Jefanie Genilla
It’s a common belief among us Filipinos that if someone in the family is working abroad, that family is already considered rich or has loads of money. That’s mainly because of the difference in the salary rate those working abroad are earning. However, little do we know about how OFWs struggle to save money and make ends meet. Emergencies happen. And at some point, they also run short of money to send to their families. There are even some whose salaries are delayed. This is the rationale behind the OFW Beneficiary Loan.
Purpose
Banks and private lenders offer OFW Beneficiary Loan as a way of providing the families of OFWs a form of financial shield when their family member abroad wasn’t able to send them money. This type of loan is most suitable for those whose main financial provider is the one working abroad and the family doesn’t have any other source of income.
Features
Otherwise called as Allottee Loan, OFW Beneficiary Loan is a type of unsecured credit qualified individuals can access without putting up any asset as collateral. The allottee will be the one to file the application, submitting the documents showing that he or she is a beneficiary of an OFW. Providers usually offer a three to six-month term, depending on the amount borrowed. Qualified applicants can borrow at least PHP 15,000 to as much as PHP 150,000.
Generic Eligibility Standards
As you would to any other type of loan application, you should also satisfy the generic qualification standards of getting a loan. For starters, you need to be between the ages 21 to 60 years old. Applicants should also provide lenders with their current residence and contact info.
Requirements
Specific to OFW Beneficiary Loan, applicants need to submit the following documentary requirements:
- Application form with duly filled out
- Latest OFW Contract with POEA validation
- Valid and latest OEC
- Allotment certificate or slip bearing the applicant’s name as the allottee
- Proof of relation to the OFW – Marriage Certificate for married applicants, Birth Certificate of the OFW’s children or Valid ID to show first degree relation for siblings and parents
- Proof of billing – water or electric bills
- Valid passport
- 2 valid IDs (primary)
- Seaman’s Registration Certificate ID (SRC) for seafarers
- Seaman’s Book
One important to take note, though, is that applicants may need to apply with at least one co-borrower. This is to give the provider added security for their money, considering that this loan type is an unsecured one.
Getting Expert Help from Loansolutions PH
Not all those with relatives working abroad can qualify for an Allottee loan. Specifically, only the families of OFWs with “Self-Allottee” salary type are qualified. This is where the search for loan providers gets complicated and time consuming. To make the process a lot faster and more convenient, it’s best to contact Loansolutions PH loan consultants to help you find the best provider offering this type of credit. Or you can apply via the firm’s 3-Step Online Application process to guarantee fast & hassle-free processing.
