Application Process in a Breeze
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travel goals to home renovations. It just takes 3 easy steps.
Click “Apply Now” and fill in all the needed information.
Get a call, SMS or email from our friendly credit verifier within the day.
Once approved, we send your funds to your bank account within the day.
Requirements to Comply
Complete requirements assure faster OFW loan process.view our faq to learn more
Eligibility Requisites for OFW (Land-based) Allottee
- Must be at least 21 years old.
- A Filipino citizen
- Must be able to submit:
- OFW’s Passport
- OFW’s Working Visa
- OFW’s Overseas Employment Certificate (OEC)
- Government ID (Allottee)
- Two Proof of Billings
- Proof of Remittance
Eligibility Requisites for OFW (Seafarer) Allottee
- Must be at least 21 years old
- Should be a first degree relative or dependent of the seafarer
- A Filipino citizen
- Seaman’s Passport
- Seaman’s Book
- Seafarer’s Overseas Employment Certificate (OEC)
- Government ID (Allottee)
- Two Proof of Billings
OFW Loan: Fast Release, No Hassle
OFW (Overseas Filipino Workers) remittances in 2017 amounted to $28.1 billion. This figure is in fact 4.3% higher than 2016’s $26.9 billion.
There is no denying that most OFWs try their luck overseas to provide for their families’ basic needs, education, side-business and other aspirations. Every year, more and more Filipinos work abroad for the hopes of giving a better future for their children, paying back their parent’s sacrifices and making their dreams into a reality.
They become an OFW in hopes for a better future
But here’s the kicker:
The high salary in countries abroad may seem attractive, but in reality, the costs of living and other expenses are also high.
OFWs have different stories to tell, while many professional workers are fortunate to have good working conditions, others have struggled in their workplace. And sometimes they end up sending remittances late because of unforeseen circumstances.
There are also times when you thought every need of your family will be covered until your next remittance, only to receive messages that a sudden expense has to be paid off.
Moreover, OFWs are sacrificing their time for their families, they feel lonesome when they can’t celebrate occasions with them. Christmas, birthdays, anniversaries, or perhaps a birth of a baby – these are all missed milestones so they send more cash to spend on these celebrations.
Some Filipinos work abroad for at least the duration of one contract. Others spend decades away from their kids only to come home because it is the children’s turn to be OFWs.
When you are far away, cash needs among tuition fees, hospital bills, increased utility bills, grand celebration and requests for a small business capital will come from time to time. When there is no cash on hand, you can get it covered with OFW loans.
There are various types of OFW loans. One of these is remittance loans or allottee loans. Moneylender offers remittance loans to Filipinos receiving remittances from OFWs, whether land-based or sea-based.
Over the years, remittance loan processes have been made more simplistic and accessible. Money lenders acknowledge that Filipinos have immediate cash expenses which are unforeseen. And since the regular remittances are usually sent once a month, creating effective budgets and setting aside emergency cash is a real challenge.
Aside from this, the difficulty of sending money is different depending on the OFW or seafarer’s location, nature of work and employer. These hindrances prolong the remittance process and delay the settlement of the cash need.
We are uncertain about the impact it can do to their loved one at home, but it will surely cause anxiety for the OFW. After all, the reason they went abroad is to provide for their family’s needs.
This is why remittance loans are now faster and can even release in one day.
There are financial needs that are totally anticipated. This happens to most of us and the anxiety is unbearable especially to OFW breadwinners since many of them can’t send money immediately. Some of them even don’t have extra cash that their families can use on tap. Good thing there are OFW loans offered to directly benefit their families.
Rare Family Vacations
How often do OFWs go home to take a grand vacation? Surely, spending time with our loved ones is a leisure they seldom have a chance to enjoy. That’s why moneylender offers loans to OFWs who want to give their families a vacation without any worries on the budget.
OFWs can also add a source of income for their loved ones at home. There is no need to risk your savings. Furthermore, if you are eyeing an opportunity that you can’t pass up now, you can easily get cash so don’t have to pass up the chance. Remember that businesses also have crucial timing. As they say, “strike while the iron is hot.”
Getting an allottee loan in just a day is now possible with technology-driven financial company. You can apply for a remittance loan online!
The process for the allottee loan is very simple.
First, you have to check if you are eligible. This is easy when applying online since a registered online money lender has an informative website. Each OFW lending company has its set of eligibility requirements. Usually, they lend to Filipinos who are a first-degree relative of the OFW, of legal age and lives within the lender’s serviceable area.
Then you must prepare the required documents. If you are an allottee or the one receiving the remittances, you will need some documents of the OFW such as the passport, working visa, and employment contract. Make sure your copies are clear and readable.
Aside from these, the allottee must also submit his or her valid government ID, proof of billing, proof of relationship with the OFW (marriage certificate or birth certificate), and proof or remittances.
Go to the online moneylender’s website and click the “Apply Now” button. Fill up the application form and upload the needed documents. This can take at least 3 minutes.
After that, wait for a call, email or SMS within the day. If you did not receive any confirmation from the OFW lender, go back to the website and log in your account. Make sure that all of your contact details are correct. You may also follow up your application through call or email.
It is also your responsibility to keep your lines open so you will not miss any call from the credit officer. After the credit verification call, you will know if your OFW allottee loan request was approved or declined.
If approved, you will receive your funds in just one day. The whole process was done online. There is no need to go to the OFW lender’s office and submit a photocopy of the documents. In fact, with online OFW allottee loan application, you just have to scan or take a photo of the documents.
This way the loan application can just take an hour up to a day to get the released funds.
OFW Loan Sure Approval
Each lender has its own discrete loan process. There is no exact 100% sure approval when you apply for a loan, similar to a job interview, but here are some tips to increase your chance.
Submit clear copies of your documents. There are some people who submit their documents but fail to check if the verification officer will be able to read the details. They will end up calling you or sending you an email to ask for a new copy.
Aside from this, you have to be truthful if there are some documents that you are lacking. The credit officer may give you an alternative document. Remember that if you have unclear or missing documents, your application will be put on hold.
Since the process typically takes just a day and the lenders are usually receiving a huge number of applications, the lender will understandably free its resources and will not hold on to your incomplete application for a long time. If you prolong your application, it will end up getting declined.
Make sure that the online application form for your OFW loan is completely filled up with the right details. If some information is missing, it will delay your application process. Furthermore, if you alter some details, it will seem that you are hiding something and you have deliberately misrepresented yourself.
On the other hand, if your contact details are not right, the credit officers will not be able to contact you.
Having a good credit history is not a requirement but it is a plus. Applying for OFW loans, the lender will check the borrower’s credit score through the credit bureau. A high credit score means you have paid your previous loans well. On the other hand, if you fail to pay your previous loans, then you’ll have a negative credit report and the loan process might get longer.
If it is your first time getting a loan, you will not have any credit history. Don’t worry. Registered money lenders also approve loans for first-time borrowers. Once you get approved, you have to pay the loan as agreed. This way you can start building healthy credit report and increase your chance to get approve of your future loans.
Find a money lender who does not require a co-maker. There are online lenders who do not need a co-maker to approve a loan.
Requiring co-makers prolongs the process since a co-maker will have to provide his or her documents too. The more the paperwork, the longer time it will take to evaluate the documents. Additionally, there are allottees who have a hard time looking for a co-maker since co-makers are usually the ones who have to pay the loan if the borrower defaults.
When applying for an OFW loan, look for a money lender which does not need a co-maker. This means there is a lesser requirement to fulfill and higher chance to get approved.
Apply for an OFW loan which does not require any collateral. There are moneylenders who offer OFW loans without any collateral. This means you do not have to risk any possession or valuables when getting this type of loan.
Since there is no collateral required, you don’t need to present any additional requirements and this makes the OFW loan process faster.
Take the time to search online and you will see various OFW loans which you can choose from based on your needs and preference.
If you are looking for an OFW loans without collateral nor a co-maker. You can get it from moneylender.ph. Not only is the process faster, the repayment terms are also flexible. We know that each OFW has unique needs and working environment that can affect their remittances. Aside from these, their families have needs that must be met as soon as possible.
We know how it feels to be away from your family and the anxiety it brings when. That’s why we have OFW loans fast release without hassle.
We have more than 1500 payments channel branches to give you more convenience.
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