Basic Qualification Requirements:
- Must be Filipino Citizen
- Between the age of 21 to 59 years old upon loan maturity. 60 years old and above must possess SPA (Special Power of Attorney)
- Legitimate contact numbers (this will be checked)
- Documented source of income
- With available co-borrower (must be immediate family member)
- Completely filled up application form
- POEA validated latest contract
- OEC (overseas employment certificate)
- Latest and updated valid passport
- 2 valid primary IDs (government issued ID's)
- Water or electric bill - (doesn't have to be under borrower's name but must have same address as 2 valid primary IDs
- [if Balik Manggagawa] provide all BM docs
Since the OFW Cash Loan we offer is a non-secured and non-collateral loan, each OFW cash loan applicant is required to have a co-maker who can submit the following documentary requirements:
- Latest original electric or water bill if not living in the same house with OFW applicant
- 2 valid primary I.D.'s
- If not immediate family member, co-borrower must provide proof of regular income (may come from business/remittance/regular job/property for rent, etc.)
Loan Interview Tips
For your OFW cash loan to be approved, we have posted below some tips about things you should and should not disclose during your OFW cash loan interview:
- Never tell the interviewer any unnecessary excessive expenses you made and never disclose any of your properties that are under a mortgage.
- Never disclose to the lending company or even put in your loan application form if you have a relative or friend that is, with the military, with the PNP, the media, in politics, or even a friend who is a lawyer.
- If possible, declare as many sources of income as you can but make sure that you can back it up with the proper documents.
Loanable amount and monthly interest rate
For the OFW cash loan we offer, the interest rate is 2.5% monthly add-on and the maximum amount of loan that may be approved is as much as 200% of the basic salary of the OFW as specified on the OFW's contract. For the processing of your OFW cash loan, it will only take a maximum of 3 days and 1 day being the fastest provided the loan applicant and co-borrower have the complete and correct set of documents required by the lending company.
firstname.lastname@example.org. We are looking forward to assisting you on your OFW Cash Loan application.