OFW Loans now available at Raining Pesos!

It seems we get contacted daily about our OFW loan offering. Finally, we have an answer better than “check back later”. It is difficult to find the right type of loan to fit your OFW situation. We are now partnered with a lending institution that offers loans to OFWs, Migrants, and Seamen.

Airport Line for OFWsRequirements:

  • Age: 21 – 59 years old
  • Loan amount can be up to P500,000, depends on your ability to repay
  • Terms are 3 to 9 months, limited by the work contract.
  • You must have a co-borrower that satisfies lending requirements living in the Philippines

Supporting Documents:

  • Complete application form
  • 2 valid ID’s with permanent address and signature (passport, driver’s license, company ID, voter ID, etc)
  • Latest original proof of billing (electric or water)
  • Latest proof of residency (NBI / Police clearance / Barangay clearance)
  • Latest POEA validated standard contract of employment / Certificate of Employment / Job Order / POEA information sheet
  • E-Receipt / Overseas Employment Certificate (OEC)
  • Flight Details / Plane Ticket / Updated Passport and Visa
  • Marriage contract if married, birth certificate if single
  • Seaman: Copy of Seaman’s Book, Seafarer Registration Certificate

Car & Home Loan for OFW’s:

Our existing banks support OFW’s for Car and Home Loans. All the same requirements apply. You must have a co-borrower here in the country that also has the capacity to pay back the loan. If you are out of the country, you will need to assign Power of Attorney. Some banks prefer that you are here for signing, and this is determined on a case by case basis. You can apply for these loans here:

Car Loan
Home Loan

OFW Loan Approval Requirements

OFW Situations that can be approved:

  • Any skilled workers
  • Home-based work such as domestic helper or care-giver
  • Seamen
  • Migrants
  • Up to P500,000 on terms of 3 to 9 months depending on your OFW situation.

Situations that won’t be approved:

  • Deployments into countries such as Iraq, Iran, Afghanistan, and Israel
  • Other areas declared by management
  • We currently don’t loan for re-deployment purposes

For more information, visit the our special OFW page. There is a small FAQ section at the bottom, we will continue to add to it as your questions come in.

OFW Loan

http://www.rainingpesos.com.ph/ofw-loans-philippines

 

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