Overseas Filipino Workers Loans

OFW (Overseas Filipino Workers) loans refer to initiatives that enable overseas workers to access funds for various needs. These loan programs often feature tailored terms and conditions to accommodate the financial capabilities of the borrower, including low interest rates or extended loan amounts.



  • Loan amount 2.000 - 40.000 PHP
  • Term 30 - 360 days
  • Interest rate 0,08% per day


  • Loan amount 1.000 - 25.000 PHP
  • Term 7 - 180 days
  • Interest rate 11.9% per month
  • Loan amount 2.000 - 15.000 PHP
  • Term 7 - 28 days
  • Interest rate 0,2% per day


  • Loan amount 5.000 - 50.000 PHP
  • Term 7 - 30 days
  • Interest rate 0,8 - 3,5% per day
  • Loan amount 2.000 - 20.000 PHP
  • Term 90 - 180 days
  • Interest rate 0,01 -1% per day


  • Loan amount 2.000 - 10.000 PHP
  • Term 61 - 120 days
  • Interest rate 0,5 - 1% per day


  • Loan amount 1.000 - 15.000 PHP
  • Term up to 61 day
  • Interest rate 0,50 - 0,80% per day


  • Loan amount 1.000 - 20.000 PHP
  • Term 91 - 180 days
  • Interest rate 0,12% per day


  • Loan amount 1.000 - 20.000 PHP
  • Term 10 - 150 days
  • Interest rate 0,15% per day


  • Loan amount 1.000 - 25.000 PHP
  • Term 61 days – 60 months
  • Interest rate Variable


  • Loan amount 1.000 - 50.000 PHP
  • Interest rate 0.08% - 0.11% per day
  • Term 10-120 days


  • Loan amount 500 - 20.000 PHP
  • Term 90 - 180 days
  • Interest rate 0,54% per day


  • Loan amount 2.000 - 15.000 PHP
  • Term 30 - 90 days
  • Interest rate 0,6% per day


  • Loan amount 1.000 - 20.000 PHP
  • Term 1 - 30 days
  • Interest rate 1% per day


  • Loan amount 3.000 - 100.000 PHP
  • Term 3 - 12 month
  • Interest rate 6% per month

Typically, OFW loans are divided into distinct categories, namely personal loans, car loans, home loans, and business loans. It’s important to note that the applications for these loans may sometimes overlap. Therefore, we recommend consulting with your lender to clarify the acceptable uses of your loan.

Benefits of OFW loans

Securing an OFW loan in the Philippines offers numerous advantages, including:

  1. Financial Support: Access funds for diverse needs like education, housing, and investments, providing valuable financial assistance.
  2. Convenient Application: Many Philippine lending companies facilitate online application processes, ensuring ease for OFWs applying from abroad.
  3. Flexible Repayment Terms: OFW loans often come with adaptable repayment terms, allowing borrowers to select a tenure that suits their financial circumstances.
  4. Competitive Interest Rates: Some lenders provide competitive interest rates, enhancing the overall affordability of the loan.
  5. Diverse Loan Options: A variety of OFW loan options are available, spanning personal loans, housing loans, and business loans, catering to different financial needs and objectives.

OFW Loan Requirements

Filipino professionals contributing significantly to foreign economies may encounter challenges in accessing specialized lending programs designed for foreigners. Moreover, local citizens seeking loans must adhere to the specific requirements of the chosen financial institution.

For instance, the United Bank of Asia (AUB) may consider approving a loan application under the following conditions:

  1. Completion of at least one employment contract at the time of loan application.
  2. Possession of an account with the United Bank of Asia (AUB).
  3. Minimum income of $1,000 for the borrower.

Applicants are typically required to provide a state-issued photo ID. Additionally, documents such as a contract with the Philippine Employment Administration abroad (POEA), employment contract with the date of arrival, POEA certificate, refit contract, information sheet for POEA OFW, or proof of transfer to a foreign institution may be necessary.

BDO Bank’s extensive reach across the Eurasian continent and North America makes its branches easily accessible for swift money transfers. To utilize BDO’s online service, individuals need to create an account on the official website.

If applying for a car loan at BDO Bank, Filipino borrowers must meet additional criteria:

  1. Two years of continuous work experience for qualified workers.
  2. Three years of continuous work experience for domestic workers.

OFW loan interest rate

The interest rates applicable to OFW loans in the Philippines may fluctuate based on the lender, loan type, and prevailing economic circumstances.

Typically, interest rates can span from approximately 5% to 10% per annum, and in certain instances, they might be even higher.

How to apply for an OFW loan

Follow these steps to successfully secure an OFW loan in the Philippines:

  1. Choose a Provider. OFW loans are offered by various companies in the Philippines. Research and compare details such as interest rates, loan amounts, and terms and conditions to make an informed decision.
  2. Gather Required Documents. Document requirements may vary among lenders, but generally include two valid IDs, the latest deployment contract, a copy of the work permit, a copy of the POEA Overseas Employment Certificate (OEC), flight ticket, and proof of the borrower’s residence (recent utility bills like power or water bills). If there’s a co-borrower, they will need to provide the same documents.
  3. Complete the Application Form. Provide information about yourself, your employment, and your financial situation in the application form.
  4. Submit the Application and Documents. Submit the completed application form and all required documents to the lender. This can be done by visiting the lender’s office in person or through an online application process.
  5. Await Lender Response. The lender will review your application and documents, then inform you of their decision. If your application is approved, you will need to sign the loan papers and make the initial payment.
TOP 7 Overseas Filipino Workers Loans June 2024
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