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5 Must-Use Tools When Planning To Get OFW Loan In The Philippines

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 If you want better monitoring and control of your budget, then you must use the varieties of these financial tools that I have mentioned below:

  1. Currency Converter

The tools that are available online give you the general idea of the worth your money have in dollars or pesos. Keep in mind that these are still establishments’ current rate which is going to be used.  Therefore, if you are required to make remittances or engage in any transaction which includes the currency exchange; find out the establishments’ that offer greater rates.

Another tool that you must use when you’re planning to get OFW loan is your loan calculator. I have mentioned the calculators that you should use:

  1. Loan Calculator

The calculators will assist you in determining how much money you should save for your EMIs of the loan every month. This can help you in taking the informed decision.

  1. Home-Loan Calculator

You know you should use this home loan calculator for a mortgage. If you are buying the house or lot; you can use the mortgage calculator. You can learn how much money you save from the home loan if you use this calculator. This calculator gives monthly payments built upon the loan terms and the annual percentage you chose.

Apart from that this calculator gives total interest amount and the actual cost of your loan.

  1. Auto Loan Calculator

If you are planning to buy a car, then manage your budget with this auto loan calculator. You can use the auto loan car calculator so that you get your monthly repayments estimated and can have a quick glance at your finance. You can even compare the interest rates of other loan offers.

This loan repayment calculator assists the borrowers to come up to the informed buying conclusion so that they can determine available payment options according to their financial need.

  1. Personal Loan Calculator

You know what personal loan is, right! If you need one, then you should use this personal loan calculator tool before you decide to borrow money. This kind of loans is used for many purposes, for example, paying bills, paying mortgages, home improvement or buying the car.

These are the tools you must use when you are planning to get OWF loan. You should know the different OFW loan requirements to apply for loans from the banks offered to the OWF. They are:

  • Your age has to be in between 21-65.
  • This is to be sure of that you are capable both physically and emotionally of repaying your debt.
  • You should be working abroad for more than two years.
  • Leaders will be relaxed to know that you have the stable income source.
  • You should earn at least half of your monthly repayment.

This is the calculation of debt to the income ratio so that the leaders get to know if your monthly income is sufficient enough to repay the loan or not.