Best OFW loans in the Philippines

OFW or Overseas Filipino Workers are considered Philipines modern-day heroes and for a good reason. They contribute a major portion of their earning to stabilize the faltering economy of the nation. However, their contribution is not limited to the country’s economy. It goes way beyond that. They are mostly the primary bread earners of their families. This is what makes them responsible for uplifting their families economic condition. The problem, however, comes from less saving. In spite of getting good employment opportunities overseas, a lot of Filipinos find themselves in a fix when it comes to improving their financial health. At times like these, OFW loans help them achieve their financial goals.

So, what are these OFW loans in the Philipinnes and which ones are the best? You’ll find that as you keep reading. These loan providers cater to the needs of both land-based and sea-based OFWs who are currently working abroad or onboard.

1. GDFI (Global Dominion Financing Incorporated)


Global Dominion Financing Incorporated is a loan provider that offers personal loans to Overseas Filipino Workers who are in the Philippines and outside the Philippines. The highlight of this loan provider is the low rate of interest.

Loan Amount: Up to 2,000,000 ₱

Rate of interest: 1.50 -1.99% Per Month


  • Applicants age should range from 21 to 65 years at the end of the loan term
  • Applicant should have a minimum monthly income of 30,000.00 ₱
  • Applicant should have at least 3 months of employment contract
  • Applicant should have an immediate family member in the Philippines as co-borrower

2. PAG-IBIG Housing Loan

PAG-IBIG Housing Loan

The Pag-IBIG Housing Loan is for those who want to finance their first house or renovate their existing one. The interest rates offered by this company are among the lowest ones you will find in the market. The interest rates are as low as 5.375% goes high up to 10% over repayment terms of up to 30 years. In 2017, the company had disbursed over PHP 65 billion in housing loans to more than 80,000 borrowers.

Loan Amount: Up to 6,000,000.00 ₱

Rate of interest: 5.375% – 10% Per Year


  • Applicant should be an active member of the  Pag-IBIG Fund
  • Applicant should have an active employment contract/employer’s income certificate/other proof of income
  • Applicant should have the legal capacity to buy and sell property
  • Applicant should be authenticated by the Philippine Embassy or Consulate in the country of employment
  • Applicant should have a Health Statement form (for OFWs who are over 60 years of age)

3. BDO Auto Loan

BDO Auto Loan

There are people for whom cars are for luxury. There are others for whom it is a necessity. Whatever it is for you, buying a car these days has become easier and more convenient than what it used to be a few years back. With BDO Auto Loans, you can now get your dream car in the Philippines and escape the grind of everyday hassle in the traffic. With interest rates ranging from 4.74% to 6.80%, this auto loan is one of the best ones you can find. The loan term depends on the type of car you are buying – a brand new car or a second-hand car.

Loan Amount: Up to PHP 100,000

Rate of interest:  4.74% to 6.80%  Per Year


  • Applicants age should range from 21 to 65 years at the end of the loan term
  • Applicant should have resided in the Philippines for two years or more
  • Applicant should have a monthly gross family income of not less than PHP 50,000
  • Applicant should have two to three years of steady employment overseas

4. SSS Salary Loan

SSS Salary Loan

Financial emergencies can come up at any time. You have to be prepared to deal with it all the time. In spite of the fact that you are earning more than as an OFW, it doesn’t mean that you will seldom have to go through financial emergencies in life. To deal with these emergencies, you can opt for SSS Salary Loan. With interest rates as low as 10%, the SSS Salary loan is a great fallback option when you are having tough times maintaining your finances or controlling an over the top financial situation.

Loan Amount: Equal to the average of the member-borrower’s latest posted 12 Monthly Salary Credits (MSCs)

Rate of interest:  10%  Per Year


  • Applicants should have at least 36 months of continuous contribution.
  • Applicant’s age should be more than 65 years at the time of application.
  • Applicant should have up-to-date monthly contributions

5. OWWA Loan


The Overseas Workers Welfare Administration’s (OWWA) business loan program is a Government-backed initiative aimed towards helping people OFWs who want to start their own small business and corporate professionals who want a loan to increase their companies expansion. While the initiative is quite interesting and beneficial, the process can be very long and tiring, especially for OFWs who are currently overseas.

Loan Amount:

Up to PHP 2 million for single proprietors

Up to PHP 5 million for corporations

Rate of interest:  7.5%  Per Year


  • Applicants should have documents showing that you are about to start a business (Certificate of Registration, Mayor’s Permit, Barangay Clearance, etc)
  • Verified OFW status

Final words

Those were some of the top loan providers in Philipines who offer loans to OFWs at reasonable rates of interest. There are other options too which we have not yet listed on this website. We assure you that you will get the updated list very soon. Until then keep visiting the site for more information on other loan providers that cater to the needs of OFWs.

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