Requirements for your OFW Loan
Now that you have travelled, worked and lived overseas you will know that it is not just Filipino banks that have strict rules about everything. If you are considering applying for a OFW loan you will find the basic requirements below:
Working Overseas but Need a Loan
The requirements listed here in this article are of a general nature; which means they will be a good guide for you and will mostly be accurate. However, depending on which bank you apply for the loan through, some will have a small different variation for the requirements. One bank may have a minimum salary amount of equivalent to Php40,000, and the other bank may have a minimum loan amount equivalent to Php50,000.
Basic Requirements for a OFW LOAN:
- Minimum salary of equivalent Php40,000
- Authorization Letter for Beneficiary sign by OFW
- At least 25 years old at the time of application. Some banks will allow from 21 years and older (e.g. Citibank).
- No older than 65 by the time the loan will expire.
- Photocopy of two (2) valid Government Issued IDs with photo and signature
- Filled out and signed application form from the bank.
- Personal phone numbers
Other requirements to note:
If you will not be collecting the funds, the beneficiary must be residing/working within your banks serviceable areas. Some banks will require you to be a credit card holder of any bank (e.g. Citibank).
All OFW’s will still be subject to a credit background check here in the Philippines of course. The general advise is don’t expect to be given special treatment or instant approval just because you are earning foreign currency.
Philippine banks have always been and will always be strict when it comes to lending out their money, and who can blame them? You can apply for a OFW loan directly through this website and we will work with you to get approved. This is a free service.
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How much can I borrow?
You will only be approved for a OFW Loan that you can afford based on your salary and existing expenses. This depends on what your current salary is and it depends on how much you borrow.
What are my repayments?
Your repayments will be based on how much you borrow. You will be provided with a loan that you can afford to repay. You won't be approved for a loan that you can NOT afford to repay.
Is this secure & safe?
Yes. We help thousands of Pinoys get a loan each year. And we have not yet had any 1 issue reported to us. The services we provide are secure and online. Your information is cared for like it is our own.
Who are you?
We are a company based in Quezon City, Manila. We match our clients to the right lenders. So you can have the best chances of approval and the quickest turn around time. We have partnerships with the biggest banks and lenders in the Philippines.
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