Usually, relocating to Singapore can be a pretty fantastic adventure, but at the same time, it can be very overwhelming from a financial perspective.
Mainly, ensuring your life is comfortable as a domestic worker in Singapore, outside of your home country, amidst skyrocketing living costs and the arrival of unexpected expenses, can be overwhelming. And that’s where securing a loan comes in.
Usually, these loans are structured specifically for domestic workers from the Philippines to solve specific problems while living in Singapore.
Therefore, in this post, we will discuss ways the OFW loan products are helpful.
1. Customized for Filipino workers
Traditional lending does not always work for domestic Filipino workers in Singapore. For instance, financial institutions usually demand a long credit history, local guarantors, or high income levels, which are very hard to provide when you are a domestic worker from a foreign country.
On the other hand, OFW loans are designed for Filipino workers. Thus, the lenders understand their situation, which might include a shorter working contract or no credit history in Singapore. The loans are specifically designed for you, so access to cash should be readily available without you having to jump through obstructions.
2. Quick and Effortless
When you have just relocated to a new location, unforeseen expenses keep piling up and strain your budget when waiting for that first paycheck.
Therefore, that’s where OFW comes in handy. They are fast and easy to apply. Unlike other types of loans, the processing can sometimes take just about a week, and the cash is made ready in a couple of days or sometimes within hours.
3. Flexibility in Managing Your Expenses
Emigrating to a new country from the Philippines involves a lot of sudden expenses. You may even plan to send some money back home while still paying your living costs here in Singapore. But, an OFW loan gives you the breathing room to juggle these responsibilities.
Most lenders have flexible repayment plans so that you can tailor the loan to your financial situation. You can then focus on settling in without the constant stress of making ends meet.
4. Building Financial Stability
An OFW loan helps ensure good financial stability in Singapore. Conversely, you will eventually build a credit history by acting responsibly with a loan and paying it back by making timely installments.
The timely repayment of the loan opens all possibilities for big-ticket financial products later.
5. A Support System You Can Count On
Knowing you’ve got a monetary support system makes the move much more comfortable into transitioning to your new life in Singapore, so you may freely focus energy on settling into your domestic help career and sightseeing rather than wringing hands over finances.
After all, OFW loans are personal loans, not about lending, per se, but assurance toward a secure living in the new country. If managed well, they can be strong allies that will help set up everything for success in Singapore.
6. Improved financial planning and management skills
OFW loans necessitate OFW to learn valuable skills in handling finances. They have to understand budgeting, tracking expenditures, and handling debts. This enables them to handle their personal finances well while abroad and ensures a safe future.
Generally, they can develop financial discipline since they have Strict loan repayment schedules. Also, they are forced to spend within their means, which further enhances their financial discipline.
Conclusion
As a Filipino worker, securing OFW loans Singapore is almost unavoidable. Therefore, being aware of the benefits of these tailor-made loans will give you peace of mind since the loans are designed to help you.
At Ihelp Lending Corp, we offer personal loans designed for Filipino workers to make their transition and settling in Singapore manageable and stress-free. You can contact us for more information on how we can help you.