Best OFW Loan Rates in the Philippines
Great news for Overseas Filipino Workers (OFWs)! Whether it’s for debt consolidation, home renovation back home, financing a business, mortgage or car acquisition, paying for your child’s tuition fee, or any type of emergency, eCompareMo is here to connect you to a number of loan providers that provide easy payment terms, low interest rates, and affordable ways of getting an OFW loan.
Types of OFW Loans
eCompareMo understands the unique financial needs of OFWs and their families. We provide quick and flexible OFW loans just when you need it the most.
|Pinoy Abroad Loan||Land-Based OFW Loan||Sea-Based OFW Loan|
|Any OFW currently working abroad can now apply for a loan even if you’re away from home through Pinoy Abroad Loan, collateral-free! This OFW Loan specifically caters to both land-based and sea-based Filipino citizens overseas.||Take advantage of a collateral-free OFW loan for professionals working abroad. We offer flexible loan terms at the lowest possible rates in the market. Applicants must be in the Philippines during the loan application process.||A collateral-free OFW loan for seaters/seamen. Sea-based OFWs can apply for a quick-process loan with minimum documentary requirements through eCompareMo. You must be in the Philippines during the loan application process.|
OFW Loan Sample Computation
|Interest rate||1.5% per month||1.5% per month||1.5% per month||1.5% per month|
|Loan tenure||12 months||12 months||12 months||12 months|
|Processing fee||5.5% of the Principal Amount||5.5% of the Principal Amount||5.5% of the Principal Amount||5.5% of the Principal Amount|
|Net payout||PHP18,900.00||PHP47,250.00||PHP94,500.00||PHP 283,500.00|
|Total interest payable||PHP3,600.00 for 12 months term||PHP9,000.00 for 12 months term||PHP18,000.00 for 12 months term||PHP54,000.00 for 12 months term|
|Total amount payable||PHP23,600.00 for 12 months||PHP59,000.00 for 12 months||PHP118,000.00 for 12 months||PHP354,000.00 for 12 months|
OFW Loan purposes
Whatever the reason, eCompareMo can serve your need for extra cash. We have a variety of OFW loan products that serve a number of purposes.
- Pre-deployment fund
- Business opportunity
- Vacation funding
- Debt consolidation
- Emergency fund
We understand the value of education. Our ultimate goal is to help OFWs seeking financial assistance for their child’s education. We can help your loved ones achieve their dreams the best possible way.
Need funds to pursue your dreams of working abroad? We can help you get the amount you need so you can process your application overseas. We have partnered with the country’s leading banks and lenders to provide the right loan in the shortest possible time.
Planning to set up your own business but don’t have enough funds to start with? We offer financing options for OFWs to get the capital you need. If you’re looking for fast loan application, minimal paperwork, and easy payment terms, it’s all in here.
OFWs also need to take some time off without worrying about their budget or the risk of fragmenting away a significant amount from their hard-earned savings.
Want to eliminate your debt and achieve your financial goals? Don’t let debt take control of your life. eCompareMo helps provide OFWs the flexibility to pay off their debt with simple monthly payments over the course of three (3) to twelve (12) months.
There are times our loved ones back home will face emergencies and urgently needed money. We provide loan for OFWs in case they need an extra cash on hand. Enjoy fast application online, available 24/7.
OFW Loan eligibility
What do banks and loan lenders usually look for when evaluating an OFW loan applicant?
- A Filipino Overseas Workers with a valid contract whether working under an agency or direct hire
- Must be at least 21 years old or not less than 65 years old upon loan maturity
- For land-based and sea-based, minimum basic salary of at least P20,000 (any foreign currency equivalent) and up. For Pinoy Abroad loan, minimum salary required is P30,000 per month or its currency equivalent at least 4 months remaining on contract
- For land-based and sea-based loan, applicants must be here in the Philippines to personally apply for a loan. For Pinoy Abroad loan, applicants can apply even from overseas
- Must have a co-borrower (should be an immediate relative with a stable source of income for Pinoy Abroad Loan)
OFW Loan requirements
- Photocopy of two (2) valid IDs (any government issued ID, e.g. PRC ID, Driver’s license, TIN, NBI, Passport etc. with picture and signature)
- Latest Contract of Deployment
- Copy of Working Visa
- Photocopy of OEC (POEA Overseas Employment Certificate)
- Plane ticket
- Proof of residency under the name of the borrower (latest electric or water bill). If not in the name of the borrower, you must submit additional proof of residence such as Police, NBI or Barangay Clearance
- Must be 21 to 59 years old upon loan maturity
- Should be an immediate relative (parents, spouse, brother/sister)
- With a stable source of income (for Pinoy Abroad Loan only)
- If employed (latest 2-3 months payslip, and certificate of employment)
- If not employed but with existing business (copy of business permit like DTI)
- 2x2 picture (2 pieces)
- Any 2 valid IDs
- Latest proof of billing (electric or water bill)
- Proof of relationship (Marriage certificate if married, birth certificate if parents or siblings)