OFWLoan – loan
Loans for Overseas Filipino Workers up to ₱300,000
Applying does not commit you to any contract.
OFWLoan is specifically designed for Overseas Filipino Workers (OFWs) and their families, recognizing the unique financial needs of Filipinos working abroad. With loan amounts up to ₱300,000 and competitive interest rates starting at 21.00% per month, this loan helps OFWs and their dependents access credit for business, home improvement, education, or emergencies.
OFW loans often have special terms that accommodate the non-traditional income sources and documentation of overseas workers, including OWWA membership, OEC (Overseas Employment Certificate), and overseas employment contracts as proof of income. Family members of OFWs may also apply with the OFW as co-borrower.
Loan disbursement can be arranged through bank transfer, remittance centers, or in-branch pickup, making it convenient for beneficiaries in the Philippines to access funds. Processing typically takes 3-5 banking days. Compare OFW loan options on CoolFinance.ph to find the best offer for your specific situation.
✓ Pros
- Decent loan amounts up to ₱300,000
- Transparent processing with a clear approval timeline
- Fixed interest rate makes repayment planning straightforward
- Fully digital application – no branch visit required
✗ Cons
- Interest rate is above average – compare all options first
- Short loan terms may result in higher monthly payments
- Interest rates higher than traditional bank loans
Loan example
Example: Borrow ₱27,500 for 12 months at 21.00% per month = approx. ₱6,427.56 monthly payment. Total repayable: ₱77,130.75.
Loan requirements
- ✓ Valid government-issued ID (SSS, GSIS, PhilHealth, driver's license, or passport)
- ✓ Active mobile phone number registered in your name
- ✓ Active bank account or e-wallet (GCash or Maya) for loan disbursement
- ✓ Age requirement: 21-60 years old
Loan features
- Loan amounts: ₱5,000 to ₱300,000
- Repayment term: 6 to 32 months
- Approval time: 3-5 banking days
- Funds disbursed via GCash, Maya, or bank transfer
- Application available 24/7 through app or website
Frequently asked questions
3-5 banking days after submitting the application.
The minimum amount at OFWLoan is ₱5K.