Be Cash Smart: Compare Top Personal Loan for OFWs Online

Overseas Filipino workers are not exempt from financial difficulties. It could be a medical emergency, costly tuition fee or at times, delayed employment. First time overseas workers may also need placement fee or in some cases, show money. Whatever the reason, they can count on overseas Filipino loans.

Most lenders offer good loan programs for them for they can pay it considering their monthly income. These loans can even be conveniently availed through an online application. Check out some of the OFW financing products you can apply for at the comfort of your home.

Global Dominion Incorporated OFW Loan

Top of the list is Global Dominion Incorporated or commonly referred to as GDFI. Global Dominion offers two types of OFW loans, their standard OFW loan and the “Pinoy Abroad Loan” which is for those who want to apply out of the country. These loan products are offered to land and sea-based workers. Approval for the standard loan can be as fast as within 24 hours.

The maximum amount that can be borrowed is ₱250,000, but it will be computed based on the worker’s salary and guaranteed allowances. The minimum salary requirement for standard OFW loan is ₱20,000 and ₱35,000 for Pinoy Abroad Loan. The interest rate is 2.49% per month, and the term is up to 12 months.

The required documents to qualify for a loan includes:

  • Employment contract with POEA validation,
  • Philippine passport
  • Working visa
  • OEC or Overseas Employment Certificate
  • Flight details
  • Proof of billing such as latest utility bills
  • Age must be 21 to 59, but borrowers 60 years and above can apply provided they have a special power of attorney.

Also Read: Loansolutions and GDFI Team Up to Offer Pinoy Abroad Loans Online

Balikbayad OFW Loan

Balikbayad solely offers personal loan for OFWs. The maximum amount that can be borrowed is equivalent to the applicant’s 2x monthly salary. They offer flexible payment terms of 3, 6 and 18 months for land-based workers and 3 and 8 months for seafarers. The maximum loan term is equal to the period of employment contract minus one month. For balik-manggagawa, it would be the remaining number of months in the current contract minus one month. Approval period can be as short as 24 hours after all the required documents were submitted. The monthly interest rate is at 4.99%. The required documents are similar with that of Global Dominion’s.

123 Lending

123 Lending Corporation offers OFW loans with current interest rates of 2.9% to 3.7%. The maximum amount to borrow depends on the worker’s income,  but like Balikbayad, the typical amount is equal to 2X the monthly wage. Loan terms can be 6 or 12 months. The company can facilitate out of the country application as well. Once the required documents have been submitted, the final approval will be within 1 working day. The requirements for the applicant and co-maker are the same as the basic requirements for OFW loan application.

PJH Lending

PJH Lending also offers OFW loans for balik manggagawa, direct hire or under agency workers. Within 24 hours, applicants can be approved for their loans provided they submit the necessary documents. Only one co-maker is required, and the first payment is after two months from the date the loan was received. Additionally, the co-maker is not required of any minimum income.

Maximum loan amount is up to ₱500,000. The interest rate is not specified on their website, but they boast of low-interest rates. Loan packages can be paid in 6 to 12 months. The company does not require collateral and advanced interest. For borrowers, the requirements include valid ID’s, passport, contract or offer letter for direct or under agency workers and OEC, visa and ticket for balik manggagawa. Others include the latest original electric bill, marriage contract if applicable and birth certificate. Co-borrowers are only required to submit valid ID’s, birth certificate, marriage certificate if married and the latest electric bill.

Zazu Lending

Zazu offers OFW financing that can serve as show money loan or other purposes if the applicant gets approved. They recognize the need of many Filipino workers for OFW placement loan for many of them lack the funds. The company can offer up to three times their salary as the maximum loanable amount with no cashout and advanced interest. It charges 4% interest rate per month, but no collateral is needed. Terms of payment are from 6 to 12 months. Payments can be processed through cash, post-dated check or door-to-door remittance. Payment can start after 60 days from the date the loan was released. Once all requirements are submitted, approval may take about 24 hours. Co-borrowers are required to have a residence of their own.

What to Expect When Applying for OFW Loans

Typically, lenders need to validate the requirements that applicants submit to verify legitimacy. Borrowers will also be background checked within 24 hours, for the lender to see any record of delinquency regarding loans.

The applicant will be notified immediately once the loan is approved. The company will assist the borrower in opening a checking account, which will be used for payment. But for cases such as with Global Dominion, no PDC or post-dated cheque is required. All the procedures and obligations will be explained upon signing of the agreement.

Finally, the loan will be released, which is usually in full since most lenders do not charge advanced interests.

How to Increase the Chances of Getting the Loan Approved

When applying for a loan, it is best to prepare the necessary documents right away. Find a qualified co-maker by checking the lender’s qualifications. It is best to borrow an amount that is within their amount of salary. If there are no negative records for money or loan related issues, there is a higher chance for the loan to be approved.

Applicants can expect faster processing when all documents are submitted and that all the information they provide are true and correct. It helps to compare OFW loan offers from various lenders as well.




Global Dominion, Inc. 2X the monthly salary 2.49% Up to 12 months
Balikbayad 2X the monthly salary 4.99% 3,6,18 months – land based  3 and 8 months – seafarers
123 Lending 2X the monthly salary or higher 2.9% to 3.7% 6 to 12 months
PJH Lending ₱500,000 Not specified       in website 6 to 12 months
Zazu Up to 3X the monthly salary 4% 6 to 12 months

Written by Bernadine Racoma

Bernadine Racoma is a freelance content writer at Day Translations, a human translation services company. After her long stint as an international civil servant, she has aggressively pursued her interest in writing and research. She has a notable fondness for things related to technology, travel, lifestyle, social media, and current affairs. She is also an advocate and mother to 7 successful children.

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