Jefanie Genilla
Are you an OFW short in cash to buy that plane ticket or to pay for some document fees you need to go abroad or aboard the ship? Whether you’re still on the initial stage of your employment or are trying to make ends meet while waiting for your next flight, there’s certainly a OFW personal loan solution options for you. A financial assistance meant to help you and your family get through financial troubles.
The good thing these days is that there are already many private lending companies and commercial banks offering non-collateral personal loan options for OFWs.
Advantages of a Non-Collateral OFW Personal Loan
OFWs have the option to get either a secured or unsecured loan. Each of these loan types has its unique advantages and advantage. For instance, secured loans are way easier to get by because the borrower is required to put up a property as collateral. This gives the providers added security for their money.
On the other hand, opting for a non-collateral loan affords the borrower the following perks:
Low risk
A non-collateral personal loan is a low-risk option for the borrowers as this won’t compromise any of their assets. However, applicants also need to bear in mind that the approval process may take longer than a secured loan. Banks may conduct additional background checks and assessment procedures to verify the borrower’s identity.
However, private lending companies have one-day process OFW personal loan if you are able to comply with all OFW personal loan requirements as soon as possible.
Short term solution
An unsecured loan is suited to those who’re looking to borrow the minimum loanable amount and are planning to repay the money in a short term from 3 to 6 months or maximum of a year. The proceeds of the loan are just for emergency use such as for the borrower’s pocket money or for the monthly bills of the family here in the country.
Requirements are easy to gather up
While filing for a collateral loan requires you to present additional asset-related documents, applying for a non-collateral loan only requires you to submit the generic requirements. Specifically, you only need to pass the following:
a. Proof of Residence (Water/Electric Bill or any other Postpaid Bill)
b. Proof of Income (Payslips, Employment Certificate)
c. Proof of Identity (Company ID and Government-issued ID)
Why choose Loansolutions PH?
Although applying for a non-collateral loan is fairly easy to do, it’s still time consuming to go to the lender’s office to submit your requirements. With Loansolutions.ph we assign a loan adviser to process your loan in your behalf and to advise you on the steps you need to take to make sure you secure the loan with the lending partner we are able to match you with.
If you want to apply for an OFW personal loan and make sure that you enjoy no hassle processing, check out our website www.loansolutions.ph. We understand that applying for a loan is a big decision, which explains why we’ve launched a new and innovative way of applying for loans.
