What is Seamen loan?
OFW is a structure where Filipino workers receive money abroad. Remittances for 2015 total about $ 26 billion, so OFW is the economy of the Philippines. Currently, there are about 2.3 million people, according to estimates by a specialized commission. OFW. We had an age category up to 30 years. More than half of the workers went abroad, arriving in the Middle East.
Unfortunately, macroeconomic indicators overshadow the fact that many OFW are experiencing financial difficulties. Some Filipinos from abroad, in accordance with the requirements, killed out of debt, which they did abroad. This puts a lot of financial pressure on OFW, since the person leaving is usually the main breadwinner of the family. There are also those who fell victim to scammers. The Government of the Philippines has begun providing financial assistance to OFW and their families, which will help them secure a flow of stable livelihoods in the Philippines.
There are many legal, low interest loan options for banking and reliable lenders.
An OFW loan is a financial assistance agreement intended for foreign Filipino workers, regardless of whether they work. In the following cases, these are loans for the following purposes:
- personal use;
- car purchase;
- business contract;
- home buying.
Benefits and features of Seamen loan
OFW has the opportunity to get a mortgage loan or without a mortgage loan. Mortgage loans are much easier to obtain, because the borrower is obliged to provide the property as a guarantor. This gives lenders extra security for their money. OFW has the following benefits:
OFW is a low-risk option for borrowers, as this will not jeopardize any of their assets. However, loan applicants should also consider that the loan approval process may take longer. Banks may conduct additional data checks and procedures for assessing the identity of the borrower.
Short term solution
Without a collateral loan is suitable for those who want to take the minimum amount of the loan and plans to repay the debt within a short period of time from 3 to 6 months or a maximum of a year. Loan receipts are intended only for any use, for example, for the borrower’s pocket money or for the monthly payment of family bills in the country.
Despite the fact that in order to apply for a secured loan, it is required to submit additional documents related to assets, in order to apply for a loan that does not have collateral, it is only necessary to provide general requirements. In particular, you only need to do the following:
- Confirm the residence in the country (for this suitable account for water / electricity or any other)
- Confirm income (job certificate is enough)
- Verify identity (company identification number and government issued identifier)
Approximate calculation of interest on a loan in Philippine pesos
|Principal amount||50 000||100 000||300 000|
|Loan term||from 3 up to 12 months||from 3 up to 12 months||from 3 up to 12 months|
|Single time fee||5%||5%||5%|
|Payout after taxes||47 500||95 000||285 000|
|Total interest rate||11 940.04||23 879.96||71 640|
|Monthly fee||5 161.67 pesos||10 323.33 pesos||30 970 pesos|
|Total chargeable amount||61 940.04 for 12 months||123 879.96 for 12 months||371 640 for 12 months|
The interest rate is very low, and overpayment for 12 months is quite small.
Requirements for provided documents: A copy of two valid documents (any kindб issued by the government, for example, PRC ID, driver’s license, TIN, NBI, passport, seaman’s certificate of registration, etc. It must be a photo and a signature in the document). Evidence of the borrower’s residence at the address with the provision of the last utility bill for electricity or water. If, on behalf of the borrower, there are no payments for utility bills, the additional proof of residence can be provided, such as an extract from the police department.
What are the requirements for Seamen loans?
Considering the possibility of applying, you should familiarize yourself with the requirements presented below:
- The salary level is at least 40,000, and in some banks 50,000 Php.
- The borrower’s age is at least 25 years old at the time of application. Some banks will allow from 21 years and older.
And at the same time, the borrower must be no older than 65 years by the time the loan expires.
- Other general requirements for a loan:
- To return the funds, the beneficiary must live or work in the bank’s service areas.
- Some credit facilities require the borrower to own their bank’s credit card.
- All bank branches will undergo a borrower credit check in the Philippines. The general recommendation is not to expect special conditions or immediate approval only because the borrower earns foreign currency.
Lenders have their own set of required documents to submit a loan. Personal loan package includes:
Philippine passport. If the borrower is a sailor, then he is obliged to provide a seafarer’s certificate.
- Employment contract concluded abroad.
- At least two valid and government issued IDs.
- Payroll as proof of residence in the Philippines
- Any document confirming the monthly income, it can be a payment slip.
- If the business already exists, the borrower must submit at least three years of audited and interim financial statements and a declaration of income tax.
- Security deposit or security documents in case of a security loan. This includes TCT or CCT property, vehicle OR / CR, receivables and a lease agreement, among others.
- A special power of attorney, allowing someone to act on behalf of the OFW-borrower, if the latter cannot be physically present when applying for a loan.
For mercenaries, documents are needed as follows:
- Any 2 valid IDs.
- Marriage contract (if married).
- Photo – 2 pcs. Size 2 × 2 cm.
- Latest and original electricity or water bills
Types of Seamen Loans
There are various types of OFW loans that can be used depending on their direction. It is described in more detail below:
Personal loan abroad.
Working abroad gives many Filipinos the opportunity to earn higher wages and provide a better future for their families. But sometimes their salary is not enough to cover large expenses, and they need fast monetary assistance, and this is where OFW comes to the rescue. Borrower from abroad for his family can act as a sailor, and ground workers. The amount of such debt will not exceed 250,000 pounds sterling and the duration of the loan from 3 months to a year.
A loan that is issued on the basis of a money transfer.
There are cases when the transfer of funds from employees from abroad occurs with a delay. This may be due to the fact that relatives working abroad still have to receive remuneration. Sometimes a family left in the Philippines needs cash immediately. There are OFW special trading offices or sites that specialize in loans received from intermediaries and in money transfer loans for bona fide OFW without collateral. This is a legitimate transaction that allows an OFW family member to receive funds before sending the planned money. The loan amount ranges from 15,000 to 150,000 pounds sterling and is issued at 4%. Depending on the loan amount, the loan is paid from 3 to 6 months.
Seamen first loan
Issued in the event that a person goes abroad to work for the first time and he needs financial assistance to pay for all the necessary documents and travel tickets. This type of loan is short term. Candidates for an OFW loan for the first time — must have authentic documents confirming that they are going to prepare documents for work abroad, including the purchase of airline tickets.
Banks and their offers on Seamen loan
In order for a person to choose the most acceptable option for him, various credit offices, depending on the purpose, offer the following conditions:
The Mutual Housing Development Fund (Pag-IBIG) and the Social Security System (SSS) OFW loan. Pag-IBIG offers affordable housing loans to OFW members who have contributed for 24 months or more. Borrowers must be 65 years old and no lower, with no outstanding, default or excluded Pag-IBIG loans. Meanwhile, OFW, which have contributions of at least 36 months, can also apply for a loan for a direct housing loan from the SSS. However, they can only be provided once. the borrower can still apply for a SSS mortgage loan, even if his spouse (s) used it before the marriage, if the OFW loan is not overdue.
OFW Bank Credit Philippine Islands (BPI). If the borrower worked abroad for 2 years with a monthly income of £ 30,000 or more, you can qualify for a personal BPI OFW loan and an automatic loan. BPI also offers mortgages for OFW, who earn a minimum of £ 40,000. The borrower must be 21 years old to submit an application and not more than 60 years for the loan maturity.
Securing the OFW Loan Bank. Security Bank offers OFW mortgages and car loans, which have worked abroad for at least 2 years and earn £ 40,000 for mortgage loans and £ 50,000 for car loans.
BDO Unibank (BDO) OFW. The BDO Asenso Kabayan program offers OFW home, auto and personal lending options. The borrower must work for at least 2 years with a monthly income of £ 50,000 for car loans and £ 10,000 for all other types of OFW loans. Borrowers must be 25 years or older, but not more than 65 years after repayment of the loan.
Philippine Savings Bank (PSBank) OFW Loan. OFWs can also use the product “OWN Your Your Home” and “Drive Your Car OFW”. Borrowers must be between the age of 21 years and 65 years for the loan repayment period. He has to work abroad for at least 2 years with an income of 30,000 pounds sterling.
OFW Loan interest rates
Depending on the popularity of the bank, OFW has different interest rates and greater competition among credit systems. Why do I need to apply for a loan at 247pera.ph?
A number of advantages to use the service:
- Speed. The process of payment is very fast, it takes only a couple of minutes. In some cases, BPI family bank customers may receive money into their accounts during the next banking day in accordance with banking procedures.
- Ease. You need to fill out an online application form on the website, on a computer or mobile device. No complicated documents, photocopies or even signatures are required.
- Transparency. Interest and service charges are presented on the website in advance, which allows customers to choose the best option depending on the circumstances.
- Convenience. There is absolutely no need to attend the credit facility personally. You can avoid the queues, complex approval procedures for applying for a loan using an online procedure.
- Location independence No matter where a borrower is located in the Philippines, he can apply for a loan. Excluded visiting banks.
- Professionalism. A team of experts consisting of experienced and selected staff ensures the best possible customer satisfaction. Borrower’s claims are a priority.
- Customer support in real time. Online specialist is on guard your desires 24 hours a day.
How to get permission for a loan in the Philippines and what will the banks look?
There are many important areas that banks or credit companies will concentrate on. It is vital that the borrower is ready to provide a flawless, complete credit check package for guaranteed loan approval. If you are planning to submit an application, here are some useful tips that can help pass the test and quickly get permission for a loan:
Open and maintain a savings account.
One way to show banks and lenders that a borrower is financially capable and responsible is to have their own savings account. Make sure you regularly contribute to your savings. This will prove to them that you can probably handle regular loan payments.
Set a decent credit history.
Your credit history will be your concrete proof of your behavior and the moral of the settlement. Keep in mind that rejected checks, unpaid previous loans, credit card felony, etc., can ruin the loan application process. However, an excellent credit history will give you nothing but a loan.
As part of the lending process, banks will constantly check all the information that you have filled out in your application. Expect a call from them to confirm this data. Indicate that your line is always open, because if they cannot contact you immediately, your application will be immediately rejected.
Maintain an outstanding credit rating.
Having a good credit history is very important, but it is also important that you have a good credit rating. This will help speed up the lending process. You should have a good account history with any companies that have given you a loan, with telecommunications companies or other financial institutions. Missed payments or debts may adversely affect your credit rating.
Check whether you are eligible to apply for a personal loan.
Before deciding whether you can apply for a loan or not, you must first ask yourself the following questions:
- Am I at the age of majority?
- I have a good credit rating?
- Do I have a savings account in banks?
- Do I meet the minimum income requirements of these organizations?
- I have a job?
- Can I make monthly payments on time?
- How much do I want to borrow?
If the answer is “yes” to all these questions, then, of course, you can apply for a personal loan. Take the time to check and compare interest rates and loan terms
Take the time to search first and foremost before applying for a loan is a great help for you. By comparing not only it will turn out to find the best offer, but also to find banks with the lowest interest rate and short payment terms.
How long does it take to get a loan?
The company aims to process and send funds within a few minutes after approval. After the money is received on the operator’s personal account, send a text message. Sometimes, BPI family bank customers may receive money into their accounts during the next banking day in accordance with the procedures.
When should the loan be repaid?
The company has included in the contract, which is sent to the email address of the borrower, a section with detailed information on the loan repayment date and on when to make repayable loan payments. The bank recommends making payment on time or earlier to avoid penalties.
What methods can I use to repay a loan?
Make a payment through any branch of DragonPay trading partners:
- Bayad Center;
- SM Supermarket and supermarket;
- Robinsons department store and supermarket;
- Cebuana Luile;
Can I pay off early?
Yes, early repayment is possible without any penalties or fees.
What happens if my loan payment is delayed?
The bank recommends paying your contributions before the due date. For late repayment, you will be required to pay all fees, as well as payment of the requirements of the debt collection agency.
How can I get a loan from cashwagon.ph?
To receive a loan from cashwagon.ph you need to go through 3 quick and simple steps:
- Fill out an application online at cashwagon.ph. It will take no more than 5 minutes.
- Wait for the manager’s call and get the loan approval status within 30 minutes.
- Expect money on your bank card or account within a few minutes after approval (in some cases, customers of the BPI Family bank can receive money in their accounts within the next banking day in accordance with banking procedures).
How can I get a loan for a salary and what is it?
A payday loan is a personal loan that can quickly solve financial problems. For example, pay for unexpected car repair, solve a problem at home or for any other reason.
Salary loans are the best choice if a person needs fast financing before receiving a salary. Salary loan provides a lump sum amount, and obliges the borrower to return it within a fixed period shorter than if a person took a personal loan. With a payday loan, you do not have to worry about whether you have enough money to make the minimum monthly payment while waiting for a check. The salary loan features are as follows:
- The loan can be spent on any desire of the borrower.
- Faster loan. To finance any emergency you may have.
- Specific required amount. All fees are communicated in advance in writing with the loan offer to ensure there are no hidden fees.
- Minimum monthly income: 15,000.
- The borrower must have a good credit rating.
- The applicant must have a credit account specified by the bank.
How long does it take to get approval and how does the loan process go?
The process of obtaining a loan can be divided into 3 main stages:
- The first step, of course, is to apply for the loan itself. However, unlike banks or other corporations engaged in financial lending, tons of documentation, forms and related documents are not needed. All you need to do is fill out an online form.
- Once you have submitted the form, just wait until you confirm the loan approval status.
- But the convenience of Cashwagon does not end with its application and claim process. Even repaying a quick online loans philippines and easy! No need to go to the bank and make a deposit. The borrower can simply visit any of the DragonPay affiliate partners, such as the LBC, Bayad Center, department store and SM supermarket, payment counters, department store and Robinsons, Cebuana Lhuillier or 7-Eleven supermarket for a return
Detailed information on the maturity date of the loan and other information that the borrower should know about his loan is listed in the contract sent to his e-mail, so do not forget to check it and carefully read the terms of the contract! In addition, just make sure you can pay on time to avoid late payments and penalties.
How can I get my loan back?
Depending on the agreement concluded between the borrower and the borrower, the loan repayment period may vary from several months to several years. There are also various ways to pay it off, such as bank deposits or other partner institutions. Since there is no single process that serves as a standard for all, at first glance it can be quite confusing.
What happens if I can’t pay my monthly installment?
With the unpaid amount will be charged for late payment in the amount of 5%. For example, if a person misses a monthly installment of 1000 PHP, he will be charged a late payment of 50 PHP. Now the total amount payable will be 1050 PHP, if it is paid during the same month.
Can I pay the loan in advance?
You can repay the loan ahead of time without any fines for early termination and commissions.
Is there an application fee?
The minimum one-time processing fee of PHP 1500 will be deducted from your credit amount as soon as you use the credit.
I currently do not have a bank account, can I apply for a personal loan?
Yes, you can apply for a loan. After approval, you will be asked to open a deposit account to which the company creditor credits funds issued by the loan.
How long does it take to process an application?
The approval process ranges from 5 to 7 business days; The process of booking or crediting credit funds takes from 1 to 3 business days from the date of signing the loan documents.
Where and how should I follow my statement?
The borrower receives an SMS notification of the status of the application, generated by the system.
Where can I get the POEA OFW information sheet (for OFW applicants)?
You can get it directly from POEA.
When will the proceeds be credited?
Turnover time ranges from 1 to 3 banking days after the loan documents are signed at the branch.
When is my installment due?
The first installment of the borrower must be paid after 1 month from the date funds are credited to his account.
Can I apply for a personal loan if I am abroad?
The borrower must be in the Philippines at the time of filing and signing the loan documents, if approved.
Can I extend my existing personal loan? I have a personal loan, can I apply for a new one?
Renewal of the loan is not possible. If the borrower has an existing loan, he can re-apply for a new one, subject to loan approval.
When will the automatic debit agreement (ADA) take effect?
If the payment is due on a weekday, the deposit account will be debited on the same day. Funds should be considered as available deposit balance only from 3 pm. Payment will be reflected in the loan account on the next banking day after batch processing. If the due date falls on weekends or holidays, the deposit account will be debited on Monday or the first banking day after the payment date. Funds should be considered as available deposit balance only from 3 o’clock in the afternoon. Payment will be reflected in the loan account on the next banking day after batch processing.