Simplified Guide to Allottee Loans in Subic
The Municipality of Subic is one of the first-class municipalities in the province of Zambales, located along the northern coast of Subic Bay. It has an estimated population of 105,000 people. They enjoy various services like legal cash loans in Subic.
As fast as it grows, its people’s financial needs also grow. This made its residents leave the country to work abroad and support their families. However, remittances from loved ones don’t seem enough. When financial constraints, every once in a while, families here in the Philippines choose to borrow money.
What happens to OFW’s families in Subic?
Are you an Overseas Filipino Worker (OFW)?
Do you have a relative who works abroad? Is your main source of income from outside the country? If yes, then you’re on the right page.
Whoever works abroad, may it be your partner, parent, child, or sibling, the one left in the Philippines manages the finances?
This is typical in an OFW setting. The partner works abroad while the other looks after the kids.
Some parents leave their children to their relatives to be good providers. A son/daughter finances the medical needs of his/her parent. The eldest child supports younger siblings in their education. For whatever reason, they choose to work outside the country, the fact still remains that they did it for financial reasons. Sadly, it is rarely for sheer passion.
The one left in the country has a great responsibility as well. They have to budget the monthly remittance. It should be done equally to make sure no bills will pile up.
Despite having funds sent from abroad, Filipinos still encounter financial issues. The cash received doesn’t seem to be enough. It may be for hospitalization, children’s school fees, or business investment. With this, many resorts to borrowing cash.
You have several options to choose from.
It can be your family and friends.
Admit it, they are the first thing that comes to your mind. Basically, it is cheaper since there is no interest charged. But there is no assurance that they will lend you money.
Next are pawn shops.
If you have valuable items, you can always pawn them. However, there will be a high risk of losing them, especially if you cannot pay on time.
There are also loan sharks popularly known as “5-6”.
They are willing to give cash anytime yet charge you a high-interest rate.
Banks and other financial institutions.
Banking facilities are known for lending money. However, it comes with a tedious process and a long list of requirements. Nevertheless, it still caters to Filipinos who work abroad. One example is BPI Allottee Loan.
Lastly, there are licensed lending companies.
Whose sole intention is to give out quick cash to those who need it the most.
Among these choices, borrowing money from licensed lending companies can be your best bet. You are safe and sure that the interest rate charged is competitive.
But the question is, can OFW families get a loan?
The answer is yes.
You read it clearly. Housewives, parents, guardians, and even children of legal age can process a loan application. This type of loan is called an allottee loan. And it’s easy to apply for these loans in Subic.
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What is Allottee Loan in Subic?
Allottee Loans in Subic are a type of unsecured personal loan. Usually, it qualifies individuals to borrow money even without collateral or comaker. This means even you can file a loan application as a recipient of remittances.
All you have to do is follow the required documents. Afterward, this will prove if you are a beneficiary of an OFW. Then the lender will decide whether to grant or reject your request.
What are the requirements needed for Allottee Loans in Subic?
Similar to other types of loans, an allottee loan has a set of requirements you must complete. These are as follows:
- Latest OFW contract with POEA validation – proves that your family is working abroad with a reputable employer.
- OFW’s valid and latest Overseas Employment Certificate (OEC) – shows that the legal process took place for employment abroad
- Valid Passport of the OFW/Seafarer- a government-issued ID is definitely needed to verify the identity of your relative.
- Working visa or Seaman’s book – these are for land-based workers or for seafarers, respectively
- Allotment certificate – this should indicate your name as an allottee
- Proof of relationship to the OFW – if it is your partner, a Marriage Certificate will do. Parents and children will need a Birth Certificate.
- Proof of billing – this is to identify your address
- Valid government of the loan applicant
You might think it’s quite a handful, but some lenders require more documents. Make sure to complete the list of requirements first. Double-check all the documents before you submit your allottee loan application.
Wherever you work here or abroad, financial issues are bound to happen. It’s good that several options are available, such as an allottee loan. Comply with all the requirements first before you proceed with your application. This will ensure a smooth loan process every step of the way.