OFW Loan Assistance – Your Quick Solution To Money Woes
It is never easy working abroad. After all, you uproot yourself and separate from your family, friends and loved ones.
But many people take the risk due to the need to earn an income decent enough to provide for the family’s needs.
It might be safe to say then, that the upsides and downsides of being an overseas Filipino worker (OFW) balance each other out.
Money Needs That Are Immediate
Unfortunately though, despite sending money to the family back home in the Philippines on a regular basis, there will always be instances when financial difficulties will hit.
A loved one can get seriously sick, or the family’s only means of transport will need substantial repairs, or the family home needs to be renovated. All these, and other unforeseen problems, will require immediate cash.
Whatever the cause or reason, the bottomline is money is needed – right away.
During such trying times, it is good to know that select lending institutions provide OFW loan assistance.
OFW Loan Assistance – Lifesaver!
OFW loan assistance is extended to Filipinos working abroad by various financial or lending institutions.
Any bonafide OFW can avail of this so long as he or she meets certain criteria and accepts defined parameters and policies.
The Basics In Order To Avail Of OFW Loan Assistance
Usually, as the principal and OFW, you will be asked to submit the following: a valid identification card; picture sized 2×2; original Proof of Billing; Contract of Employment; Certificate of Employment; POEA Information Sheet; Visa to the country where you are employed; Passport; OEC/E-receipt.
There are some lending companies that do not require you to submit the Contract of Employment, the Certificate of Employment and the POEA Information Sheet all together; any of the three will suffice.
As for the Proof of Billing, if the utility bills are not under your name, you will be asked to submit proof of residency.
Proof of residency can be in the form of valid IDs with address or proof of remittance.
Loan companies also impose a salary ceiling. The salary ceiling could be in the vicinity of Php15,000.
Other Musts To Avail Of An OFW Loan Assistance
Under this kind of financial arrangement, you , as the borrower, will might be asked to open an PDC or a Joint Account with a co-borrower.
Your spouse or an additional co-borrower may also be required by the lending institution.
The Timelines In As Far As An OFW Loan Assistance Is Concerned
Normally, an OFW Loan Assistance is processed within the day or 24 hours. Thus, pressing money needs will be promptly addressed.
Interest rates may also be either 1.5% per month or 3.75% – as a borrower, you may select a rate package depending on your needs and capability to pay.
Paying off said loan often takes three to 12 months.