10+ Best Online OFW Loan Philippines Without Collateral Abroad

If you are an Overseas Filipino Worker (OFW) who needs financial assistance like personal loan, or bank loan, you might be looking for the best online OFW loan Philippines without collateral low interest .

There are many options available for you, from banks to government agencies to online lending companies. But how do you choose the right one for your needs?

At retailasiaonline.com, we will compare some of the most popular and legit OFW lending companies in Philippines.

Read on to find out more!

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Summary of OFW loan in Philippines

✅ 10 Best online legit OFW loan in Philippines without collateral	⭐1. Landbank, 2. BDO, 3. BPI, 4. 123 Lending, 5. Asialink, 6. Kabayan, 7. PJH Lending, 8. PNB, 9. Balikbayad, 10. OWWA
✅ Guide to	⭐ Apply for online legit OFW loan near me
✅ Loan amount	⭐ 1,000 PHP – ₱2 million PHP
✅ Places in	⭐ Philippines
✅ Interest rate	⭐ Low 0% interest for first loan
✅ Age	⭐ 21 – 60 years old
✅ Term	⭐ 1 – 72 months
✅ Requirement	⭐ Be an Overseas Filipino Worker
✅ Pros	⭐ Competitive Rates, Diverse Options
✅ Cons	⭐ Stringent approval criteria
✅ Evaluate the effectiveness	⭐ Good

What is OFW loan?

OFW loan is an unsecured personal loan for Overseas Filipino Workers (OFWs) sponsored by Banks and lending companies for consumer purposes.

Benefits of OFW loan in the Philippines

Obtaining the OFW loan in Philippines will bring customers a lot of benefits as follows:

• Financial Assistance: Provide financial support for various needs, such as education, housing, and investments.
• Convenient Access: Many lending companies in the Philippines offer online application processes for abroad, making it easier for OFWs to apply from abroad.
• Flexibility: It is often come with flexible repayment terms, allowing borrowers to choose a suitable tenure.
• Competitive Rates: Some lenders offer competitive interest rates.
• Diverse Options: Different types of OFW lenders are available, including personal loans, housing loans, and business loans.

Drawbacks of OFW loan Philippines

Apart from the benefits, OFW loan Philippines also comes with the following drawbacks:

• Risk of Debt: If not managed properly, taking on a loan could lead to debt accumulation, especially if the borrower’s income is uncertain.
• Loan Approval: Some lenders may have stringent approval criteria, which could make it challenging for some OFWs to qualify.
• Hidden Fees: Borrowers should be aware of potential hidden fees or charges associated with the loan.
• Responsibility: Borrowers need to be responsible for timely repayments, as missed payments could impact credit scores and future loan eligibility.

OFW loan in Philippines interest rate

The interest rates for OFW loan Philippines could vary depending on the specific lender, type of loan, and prevailing economic conditions.

Generally, interest rates can range from around 5% to 10% per annum or even higher in some cases.

OFW loan Philippines requirements

The requirements for an OFW loan Philippines online vary depending on the lender, but here are some of the common requirements:

• Be able to provide collateral, such as a property or a car to apply for it.
• Be an Overseas Filipino Worker who is currently working abroad
• At least 18 years old and no older than 60 years old at the time of loan maturity
• Have a valid passport and visa
• Own a minimum monthly income of 20,000 PHP
• Possess a clean credit history

Credit line and term of OFW personal loan in Philippines

Below are the typical amount and term of OFW loan in Philippines:

Loan amount

The amount of an OFW personal loan in Philippines can range from 1,000 PHP to PHP 2,000,000. The exact amount that you can borrow will depend on your income, employment history, and credit score.

Term

The term of a loan for OFW in Philippines is typically 12 to 36 months. However, some lenders may offer longer terms, such as 72 months.

Compare to OFW loan companies

Comparative criteria	BDO	BPI	OFW Loan OWWA
Amount	50,000 PHP	100,000 PHP – 1,000,000 PHP	100,000 PHP – 2,000,000 PHP
Interest Rate	1.25%-2%	0.0625% – 0.125% per annum	7.5% per annual
Term	36 months	24 months	84 months
Purpose	Personal loan	Business loan	Business or livelihood project
Minimum Monthly Income	10,000	30,000	20,000

Source: Refer to bsp.gov.ph reporting and research.

How to apply for an OFW loan in Philippines?

Adhere to all the following steps to take to get an OFW loan in Philippines:

Step #1: Pick a provider

• OFW loans are available from many companies in the Philippines.
• Find out more about them.
• Compare interest rates, loan amounts, and terms and conditions by doing the study.

Step #2: Get the papers you need

• The papers needed may be different from one lender to the next, but usually, they are two IDs that work, the most recent deployment deal, a copy of the work permit, POEA Overseas Employment Certificate (OEC) copy, flight ticket, proof that the borrower lives in the area (most recent power or water bill)
• If you have a co-borrower, they will also need to give the same papers.

Step #3: Fill out the form and send it in

• On the entry form, you will be asked for information about yourself, your job, and your finances.

Step #4: Send the lender the application form and all the papers

• You can go to the lender’s office to hand in the application form and papers, or you may be able to apply online.

Step #5: Wait to hear from the lender

• The lender will look over your papers and application and let you know what they think.

If your application is accepted, you will need to sign the loan papers and make your first payment.

Top 10 Best OFW Loan in Philippines Online without collateral 2024

Below is the list of the best legit online OFW Loan in Philippines low interest:

#1. Landbank – Best OFW Loan Philippines low interest

Landbank, one of the Philippines’ leading government-owned banks, provides online OFW Loan Philippines without collateral specifically tailored to their needs.

These loans are designed to help OFWs invest in income-generating projects, real estate, or other business ventures.

Address: LANDBANK Plaza, 1598 M.H del Pilar cor. Dr. J. Quintos Sts., 1004 Malate, Manila, Philippines

Pros:

• Government-backed security.
• Favorable interest rates.
• Flexible loan terms.
• Support for OFWs’ entrepreneurial pursuits.

Cons:

• Lengthy application process.
• Stringent requirements.

Overall Score: 8/10

#2. BDO – OFW Global Cash Loan

Banco de Oro (BDO) offers the OFW Global Cash Loan, which provides financial assistance for OFWs’ personal needs or their families’ immediate requirements.

This loan is suitable for various purposes, from education to home improvement.

Address: 7899 Makati Avenue Makati City 0726, Philippines

Pros:

• Extensive branch network.
• Quick approval process.
• Competitive interest rates.

Cons:

• Limited information available online.
• Some borrowers may find the application process confusing.

Overall Score: 7.5/10

#3. BPI – OFW Personal Loan in Philippines without collateral

The Bank of the Philippine Islands (BPI) provides OFW Personal Loan in Philippines for various purposes such as education, home improvement, or emergency needs.

Address: 3/F BPI Buendia Center 372 Senator Gil Puyat Avenue, Makati City, Philippines

Pros:

• Established and trusted bank.
• Competitive interest rates.
• Diverse loan purposes.

Cons:

• Application process may require multiple documents.
• Limited flexibility in loan terms.

Overall Score: 8.5/10

#4. 123 Lending – Lending for OFW Philippines without collateral

123 Lending is a private lending for OFW Philippines with quick loan processing and flexible repayment options.

Address: 3rd Floor, 1600 Pedro Gil corner Bocobo Streets, Malate, City of Manila 1004 Metro Manila, Philippines

Pros:

• Fast loan processing.
• Online application available.
• Variety of loan types.

Cons:

• Potentially higher interest rates.
• Lack of physical branches for in-person assistance.

Overall Score: 7/10

#5. Asialink – Loan for OFW in Philippines

Asialink Finance Corporation offers loan for OFW in Philippines without collateral for personal and business purposes.

They provide relatively accessible loan options for OFWs across the country.

Address:  Suite 210, AIC Gold Tower, Emerald Avenue cor Garnet Road, Ortigas Center, 1600, Pasig City, Philippines

Pros:

• Various loan types available.
• In-person application and support.
• Tailored solutions.

Cons:

• Interest rates might be higher.
• Limited online presence.

Overall Score: 7.5/10

#6. Kabayan – OFW Loan Fast Approval

Kabayan Finance offers OFW loan fast approval for personal needs, helping OFWs and their families during emergencies.

Their loan products are designed to provide OFWs with swift financial support for various needs.

Address: 614, Kalaw Ave, Ermita, Manila, Metro Manila, Philippines

Pros:

• Fast approval process.
• Accessible online application.
• Suitable for urgent financial needs.

Cons:

• Potentially higher interest rates.
• Limited loan types.

Overall Score: 8/10

#7. PJH Lending – Legit OFW Loan in the Philippines

PJH Lending is a legit OFW loan in the Philippines, providing various loan types, with a focus on simplified procedures and accessibility.

They provide various loan options, aiming to help OFWs bridge financial gaps.

Address: Unit 1K&1L LRK Bldg., Mexico, Pampanga, Philippines

Pros:

• Online convenience.
• Quick application process.
• Range of loan offerings.

Cons:

• Interest rates may vary.
• Lack of physical presence.

Overall Score: 7.5/10

#8. PNB – Bank Loan for OFW Philippines

Philippine National Bank (PNB) offers bank loans for OFW Philippines for home acquisition, business ventures, and other personal needs.

Moreover, PNB’s extensive network makes it convenient for OFWs to access their services.

Address: PNB Financial Center, G/F Pres, Diosdado Macapagal Blvd, Pasay, 1300 Metro Manila, Philippines

Pros:

• Established bank reputation.
• Multiple loan purposes.
• Competitive interest rates.

Cons:

• Stringent eligibility criteria.
• Lengthy application process.

Overall Score: 8/10

#9. Balikbayad – OFW Bank Loan in Philippines

Balikbayad provides OFW bank loan in Philippines for those working abroad, ensuring quick disbursement of funds to their families in the Philippines.

They offer various loan types with manageable terms.

Address: Unit 309, 3/F National Life Insurance Bldg, 6762 Ayala Ave, Makati, 1226 Metro Manila, Philippines

Pros:

• Efficient fund disbursement.
• Online application process.
• Assistance to OFWs’ families.

Cons:

• Limited information available.
• Potential for higher fees.

Overall Score: 7.5/10

#10. OWWA – OFW Loan 1 Day Process

The Overseas Workers Welfare Administration offers a quick OWWA OFW loan 1 day process for members facing urgent financial needs.

Address: 7th St. Cor. F. B. Harrison, Pasay City, Philippines

Pros:

• Government-backed institution.
• Swift loan processing.
• Low interest rates.

Cons:

• Limited eligibility (members only).
• Specific loan purpose (emergency needs).

Overall Score: 8.5/10

FAQs – OFW loan online Philippines

To understand more about OFW loan in Philippines, follow the FAQs and relevant answers below:

Can an OFW get loan in Philippines?

Yes, an OFW can get a loan in the Philippines. There are several banks and financial institutions that offer loan products for OFWs, with varying terms and conditions. The interest rates and loan amounts may also vary depending on the lender and the applicant’s credit history.

Which banks offer OFW loans?

Numerous banks worldwide offer loans tailored for Overseas Filipino Workers (OFWs), including BDO, BPI, Metrobank, and PNB in the Philippines, as well as international banks like HSBC and Citibank. These loans typically cater to OFWs’ unique financial needs, such as home purchases, investments, and family support.

How much is the first loan in SSS for OFW?

The first loan in SSS for OFW depends on the type of loan. For a salary loan, the amount is based on the average monthly salary credit in the last 12 months. For a housing loan, the amount can be up to 2 million pesos.

Can OFW loan in pag ibig?

Yes, OFWs can ask for a loan through the Pag-IBIG Fund, which is a government organization in the Philippines. They can get loans for housing, general purposes, and emergencies if they meet certain requirements and are members of Pag-IBIG. The loans are made to help OFWs with different kinds of money problems.

Source:

• Survey on Overseas Filipinos

• Overseas Filipino Workers: The Modern-Day Heroes of the Philippines