How To Qualify For Our OFW Loans
Eligibility Requisites for OFW (Land-base) Allottee
- Must be at least 21 years old.
- A Filipino citizen
Must be able to submit:
- OFW’s Passport
- OFW’s Working Visa
- OFW’s Overseas Employment Certificate (OEC)
- Government ID (Allottee)
- Proof of billing
- Proof of remittance
For Salaried and Commission-based Employees
- Must be at least 21 years old
- Should be a first degree relative or dependent of the seafarer
A Filipino citizen
- Seaman’s Passport
- Seaman’s Book
- Seafarer’s Overseas Employment Certificate (OEC)
- Government ID (Allottee)
- Proof of billing (preferably electric bill)
Quick Loan In 3 Steps
Affordable online loan in the Philippines with flexible repayment terms.
What Our Clients Are Saying
Kim - reviewed Cash Mart Philippines 5
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.
Julie - reviewed Cash Mart Philippines 5
reliable when you need fast cash, easy online application
Queenilyn - reviewed Cash Mart Philippines 5
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!
Guide to OFW Loan Approval
OFWs have unique needs, this is the reason why OFW loans are especially 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 on how their family could survive for that dry month. With so many hardships our OFWs go through, it is only fitting to give them a loan exclusively theirs and for their allottees.
A Lot Of OFWs Apply For Loans, However There Are Certain Reasons Why Many Also Fail To Get Approved.
Some OFWs falsify their documents
A lot of moneylenders are willing to give loans to OFWs however, no matter how badly you need a loan never fake your documents. This is very unprofessional, and if the lenders finds out they might take legal actions against you and this will cause more problem. 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 credit worthiness on your credit score. The credit score reflects your credit history. If you did not diligently pay your previous loans, especially bank loans, then your score will flank. There are moneylenders who offer loans to those with low credit score. Shop around for other options by surfing the net, asking friends, and searching in 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 these paperwork unless we really need to, in the end we procrastinate. This is the reason why some OFWs can’t present complete requirements when moneylenders ask for it. It is better to keep your documents at hand and have then 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 which require 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 you 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.
Flexible Loan for OFW Allottee
Cash Mart understands the unique financial needs of OFWs and their families, this is why we have created the most flexible OFW loan available when you need it the most. You may be an OFW who will be paying your existing debts, a balikbayan who wants additional capital for a small startup business, or a parent who wants to take the kids in a once in a lifetime vacation while you are still at home, whatever is the need, Cash Mart OFW loan will fit just right.
Empowering OFW and Seafarers
OFWs and Seafarers are known for their hard work and dedication to give their families financial support in exchange of sacrificed quality time with their loved ones, however, there are cases when OFWs go home without any savings nor investments. Cash Mart is not your any other money lender, we aim to be your financial partner who will also give you empowerment on how you can best save your hard earned money and retire with your mind at ease.
Why Cash Mart
We all know banks have very strict policies when it comes to loans, and they also don’t have short term loans to avoid risks. With a long list of paperwork, the banks will take a longer time to validate and process loans, leading to too much wasted time of the client. On the other hand, you can get in touch with Cash Mart, check our online loan calculator and inquire on our flexible loans. And the best part of it? There is no need to visit us in our office. All our transactions are done online. Our staff will be ready to walk you through the quick and easy loan process to save your time.