Loan Facilities for Every OFW’s Needs

People will always have never ending needs. If you’re an OFW, your “needs” may be greater than the others because you have to carry most of the burden on your shoulders. You will always be compelled to send money for repairs at home, a medical emergency, payment for your kid’s tuition fee (or your niece’s school fees), or whatever expense your family – and extended family – could think of.

Thankfully, there are financial institutions that could help cater to all your needs, similar to what we do in Balikbayad. 

Check out these loan facilities that could help you for the following specific purposes:

For your home needs – PAGIBIG Housing Loan 

Shelling out hundreds of thousands of dollars for home improvement, purchase of a property, or building your home will never be easy on your pocket. The good news is there is a government agency that could help you with your housing needs.

As of this writing, PAG-IBIG has the lowest housing rates in the market at 3 and 5.375 percent for housing loans for loans up to P580K and P6 million, respectively. This could help you a lot in building your dream home without breaking the bank. Just make sure you contribute monthly so you won’t have a problem during the application process.

You may check out this post to learn more about PAG-IBIG Housing Loan.

In case you are looking for an alternative, then the SSS Housing Loan could also be a good facility for you.

For your business needs – OWWA Loan 

One of your priorities is to ensure continuity of funds for a more stable life. One way to do that is by putting up your own business. In case you don’t have sufficient capital, then OWWA Loan might help.

OWWA Loan allows you to borrow up to P2 million and offers free entrepreneurial training to ensure sustainability of your business. It also has a fixed rate of 7.5 percent.

You can check out this website to know more about OWWA Loan.

Despite the promise, applying and getting approved could be difficult. The OWWA Loan is limited to a budget, which means the agency has to screen every application thoroughly and grant the loan to OFWs who they think has the best potential in business. If you’re looking for an alternative sans the hassle, then Balikbayad is here to help. Simply fill out the loan application form for pre-approval and we will get back to you as soon as we can.

For your car needs – BDO Auto Loan 

Aside from house, you also want to have your own car that will bring you and your family from point A to point B. If you’re not willing to shell out money from your savings account, then applying for an auto loan could be your savior for that dream car.

BDO has a competitive package for auto loan. You can borrow starting at P100,000 up to maximum of 80 percent of the value of your car. Requirements are easier to comply with for OFWs and loan terms are flexible. You could learn more about BDO Auto Loan by checking this link.

You may also check out this post for comparison of auto loans in the Philippines.

For your sudden / personal needs – SSS Salary Loan 

Despite earning in dollars and making sure that you set aside a particular amount every month for savings, there will always be days when what you have is not enough. Who do you resort to during these days?

Family or friends may be the first choice but don’t forget that SSS has a salary loan too. You could borrow one- or two-months worth of salary loan depending on your monthly salary credit. Interest is lower and the loan is payable within two years.

Still, don’t rely too much on loans. This could get out of control especially when you are juggling too much debts on your plate. Live a simple lifestyle, spend only when necessary, invest your money, and make sure you set aside money for savings. You’ll never know what will happen so it is best to be prepared.

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