2019 All You Need To Know About OFW Cash Loans

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OFW Personal Loan

Jan 18, 2019

Since 2003, GDFI has helped 200,000 OFW’s with their funding needs. We took the time to understand their borrowing needs, most often than not, it is urgent and purpose driven.

Overseas Filipino Workers’ (OFWs’) goal is to work hard, save up as much money as humanly possible and come home to the Philippines to start building their dreams and future. Starting a business, buying a home or a car… and the list could go on. Let us not forget that our modern day heroes are one selfless bunch, as well. They will not even think twice to lend a hand to friends and family members who are going through challenging times.

OFW’s are no different from us, they have financial needs too, it just so happen that they are out of the country. There will be situations when they are in need of funding for their loved ones here in the Philippines. During these times our Kababayan’s take out an OFW Loan.

An OFW Loan is an unsecured personal loan designed specifically for different types of migrant workers. These loans are offered by commercial banks and private lenders. Commercial banks tend to take time during the entire loan application process and, of course, have more stringent underwriting requirements. Taking out an OFW loan from a private lender is always the way to go. It’s simple, fast, and pretty straightforward.

OFW Loan Comparison:

Not all OFW Loan lenders are the same though, there are certain parameters that are the dissimilar, and one provider maybe better than the other.  Here is a comparison that we made for you to make an informed decision and choice.

GDFI balikbayad.ph cashmart pjh 123 lending
Product OFW Personal Loan
Seaman Personal Loan OFW Personal Loan OFW Loan OFW Loan OFW Loan
Pinoy Abroad Loan Seaman Personal Loan Seamans Loan Seamans Loan Seamans Loan
Loanable Amount 100 – 150% Basic monthly 2X of Monthly Salary  5,000 – 30,000.00 3X of Monthly Salary 3X of Monthly Salary
(in Peso) salary
Interest
1.50 -1.99% Per Month 4.99% Per Month 3.5 Per Month depending 8% Per Month 5.5%-10.4% Per Month
on the loan term
Processing Time
24 hours 24 hours 24 hours 24 hours 24 hours
Loan Term Up to 18 Months Up to 18 Months Weekly, Bi-weekly Up to 12 Months Up to 12 Months
and No PDC, Payment Centers PDC and Bank Deposit and Monthly PDC Bills Payment, PDC,
Mode of Payment Centers Payment Centers &
 Payment Remittance

 

Ready To Apply For An OFW Loan?

Whenever you ask a lender for a loan, you have to go through an application process.

GDFI has categorized our OFW loan into three types, Land-based, Sea-based and Pinoy Abroad. Here’s the low-down of everything OFW Loan from GDFI. It pays to be prepared, gather all the information and requirements that you need to fast-track your application.

OFW Personal Loan – Fast Multi-purpose cash loan for Land-based Overseas Filipino Workers.

Who Can Loan?

  • The borrower must be between 21-65 years old.
  • Land-based OFW with a valid employment contract still in the Philippines and is scheduled to fly out to their host country.
  • Has a basic salary equivalent to a minimum of Php.20,000.00

Principal Borrower’s Requirements:

  • Latest Contract of Employment with POEA Validation
  • Copy of Visa
  • Copy of OEC (POEA Overseas Employment Certificate)
  • Flight Details: Round-trip booked and confirmed plane ticket of departure.  
  • Electric or Water Bill – it doesn’t matter if it’s not under your name, prepare an additional proof of residencies such as cable bills or phone bills or any government issued documents with your name and current address.
  • Proof of Remittance – Only for Balik-Mangagawa

Seaman Personal Loan – Multi-purpose cash loan for Sea-Based Overseas Filipino Workers.

Who Can Loan?   

  • The borrower must be between 21-65 years old.
  • OFW who are working and will be boarding in any kind of international fishing, passenger or cargo vessel.
  • Has a basic salary equivalent to a minimum of Php.20,000.00
  • The borrower must be currently in the Philippines to apply for a loan.

Seafarer’s Requirements:

  • Latest Contract of Employment with POEA Validation
  • Seaman’s Book
  • SRC (Seafarer’s Registration Certificate)
  • Proof of Embarkation and Disembarkation
  • Allotment Certificate
  • Electric or Water Bill – it doesn’t matter if it’s not under your name, prepare an additional proof of residencies such as cable bills or phone bills or any government issued documents with your name and current address.

Pinoy Abroad Loan – Multi-purpose cash loan for OFW’s currently outside of the Philippines with an active work permit and contract.   

Who Can Loan?   

  • The borrower must be between 21-65 years old.
  • OFW who is deployed and currently working in their host country.
  • Has a basic salary equivalent to a minimum of Php.30,000.00

Pinoy Abroad Requirements:

  • Passport
  • Latest Contract of Employment
  • Copy of working visa
  • Entry and Exit Stamp
  • Copy of OEC (POEA Overseas Employment Certificate)  
  • Latest two months Proof of Remittance
  • Electric or Water Bill – it doesn’t matter if it’s not under your name, prepare an additional proof of residencies such as cable bills or phone bills or any government issued documents with your name and current address.

CO-BORROWER – A co-borrower is required across all GDFI OFW loan offerings because the principal borrower is out of the country. We require that co-borrowers be immediate family members such as spouse if married, children of legal age, parents, and siblings. If the principal borrower is in a common-law-relationship, not unless they have a child then we will allow the common-law-partner to be the co-borrower.

Co-borrower Requirements:

  • Any two (2) valid ID’s
  • Marriage Contract if married
  • Birth Certificate of children (if in a common-law-partnership)
  • Latest Electric or Water bill

When, Where, and How to Apply?

Now that we have the requirements covered you’re ready to apply for an OFW Loan. We process applications thirty (30) days before departure. If you have your flight details and departure date available, avoid rushing, and apply on our website or visit a branch near you. If you’re strapped for time, you are covered by our fast lane – apply at our website – will only take you 5 minutes to do that, and you will be receiving a call from our dedicated loan advisors who will help you through the process. It’ll only take us 24 hours to get you approved.   

What to do after Approval and Loan Disbursement?

In line with our commitment to provide fast and hassle-free funding for our modern-day heroes, here at GDFI, we made sure that paying for your loan will be as convenient as the application process were. Here is a step-by-step guide in making your payment:

  1. A PN Number will be provided to you during loan disbursement. This will serve as your unique identifier when making payments through our payment partners. This also ensures that your payment will be posted to your account.
  2. You will be advised to make a payment at least 3 days prior to your due date, to avoid rushing and to ensure that your payment gets posted in a timely manner.
  3. Here is the list of our payment partners

FAQs:

How much can I borrow?

You can borrow as much as 100% – 200% of your basic monthly salary.

How much is my monthly installment and loan term?

Your monthly installment will depend on your chosen loan amount and term. How long you want to pay it is dependent on your work contract. It could vary at 12 months, 9 months and 6 months.  

How much is the Interest Rate:

1.50-1.99% per month  

Do you charge fees?

Yes. These fees are disclosed during the releasing process in compliance with  Republic Act 3765 otherwise known as “The Truth in Lending Act”.

When do I start paying?

In line with GDFI’s commitment to financially empower OFW’s, we made sure that you’re all settled in your host country before you start paying your loan. A grace period of one month is given to show that you are a valued borrower.

How long is the processing time of the application?

As fast as 24 hours. (conditions apply)

Where and How do I follow up my application?

You can email us at accountcare@gdfi.com.ph or reach out to your dedicated loan adviser.

Here, at GDFI we understand the borrowing needs of our OFW’s. It is definitely fast, easy, and purpose driven. Apply Now!