As an OFW domestic helper already working abroad, you will likely need a domestic loan to help you meet your financial obligations.
Usually, when working as a domestic helper abroad, you are met with various financial responsibilities you cannot fulfill unless you get loans. That’s why you must be equipped with the correct information when applying for these loans.
Therefore, this post will discuss everything you need to properly and adequately prepare to apply for a domestic helper loan as a domestic worker and get the loan approval.
Things You Need to Do to Get Fast Domestic Loan Approval
1. Know Your Loan Amount and Purpose
Take a moment to understand the reason behind your loan application. This will help you plan your finances better and make informed decisions.
Be specific about how you would spend the loan. For instance, is it for the children’s school fees, a new house, or an unplanned doctor’s bill?
2. Check Your Eligibility and prepare your documents ahead
You can find out whether you qualify for a loan even before you approach a lender for the loan.
Notably, not all money lenders are the same, and therefore, different money lenders have specific qualifications and criteria.
However, most of the money lenders in Singapore will ask for the following minimums.
- Legally attested employment visa or work agreement
- Documents to proof your income
- Minimum monthly income
Having all the documents ready to prove your employment status, income, and residence will show the lender you’re organized and serious about your application.
Importantly, if you are unsure, you can ask the lender themselves. They will gladly explain what you need to be eligible for a domestic loan in simple language.
3. Maintain a Good Credit Score
Your financial record is a crucial factor that informs lenders about your loan repayment capability.
It informs lenders whether you can repay loans. Therefore, if you have borrowed money, ensure you have paid the loans on time.
If you are borrowing for the first time, establish your financial record by being responsible for taking mini loans and paying them back on time.
4. Be Honest and Accurate in Your Application
While inflating your income or hiding specific details might be tempting, honesty is always the best policy. Lenders can verify your information, and any discrepancies could lead to rejection.
Therefore, double-check your application for errors and ask for help with questions about any section.
5. Choose the Right Lender
Get a money lender who understands Filipino overseas workers because they would appreciate your case.
Therefore, enquire about interest rates and other charges, if any. A good lender dealing with OFWS must also be reasonable in terms and conditions.
6. Have Open Channels of Communication
When dealing with a money lender, ensure you are within reach and prompt in your responses. The lenders would call or respond to your messages in return as well. Therefore, timely responses from your end will put the process in motion. Mainly, keep your phone and email within reach and check them frequently for any communication from the money lenders.
7. Have Co-signer whenever necessary
Notably, you can apply with the co-signer if the your lender is concerned that you may not be eligible for a loan with better terms.
Importantly, ensure the co-signer is someone you trust, has a regular income, and has a good credit record.
Conclusion
With the above guidelines, you can prepare and apply for a domestic helper loan for OFW correctly, and you are guaranteed to get the loan approval. However, don’t panic if the loan is rejected even though you have done everything right.
Remember, a single rejection or delay in loan approval does not define your creditworthiness. Therefore, stay calm and hopeful, even as you prepare to apply again. Identify any areas you need to improve, rectify them, and reapply. Your determination will pay off.
Lastly, at Ihelp Lending Corp, we help OFW domestic helpers to successfully apply for loans and approve their applications within the shortest possible time.