OFW Loans Reviewed: We Found the Best OFW Loan Options So You Don't Have To

Are you interested on acquiring an OFW loan? 
More than 300,000 Filipino workers are deployed annually to other countries since 2010. With the hardship people are facing in our nation, we can't blame our fellowmen to become OFWs with the hopes of lifting their families from poverty, quickly earning the money needed to build a house or owning a big business in the Philippines someday.

But despite the fact that OFWs are earning a lot more than their local counterparts, there are still some who  are in need of some cash at some point. While some may be due to the mismanagement of personal finances, others could be due to family emergencies and other unexpected expenses.

What Choices Do OFWs Have?

During tough times, OFWs can seek help from lenders, but choices are limited and often come with tough terms that could possibly drown the borrower in debt sooner or later. These options include major banks and the notorious 5/6 scheme.

But don't worry! Loansolutions is here to assist every cash-strapped Filipino anywhere in the world in finding the most suitable financial assistance agreement.

Loansolutions is an online platform that lets you find OFW loans or any other loans quickly and effortlessly. You don't even have to knock on every lender's door because the people behind the company will handle the arduous tasks of finding the most suitable deal based on your situation. In short, you won't have to waste your time analysing loan options that are not applicable to you in the end.

With the company's loan consultancy services, you can also get financing deals that you'll never thought is available for you. You won't also have to worry about loan sharks because Loansolutions have a large network of partners which include major lending companies and banks. And most of all, Loansolutions make it their mission to eliminate the treacherous "five-six" financing scheme that cripples a lot of Filipinos who are on shoestring budget these days.

Do You Have These OFW Problems?

There are several OFW problems that Loansolutions can solve such as:

• Family emergencies. With the right loans through the help of Loansolutions, you can have peace of mind knowing that you can get the cash you need to pay for emergencies such as the medical needs of a family member back home.
• The long wait to achieving life goals. Whether it's to build your dream house or to start a business in the Philippines, loans can help you make that quick start to realizing your dreams.
• No time to evaluate available loan options. You may not have the time to go from one lender to another because of your work. Also, when done in a hurry, you can sacrifice your chance of making a well-informed decision and end up with a financing deal that hurts your budget later on. With Loansolutions, everything is done online so you can have extra time to do the more important things. 
• Fear of rejection. It can be depressing to get rejected by potential lenders just because you don't meet their high-standard requirements. Through Loansolutions, you eliminate or at least minimize facing these rejections so that the process of getting financial assistance can't be traumatic in the long run.

Here’s How Loansolutions Works

So how does Loansolutions work and what are the advantages?

• Searching for loan is easy. All you have to do is visit the website, fill out the information needed and register to create a borrower profile account.
• Pre-qualification process in as fast as 3 minutes. The website employs an advanced automated matching system that compares your qualifications to potential lenders quickly.
• Loan advisors to assist you. Within 24 hours, an advisor will coordinate with you and help you get through the process.
• Convenient communication channels. Stay on top of your loan application by checking your account. You can also get updates through SMS, call or email for your advisor.

Are You Qualified?

 

Migrant Filipino workers with the appropriate work documents can apply for loans when needed. Specifically, these types of OFWs are qualified:

·       Pinoys working abroad aka Migrant. Whether it's for emergency payments or for the family back home, OFWs with active contracts and are still abroad can apply for an OFW loan to have the much-needed funds.

·       Balik Mangagawa. Those who want to go back overseas but don't have enough funds to process their documents or to pay for flights can also avail of OFW loans available to them.

·       First Time OFW. As long as you have authentic documentation such as invitation from an employer and a valid contract, individuals who will be working abroad for the first time has the chance to obtain the financing they require.

What Are The Requirements And Why Are They Required?

There are different requirements for applying loans from banks and lending companies offered to OFW. Here are the most basic ones:

1.  Must be between 21 to 65 years old. This age range will give lenders peace of mind that you are emotionally and physically capable of fully repaying what you owe.

2.  Must be working overseas for the past 2 years or have a standing contract good for at least 2 years. Lenders will also be at ease knowing that you have a stable source of regular income.

3.  Income should be at least 50% of the expected monthly loan repayment. This is technically a calculation of your debt to income ratio (DTI) to determine if your monthly income is sufficient to pay for your personal necessities as well as the obligatory monthly loan repayments owed.

Documentary requirements for loan application include the following:

• Completely filled-out loan application form at www.loansolutions.ph
• Valid ID issued by the government, such as SSS or Postal ID.
• Special power of attorney (SPA), if processed through a representative. This must be authenticated by the embassy. The attorney and the co-borrower should be based in the Philippines
• Proof of employment with validation by the Philippine Embassy or Consul. These include authenticated pay slips, work contract and/or certificate of employment.
• Certified statement of expenses and income. This will help calculate your DTI ratio to determine your creditworthiness. The lenders may be able to provide you with a form or a sample.
• Proof of remittances, preferably in the past 3 months. You may also want to secure your bank statements.
• Beneficiary information form.

Why You Need A Co-borrower?

For most lenders, offering loans to OFWs has a high risk considering the many uncertainties that could affect the worker’s employment such as foreign policy changes as well as possible political tension and natural calamities in the country of work. They are even more hesitant to provide the funds if the loan is without collateral or is unsecured.

Thus, you will need at least one co-borrower to increase your chances of having your loan application approved and your money quickly released. Having a co-borrower will essentially give lenders a guarantee that they have someone to check on in case you (the principal borrower) miss your payments.

Ask a direct relative to serve as your co-borrower especially if he has good credit history and dependable income sources.  

Your Loan Solutions For Every Financing Need

Loansolutions is not just your typical loan comparison and calculator tools website. It is an online loan platform that offers an end to end solution from hassle free application in 3 minutes, quick loan matching of your qualifications to potential lenders so you won't have to wait long. It also has professional loan advisors who will apply for a loan on your behalf by processing your requirements to matched banks and financial institutions. Simply put, Loansolutions will be there to help you through the entire process from start to finish or until you get your loan.

Don't let your fear of rejection prevent you from getting the funds you need. Whether you want to start a business or materialize your dream home, visit Loansolutions right away to know your options. Stop wondering if you're qualified to get a loan. Loansolutions is here to provide you with quick answers and quicker solution, and if you don’t qualify to get funds from top lenders, the company has a massive network to find alternatives for you.

Visit their website at www.loansolutions.ph/ofw-loan to get started. 

©2016 THOUGHTSKOTO