To apply for the cash assistance program, on-site OFWs must visit the Philippine Overseas Labor Office in their host country. Meanwhile, repatriated OFWS and Balik Manggagawa must apply at OWWA Regional Welfare Offices (RWOs).
Minimum amount that
you can borrow is Php 10,000.00 and maximum is Php 1,000,000.00.
Loan amount is subject to bank approval and will be based on the income documents submitted.
BDO Personal Loan Frequently Asked Questions.
| Processing Fee | P1,300 (Deducted from loan proceeds) |
|---|
| Returned Check Fee | P500 per returned check |
You can borrow a maximum of Php 6 million, but this will all depend on both your needs and your capacity to pay. Normally, OFWs have a bigger capacity because of the foreign exchange (FOREX) rate in proportion to what they earn abroad.
9 major banks (besides Chase) that offer personal loans
- Wells Fargo personal loans.
- Citibank personal loans.
- U.S. Bank personal loans.
- PNC personal loans.
- TD Bank personal loans.
- BB&T personal loans.
- SunTrust Bank personal loans.
- Fifth Third Bank personal loans.
- Basic Requirements.
- Document Requirements.
- Pre Approval.
- Proof of Income for Salaried Employees.
- Proof of Income for Self-Employed/Professionals.
- Proof of Identification - Photocopy of at least two (2) valid photo-bearing identification documents, front and back, issued and signed by an official authority such as:
How to Apply for an Overseas Filipino Bank Account
- Enter your credential (user ID and password) on the login screen.
- Click “Continue” on the welcome page to proceed.
- Choose the appropriate description that applies to you (OFW, Overseas Filipino, or beneficiary), then click “Proceed” on the reminders page.
Eligibility for Loan
| Particulars | Salaried | Self-Employed |
|---|
| Age(Min-Max) | 23 years to 58 years | 28 years to 65 years |
| Income | Rs.25,000 | Minimum turnover of Rs.40 lakhs |
| CIBIL Score | Above 750 | Above 750 |
Where Can I Go To Borrow Money Fast?
- Cashwagon Cash Loan.
- Tala Philippines.
- Asteria Personal Loan.
SSS loan amountSSS members with at least 36 monthly contributions can borrow an amount equal to their one-month salary up to P15,000. Those with at least 72 monthly contributions are entitled to a two-month loan worth twice their salary up to P30,000.
DOCUMENTARY REQUIREMENTS
- LANDBANK Loan Application Form.
- Bio-data of borrowers with passport-size ID picture.
- Photocopy of Certificate of Registration with the.
- Department of Trade and Industry.
- Mayor's Permit.
- Photocopy of Internal Tax Revenue and audited (BIR-received) Financial Statement for the last three years.
Once you are successfully enrolled, you can now gain access to the OWWA Online Payment System, renewal of payment of membership fees will be facilitated without the hassle of having to fall in line or getting a number and wait for your turn in any OWWA Payment Centers.
The standard lead time is around 7 working days from the date complete required documents are submitted. All applications are subject to evaluation and final approval of BDO.
BPI Personal Loan FAQ
- Must be at least 21 at the time of loan application and not older than 60 years old upon loan maturity.
- A Filipino citizen living or working within a BPI - approved geographical lending area.
- At least a permanent resident employed for two years with a gross salary of P25,000.00 per month.
The first step to take is to visit the Cebuana Lhuillier branch nearest your home or place of work. Once at the branch, approach the friendly staff and present the item that you want to pawn. The expert pawnshop staff will inspect the item and will conduct an appraisal.
Typically valid for two years, an OWWA membership's validity can be determined by checking the date on the Overseas Employment Certificate (OEC) or the OWWA Balik-Manggagawa Slip. If the membership date is not more than two years, then the membership is still valid along with the benefits that come with it.
This calamity loan must be fully paid before the member can avail of future calamity loans of SSS. 2. Any overpayment on a previous loan shall be subject to validation of SSS, and if valid, shall be applied to the active loan, if any. The full balance of a defaulted loan shall become due and demandable.
How much is the SSS Calamity Loan amount? The SSS calamity loan amount is equal to one-month salary credit (MSC), based on your average MSCs in the last 12 months. It may also be equal to the amount you requested in your application, whichever of the two is lower.
Here are the steps that you need to do if you want to apply for a salary loan:
- Fill up a Member Loan Application form. This can be downloaded from the SSS site or can be given by the SSS Office.
- Show your SSS ID.
- Produce 2 valid IDs.
- Wait for the application process to be accomplished.
All currently employed, currently contributing self-employed or voluntary member. For a one-month loan, the member-borrower must have thirty six (36) posted monthly contributions, six (6) of which should be within the last twelve (12) months prior to the month of filing of application.
8 Loans OFWs Can Avail for Every Need
- Pag-IBIG Housing Loan. If you want to avail of a housing loan, one of the best low-interest options you have is Pag-IBIG Fund.
- Social Security System OFW Loan.
- BDO Auto Loan.
- PSBank Auto Loan with Prime Rebate.
- SSS Salary Loan.
- BDO Kabayan Personal Loan.
- OFW Enterprise Development and Loan Program.
a) Fill out a Personal Record Form (SSS Form E-1) at any nearest SSS branch/ foreign office or download it from the SSS website (www.sss.gov.ph). must be presented for authentication purposes.
A two-month salary loan is equivalent to twice the average of the member-borrower's latest posted 12 MSCs, rounded to the next higher monthly salary credit, or amount applied for, whichever is lower.
- Step 1: Log in to Your My. SSS Account.
- Step 2: Enroll Your Bank Account.
- Step 3: Update Your Local Mailing Address.
- Step 4: Fill Out the Application Form.
- Step 5: Read the Disclosure Statement.
- Step 6: Submit Your Application.
- Step 7: Wait for Approval.
- Step 8: Check the Status of Your Loan.
The loan proceeds shall be available to member-borrower's account within three (3) to five (5) working days from approval date of the loan. The salary loan proceed is accessible through any Megalink, Bancnet and Expressnet Automated Machines.
How to submit application via SSS Website
- Visit the SSS website (sss.gov.ph) and click Member.
- Enter your User ID & Password and click the box for the captcha.
- Under E-Services, click Disbursement Account Enrollment Module and enroll in the system your bank account where the loan will be disbursed.
To proceed with payment:
- Log on to sss.gov.ph.
- Click on Payment Reference Number (PRN)
- Copy the generated Payment Reference Number (PRN)
- Be sure to check if covered months being paid for is correct.
- Log in to Security Bank Online.
- Select Pay Bills under Payments & Transfers.
Member must be a member of the SSS; Member has at least 36 months premium contribution and 24 continuous contributions in a period prior to application. Member not more than 60 years old at the time of application and must be insurable. Members age 60 years at time of application will have a maximum loan term of 5
An OFW with existing SS number can continue paying contributions through SS Form RS-5 where he/she should put a check mark on the box for Overseas Worker and indicate his/her correct SS number. Posting of said payment will change the membership status to OFW.
SSS members, who have accounts with UnionBank, may pay online via SSS Hub at their website. Meanwhile, SSS members who are Globe or Touch Mobile prepaid users and postpaid subscribers may pay their contributions using Globe's GCash facility.
Fill out a Personal Record form (SS Form E-1) which is available at any SSS office, local or foreign, and also from the SSS website (sss.gov.ph). The duly accomplished form must be submitted, together with any of the required supporting document (e.g., birth certificate, baptismal certificate or passport), to the SSS.
How to register in the SSS website
- Go to the My SSS website (sss.gov.ph)
- Click “Not yet registered in My.SSS”
- Select one information as reported to SSS.
- Enter all information needed.
- A notice of registration will be sent to your registered email.
- Follow instructions sent in the email to activate your account.
How can I qualify? You must be an actively contributing member with at least twenty-four (24) monthly membership savings (MS) and sufficient proof of income to qualify. If you have an existing Pag-IBIG Fund Housing Loan, MPL and/or Calamity Loan, your payments must be updated for you to qualify.
