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OFW Loan Philippines: Where Can You Get One and How to Apply For It

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The Philippines is known for its tropical and agricultural landscapes. However, those are not the country’s most valuable export. Its most profitable and vital export is its people, also known as the Overseas Filipino Workers.

The country refers to these Filipino Migrant Workers as its modern-day heroes because of the tremendous amount of money they bring back to the Philippines. Because of this, the government ensures that they give OFWs all their needs, including loan privileges like the OFW Loan.

What is an OFW Loan?

As the name suggests, an OFW Loan is a money-lending service made explicitly for Filipino Migrant Workers. It is a common misconception that OFWs are earning big in other countries that they have become financially stable. However, foreign nations have a high cost of living, and most OFWs have many dependents back in the Philippines.

Because of these, the flow of income may only suffice for living expenses and education of the family of OFWs. Since OFWs are on a contractual basis abroad, they need to set aside funds for their future when they return to the country. Thus, many financial agencies made the OFW Loan to meet that need.

OFW Loan Programs in the Philippines

Several financial institutions, especially banks, are offering loan assistance to OFW borrowers. Here are only some of the institutions that provide OFW Loan services.

Company Loan Terms Loan Amount Range Interest Rate Approval Time
Pag-Ibig Fund 3-24 months PHP 10,000-

Up to 80% of their Pag-IBIG Regular Savings

10.5% APR 5 banking days
MoneyCat 1 month Maximum of PHP 20,000 0-11.9% per month Instant release
PSBank 24-36 months PHP 20,000-


2.5% per month 1 banking day
LandBank Short Term – 12 months

Term Loan – Up to 7 years

PHP 100,000-

Maximum of 80% of TPC (With Collateral)

7.5% per annum 5 Banking Days
JuanHand Up to 6 months PHP 2,000-


1.66% per month Instant release
BDO 6-36 months PHP 30,000-


17.08% APR 5 banking days
Security Bank 6-36 months PHP 30,000-


37.53% – 39.53% APR 5 banking days
BPI 12-36 months PHP 20,000-


1.5% per month

(One-time processing fee: PHP 1,500)

5 – 7 banking days
AsiaLink Finance Corporation 1-36 months PHP 50,000 – 500,000 1.75% – 4% per month up to 24 hours
Robocash 1-6 months Maximum of PHP 25,000 0-11.9% per month Instant release


Another term for the OFW Loan that banks and financial institutions use is the Kabayan Loan. Online loan apps like JuanHand, MoneyCat, and Robocash are fast loans which means they offer OFW Loan in fast release with no hassle.

What is the Interest Rate for an OFW Loan?

The interest rate varies from each financial institution that offers the OFW Loan. However, since the OFW Loan is a service to modern-day Filipino workers, the government keeps the rates as low as possible.

Typically, OFW loan interest rates can be as low as 1.3% per month. You can refer to the table above for the best rates for OFW Loans.

Private banks and institutions even provide special promotional offers for those who will get an OFW Loan. Some offer privileges like 0% interest on the first three months of the loan term. Others offer 0-0.5% interest on their next loan.

Online money-lending apps like Robocash and MoneyCat provide incentives like 0% interest on the borrower’s first loan. Thus, it is best to research these promotions for OFW Loans before applying for one. It would help if you used an OFW Loan calculator to ensure you get the best deals.

How to Apply for OFW Loans

When applying for OFW Loan assistance, there are specific requirements that you must prepare. One of the essential OFW Loan requirements is your OWWA ID since this is your government-verified proof that you are indeed an OFW.

You will also have to prepare a photocopy of your passport and visa. An overseas employment contract is also essential, so banks offering OFW loan services know you can pay. Other documents needed may include your proof of residency, flight tickets, billing confirmation, and transfer confirmation.

The exact process of OFW loan applications varies from each company. That is why it is best to include the application process during your loan research. But usually, you will be asked to fill out a loan application form and submit the needed requirements.

Get Your OFW Loans at Upfinance

We understand that it is not simple to do online research on OFW Loans. After all, not every bank or finance company offers such services to Filipino Migrant Workers. Several organizations allow OFWs to obtain their services even if they are not in the country.

However, if you came upon this article, you won’t have to spend many hours searching for OFW Loans and comparing your options. That is because we offer you a more straightforward way to get OFW Loans through Upfinance.

Upfinance has partnered with every verified bank and loan company in the Philippines, including those based outside Metro Manila like in Cebu City and Davao City. They have consolidated all the necessary information so you can compare to see which OFW Loan services fit your needs.

This finance website is regularly updating its list of top-performing OFW loan services. Thus, you will know at once where to start looking for your loan assistance. They not only have all the information about the particular company and service. But they also have OFW Loan Calculators, so you can efficiently compute your monthly repayments.

The best thing about Upfinance is that they can send your application to you. They will inquire with the banks and financial institutions for you. They will make sure you are getting the best OFW Loan deals available.

So what are you waiting for? Head to Upfinance now and start searching for your OFW Loan prospects.

Author Maria Torres from Upfinance.

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