Fast and hassle-free OFW Loan
Borrow up to 2x your monthly salary for as low as 1.3% interest. Approval in as fast as 24 hours.
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.
OFW Loan Sample Computation
| SAMPLE COMPUTATION | ||||
|---|---|---|---|---|
| Principal amount | PHP20,000.00 | PHP50,000.00 | PHP100,000.00 | PHP300,000.00 |
| Interest rate | 1.3% per month | 1.3% per month | 1.3% per month | 1.3% 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 | PHP283,500.00 |
| Total interest payable | PHP3,120.04 for 12 months term | PHP7,800.04 for 12 months term | PHP15,999.96 for 12 months term | PHP46,800.00 for 12 months term |
| Monthly payment | PHP1,966.67 | PHP4,916.67 | PHP9,833.33 | PHP29,500.00 |
| Total amount payable | PHP23,120.04 for 12 months | PHP57,800.04 for 12 months | PHP115,599.96 for 12 months | PHP346,800.00 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.
OFW Loan eligibility
What do banks and loan lenders usually look for when evaluating an OFW loan applicant?
- Filipino Overseas Workers with a valid contract whether working under an agency or direct hire
- Must be at least 21 years old or not more 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
Co-Borrower qualifications
- 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)
Co-Borrower requirements
- 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)