The Filipino notion that Overseas Filipino Workers (OFWs) are affluent and stress-free is quite too distant from reality. OFWs always carry the burden of managing their money right so they can provide for their loved ones back home. OFWs are not always what we thought them to be – worry-free, relaxed, posh and financially sound. A lot of those working abroad suffer from problems mostly about their marriage, family, and money. Although their salary is much higher compared to their local counterparts, OFWs also require personal loans for the following reasons:
Pay for debts
Not all OFWs are hired directly by their foreign employers. Most of them pass through agencies that require money for tests, licenses, and training. A simple factory worker in Taiwan, for instance, need to prepare around Php50,000 before he can actually get into that plane and start working. So before he leaves for the country, the would-be OFW is already indebted to something equal or more than his salary.
Buy or renovate properties
One of the biggest dreams an OFW can have is to purchase something as a memento for his struggles – a piece of land, a condo unit or even house and lot in the province. He can also plan for his home renovation like adding a room or furnishing their kitchen. And for him to do this, he needs to apply for loans that could finance the property while he again, struggles to pay for it in two years or more.
Start a business
OFWs also want to have a source for passive income. They understand that their career wouldn’t last a lifetime and a business on the side can suffice for savings and other needs.
Fund a vacation
Christmas, birthdays, graduation and anniversaries are once-in-a-lifetime opportunities for workers abroad to come home and be with their families. Although they have already enough money on hand, OFWs still apply for loans as a buffer in case of extra expenses that they have not anticipated during their vacation.
Private lending institution Global Dominion Financing Incorporated understands the urgency of an OFW loan to allow workers abroad to cover their expenses. GDFI offers OFW personal loans to help them pay for their kids’ tuition, renovate their homes or even travel to break free from their work. Any OFW can enjoy up to Php2,000,000 loan amount at 1.99% monthly interest rates.
For a quick guide, here are a few things you should keep in mind:
Principal Borrower requirements:
• Latest Contract of Employment
• Copy of VISA
• Photocopy of OEC (POEA Overseas Employment Certificate)
• A plane ticket or Flight Details
• Latest Electric or Water Bill. If not in the name of the borrower, you must submit additional proof of residence.
(Any documents under your name and with your current address)
• Proof of Remittance (for Balik-Mangagawa)
• Immediate relative (Spouse, Parents, Siblings)
• Any two valid ID’s
• Marriage contract (if married)
• 2 Valid IDs
• Two pcs. 2×2 picture
• Latest and Original Electric or Water bill
Are you an OFW heading home for Christmas? Would you like to have extra cash to fund your dream vacation or your planned business? Then check out what Global Dominion can do you! Quick and comfortable, the Global Dominion OFW loan is your profitable way to make your dreams come true.
Ask an Expert