Finding A Reliable Partner In Any OFW Loan Program
An OFW loan program can be your steady partner in providing for the needs of your family as you toil in a foreign land.
There are many financial institutions that offer special loan packages and other financial aids tailor fit to your needs and qualifications as a foreign contract worker or OFW.
It Is Never Easy Working Abroad
Yes, it is never easy working abroad. After all, you uproot yourself and separate from your family, friends and loved ones.
But many people risk loneliness and anxiety brought about by such a separation in order 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 Beyond What The Salary Can Afford
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 arise.
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 cash. Worse, the amount can sometimes be beyond the means of the OFW!
Whatever the cause or reason, the bottomline is money is needed.
During such trying times, it is good to know that select lending institutions provide an OFW loan program you can avail of.
Common Requirements For An OFW Loan Program
The minimum requirements to avail of any OFW loan program is that the borrower must be a Filipino citizen and working abroad.
He or she must be 21-59 years of age upon the maturity of the loan. And if the borrower is 60 years old and older, a Special Power of Attorney will be required.
Naturally, contact numbers and other relevant details must be provided. A co-maker might be needed, too,unless otherwise specified.
OFW Loan Program – A Lifesaver!
An OFW loan program is extended to any Filipino working abroad by various financial or lending institutions.
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.
The Timelines In As Far As An OFW Loan Program Is Concerned
Processing depends on the kind of OFW loan program you are availing of.
Interest rates also vary and are often determined by your earning capacity, capability to pay, and the duration of the program.