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List of OFW Loans in the Philippines (Banks and Government Agencies)

Aside from growing your savings, it’s also essential to know where to avail of legitimate financial help in the Philippines in case you or any of your family needed it. 

As an OFW, you have been paying so many things – from your application, employment, travel, and living costs abroad, which are all quite a lot to shoulder by just a single person, truth be told. And for this reason, the government and other financial institutions in the Philippines are there to offer some help in case you find yourself in need of some financial help or assistance to get back on your feet once again.

That said, you shouldn’t feel bad if you apply for a loan, especially if you know that this can help you and your family financially in the long run. The important thing is that you know where to get legitimate financial help for you and your family. To learn more about where you can get OFW loans in the Philippines, continue reading below. 

Where to Avail of Legitimate OFW Loans in the Philippines

Apply for Legitimate OFW Loans in the Philippines through these Banks and Government Agencies in the Philippines

Many people have second thoughts when the word ‘loan’ comes up in the conversation – sure, adding up to your monthly dues can be a scary thing. But for most people, the scariest part of getting a loan, more than the pressure of paying their monthly dues, is not finding a legitimate lending firm or financial institution to help you with your financial need. 

We’ve all heard stories about people getting under a huge amount of debt and not being able to recover from it after unexpected circumstances kept happening one after another. Perhaps, the unexpected circumstances made the situation much worse than it is, but it may also be due to other factors like extremely high-interest rates, which is common among loan sharks and lending firms that offer a high loan amount but will have to be repaid in a short period of time. And when the borrower can no longer repay the lender, nasty things start to happen such as getting threats or being harassed by solicitors. Imagine if this happens to you abroad! Of course, that wouldn’t be a good thing to deal with, especially if you’re living in your employer’s residence.

To help you avoid transacting with the wrong lending companies or loan sharks, at least in the Philippines, here is a list of financial and government institutions where you can safely and securely get a loan from. 

1. Home Development Mutual Fund (Pag-IBIG) Loan

Where to Avail of Legitimate OFW Loans in the Philippines

Credits: Wikimedia Commons

The Pag-IBIG Fund is the only government institution that offers affordable housing loans to OFWs, who have contributed for 24 months or more. To avail of a housing loan for OFWs, the borrower should be 65 years old and below, without any outstanding, defaulted, or foreclosed Pag-IBIG loans

2. Social Security System (SSS) OFW Loan

Where to Avail of Legitimate OFW Loans in the Philippines

Credits: SSS

On the other hand, OFWs who have at least 36 months’ worth of contributions can also apply for a Direct Housing Loan Facility from the Social Security System (SSS). The only limitation of this feature is that OFWs can only be granted this SSS housing loan once. However, you can still qualify for SSS’ home loan even if your spouse has availed of it prior to marriage, as long as the OFW Loan is not delinquent.

Also Read: When Disaster Strikes: How to Apply for SSS or Pag-IBIG Calamity Loan

3. Bank of the Philippine Islands (BPI) OFW Loan

Where to Avail of Legitimate OFW Loans in the Philippines

Credits: Wikimedia Commons

OFWs who’ve been working overseas for at least two years and with a monthly income of P30,000 or more may qualify for a BPI Personal OFW Loan and Auto loan. Moreover, BPI also offers home loans for OFWs who earn a minimum of P40,000 per month. To be eligible for this loan, OFW members must be 21 years old and no more than 60 years old on loan maturity.

Also Read: How to Find Your BPI Account Number

4. Security Bank OFW Loan

Where to Avail of Legitimate OFW Loans in the Philippines

Credits: Wikimedia Commons

Another bank that offers Home Loans and Auto Loans to OFWs who have worked abroad for at least 2 years is Security Bank. Those who are earning P40,000 monthly can apply for Home Loans and those earning P50,000 monthly can apply for Auto Loans.

5. Philippine Savings Bank (PSBank) OFW Loan

Where to Avail of Legitimate OFW Loans in the Philippines

Credits: Wikimedia Commons

OFWs can also turn to PSBank if they wish to get a house or car loan through their Own Your Home and Drive Your Car OFW Loan products, respectively. Similar to other banks, OFWs must have worked abroad for at least two (2) years with a household income of P30,000. Moreover, borrowers have to be at least 21 years old and no more than 65 years old upon loan maturity.

6. BDO Unibank (BDO) OFW Loan

Where to Avail of Legitimate OFW Loans in the Philippines

Credits: Wikimedia Commons

One of BDO’s dedicated programs, the Asenso Kabayan Program, offers Home, Auto, and Personal OFW Loan options. To avail of any of these loan options, the OFW must have been working abroad for at least 2 years with a monthly income of P50,000 for the Auto Loan and P10,000 for all other OFW loan types. Moreover, borrowers must be 25 years old or older but not more than 65 years old upon loan maturity.

Also Read: Reminder for OFWs with BDO Kabayan Savings to Avoid P300 Monthly Deduction

Getting a loan is something that many working individuals consider. But the most important consideration to make is where to get your loan from. By taking note of all the financial and government institutions from this list, you should be able to apply for a loan without fearing that you might be scammed or be charged at incredibly high prices for a short period of time. This way, you can focus on reaching your goals and settling your dues in the most convenient terms available. Also, did you know that once you’ve been granted a loan and have paid it off completely, the next time you apply for one, you will be given a higher loan limit? It’s just like how it is with credit cards – but you get the cash on top of the convenience.

ALSO READ: What is Pag-IBIG MP2 Savings Program?

Have you tried applying for any of the OFW loans listed above? What was your experience like? What were the advantages and disadvantages you encountered in doing so? Let us know by leaving a comment in the section below!

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