Category: OFW Interest

While there is no guarantee, one of the things that could help you increase your savings and attain financial freedom is by starting your own business. Even if you are working abroad, putting up your own business can give you additional income, which leads to more buying power and higher savings (if you used money right).

Let me tell you something: not all business ideas will guarantee success, no matter how passionate you are about it. In fact, there are small businesses that were once great but no longer advisable at this point in time. Before you submit that “Apply Now” for you loan application, check out these business ideas you might want to skip:

1) Computer Shop

Once upon a time, computer shops are everywhere. Even if your family doesn’t own a laptop, they can go to a computer shop, log in to Skype or Yahoo! Messenger and they can already talk to you even if you are miles away. Sadly, the rise of smartphones and Facebook, coupled with more affordable laptop prices made it easily accessible for your family to reach you – at no cost.

If you believe this business can be profitable, then make sure you don’t invest in too many computer units. Introduce other services as well such as computer and mobile repair or sell computer-related items.

2) Travel Agency

Did you know that there was a drop of retail travel agencies since the Internet started to boom? That’s not all. Many travelers these days are budget-conscious; hence the rise of online travel booking websites. Travelers now have access to hotels, airfare, and transportation among others – without paying for agency fee.

Why not offer your services for that specific area? Be their travel guide or start your own blog showcasing the country where you are working.

3) Fashion / Retail

Everyone needs clothes and shoes. With countless of people selling clothes online and even outside the World Wide Web, the competition might make it harder for you to survive in this business. Worse, big brands are using various tactics that will make it difficult for small retailers to withstand.

Still, this doesn’t mean you cannot capitalize on the fashion market. The key here is to offer something that other sellers cannot compete with. For instance, you can get clothing items available in the country where you’re working and sell it in the Philippines where the items or brands are not visible. Make sure you start with few items to help you test the market. If you have enough funds and the response is good, try exclusive distributorship of the brand.

4) Restaurant / Food Business 

Similar to clothes, everyone needs to food to eat. Just like clothes, opening a restaurant or getting in the food business in general can be challenging – and risky.

As of this writing, food parks are in and becoming popular, thereby giving small and starting entrepreneurs a chance to introduce their food business. The question is how long? You may opt to put up your own restaurant, but this can be risky.

If you insist on having your own food business, consider various factors such as the location, rent of the place, foot traffic, and more importantly the food. You might want to start small first like a sandwich shop or carinderia with food delivery in offices. You might even pick up a dish where you’re working and tweak it to give a Filipino taste. The key here is to give something new to the people’s palate and who knows, it could be your road to success.

How will you find the right business for you? Don’t look at the trends alone and consider business ideas that will stand and survive the test of time. This way, you are sure to survive.

We always emphasize the importance of saving and preparing for the future. After all, you can never be an OFW forever, which is why it is important to strike while the iron is hot and make the most out of your stay abroad, especially when it comes to boosting your savings.

Before you increase your savings and set aside a portion of your salary for investment, you need to start with the most basic: budgeting.

Budgeting is a process of allocating funds on specific expenses. This helps you get the most out of your money because you were able to specify how much goes where. This will help you make the most out of your money and ensure that a portion of your monthly income will also go to savings, which might come in handy in the future.

Sit tight and find out the how, what, and why of budgeting for better savings.

Step 1: Know your numbers. 

Before you start budgeting, you need to know how much you are earning. In fact, this is the first thing you need to do before you create a budget plan.

What exactly do we mean by numbers? This should include your net monthly income, expenses, and any existing debts. If you are earning something extra, then make sure you include it too. Be honest to yourself when it comes to numbers then move on to the next step.

Step 2: List and then create your budget plan. 

Now that you know where you stand in the money scale, the next thing you should do is to list all of your expenses every month – and make sure you use accurate descriptions for them.

There are two types of expenses:

• Fixed or Non-Negotiable – These are expenses that don’t change every month such as rent, transportation costs (in case you ride the same bus everyday), and amortization.
• Flexible – This type of expense vary every month such as food, utilities, and amount of remittance you send back home.

Income for the month	Fixed Expense	Flexible Expense
Work
Extra Jobs
Total	Total	Total

Be realistic as possible and allocate the portion of your salary for corresponding expense to help you check how much is left. This will be your guide as you go through your day.

You might ask, “how can I make sure that this budget plan will be properly implemented?” Don’t worry. The next step is the answer.

Step 3: Determine your budget strategy. 

There are many ways to help you stick to your budget. You can try the following strategies:

• Percentage system – This is where you use percentage as a guide. For instance, you can try 60-20-10-10 wherein you break down your salary according to that allocation.
• Envelope system – The concept is the same with percentage system, but this time, you use envelopes to set aside a portion of your salary for each expense. One envelope is assigned for each expense to make tracking easier.
• Pen and paper – This is the old-school-but-still-effective way of budgeting. To make it easier for you to budget, you can use columnar notebook and list down how much money you have at the start of the month versus the expenses for every month.
• Budgeting tools – If you want flexibility in tracking your budget, you can use budgeting tools like mobile apps or even Microsoft Excel to help you create a budget plan. The good thing about going digital is that it is easier for you to adjust your monthly budget, which leads you to the next step.

Step 4: Keep it flexible.

We understand that you want to stick to your budget as strictly as possible. In fact, that is the whole essence of budgeting because it makes it easier and more possible for you to increase your savings.

Still, leave room for some flexibility; hence the column for flexible expenses. Someone back home will celebrate birthday or you will need to send money because of an emergency, which is why it is important that your budget can accommodate those sudden expenses.

Step 5: Stay on track and keep it updated. 

It’s not enough that you create a budget plan. It’s just one part of the entire budgeting process. The key here is how you stick to it by keeping your budget plan updated.

Set aside a certain time of the day, say few minutes before you go to bed, and list down everything you earned and spent. Make sure you include ALL, no matter how small or big the amount is. This way, you can easily track expenses you can forego and there is a lower possibility that you might forget something, which could affect the credibility of your budget plan.

Budgeting can be tedious in the beginning, but the return is worth it. Take time to sit down and assess your budget. This will make it easier for you to determine whether you can accommodate a loan in case you need to get one.

Many OFWs feel guilty for leaving their families behind in exchange of good life. To make up for it, many of you resort to material things and buying all the bilins as your way of showing your love.

That’s fine, as long as you do it occasionally. The problem lies when you send a balikbayan box to your family once a month (or once every two months) that is full of goods. Sure, you were able to appease your family, but what will be the effect of your purchases on your bank account?

The key here is to be wise with the items you need to buy. If you really want to retire early, then make sure you avoid splurging on these items:

1) The latest gadgets – Do you really need to buy the latest iPhone when you only bought one few months ago and the difference is the camera’s megapixels? It’s okay to buy gadgets, but if you will do it after every few months or if the existing gadgets are not yet broken, then these items are not worth splurging, even if they cost lower abroad than in the Philippines.

2) Too much cosmetics. Unless you plan to sell it for additional income, it is advisable to take it easy on makeup and other cosmetic products. Cosmetics have a short shelf life, which means they are not meant to last long, especially once it is opened. Plus, your wife doesn’t need a dozen of lipstick and surely, your daughter doesn’t need to wear one, especially when in school.

3) Food available in the Philippines. There’s a buy one, take one of chocolates and canned goods, so you bought tons to give it out to friends and family. The promo can be tempting, but it turns out that you can buy all those items in the Philippines too – and yes, it can be a waste of money. If you want to buy consumable items, make sure it is not available in the Philippines – but take it easy on your purchases, please.

4) Common pasalubong items. Keychains, generic shoes, shirts in different sizes, and fridge magnets – these are some of the common items you buy when you go home and to be honest, you don’t need them. Even if your intention is to give something to your family and friends, there is a chance that they won’t use it too, or at least treasure what you gave. Save yourself some time – and cash – and minimize buying for other people.

5) Expensive or trendy shoes and clothes. They may be in or they have “yabang” factor, but does your family really need them? One or two expensive shoes is fine, but buying them all the time can hurt your savings. Plus, it is something they won’t use forever, so what’s the point of spending on them?

The bottom line: Take it easy on your spending. It’s okay to buy pasalubong for your family, but don’t spend your hard-earned money worrying about your extended family and friends’ bilin. If you want to increase your savings, then you have to be wise with your spending.

One of the most common questions asked to us is the process of applying for a loan when you are abroad. Many lenders require the OFW-borrower to be in the Philippines because of the documents that needs to be filled. Nonetheless, they understand that time is not on your side and there is a possibility that you have to go back in the middle of the application process or even before the funds are released.

What can you do? The lenders will ask you to sign a Special Power of Attorney or SPA.

Special Power of Attorney, simplified 

By definition, SPA is a type of legal document that allows you to appoint and authorize a person or an organization to handle your affairs when you are unavailable, unable to do so, or in your case, while you are abroad. The person you will assign will be called attorney-in-fact or agent and he or she will transact on your behalf.

Who can be your attorney-in-fact?

The answer is anyone, as long as you can trust him or her. He or she can be your spouse, any one of your parents, child above 18 years old, or a trusted friend or relative. There is no limitation as to who you can appoint, but make sure that person is honest and trustworthy since they are representing you.

Does the SPA have to be notarized? 

The general rule is no, the Special Power of Attorney need not be notarized to be valid; however, this rule applies ONLY when you executed the SPA in the Philippines.

What if you are abroad? Then the document must not only be notarized but also be consularized. This means the Philippine Embassy or Consul in the country where you are assigned duly certified and authenticated the SPA you executed. Otherwise, the SPA will not be binding and the lender will not allow anyone to process your loan application in the absence of this document.

For SPA to be consularized, you must comply with the following requirements:

• Holder of Philippine passport, with the first and last page photocopied.
• Presentation of any Philippine government ID in the absence of passport (please confirm this with the Philippine Embassy since some may require both passport and ID).
• Personal appearance.
• Two witnesses of legal age, who must accompany you in the Embassy to personally witness the execution of the SPA. Take note that the witnesses must also present proof of identification showing that they are of legal age.
• Payment of notarial fee, which will vary per country.

Even if you assigned someone to transact on your behalf in connection with the loan, take note that the powers and duties are still limited. Your attorney-in-fact may receive the loan proceeds and sign documents on your behalf but s/he cannot sell any of your assets.

We may sound like a broken record here, but it’s true; working overseas is not forever. There will come a time when you need to go home and continue your life in the Philippines.

“What about my family? How will we survive if I don’t work abroad?”

The truth is there are many ways to help you attain financial freedom. Aside from investing in the right and sustainable products, putting up your own business, no matter how small it is, can be another way to succeed. Take it from these former OFWs who are now entrepreneurs.

You might say that you know nothing about business and that there is no assurance that you will make it big. Fine, these are legitimate concerns, but these tips could help you give a headstart to help you succeed eventually:

1) Know what type of business to start. 

There are many business options available worth trying. The challenge now is finding the business you can focus on.

Here’s the secret: there is no right or wrong when it comes to business. On the other hand, what will set you apart from the thousands of entrepreneurs is your passion for that particular brand or product you are selling.

To determine the business you will start, look into what you are passionate about, say a skill or hobby. You can also evaluate your experiences as an OFW and see if you can get something from there, which you can share with other people and turn into business.

2) Be updated. 

So much has changed while you were away. More so, the culture you were used to in the country where you worked is more likely different than how it is done in the Philippines.

Before you rush in opening your business, make sure to update yourself first about the latest. By knowing what’s in and out, you will be able to determine the right target market and how to sell your brand among others. You might even use the trends and techniques you learned from living abroad and apply it in Philippine setting.

3) Prepare the requirements. 

You know what type of business to start. Through observation and immersion, you were also able to identify the latest trends, which you can use to market your business.

This is just the beginning. You need to comply with tons of requirements to make your business legitimate to avoid hassle. This includes but not limited to:

• Business registration with DTI (for sole proprietorship) or SEC (for corporation)
• Business permits, both from the City Hall and barangay where you plan to put up your business
• BIR Clearance
• Business TIN, for tax purposes
• Appropriate licenses

4) Prepare the capital. 

You need money or capital to start or run your business. You have two options to secure funding: you can use your savings or borrow from lenders like us.

Should you decide to borrow, make sure that you avoid these common mistakes to increase the possibility of loan approval.

5) Make sure you involve your family. 

Starting a business and making it grow will never be easy. You will need all the help to manage your business since you can never do it alone. Give each member of your family a responsibility to grow your business. Make them feel that they play an important role to keep them motivated.

Tip: If you have kids who are knowledgeable about computers and social media, assign the number seven tip on them.

6) Be seen. 

This is the beauty of doing business these days. You don’t need a physical store just to inform people that your business is existing. You don’t even have to pay for billboards for ads. More importantly, you can send your brand’s message across various channels and reach out to potential customers.

To succeed in business, make sure to use online platforms available such as Facebook and Instagram. If budget permits, put up your own website, especially when you are selling multiple items. Building an online profile will make it easier for people to find you.

Tip: Focus on one platform first then build on it. This will make it easier for you to manage and maintain your online profile instead of using several social media channels at the same time.

7) Build a relationship with your customers. 

And potential customers as well. This is where the importance of social media comes in. Aside from marketing your product for free, people can easily reach out to you and inquire about what you’re offering.

Be respectful and answer the queries, no matter how annoying or repetitive the questions may be. Keep in mind that one bad review could potentially cause harm on your business and you don’t want that to happen.

With these tips in mind, are you ready to start your own business?

They say you can’t be an OFW forever. That’s true. At some point in your life, you will feel tired and you want to just stay in the Philippines, open a small business you and your family can sustain, and grow old here.

The challenge is how. More importantly, can you do it?

The answer is yes. In fact, there are many former OFWs who eventually succeed with the right amount of timing, hard work, and determination. If you’re looking for something to lift your spirit, then this one is for you.

Peter Ramores: From mechanic to real estate magnate 

He started working as a mechanic in Saudi Arabia when he was 21 years old. Eventually, Ramores rose from the ranks and became a foreman, senior mechanic, and supervisor. Unfortunately, higher ranks in the company he is working for requires Arabs or Arabic-speaking individuals, so he was stuck with his position.

He learned about house and condominium properties offered to Filipinos in Middle East. Although selling wasn’t his forte, he took a chance and worked his way up until he became a manager after three years.

At present, Peter, together with this wife Rachel, are now managing a network of hundred sellers in the Middle East with an average of P1 billion sales every year. Aside from that, they are managing five rental properties that are earning P1 million every month.

Ronelyn Achacoso: From housekeeper to handicrafts owner

She worked as a housekeeper in Brunei. Unfortunately, her employer maltreated her and was accused of theft. She was able to get back home, but her bad experience didn’t stop her from aiming for success.

When she got back home, she looked for opportunities to earn income in her hometown in Davao. She started attending trainings by OWWA on DIY invitation card designs using abaca sheets and flower-making. She was also into arts and crafts, so she used that passion to put up her own business, Nelyn’s Handicrafts.

At present, Ronelyn supplies her crafts to department stores in Davao City.

Rodolfo Valenzuela: From civil engineer-turned hardware salesman to owner of hardware stores

He may be a civil engineer, but he had a hard time looking for a high-paying job that could support his family. As a result, he went to Saudi Arabia and took a job as hardware salesman. His experiences taught him well, paving and encouraging him to put up his own hardware stores.

His advice: make sure to spend and save your salary wisely. More importantly, don’t be afraid to do business.

Mike Casas: From mechanical engineer to King of bottled sardines 

He worked in Brunei for four years as a mechanical engineer. His frugal personality made him venture into bottled sardines business, starting with only four people and selling it to friends and family. Word of mouth travelled fast and Mike’s bottled sardines soon became popular not just in his hometown, Dipolog City, but also nationwide.

At present, the bottled sardines are sold nationwide in specialty stores and supermarkets. Some Filipino supermarkets abroad are also carrying his products. He also participated in trade fairs and started exporting his products in Canada and United States. More importantly, Mike hires local fishermen, bottlers, and other personnel so they don’t have to work overseas.

Imelda Ahalul-Dagas: From executive assistant to coffee shop owner

She worked as an executive assistant in Oman and stayed there for 19 years. Later on, Imelda realized that being an OFW is not forever because of the many uncertainties. She looked into her other options until she realized that she wanted to be an entrepreneur. She attended seminars conducted by GoNegosyo and Association of Filipino Franchisers then eventually pursued her passion project of reviving Dennis Coffee, a coffee shop that her grandmother started in Sulu in 1962.

At present, Imelda transformed Dennis Coffee’s old town feel into a “first of its kind” social nook in Zamboanga. Her tips to success: plan well and plan ahead, start with being a part-time entrepreneur to gain experience, and be courageous. Being an entrepreneur calls for a leap of faith.

That being said, are you ready to start your own business? We hope this post inspired you to try and be courageous.

Let’s say you won in the lottery and the jackpot prize is P50 million. What will you do with the money? Surely, you’ll buy your own house, car (or two!), pay off all your debts, and put up your own business.

What if we tell you that you don’t need millions to become an entrepreneur? Believe it or not, there are business ideas worth trying with only little money involved. Even if it didn’t turn out the way you hoped it would, at least you did not invest a big chunk of your savings on it.

If you are an OFW and looking for affordable business ideas that could help increase your family’s cash flow, then this one is for you. Check out this list and find out what could work for you:

1) Street food business

Many Filipinos love to eat fishballs, kikiam, pork barbecue, isaw, kwek-kwek, and any other street food you can find, especially for merienda. Take advantage of that by putting up your own street food business. All you need is a stall, which can even be in front of your home, griller, and food variants you will sell and you’re all set.

Tip: Aside from the staples, offer other foods like cheese sticks, french fries, hotdogs, and even hard-boiled eggs. Having a variety means you get to cater to different markets, both old and young. Don’t forget the drinks.

2) Cellphone loading 

Who doesn’t have or need a mobile phone? It doesn’t matter how much it costs, but many people need a phone to make communication easier and more convenient. Since not everyone can afford getting a post-paid plan, many Filipinos are still sticking to prepaid. This can be a perfect opportunity to make the most out of this demand by having your own cellphone loading station.

The capital to start this business plus the return may not be that big, but it could give you something extra for the rainy days.

Tip: Make sure that load is available anytime. The more consistent you are, the more customers you will have.

3) Eatery or Carinderia

Who doesn’t love food? If your spouse has the knack for cooking and serving delicious meals, then maximize that talent and put up your own carinderia.

Don’t be afraid to try this one. Target market is not an issue, but the key here is your location, so make sure to set up the carinderia in the right place.

Tip: Consider food delivery service in offices or any business establishments. Everyday, make a menu and deliver the food according to the number of orders. This will give your family extra cash, plus who knows, it could lead to something bigger, say your own restaurant.

4) Food Cart 

Let’s say you are drawn to the food business but not really into cooking. That’s fine. There are many franchisers offering food carts for as little as P20,000, which is ideal for starting entrepreneurs like you.

The good thing about this business is that you don’t have to worry about anything since everything is provided, except that you need the right location. Make sure you choose an area with high foot traffic to encourage more sales.

Tip: Take a risk and start your own food cart. With the right marketing techniques and product, you might soon be a franchisor with people wanting to franchise your business.

5) Online Selling

Online entrepreneurs are becoming popular these days. All you need is a laptop, a good camera, decent Internet connection, and products to sell, and you’re good to go. You can source your products from where you are working or if any of your family members is good at anything, say crafting or baking, then maximize on it.

For starters, you can advertise your products in e-commerce sites like Ebay Philippines and OLX. Facebook and Instagram are also popular channels with many users logging in everyday (who can be your potential customers too). Just make sure to update your page regularly and be nice to customers.

Tip: Choose a product that is not common to many online sellers. This will set you apart from the rest and you will be able to penetrate the market with lesser competition; hence higher sales.

Don’t just limit yourself with these business ideas. Explore your options, know what is required of that particular venture, and stick to it. It will take time before you see the results of your investment, so be patient.

Let’s say you have a five million pesos at your disposal. What will you buy first – a car or a house? Or both?

This is a common dilemma among many OFW families. You work hard overseas to give your family the best things in the world and that includes a house and a car you can call your own, Apparently, you can’t have both since both are major purchases that could affect your cash flow.

This leads you now to the next dilemma: what should you buy first between a car and a house? We hope this post will help to help you decide on which is worth investing first.

But first, evaluate your current situation 

Before you decide on what to buy, you need to assess your current financial standing first. Here are some questions you need to answer to help you evaluate your financial condition:

• How much money am I making?
• How much money do I have left after all expenses and savings?
• Can I pay the car or house in full?
• How much do I have to pay if I decide to get a car or a house?
• What expenses can I forego in order to accommodate the loan?
• Do I have extra money to accommodate the monthly amortization?
• Will the monthly amortization create a strain on my buying capacity?
• Do I have savings or emergency fund that could back me up in case of loss employment?

These simple questions can help you look into your financial standing and determine whether or not buying a new car or house is within your means.

Buying your dream car

Advantages

• Allows you to go from one place to another with ease and comfort since you and your family don’t have to ride public transport.
• Makes it easier for you to travel with your family, especially if you are going out of the city.
• If you avail of a loan, you can choose your loan term according to your capacity to pay, but up to five years only. This makes it faster for you to pay off your loan.

Disadvantages

• You have to pay for after-sales costs such as insurance, car maintenance, and repairs in case the car breakdowns.
• It is advisable that you have a parking slot first to avoid causing hassle not just on your neighbors but also on other people who pass by your area.
• The price of the car depreciates over time and as soon as it stepped out of the dealer’s store. This means the P1 million car you bought now will only be less than that after a year.

Buying your dream house

Advantages

• Owning a house is a status symbol that signifies financial achievement.
• The price appreciates over time. If you buy a house worth P1 million today, there is a higher possibility that the value will be doubled or even tripled after 10 years, especially if you bought the right property in the right location.
• A type of investment that you can pass on to other generations.
• You can finally have a place you can call your own.

Disadvantages

• There are many developers who are offering sub-standard quality of houses. Before you make a purchase, make sure to check the developer to make sure you are getting your money’s worth.
• Higher monthly amortization with longer loan term.
• More costly to maintain compared to cars.

Whether you decide to go for the car or house is all up to you. We enumerated the pros and cons of buying a car or a house to help you decide on the best investment option. Use this as a guide and more importantly, consider your family’s needs to help you in making the right purchase.

You already identified the right instances on when to apply for a loan. Assuming you really need one, this doesn’t mean you should go to your preferred lender immediately and submit your loan application together with the other requirements. There are several factors you need to consider first to avoid getting yourself in a pool of debt.

Before you apply for a loan, here are eight questions you need to ask first: 

1) Am I qualified to apply for a loan?

This is the first question you need to ask before you apply for any kind of loan. Keep in mind that there are many factors lenders consider in applying for a loan. This includes your capacity to pay, asset that you are willing to offer as a security, and your credit score among many others. These factors will help you determine whether you are qualified for a loan or not.  

2) Where will I use the loan proceeds? 

Getting a loan to pay for your travel expenses or purchase of material things like a new iPhone are instances where loan is not highly recommended.

If you plan to apply for a loan, establish where you will use the proceeds, say to put up your own business or pursue higher education. If it is something personal and won’t benefit you in the long run, then it is best to hold that expense first and save for it instead of getting a loan.

3) How much do I need? 

One of the most common mistakes committed by OFWs is asking more than what they can really pay. This means if you are earning P40,000 every month with P100,000-worth of collateral to offer, don’t expect the bank to extend P500,000 credit to you.

Know how much you need while taking into consideration your monthly cash flow. Be realistic with your loan amount to improve your chances of approval.

4) How will I pay for the loan? 

Now that you have a realistic loan amount, the next thing you need to answer is how to pay for your loan.

Ideally, your monthly salary should cover for it, but keep in mind that you have other expenses such as remittances. Before you apply for a loan, take a look at your budget first and see if you can accommodate another expense. If you don’t have adequate amount of cash on hand, hold that loan first since there is a higher chance of getting denied.

5) Do I have to offer a security for the loan? 

There are two types of loan: secured and non-secured. Lenders would prefer secured loan since there is an assurance of payment in case of default. On the other hand, many OFWs have no asset to offer as a collateral, which is why you can opt for a non-collateral loan.

Here’s the catch: non-collateral loan means you will be charged with higher interest rate. This is the lender’s form of security since there is no asset they can recover from in case of non-payment of loan.

6) How long will I have to repay the loan? 

Loan term depends on the type of loan you are getting. Housing loan can go as much as 15 to 20 years while car loan is anytime between one and five years. For personal loans, it can go from one month to a year (or more).

When applying for a loan, make sure you’ll consider the loan term as well. The longer the term, the more interest you have to pay. Don’t forget to ask about pre-termination fee, if any, since some lenders charge a fee if you will pay off your loan before the due date.

7) What will happen if I missed a payment? 

This is another factor you need to look into. When you apply for a loan, don’t forget to ask the penalty fee in case you weren’t able to pay on time.

Tip: Some lenders may agree to waive penalty fee, depending on certain factors. Make sure you have consistent remittances and maintain a good credit standing to be able to enjoy this privilege.

8) Will the loan be beneficial for me? 

More importantly, do you really need to get a loan? The loan must be beneficial for you, say to help you grow your business. If getting a loan won’t help you in any way and you might end up swimming in a pool of debt, then it is best to hold off that application first.

Are you ready to get a loan? Balikbayad is here to help! Give us a call and let’s talk so we can see how we can help each other.