I have been out of loan for such a long time but since my son, has become a loan consultant in the Philippines, there are a few things I learn or two out of him being in the industry. I am talking about OFW loan. Just today, while accepting a call for my son, I heard his conversation with a credit applicant and I learned that currently, in most banks and lending companies, OFW loan has been on a halt being offered.
The lending company with which my son is a loan consultant has also stopped offering the said type of loan. The only couple of loans left are the collateral loan which includes the business, car, jeepney, truck, taxi and tricycle loan. Apart from these types, the only OFW loan being offered is the seaman loan.