Year after year, Filipino domestic helpers go abroad to find greener pasture in other countries to work as household helpers. This year, as one of our major loan providers open up for OFW loan again after a big setback of high delinquency rate, we have come up with an invitation for domestic helper workers in particular to file and apply for our cash loan program for DH in HongKong and other parts of the world. Application now opens!
This time, we’ve made sure to offer the fastest loan process ever with less hassle and bustle for our applicant DH overseas Filipino workers. See our pre qualifying status requirements and documents needed to comply to be approved of our DH OFW loan program below.
DH Loan Application Requirements:
- Completely filled up application form
- Latest POEA-validated contract
- OEC or overseas exit clearance or overseas employment certificate)
- Basic salary must be at least 25K as stated in the OFW contract
- Must be able to provide 1 co-borrower immediate family member or those who have a regular source of income.
- Must have flight details and plane ticket as well as existing valid visa and passport
- Balik Manggagawa must submit BM documents or infosheet
- First time OFWs must also submit new contract with list of documents above
- 2 valid primary IDs
- Latest original electric or water bill (not necessarily under loan borrower’s name but must have same address as 2 valid IDs)
- Co-borrower requirements – latest original electric or water bill if not living under the same house with OFW applicant / 2 valid primary IDs / if not immediate family member, must provide proof of regular income (may come from business / remittance / freelance job / regular job / property for rent etc)
- Must be patient and willing to wait for the procedures and process to take charge
- Must pass the pre-qualifying interview.
The renewed system now only requires a single checking account and no need for a joint account in cases where spouse or immediate family member is the co-borrower of the applicant. The personal C.I. has also been removed but a confirmation from the landbased recruitment agency will be required as part of the processing of loan applications. Minimal requirements are asked to be submitted today compared to the last 3-5 years of the old OFW loan offer by our Philippine lending company providers.
Rest assured that we will make it easier in terms of processing your loan application. All you have to do is to ask for a free loan application consultation to maximize your chances of getting approved of your loan. We will just have to subject the applicant to a 3-5 minute short interview to pre-qualify and then the list of requirements will be sent outright. Processing time now only takes 2-3 days and 1 day at the fastest if the borrower had complete set of documents met as required by the lending company.
How to Maximize Loanable Amount and Avoid Getting Disapproved?
Loanable amount of any cash loan in the Philippines is always an issue that is very hard to understand for many but is actually just simple. In order to come up with higher loan value for your application, all you have to do is to listen to your loan consultant or agent. There are so many ways to achieve higher loan amount if you cooperate and understand what your agent is up to the very minute an initial pre-qualifying interview is on the way. Below are some pointers. On the other side of the coin, to avoid getting declined or disapproved of your loan application, there are also tips. Only a good agent knows it.
- Never disclose any unnecessary excessive expenses – These can be credit cards and its corresponding bills, property under mortgage such as car or house or house and lot, house utility bills, food expenses, education etc. If your agent is good at it, he or she will tip you off with this one. In our case here at OFWCashLoan.Com, we always make sure we do it.
- Never disclose any relative, friend, close family ties or character references in the application form that is with the military, media, legal community or lawyers, PNP, AFP, politician personalities etc.
- Provide as many sources of income as you can. If you have multiple income sources, declare them all and make sure you have it properly documented.
- Get latest 3 months bank statement especially if you have good cash flow from incoming deposits as well and less widthrawals.
How Much is DH OFW Loan Interest Rate and Loanable Amount?
Interest rate for the DH OFW loan is 5% (other charges apply) and no agent’s fee or broker’s fee. No hidden charges, everything else will be presented to the borrower upon final loan approval and before signing the loan contract. Loanable amount on the other hand will depend on the salary of the OFW. Maximum approvable loan is as much as 200% of the basic salary of the overseas Filipino woker as stated on his or her work contract.
If by any chance you came to this page by mistake and you are a professional level worker with PRC license, please click here to apply.
If you are a skilled worker, please visit this page to apply. Good luck to all loan applicants!
Our quick OFW loan is a non-secured non collateral loan so please don’t expect for high loanable amount on your first loan… Be a good payer and your renewals will absolutely be on a higher amount the next time.
How to Apply:
Loan Consultant: Ana Casuncad
Home Phone: 775 -6277 / 366-3645
Sun CP: 0932-857-8489
Smart CP: 0928 – 3455234
Globe CP: 0917 – 5019245
Email Address: email@example.com