Although according to the new Philippine lending law, OFW placement fee loan must not be catered to overseas Filipino workers, private lenders as well as bank lending companies still allow application for the OFW loan.
NO CHECKING ACCOUNT NEEDED!
GUARANTEED NO HIDDEN CHARGES!
OPEN TO ALL OFW HERE OR ALREADY ABROAD!
WITH LOAN PAYMENT GRACE PERIOD!
ONLINE APPLICATION ALLOWED!
PAYMENT THRU MONEY REMITTANCE CENTERS ONLY!
This is provided
of course that the borrower must not disclose that the loan will be used for purposes
of paying the placement fee. It could be for visa or for cash extension for family or for business purposes. OWWA on the other hand is offering loan for OFWs who would like to get cash for business startup assistance.
Currently, it may be punishable by law to a certain degree if caught offering such or simply by trying to use the word "placement fee loan" as part of an advertisement or offer to lure Pinoys going abroad to apply for quick cash so I would like to redirect OFWs who are interested to get extra fast cash loan to leave for family to apply instead for the OFW loan we offer.
There are literally so many lenders from the private sector as well as bank finciers accepting application of OFW loan. If you want to make a canvass from their respective interest rates to processing fees and charges to see which one offers lowest interest, I would like to inform you that banks would absolutely win it.
The only disadvantage for bank processing is the time frame it will take to get approval for your placement fee loan application. Private lending companies in the Philippines offer much more convenient and faster cash loan turnover compared to banks. Below is our own list including their particular fees and charges as well as interest rates.
Very few overseas Filipino workers actually know their options of borrowing money from lending companies in the Philippines. This might be due back a few years from now to lack of access to online information and the internet. But today, that was already made a breeze if you know how to search and know you way with resources that are vastly available online. To ease out the need to search, we are providing our own list of cash loan providers as well as their respective loan offers.
So to help the workforce population looking to work abroad realize there are a lot of options to get cash whether it be from collateral or non-collateral loan or whether financing firms would require a co-borrower / co-maker or not. Fact is, there are a few more that you can't come up anywhere else, just from us here at Fast Loan Philippines.
Please note that the other loan options listed below
Car Loan Without Taking Car -
To be legible to apply for this type of loan, all you have to is make sure you have the complete list of basic documentary requirements and undergo a pre-qualifying interview with your loan agent.
If you like, you can contact us to do that for you. In the meantime, below is a shortlist of the documents you will need to qualify to apply for this loan.