Is it not easy working abroad or is it not? Above all, you root out yourself and stay separated from the family, loved ones and friends. Still, people take the risk because of the need of earning a decent income to provide their families’ needs.
Unluckily though, apart from sending money back home in the Philippines on a regular basis, there are going to be times when the financial crisis will hit. Whatever the reason or cause, bottom-line is that you need money right at the moment.
During such times, you would be glad to know that there are some lending institutions which provide OWF Loan Assistance. No matter which economic classes you belong to or wherever you work; there is one thing for sure that you’re playing an important role to strengthen the Philippine economy.
Here I have mentioned the basics and everything that is needed to be learned about OFW Loan in the Philippines:
OWF Loan Eligibility and Requirements
OWF loans are more compassionate than compared to other loans proposed by lenders. But, it does not mean that anyone can apply for it. Well requirements vary as the lender changes, below mentioned are the basic eligibility criteria:
- You should be at least 21 years old when you are applying for the loan and 60 at when the loan matures.
- Latest Employment Contract, Employment Certificate.
- Seaman’s Book or Working Visa
- One or more ID issued by the government.
- Loan Application form
Available Loan Facilities
You can apply for different loan facilitates, depending on the needs. You may apply for the following:
- Home Loans, for improvement, construction or purchase of the dream house.
- Auto or car loan to purchase previously owned or new vehicle.
- Personal Loan which lets you use funds for your reasons.
- Business Loan, to put your business up financially.
Reasons to take an OFW Loan
There are many good reasons why you should be applying for this OFW loan. It includes:
- Financial Assistance – OFW loans can extend the financial assistance in times of emergencies; even if you are not in the country. It can aid OFW families so that they do not face hard times living in the country.
- Pre-Deployment of Loan – Whether you have the existing contract of employment or not, this won’t automatically guarantee the plane ticket to your favorite destination country. This loan is completely worry-free financially, and it is extended on ticket bookings as well.
- Emergency Budget – Despite the financial assistance, these OFW loans in the Philippines are used to cover your family and you in times of emergencies.
- Business Opportunity – The financial institutions and the government require OFWs applicants to have the stable and sustainable source of the income. They want to encourage entrepreneurship.
OFW loan assistance is your life-saver, aren’t they? But above this all, please make sure that the personal loan lenders in the Philippines that you take a loan from are trustworthy and legitimate. Comment your query in the below section if any.