Quick Comprehensive Guide for OFW Loan
How much do you need?
Select your payment schedule:
Interest Rate: %
Months:
Note: Subject to changes without prior notice
| Principal | Payment | Interest |
|---|---|---|
| ₱ 0.00 | ₱ 0.00 x | 0.00% |
| Due Date | Amount Due |
|---|---|
| $ |
How to Quality for Our OFW Loans
Eligibility Requisites for OFW (Land-Based) Allottee
- Must be at least 21 years old.
- Filipino Citizen
- Government Issued ID
- Latest Proof of Billings
- Employment Contract (for OFW)
- Contract (POEA Validated)
- Colored Passport ID (for OFW)
- Colored Working Visa (for OFW)
- 6 Months Latest Remittance Slip (for OFW)
- Proof of Relationship (Birth/Marriage Certificate, Etc.)
- Currently Employed
Eligibility Requisites for OFW (Seafarer) Allottee
- Must be at least 21 years old.
- Government Issued ID
- 6 Months Latest Remittance Slip
- Proof of Relationship (Birth/Marriage Certificate, Etc.)
- Latest Proof of Billings
- SeaMan’s Book
- SeaMan’s Passport
- SeaFarer’s Registration Certificate (SRC)
- SeaFarer’s Overseas Employment Certificate (OEC)
- SeaFarer’s Employment Contract w/ POEA Validation
Quick Loan in 3 Steps
Affordable online loan in the Philippines with flexible repayment terms.
What Our Customers Saying
Cash mart didn’t give me hard time applying for a loan. They’re very responsive. Only took 2 days guys!!! Thumbs up cashmart ! You’re amazing!
i like how cashmart make transactions fast.very reliable and convenient. at times that I really need a fast cash.. cashmart is at my back.. very dependable it helps me to pay my hospital bills.
First time to applied for an online loan and cashmart provided an “EXCELLENT CUSTOMER SERVICE EXPERIENCED”!!! “THANK YOU SO MUCH” commendation for all of you folks and I will recommend cashmart to all of my friend and I myself walk them thru on how they can apply.
Cashmart is very responsive and timely in processing my application. Your company is really awesome and highly recommended for those peeps looking for loans. Their reps are so approachable from documentation officer to the verification team. Thank you cashmart.
reliable when you need fast cash, easy online application
Tried applying for cashmart and got an excellent service. Even though i got many questions (this is understandable in loan industry), loan was approved. Will recommend cashmart to my friends!
OFWs have unique needs. This is the reason why OFW loans are specially made for them. Even before reaching the shores of another country where they are about to work, the OFW’s main problem is where to get the money to process their application. Some pawn their family heirloom, others mortgage their homes, many sell their lands, and a lot of them get unsecured loans. Then, they also have to wait a month before they receive their first salary. This adds up to their worry about how their family could survive that dry month. With so many hardships our OFWs go through, it is only fitting to give them a Pinoy OFW loan exclusively for theirs and for their allottees.
A Lot Of OFWs Apply For Loans. However, There Are Certain Reasons Why Many Also Fail To Get Approved.
Understand and avoid the following when you apply for your OFW online loan application.
Some OFWs falsify their documents
A lot of moneylenders are willing to give OFW loan online. However, no matter how badly you need a loan, never fake your documents. This is very unprofessional, and if the lenders find out, they might take legal action against you, and this will cause more problems. If you get convicted, this will show in your NBI and police records, ultimately diminishing your dream to work abroad.
Having low or no credit score.
Most moneylenders base your creditworthiness on your credit score. The credit score reflects your credit history. Your score will flank if you did not diligently pay your previous loans, especially bank loans. There are moneylenders who offer loans to those with a low credit score. Shop around for other options by surfing the net, asking friends, and searching on various social media.
Failure to produce required documents
Most of us have experienced falling in line for long hours just to claim a legal document or government IDs. Usually, these do not come cheap too many of us don’t get this paperwork unless we really need to. In the end, we procrastinate. This is why some OFWs can’t present complete OFW loan requirements when moneylenders ask for them. It is better to keep your documents at hand and have them scanned to have soft copies readily available.
Low basic salary in the contract
Some moneylenders do not approve loans if your indicated salary is less than P25,000. You can choose other moneylenders who require a less minimum salary. However, never falsify your document.
No guarantor or co-maker
There are moneylenders who required guarantors or co-makers before they can approve a loan. Lenders have different terms and conditions. Take time to shop around for those which do not require a guarantor. Having a guarantor is beneficial for lenders as this can be their safety net in case they are unable to pay up your loan. However, it can create a rift between you and your friend or relative who stood as your guarantor.
Loan Product Introduction
Compliant With R.A. 3765, TRUTH OF LENDING ACT
Age Limit: 21 to 50 years old
Loan Amount: ₱3,000 to ₱30,000
Loan Term: Weekly (due date every 7 days), Bi-weekly (due date every 14 days), and Monthly (due date every 28 days),
Processing Fee: 10% of the principal loan amount
Interest Rate: 0.0571 % per day (APR: 20.8415%).
Shown below is an example of calculation:
If the loan is Php 5,000 and the client chose the term of 1 bi-weekly (payment due date is every 14 days), the interest per day is 0.0571%, with the APR being 20.8415%. The company lends money to its borrowers based on the agreed and signed loan contract valid till December 31 2020. The customer can receive a loan for an unlimited period called reloan provided that payments are submitted every two weeks or as agreed in the loan contract. The financial liability of the Credit User in case of failing to meet an obligation towards the financial partner has been made clear during the verification call as stated in the loan contract.
