OFW loan requirements: amounts, conditions, terms, online calculator

A loan for employees working outside the Philippines

In the current economic situation, the contribution of Filipino employees, working abroad (OFW – Overseas Filipino Workers), is huge for the country. According to statistics only in the first quarter of 2017, earnings outside the country have become the main source of income for 2.32 million Filipino families. However, even with high incomes, in comparison with the salaries of workers inside the country, foreign workers also need financial support and often apply for a loan, especially for large purchases (cars, real estate, etc.).

Lending companies for OFW loan

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The most convenient loan!

PHP 2500 - 15000
from 10 to 90 days
interest rate
for 0,83% per day
Loan Load
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Loan Load

Round-the-clock loans in the Philippines

PHP 5000 - 50000
from 61 to 365 days
interest rate
for 2,3% per day
Robocash PH
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Robocash Ph

Receiving money in any way 24/7!

PHP 1000 - 25000
from 7 to 30 days
interest rate
for 1,65% per day
Online Loans
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Online Loans Pilipinas

Money in your pocket in minutes!

PHP 2000 - 20000
from 7 to 30 days
interest rate
for 1% per day
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Credit online!

PHP 3000 - 10000
from 5 to 30 days
interest rate
for 0,65% per day
My cash
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My cash

Urgent loans for all!

PHP 2000 - 25000
from 7 to 30 days
interest rate
for 0,8% per day
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Guaranteed loan for a card!

PHP 2000 - 30000
from 7 to 30 days
interest rate
for 1% per day
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Cash Made Easy

PHP 5000 - 15000
from 7 to 35 days
interest rate
for 1% per day
Cash Mart
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Cash Mart

The most convenient loan!

PHP 5000 - 30000
from 7 to 30 days
interest rate
for 0,8% - 3,5% per day
24 pera
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24 pera

Probability of approval is 95%!

PHP 1000 - 100000
from 61 to 365 days
interest rate
for 1,28% per day

Benefits of loans for Filipino workers

By taking into account the high solvency, the Filipino banks are ready to provide the employees with any types of loans (OFW loans), including large amounts with quick approval for the purchase of an apartment, a house, a car, etc. Using such proposals, you do not need to remit desired purchases and improving life conditions.

The advantages of OFW loans include:

  • Possibility to choose a suitable credit program;
  • Quick registration of the application, including online;
  • Quick approval;
  • Immediate money transfer:
  • Flexible loan repayment system;
  • Possibility to choose the money reception method;
  • The availability of credit programs not only for the worker, but also a member of his family.

Online loan calculator for OFW


Conditions for granting credit to employees working abroad

In general, the conditions for Filipino workers who applied to state banks and private financial institutions for a loan are the same. The main condition is that you have at least one year of work experience on the last job. This rule applies to individuals, workers both within and outside the country.

Abroad workers have certain privileges: their income amount allows them to apply for larger loans. And if the work experience with a stable income is at least three years, then you can apply without any doubts for a mortgage in the social security system (SSS) at favorable rates. Applying for such loan is possible even if one of the marriage partners used the program before marriage.

Loans are available to Filipino workers between the ages of 21 and 65 (at the time of loan repayment), while they should not have other actual debts. For loans that involve large amounts, the credit reputation is taken into account, it should be ideal.

What banks offer loans to Filipino workers?

Below is the list of popular banks that offer OFW loans. These include:

  • Pag-IBIG (Mortgage Unit Investment Fund) and SSS (Social Security System);
  • BPI (Bank of the Philippine Islands);
  • BDO Unibank;
  • Security Bank Philippines;
  • China Banking Corporation (CBC);
  • EastWest Personal Loan;
  • AUB Seafarers Loan;
  • PSBank (Philippine Saving Bank) and others.

Loans to Pag-IBIG and SSS

In the framework of the “affordable housing” program, Pag-IBIG has developed a program that provides a mortgage to Filipino workers who have worked abroad for 2 or more years. Citizens of 21-65 years will be able to take advantage of this opportunity. A mandatory requirement for borrowers is the absence of other credit obligations, unpaid loans and debts.

But people who have worked outside the country for more than a year have the right to apply for home loans directly in the SSS (social security system) under more favorable conditions. The program is available even if one of the marriage partners has used this loan before marriage, but if there are no delays and cases of non-payment.

BPI (Bank of the Philippines Islands)

For employees who work outside the Philippines and who have a monthly income of 30,000 Pesos, the Bank of the Philippine Islands offers consumer loans, as well as a mortgage loan for the purchase of a car.

For abroad workers (at least two year) with a monthly income of at least 40,000 Pesos, BPI offers mortgage loans. The minimum age of the borrower must be at least 21 years, and the maximum age of 60 at the time of debt repayment.

Loan Features:

  • Loan amount between P20 000 and P1 000 000;
  • Choose a loan term more convenient for you – 12, 18, 24, 30, and 36 months;
  • Easy payment method through automatic debit on your BPI account;
  • Loan monitoring through BPI Express Online or BPI Express Phone.

Benefits of BPI Personal Loan:

  • Fixed interest rate, which also means fixed monthly installment for the duration of the loan;
  • Fixed term throughout the loan;
  • Big discounts on products and services if you pay in cash.

Credit to employees working abroad in Security Bank

The Security Bank has developed lending programs for Filipino citizens working abroad for 2 or more years. For registration of a mortgage, the level of earnings should be at least 40,000 PHP, and for auto loans – 50,000.

Mortgage is a pledge loan, where purchased housing serves as security. At the same time it is necessary to pay an initial contribution of 20% of the house cost. The rates vary between 5.07 – 9.44% per year. A loan can be issued for the purchase of a secondary housing , as well as new buildings. You can also spend credit for the construction of a housing.

In the auto lending  market of the Philippines there some attractive offers from Security Bank. The main advantages are relatively low interest rates (5.07 – 9.44% per year), rapid approval, comfortable loan repayment terms, small initial deposit, lack of guarantor or pledge, the possibility of lending for the purchase of both new and used auto.

Borrowers can expect to receive 80% of the total cost of the purchased vehicle, with an initial contribution of 20%.

To repay the debt, you can use several methods:  pay monthly in cash in the bank according to the schedule. The amount of debt can be debited from the borrower’s settlement account automatically.

Loan Features:

  • Minimum loan amount of P30 000 to a maximum of P1 000 000;
  • Choose among 12, 18, 24, and 36 months loan term;
  • Payment via post-dated checks;
  • Must have at least P15 000 gross monthly income.

Benefits of Security Bank Personal Loan:

  • Re-availment of loan is allowed as long as you paid at least half of your original loan amount;
  • Processing of loan application is up to five working days.

BDO Unibank (BDO) loans for OFW

Unibank offers consumer loans, auto loans and mortgages for the Filipino citizens working abroad for at least two years,. For the loan and home loan, the salary should be at least PHP 50 000, and for consumer loans – 10 000. The program is available to citizens from 25 years, the maximum age at the time of loan repayment should be no more than 65 years.

Benefits of BDO Personal Loan:

  • Minimum amount is P10 000 while maximum amount is P1 000 000;
  • Fixed monthly payment with flexible payment term for up to 36 months;
  • Loan proceeds will be credited to your BDO account;
  • Can be subject to Top Up Loan Feature where you can get a higher amount than your previous loan, but subject to submission of additional income documents;
  • Convenient application and submission of requirements at the BDO branch near you.

PSBank Flexi Personal Loan with Prime Rebate

PSBank Flexi Personal Loan with Prime Rebate is the first and only collateral-free personal loan product with a revolving credit line and a fixed term loan.

Loan Features:

  • Choose between revolving credit line and fixed term loan for your loan option;
  • Loan amount between P25 000 and P250 000;
  • Loan payment option is dependent on your chosen loan option;
  • Choose between 24 or 36 months (for fixed term loan);
  • Competitive interest rate;
  • Various modes available for loan payment;
  • Comes with PSBank Flexi ATM card;
  • Five to nine working days processing of loan application.

Benefits of PSBank Flexi Personal Loan:

  • Lower interest rate than credit card;
  • Interest is applied on the amount used and not the entire credit line;
  • Allows you to earn rebates or savings when you make advance payment on your loan.

EastWest Personal Loan

Whatever your dreams and desires are, EastWest Bank Personal Loan is the quick and easy financial solution that helps you get the cash you need. EastWest Bank Personal Loan is an unsecured and non-collateralized consumer loan that is granted to qualified individuals for their personal use. This loan facility is multi-purpose and comes in affordable fixed equal monthly installments.

Loan Features

  • Versatile loan facility to suit your specific needs;
  • Available in 12, 18, 24, and 36 months;
  • Borrow with minimum amount of P25 000 to P2 000 000;
  • Competitive interest rate;
  • Gross monthly income of at least P15 000.

Benefits of EastWest Personal Loan

  • No co-maker and no-collateral requirement;
  • Convenient and fast processing, allowing you to apply while you’re in your office or at the comfort of your home;
  • Three to five working days loan application processing.

China Bank Overseas Kababayan Services

It’s hard to be apart from your family, but sometimes, that’s what it takes to give them a good life. If you’re a Kababayan working abroad or about to be an OFW, we can help you make the most of your hard-earned money. China Bank Overseas Kababayan Services with a full-range of reliable, secure, and competitive products and services for your remittance, savings, investment, and consumer loan needs.

Loan Features:

  • Non-collateral multi-purpose loan facility;
  • Payable in equal monthly amortization;
  • Loan amount starting at P20 000 to P1 000 000;
  • Fixed term repayment for 12, 18, 24, 36, or 48 months;
  • Repayment via post-dated checks;
  • Can apply at any Chinabank branches nationwide.

Benefits of Chinabank Easi-Funds Personal Loan:

  • Minimal documentation;
  • No collateral needed;
  • Flexible purpose;
  • Quick disbursal of funds;
  • Loan application process within five working days.

AUB Seafarers Loan

We are pleased to offer AUB CASHelp, a multi-purpose salary loan extended to qualified employees of accredited companies. It provides easy access to credit with convenient repayment via salary deduction!

Loan Features:

  • Must have completed at least one employment contract at the time of loan application;
  • Existing account with Asia United Bank (AUB);
  • Minimum gross salary of USD 1,000;
  • Borrow up to P500,000.

What are the loan requirements:

  • Completely filled out and signed Application Form;
  • Photocopy of Employment Contract with POEA stamp;
  • Photocopy of Passport and Seaman’s Book;
  • Photocopy of Seafarers Registration Certificate (SRC);
  • Allotment Arrangement certified by the company;
  • Latest proof of billing;
  • Certificate of Departure issued by manning agency;
  • Authority to deduct from AUB account.

How to increase the probability of loan approval for OFW in the Philippines?

To find a suitable offer for quick loans in the Philippines, we suggest using our service. This is an information portal, where you can find current offers from all banks and credit organizations of the Philippines.

You can find the desired offer through the search system, as well as a special form. After specifying the required parameters (desired amount, interest rate, monthly income, maturity date, etc.), the system will issue a list of banks offering loans for your requirements.

To increase the probability of approval, you can send an application to all organizations. With several positive answers, compare the conditions of each offer and choose the most appropriate option.

OFW loan requirements

Philippine workers who carry out their professional activities abroad make a huge contribution to the economies of many countries. However, not every bank develops special lending programs for foreigners. In addition, Philippine citizens applying for a loan must comply with the requirements of the organization to which they apply.

An application for a loan submitted to the United Bank of Asia may be approved subject to the following conditions:

  • the borrower has completed at least one employment contract at the time of application for the loan;
  • presence of account in the United Bank of Asia (AUB);
  • the borrower’s income is at least 1 000 dollars.

Those who want to get a loan must provide a state-issued ID with their photo. You may also need one of the following documents:

  • contract with the Philippine Employment Administration abroad (POEA);
  • employment contract with date of arrival;
  • certificate POEA;
  • refit contract;
  • information sheet for POEA OFW;
  • proof of transfer to a foreign institution.

The sphere of interest of BDO Bank covers almost the whole Eurasian continent and North America. Because of this, its branches are easily accessible and quickly carry out money transfers. To use the online service BDO, you need to get an account on the official website.

Making a car loan at BDO bank implies compliance with additional requirements to the Philippine borrowers:

  • 2 years of continuous work experience for workers with qualification;
  • 3 years of continuous work experience for domestic workers.

Loan for OFW without collateral

Multi-purpose loans without collateral are provided by the Chinabank banking institution. A non-collateral loan can also be drawn up through EastWest Bank. In addition to collateral, banks may require payment of the following mandatory contributions:

  • notary fee;
  • one-time commission for processing the request;
  • tax on documentary printing.

In order to properly prepare an application for a loan, it is recommended to ask bank representatives in advance about the need to make these and other expenses.

OFW loan 1 day processing

In some situations, the foreground is the speed with which the bank is ready to provide a decision on issuing a loan. Regardless of the specifics of personal circumstances, the citizens of the Philippines can count on operational financial support.

Metrobank allows you to draw up a loan and transfer money to the Philippine account in just 24 hours. Cash is transferred from hand to hand to the recipient, located in the Manila agglomeration, after 24 hours. Delivery to the provincial regions is carried out in 2-3 days.

You can also take cash from the territory of partner banks. The partners of Metrobank include such organizations as Cebuana Loye, LBC or Palawan Pawnshop. Another advantage of Metrobank is the possibility to pay utility bills while being outside the Philippines.

BDO bank quickly processes requests for car loans. Its approval can be received in just 24 hours.

Approval of a loan within 24 hours is a very quick operation. Processing applications for loans by many banks takes about five days. At the same time, institutions working with Filipinos abroad provide flexible options for making money transfers as soon as possible after the completion of the transaction.

Example of calculating interest and loan payments

TERM 10 days 20 days 30 days
LOAN AMOUNT 14000 PHP 14000 PHP 14000 PHP
FEE 1% 1% 1%
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