OFW loan

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Frequently Asked Questions About OFW Loan

«Overseas Filipino Worker (OFW) is a term often used to refer to Filipino migrant workers, people with Filipino citizenship who reside in another country for a limited period of employment.» Going abroad to work is a dream come true for many Filipinos, especially if you live in Cebu or other provinces.

The thing is, a lot of job agencies in the Philippines require a placement fee, which covers the workers initial expenses in the destination country, processing the work documents, and purchasing the plane tickets. As such, an OFW loan is necessary.

As such, a Filipino who is looking forward to go abroad may have a lot of questions, which we will attempt to answer to help you out in choosing the right OFW loan lending company. For example, is there a one day process for this? How much can you get as an OFW loan?
Let us take a look.



What is a quick personal credit approval for OFWs?

OFW without collateral loan is a kind of credit that may be processed in as fast as one day. OFW loan is specially designed for people who are already working abroad, or for those who are just about to go abroad.

Personal credit requires no collateral, as the lending company has ties with the work agencies that can vouch for the credit applicant’s capacity to pay. Today, many private lending companies are offering this type of credit, so you can use it instead of OFW loan.


Are private lending organizations good alternatives?

Yes, private lending companies are faster and less hassle with them, especially for a loan without collateral. These companies have competitive rates, and they were put in place as alternative to banks that provide OFW loan and can be hassle.

Private lending organizations in the Philippines are great alternatives because they are funded in different ways. Although private lending companies in Cebu may charge higher rates, they are easier to deal with and they do not need you to go through a lot of hoops just to get approved.


Should you apply for an OFW loan from a private lending organization?

Yes, you should really consider applying for OFW loan without collateral from private companies. Here are the benefits of dealing with them as opposed to banks.

  • Fewer requirements than financial institutions – these companies understand that you are looking for a job that’s why no collateral is a requirement
  • No credit history check – unlike banks, private companies do not investigate your credit card history or other loans
  • Fast approval in as short as one day – approval is based on the merits of your documents, and you can get approved quickly if you can prove your trustworthiness; no co maker is required



Are private credit institutions legit?

Yes, private lenders are legit. You cannot put up a lending business without registering to the SEC.

Examples of these document are:

  • Articles of incorporation
  • Proof of funds that must be supplied by banks
  • Names of the stockholders or owners

Before these lending companies can operate, they have to secure the permits from different government offices, and you can see these documents hanging on their walls.


How much can I borrow?

For one day process lending companies, the maximum you can OFW loan depends on why you are loaning money. Again, an erstwhile Filipino overseas worker cannot be approved for a credit – you must be active or at least have proof that you are returning to work.

In that case, you can get OFW loan anywhere between 300000 – 800000 PHP, with a 1 day processing if available. Some companies will even lend you up to 2 million pesos, especially if you are a land-based worker, which means you are not a sea man.

Different institutions have different limits, so what you can get from PAG-IBIG is different from local financial organizations.


Documentary requirement for an OFW loan

Before you can borrow money, there are some documents that you need to prepare before they release funds, such as, but not limited to:

  • 2 valid IDs related such as passport and OWWA ID
  • Copy of visa
  • Consularized certificate of employment
  • Flight ticket and details
  • Transfer confirmation
  • POEA overseas employment certificate – get this from the POEA office in your area
  • For seafarers, the latest contract
  • Billing confirmation
  • Proof of residency

These are basic requirements for an OFW loan, and not all may be asked. If you have them, you may avail of the 1 day processing since all your docs are complete. On the safe side, just prepare these documents before they release funds and you apply for an OFW loan.


Application process

The process is simple. All you have to do is to go to the office, apply for an OFW loan, and sign the application document. The clerk will assist you and ask you to provide the necessary documents. Make sure you bring the original copy and the photocopy.


Fees, interest rates and credit tenure

The typical interest rate of the OFW loan is 1.5% per month, but this rate is going to vary according to the amount and the tenure of the OFW loan. You can borrow and pay the credit within 12 months, or even up to 84 months if the amount is huge.

PHP 100000 – Maximum of 80% of TPC
Up to 7 years
Interest rate
7,5% APR
PHP 20000 – 300000
Up 36 months
Interest rate
1.2% per month
Global Dominion Financing Incorporated
Global Dominion Financing Incorporated
PHP 20000 – 2000000
Up to 18 months
Interest rate
1,3% per month
Minimum Loan Amount: 10 000 PHP
Up to 3 years
BDO Housing loan for OFW
Minimum Loan Amount: 500 000 PHP
Up to 20 years
Interest rate for OFW loan
1,3% per month
Interest rate for Housing loan for OFW
8% per annum
Home Loan, minimum amount: 500 000 PHP
Up to 25 years
Interest rate
6.88% APR
Security bank
Auto loan, minimum amount: 500 000 PHP
Up to 5 years
Interest rate
16.5% APR
Auto loan, minimum amount: 450 000 PHP
Up to 30 years
Interest rate
10% APR

Check the website of the company offering the OFW loan and see their interest rates online. Also, take note that PAG-IBIG rates typically smaller than banks, and private lenders can compete with these rates.


OFW loan in OWWA

This loan is provided by OWWA – Welfare Administration OFW, as an alternative to labor migration. The loan is issued for starting a business. In order to Filipinos, who working abroad can return home and start their own business. The government supports this initiative as it contributes to the economic development of the Philippines.

OFW loan in OWWA terms and conditions:

  • Interest: 7.5% per annum
  • Equity from 20% of the project cost
  • Loan amount: 100000 – 2000000 Php
  • Loan term: from 1-7 years

For partnerships, coops, and corporations.

  1. Loan amount: 100000 – 5000000 Php


  • Object of financing
  • Mortgage-able assets
  • Equipment.


SSS OFW loan

The payroll loan is provided by OFW by the Social Security Fund. SSS provides 2 types of loans: 1 month salary and 2 months salary.
The loan amount for 1 month will correspond to the average of the last payments for the year. And the loan amount for a period of up to 2 months is equal to twice the average value over the last 12 months. The maturity can be up to 24 months. Interest rate is 10% APR. Service fee – 1% of the loan amount.



Borrowing from privacy lending companies is the fastest wat to go. No co maker is required and you can even apply online yourself or use online assistance. They process your loans faster, and you can get an answer in as short as one day. And with results as fast as that, the assistance you get can help you make commitments to your work agency and start processing your documents so you can leave immediately.

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