof of remittance is a must - this can be from Philippines (received receipt) or from abroad (bank statement or receipt of remittance)
10. Expired documents such as passport, visa (residence / working), iqama, COE, contract, OEC etc is not allowed
    

10 Major OFW Loan Requirements

Here is a checklist of the basic documentary requirements. Prior to having them all photocopied in advance, it is suggested that you pre-qualify with me. Submit only complete documents for fast processing, approval and release of your OFW loan. Call me now ASAP so you won't be wasting money and time.

1. Completely filled up application form. Download H E R E.
2. POEA validated latest contract
3. OEC (overseas employment certificate)
4. Latest and updated / valid passport
5. e-ticket (only for OFW about to go abroad) (no need for migrants and citizens)
   
6. visa
   
7. 2 valid primary IDs
   
8. Water or electric bill - (don't have to be under borrower's name)
9. Co-borrower (immediate family member) (see list above)
   
10. [if balik manggagawa] provide all BM docs + return airline ticket or eticket
    

Pinoy Abroad OFW Loan Requirements

Borrower Requirements: (currently open)

1. COE or job contract from COMPANY or salary certificate
   
2. OEC (overseas employment certificate (if meron)
3. Latest and updated / valid passport
4. page ng passport with stamp on last arrival to country of destination
   
5. visa
6. 3 months latest proof of remittance to Philippines (remittance receipts or 3 months latest payslip from your company)
   
7. 2 valid primary IDs - company ID and Philippine ID (pwede SSS or voter's ID or any Phil ID)
   
8. Water or electric bill in Philippines residence ng OFW - (doesn't have to be under borrower's name but must have same address as 2 valid primary IDs
9. Co-borrower spouse or immediate family member (kapatid or parent or anak or common law spouse)

Coborrower Requirements:

• 2 valid primary IDs ng coborrower
• marriage contract kung wife and birth cert ng OFW at anak or kapatid kung anak or kapatid ang coborrower
• 3 months latest remittance receipts of 3 months bank statement if sa bank pumapasok ang remittance
• YOUR mobile number or Viber number and landline so we can call you for particulars
• OFW Viber number or FB Messenger / Skype ID for live questioning / interview with OFW

How Much Interest Rate?

Promo = Processing Fee Only 5% instead of 9.9% Before

Sample loan calculator computation including monthly amortization payment. Now only 1.3% instead of last year's 2.49% interest rate. This is only a sample computation and is not a precise final figure for all applicants. Lowest possible interest rates apply with us here being your professional and qualified Pinoy loan consultants.

Compare Private Lending OWWA and Banks

Different banks have offered OFW loan now in response to demand in growth of overseas Filipino workers looking to apply for loan to use either for personal, family, placement fee and other purposes.

• Private Vs BDO
• Private Vs BPI
• Private Vs Landbank
• Private Vs PSBank
• Private Vs FCB
• Private Vs Chinabank
• Private Vs East West Bank
• Private Vs OWWA

OFW Loan Payment Terms

3 months - 12 months is the actual loan payment term in lending for OFW by private companies. There is flexibility with this personal loan for Pinoys abroad so payment as duration may depend upon the stated employment contract of the overseas Filipino worker. 1 month grace period is applied. Payment is thru remittance centers only for 300K loan and below. In this case, a checking account is no longer required. for more than 300k loans, PDC is a must but may be waived on a case to case basis.

If interested to apply, please fill up our loan application form above. We will call you as soon as we receive your details in our email.

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