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
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