OFW Get Approval in Your OWWA Loan with These Tips
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More importantly. OWWA wants OFWs who are not only willing but also capable of paying the loan.
Here’s what you need to do to boost your chances of approval:
One of the requirements for OWWA Loan is that the OFW-borrower must be an active OWWA member, as shown through your proof of contribution.
In case you are still working abroad, you can still get your membership certification from OWWA through the Welfare Officer in the Philippine Embassy in the country where you are working. Don’t forget to get your membership certification in OWWA Office once you are back in the Philippines.
Complete the documentary requirements
Once you verified your status as an OFW, it is time to complete documentary requirements needed by OWWA and Land Bank (partner bank) to determine your credit-worthiness.
Don’t forget your collateral
This is required. Keep in mind that at the end of the day, OWWA and Land Bank want any form of assurance to make sure that they will still be paid in case of default.
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