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Thursday, January 25, 2018

All You Need To Know About OFW and Personal Loan




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With much eagerness to work abroad due to lack of job opportunities and inadequate salary in their homeland, Filipinos resort to availing loans for their placement fees and other job seeking-related expenses. In this regard, many private  lending companies and banks offer specific loan service designed for individuals who are going abroad for work. It is called an OFW loan. 

  OFW Loan Defined
An OFW loan is a financial assistance agreement catering to Overseas Filipino Workers currently with existing working  contract or are about to be deployed to the country where they will be working. It is technically a type of personal, car, business, house or bank loan with special terms and conditions to suit the needs of the OFWs and/or their families.

 Who Are Qualified To Avail?
OFWs with the appropriate work documents can apply for loans when needed. 

With much eagerness to work abroad due to lack of job opportunities and inadequate salary in their homeland, Filipinos resort to availing loans for their placement fees and other job seeking-related expenses. In this regard, many private lending companies and banks offer specific loan service designed for individuals who are going abroad for work. It is called an OFW loan. OFW Loan Defined An OFW loan is a financial assistance agreement catering to Overseas Filipino Workers currently with existing working contract or are about to be deployed to the country where they will be working. It is technically a type of personal, car, business, house or bank loan with special terms and conditions to suit the needs of the OFWs and/or their families. Who Are Qualified To Avail? OFWs with the appropriate work documents can apply for loans when needed. Loan Reasons That Could Be Approved Banks and financial institutions has their some unique terms and conditions as well as policies when it comes to the kind of loans they offer. Some of the valid reasons why OFW borrow money that could get approval from lending companies are as follows: —Purchasing a car —Buying a new house —For work related expenses —Starting a new business —For personal or emergency matters Sponsored Links What are the qualifications and requirements needed in applying for OFW Loan? Different loan companies and banks has various requirements and qualifications. Here are the usual qualifications and requirements needed: -Applicant has to be between 21- 65 years old/ -Must be working abroad fro at least 2 years. *For the newly deployed OFWs, you can directly ask your preferred loan provider for the requirements as it may vary from company to company. -You must submit the completed loan application form (which will be provided by the loan company). -If the loan application is done by the person other than the OFW on his/her behalf, a Special Power Of Attorney (SPA) has to be submitted. -Proof of employment duly certified by the Philippine Embassy or consulate of your host country. It may include but not limited to work contract, payslip etc.. -Certified statement of expenses and income. -Beneficiary information form Why lenders require at least one co-borrower? Having a co-borrower will essentially give lenders a guarantee that they have someone to run after in case you (the principal borrower) miss your payments. It may also increase your leverage of being approved with your loan application. There are banks and private financial company that offer OFW loans. Make sure you are dealing with legitimate ones. Read More: 10 Reasons Why Filipinos Love Canada Comparison Of Savings Account In The Philippines: Initial Deposit, Maintaining Balance And Interest Rates Per Annum Mortgage Loan: What You Need To Know Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily Did You Apply for OFW ID and Did You Receive This Email? Jobs Abroad Bound For Korea For As Much As P60k Salary Command Center For OFWs To Be Established Soon ©2018 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below

Loan Purposes That Could Be Approved

Banks and financial institutions has their some unique terms and conditions as well as policies when it comes to the kind of loans they offer. Some of the valid reasons why OFW borrow money  that could get approval from lending companies are as follows:
—Purchasing a car
—Buying a new house
—For work related expenses
—Starting a new business
—For personal or emergency matters

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With much eagerness to work abroad due to lack of job opportunities and inadequate salary in their homeland, Filipinos resort to availing loans for their placement fees and other job seeking-related expenses. In this regard, many private lending companies and banks offer specific loan service designed for individuals who are going abroad for work. It is called an OFW loan. OFW Loan Defined An OFW loan is a financial assistance agreement catering to Overseas Filipino Workers currently with existing working contract or are about to be deployed to the country where they will be working. It is technically a type of personal, car, business, house or bank loan with special terms and conditions to suit the needs of the OFWs and/or their families. Who Are Qualified To Avail? OFWs with the appropriate work documents can apply for loans when needed. Loan Reasons That Could Be Approved Banks and financial institutions has their some unique terms and conditions as well as policies when it comes to the kind of loans they offer. Some of the valid reasons why OFW borrow money that could get approval from lending companies are as follows: —Purchasing a car —Buying a new house —For work related expenses —Starting a new business —For personal or emergency matters Sponsored Links What are the qualifications and requirements needed in applying for OFW Loan? Different loan companies and banks has various requirements and qualifications. Here are the usual qualifications and requirements needed: -Applicant has to be between 21- 65 years old/ -Must be working abroad fro at least 2 years. *For the newly deployed OFWs, you can directly ask your preferred loan provider for the requirements as it may vary from company to company. -You must submit the completed loan application form (which will be provided by the loan company). -If the loan application is done by the person other than the OFW on his/her behalf, a Special Power Of Attorney (SPA) has to be submitted. -Proof of employment duly certified by the Philippine Embassy or consulate of your host country. It may include but not limited to work contract, payslip etc.. -Certified statement of expenses and income. -Beneficiary information form Why lenders require at least one co-borrower? Having a co-borrower will essentially give lenders a guarantee that they have someone to run after in case you (the principal borrower) miss your payments. It may also increase your leverage of being approved with your loan application. There are banks and private financial company that offer OFW loans. Make sure you are dealing with legitimate ones. Read More: 10 Reasons Why Filipinos Love Canada Comparison Of Savings Account In The Philippines: Initial Deposit, Maintaining Balance And Interest Rates Per Annum Mortgage Loan: What You Need To Know Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily Did You Apply for OFW ID and Did You Receive This Email? Jobs Abroad Bound For Korea For As Much As P60k Salary Command Center For OFWs To Be Established Soon ©2018 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
What are the qualifications and requirements needed in applying for OFW Loan?

Different  loan companies and banks has various requirements and qualifications. Here are the usual qualifications and requirements needed:

-Applicant has to be between 21- 65 years old/

-Must be working abroad fro at least 2 years.
*For the newly deployed OFWs, you can directly ask your preferred loan provider for the requirements as it may vary from company to company.

-You must submit the completed loan application form (which will be provided by the loan company).

-If the loan application is done by the person other than the OFW on his/her behalf, a Special Power Of Attorney (SPA) has to be submitted.

-Proof of employment duly certified by the Philippine Embassy or consulate of your host country. It may include but not limited to work contract, payslip etc..

-Certified  statement of expenses and income.



-Beneficiary information form

Why lenders require at least one co-borrower?

Having a co-borrower will essentially give lenders a guarantee that they have someone to run after in case you (the principal borrower) miss your payments. It may also increase your leverage of being approved with your loan application.



There are banks and private financial company that offer OFW loans. Make sure you are dealing with legitimate ones. 

 This article is filed under: Small Personal Loans Low Interest Rate, Refinance Loan, College Loans, Jumbo Loan, Get A Personal Loan



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