OFW Loans Review

Loans for Overseas Filipino Workers (OFW) in the Philippines are customized financial solutions for Filipinos employed abroad. These loans empower overseas Filipinos to avoid predatory lenders and realize their financial aspirations through affordable options with minimal paperwork.



  • Loan amount 1.000 - 50.000 PHP
  • Interest rate 1% per day
  • Term 91 — 365 days


  • Loan amount 1.000 - 12.000 PHP
  • Interest rate 0.2% per day
  • Term 7 — 28 days


  • Loan amount 1.000 - 25.000 PHP
  • Interest rate 0,49% per day
  • Term 30 - 180 days


  • Loan amount 5.000 - 15.000 PHP
  • Interest rate 1% per day
  • Term 7 — 35 days


  • Loan amount 1.000 - 10.000 PHP
  • Interest rate 0.5% per day
  • Term 7 — 60 days


  • Loan amount 2.000 - 50.000 PHP
  • Interest rate 1,12% per day
  • Term 30 - 365 days


  • Loan amount 3.000 - 20.000 PHP
  • Interest rate 1% per day
  • Term 7 — 60 days


  • Loan amount 500 - 20.000 PHP
  • Interest rate 0.54% per day
  • Term 90 — 180 days


  • Loan amount 1.000 - 30.000 PHP
  • Interest rate 0,39 per day
  • Term 90 - 180 days
  • Loan amount 2.000 - 20.000 PHP
  • Interest rate 1 per day
  • Term 7 - 30 days


  • Loan amount 1.000 - 30.000 PHP
  • Interest rate 0.8% per day
  • Term 61 — 360 days


  • Loan amount 3.000 - 30.000 PHP
  • Interest rate 0,066% per day
  • Term 90 - 180 days


  • Loan amount 2.000 - 10.000 PHP
  • Interest rate 0,03% per day
  • Term 91 - 360 days


  • Loan amount 5.000 - 35.000 PHP
  • Interest rate 0.5% per day
  • Term 90 — 365 days


  • Loan amount 1.000 - 5.000 PHP
  • Interest rate
  • Term 21 — 90 days

The scope of OFW loans is extensive, offering personal loans for clearing credit card bills, acquiring a home, or securing capital for future business endeavors upon return. Available to both active and prospective foreign employees, OFW loans facilitate the early coverage of recruiter fees, initial expenses, and flight tickets, allowing individuals to address financial needs before they begin earning.

Benefits of OFW loan in the Philippines

Securing an OFW loan in the Philippines offers customers numerous advantages:

  1. Financial Support: Offers assistance for diverse needs like education, housing, and investments.
  2. Convenient Access: Many Philippine lenders provide online applications, facilitating easy application processes for OFWs abroad.
  3. Flexibility: OFW loans often feature flexible repayment terms, enabling borrowers to select a tenure that suits them.
  4. Competitive Rates: Some lenders present competitive interest rates, enhancing the overall affordability of the loan.
  5. Diverse Options: Various types of OFW lenders are available, including personal loans, housing loans, and business loans, providing a range of financial solutions.
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Types of OFW Loans in the Philippines

Not all financial institutions provide hassle-free, fast-release OFW loans or online OFW loans in the Philippines, limiting an OFW’s loan accessibility. However, these loans are feature-rich, aligning with an OFW’s financial goals throughout their expatriate journey. While co-borrowers or collateral are often unnecessary for online OFW loans, terms, interest rates, conditions, and durations differ among lenders. Primary OFW loan categories with one-day processing include:

OFW Personal Loan

Address immediate financial needs without collateral or a high credit score. Loan limits depend on income and expenses, catering to various requirements like home renovations, vacations, or appliance purchases.

OFW Auto Loans

Facilitate car ownership through secured loans with the vehicle as collateral. Repayments occur through EMIs, and defaulting may lead to vehicle repossession.

OFW Home Loans

Support Filipinos’ dreams of homeownership by using the property as collateral. Ownership transfers upon complete repayment through EMIs.

OFW Business Loans

Empower Filipinos to become entrepreneurs while working abroad. Access working capital to establish businesses, offering opportunities for additional income. Some lenders provide substantial OFW business loans with low interest rates and extended repayment periods.

OFW Seaman Loans

Address the financial challenges of seafarers working on international ships. These one-day processing loans assist in boarding ships and can be applied for from anywhere in the Philippines.

OFW loan in Philippines interest rate

Interest rates for OFW loans in the Philippines may fluctuate based on the lender, loan type, and prevailing economic conditions.

Typically, these rates can vary between approximately 5% to 10% annually, with some cases seeing even higher rates.

OFW loan requirements

The prerequisites for an online OFW loan in the Philippines differ among lenders, but the following are some typical conditions:

  1. Offer collateral, like a property or car, for the loan application.
  2. Currently employed as an Overseas Filipino Worker.
  3. Age between 18 and 60 years at the loan maturity date.
  4. Hold a valid passport and visa.
  5. Maintain a minimum monthly income of 20,000 PHP.
  6. Demonstrate a clean credit history.

How to apply for an OFW loan?

Follow these steps to secure an OFW loan in the Philippines:

  1. Choose a Provider. Numerous companies offer OFW loans in the Philippines. Research and compare interest rates, loan amounts, and terms before making a decision.
  2. Gather Necessary Documents. Document requirements may vary, but generally include two valid IDs, the latest deployment agreement, a copy of the work permit, POEA Overseas Employment Certificate (OEC), flight ticket, and proof of residence (recent utility bill). Co-borrowers should provide the same documents.
  3. Complete the Application Form. Provide personal, job-related, and financial details in the application form.
  4. Submit Application and Documents. Submit the completed application form and required documents to the lender, either in person at their office or through an online application.
  5. Await Lender’s Response. The lender will review your application and documents. If approved, you’ll be notified. Upon acceptance, sign the loan papers and initiate your first payment.

Frequently asked questions and answers about OFW loans

What is an OFW loan in the Philippines?

An OFW loan is a financial product designed for Overseas Filipino Workers, providing them with funds for various needs.

How can I apply for an OFW loan?

To apply, select a reputable lender, gather required documents (IDs, deployment agreement, work permit), fill out the application form, and submit online or in-person.

What documents do I need for an OFW loan?

Generally, you’ll need valid IDs, deployment agreement, work permit, POEA Overseas Employment Certificate, flight ticket, and proof of residence. Co-borrowers require the same documents.

Are there age restrictions for OFW loan applicants?

Typically, applicants should be between 18 and 60 years old at the loan maturity date.

Can I apply for an OFW loan if I have a co-borrower?

Yes, co-borrowers are accepted, and they need to provide similar sets of documents.

What is the usual processing time for OFW loans?

Processing times vary, but many lenders offer quick approvals. Once approved, signing loan papers and making the first payment is the next step.
TOP 7 OFW Loans Review June 2024
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