Top 6 OFW Loan Purposes

Finance

Overseas Filipino Workers (OFWs) are being seen as the modern heroes in the country today. These are the people who specifically travel to other countries to pursue better opportunities in terms of their career and work. Most of them choose this path in order to provide a higher source of income for their families.

However, this does not mean that they no longer experience financial woes. They, too, have needs that require financial help which is why loans for OFWs have become a thing in the Philippines.

Are you an OFW seeking a loan but isn’t sure whether your reason qualifies for it?

Here are the top 6 loan purposes for OFWs:

Pre-deployment Fund

Still haven’t left the country because you lack the funds to become an OFW?

Well, you no longer have to fret for this because there are a few financial institutions that will be happy to assist you in getting your dream job abroad. All you got to do is apply for the loan.

Education

People, who become OFWs, are often the breadwinnner of the family.

Those, who have children left in the Philippines, are usually working hard to provide money so that they could attend school and have a bright future ahead of them. But OFWs who are coming up short on the funds, do not have to worry about their kids’ education since they would be able to apply for a loan to help them with this endeavor.

Business Opportunity

Do you have plans for setting up a local business back at home?

Then, you’ll be glad to know that there are also banks and loan providers that can give you financial support to start-up your own company in the Philippines. It doesn’t even have to be a “company,” it could just be a retail/chain store or a restaurant instead.

Vacation Fund

OFWs rarely get long vacation days. Oftentimes, they would have to wait years before they could go home to their families.

If you need help financing your well-deserved break, you can apply for a vacation funding loan. By doing so, you will be able to have the peace of mind while you enjoy your time with friends and family. You could even avoid spending your savings, which you might need for another scenario.

Emergency Fund

Emergencies can occur at any time and anyplace. It can strike your loved ones while you are working abroad.

Getting an emergency fund from trusted loan providers can allow you to breathe easy; knowing that your family will be properly taken cared of.

Debt Consolidation

Thinking about debt could certainly affect you in your day-to-day living.

Avoid the stress and hassle it brings you by allowing respectable financial institutions to assist you in paying them. In return, you can arrange a payment system in 3-12 months that you are comfortable with.

Takeaway:

Don’t see the loan purpose you are looking for discussed in this article?

Go ahead and consult with your bank or other financial institutions about your particular case. For sure, they’ll be happy to answer your questions for you. You’ll be surprised at how easy it is to apply for an OFW loan—you can even do it online today!