What are the important details you need to know regarding Asialink’s OFW loan?
- You can apply for this loan even if you are already working abroad
- There are major requirements that you should prepare in advance
- Your purpose for getting an OFW loan is an important factor
- There are some easy-to-overlook qualification requirements
Loans are financial tools that are offered to people from all walks of life. Even Overseas Filipino Workers (OFW) have a specific loan product they can use to help them achieve their goals in life. If you want to know more about Asialink Finance Corporation’s OFW loan in the Philippines, read on!
Asialink’s OFW loan product is a non-collateral loan that any registered OFW can apply for when they need to borrow money. Since it is non-collateral, getting approved will depend more on a good credit score and history instead of collateral or security.
You Can Apply For This Loan Even If You Are Already Working Abroad
Whether you’re waiting to be deployed or you’re currently overseas, you can apply for Asialink’s OFW Loan. If you’re the latter, you can ask your immediate relative or beneficiary (recipient of remittances) to apply for and process the loan for you. Doing this, however, will require additional documents and proof, so keep that in mind.
There Are Major Requirements That You Should Prepare In Advance
Here are the documents and requirements you need to prepare when applying for Asialink’s OFW Loan. Get them ready to speed up your application process and give you a good chance of getting approved.
- Valid passport
- Work visa and permit
- A contract validated by the Philippine Overseas Employment Administration (POEA). If this is not available, a Certificate of Employment can be a substitute.
- If you are an OFW that is waiting for deployment, the details of your flight are required.
For those OFWs currently overseas, you will also need to provide the following documents to your beneficiary (as your proxy for the loan):
- Authorization letter (signed, if possible)
- Proof of remittances for the last 3 months
- Last departure stamp
After preparing all these things, make sure to organize them into a folder so that you minimize the chance of losing them.
Your Purpose For Getting An OFW Loan Is An Important Factor
Another thing that can potentially make or break your application is the reason for getting a loan. While loan providers like Asialink aren’t necessarily ‘uptight’ with your loan purpose, they wouldn’t want you to get a loan just to pay for your placement fee.
The usual purposes for getting a loan include payments for education, house renovation, medical bills, acquisition of assets, etc. If you want to improve your chances of getting approved, disclose the reason why you are getting a loan. This helps loan providers feel more at ease with financing you with money.
There Are Some Easy-to-overlook Qualification Requirements
Aside from the documents you are going to need, there are other qualification requirements that you should take note of. The OFW must be a Filipino citizen, has a minimum salary of Php 20,000, and has a departure date within 30 days (if the OFW is in the country on vacation or waiting for deployment).
Another requirement is that the workers must not have a scheduled vacation within 6 months of applying for the loan. This is to ensure that the applicant has a steady flow of income that can help pay off the loan. It is possible that an OFW that goes on vacation will not have a job once he or she comes back and that leaves them at risk of defaulting on the payments.
With the information stated above, you now know everything you will need to apply for and get approved for Asialink’s OFW loan in the Philippines. Asialink Finance Corporation is one of the leading companies when it comes to finance and loan products. If you are looking for a reputable loan provider to try, then look no further.
Learn more about the difference between collateral and non-collateral loans.