What is an OFW Loan?

An OFW Loan is a form of assistance that is given to expenses that are linked with Overseas Filipino Workers (OFWs). OFW processing-related expenses for former and current OFWs. It can also be used by OFW dependents if they need additional income in case the support they receive from the OFW is delayed. 

What Can I Do With an OFW Loan? 

With an OFW loan, you can choose to do many things. 

First and foremost, an OFW loan allows you to financially support yourself and your family. You can pay for your monthly bills and other expenses. 

Another course of action you can take with your OFW loan is to set up a business. This can be a small business – which can empower you and allow you freedom of time and great personal development. 

A third option that you can do with an OFW loan is to make an investment purchase. These purchases are expensive. They can also be considered investments due to their high quality and price. These purchases can range from gadgets such as personal computers and laptops to transportation such as motorcycles, trucks, or even a van. Sometimes, these purchases can even go up to a house. 

Depending on your purchase, you can find a financial institution that can give you a great deal for a loan tailored to your purchase. 

What Are the Benefits Of an OFW Loan? 

The benefits of an OFW Loan include the following:

• You can pay your loan off in the method that is most convenient for you to use
• You will get your loan money in full
• You can decide how you can receive your loan money
• Quick approval
• Fast and online application 
• It will help you support yourself and your family 

What Are the Requirements of an OFW Loan?

Generally, the requirements of an OFW include your passport, the electric bill of your Philippine residence (ranging to 3 months), your airline ticket, and the age requirement. The age requirement of an OFW loan ranges from 18-65 years old. 

The requirements of an OFW loan depend on where you are based as an OFW. For sea-based OFWs, you need the following: seaman’s book, Seafarer’s Registration Certificate (SRC), Overseas Employment Certificate (OEC), and Overseas Employment Contract in English, in addition to the age requirement, your airline ticket, passport, and electric bill. 

If you are a land-based OFW, then you only need your passport, the electric bill of your Philippine residence (ranging to 3 months), your airline ticket, and the age requirement. 

To obtain an OFW loan if you are an OFW dependent, you need the following: your latest three months remit slip, proof of relationship (marriage certificate or birth certificate) and two valid IDs of dependent, and one valid ID of OFW. Lastly, the industry where the OFW is currently employed needs to be unaffected by Covid-19 and is not subject to repatriation. 

Where Can I Get an OFW Loan?

You can get an OFW loan from financial institutions such as banks and other organizations. The place from where you will get your OFW loan will also depend on how you want to use your OFW loan. 

You can get an OFW loan in several places, including banks and PAG-IBIG, Social Securities Services, and other financial institutions. 

Conclusion

An OFW loan can offer you plenty of opportunities. Depending on the purpose of your loan and how you wish to spend it, there are plenty of options that are available to you. 

Author’s Bio:

Frank is an energetic salesman. On his free days, he spends his time writing and reading about financial plans and educational loans to help the parents and the next generation gain more insight about multiple educational opportunities.