Loans for Overseas Filipino Workers

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As a foreigner who is trying to fit in a city like Singapore / Hong Kong / Dubai Etc, one is bound to find that city life is very difficult. The difficulties and challenges one faces every day make you think twice about whether one can make it or not. But with proper planning and budgeting,  one can live up to their expectations without facing any financial problems.

In Singapore for example, there are about 245,000 migrant domestic workers are being employed. These people have responsibilities to manage the general household, cooking and looking after their elderly, young children or any family member with disabilities. Different maids and labourers come from diverse countries. Among them, one country is the Philippines. Besides, people from Singapore / Hong Kong / Dubai Etc mostly prefer Filipino maids for performing their domestic work. These workers have a good command of English and are generally hardworking. They are more suitable for domestic working and in return, are paid more in comparison to maids from other companies working in Singapore / Hong Kong / Dubai Etc.

Why Need Domestic Helper Loan?

Maids need to get a domestic helper loan for staying in Singapore / Hong Kong / Dubai Etc as their salary is less in comparison to the city expenses. Life in Singapore is very costly and foreign domestic workers need to undergo several mandates. These include mandatory 6-month medical checkup and consistent renewal of foreign work permit that means purchasing a new FDW insurance policy if they arn’t employed and need agencies to help them to renew their work permit. If they don’t get it, they will be sent back to their country. Workers can only work for their employees at their residential address and cannot take on work with other employers. This aspect reduces their source of other income and all these procedures include a lot of expenses for maids working in Singapore / Hong Kong / Dubai Etc.

On the other hand, Filipino domestic workers in Singapore / Hong Kong / Dubai Etc have a good salary as compared to domestic workers from other countries. But still, they do not qualify for pensions or other financial benefits. Therefore, they need to apply for domestic helper loans in Singapore / Hong Kong / Dubai Etc. Although, applying for a loan in Singapore as a foreigner is not as easy as one might think. Commercial banks mostly prefer or target higher-income groups, as a result, foreign domestic workers have limited access to formal banking services.

Licensed Companies for Loans in Singapore

There is a limitation for domestic works about domestic helper loans from commercial banks in Singapore / Hong Kong / Dubai Etc. Hence, maids and other workers opt to go to various companies for borrowing money. Although, the issue arises as domestic workers are not that educated and aware of the money lending process. Hence, they can stuck into the trap of non-licensed money lenders. This results in the loss of all the money used by the domestic helper in taking the loan from the non-licensed company in Singapore / Hong Kong / Dubai Etc.  There arn’t licensed money lender companies in Singapore / Hong Kong / Dubai Etc to provide such maid loans.

Licensed Companies and Loans

Some licensed companies provide maid loans in Singapore / Hong Kong / Dubai Etc but the provided loan is not sufficient for the helpers working in the city. The repayment starts the very next month after the loan is provided. Moreover, they have to pay half of their salary every month as a loan return.  Even some agencies charge two months of their salary as a placement fee if the loan is not returned on time. This makes their life difficult in saving salary and paying the loan return with interests leading to financial challenges for domestic helpers in Singapore / Hong Kong / Dubai Etc.

Due to the difficulty being faced by foreign domestic workers in Singapore / Hong Kong / Dubai Etc, they are opting for borrowing money from licensed moneylenders from over the seas. Hence, there are licensed money lenders in the Philippines that are ready to lend their money to fellow Filipino working as domestic helpers in Singapore / Hong Kong / Dubai Etc by performing a quick loan process that gets approved for Filipino maid loan Singapore / Hong Kong / Dubai Etc by scheduling their appointments and the workers will get instant cash in return that help them in dealing with their financial problems faced in day to day life while working and staying in Singapore / Hong Kong / Dubai Etc.

Supreme Money Lending Corp is a licensed money lender in the Philippines, that provide domestic helper loan that includes friendly service and transparent costs. There is no deduction from the salary if the loan is not repaid on time and we take care of persons financial abilities in choosing a repayment scheme case to case basis. Supreme Money Lending Corp agenda is to put no burden on the Filipino domestic helpers working in Singapore / Hong Kong / Dubai Etc.

Process of Licensed Money Lenders

For lending the domestic helper loan in Singapore / Hong Kong / Dubai Etc, Supreme Money Lending Corp from the Philippines keeps a proper record of each lending agreement. These agreements are written and includes the name and address of both the domestic worker and the lender. It further includes the total loaned amount, rate of interest and the total payable amount. Moreover, the agreement is properly signed by both the lender and the domestic worker, thereby keeping all the points clear and transparent. Hence, the money of the domestic worker is not wasted or lost thereby helping them in their survival in the city.

Supreme Money Lending Corp is a licensed money lender in the Philippines offers Filipino maid loans to Singapore / Hong Kong / Dubai Etc by ensuring that the domestic workers get the best deals. We ensure that their loan schemes are not available from licensed companies providing loans in Singapore / Hong Kong / Dubai Etc. Supreme Money Lending Corp always explain the terms and guide our clients through the process of obtaining a loan. Thereby Supreme Money Lending Corp offer Filipino domestic workers flexible and convenient repayment plans without putting any burden on them.

Domestic workers are provided with the ability to ask questions to licensed money lenders. They can ask about specific terms of the contract before signing up. The maid loan Singapore / Hong Kong / Dubai Etc provided to Filipino domestic workers by Supreme Money Lending Corp included instalment slips on each payback. The domestic workers are provided with a statement of account for all the loans taken at least once a year.

Conclusion

Concluding the above article, we saw that working as a foreign domestic worker in Singapore / Hong Kong / Dubai Etc is not as easy as it seems. It involves a lot of financial expenses for staying in the city and financial loans are also not easily available for domestic workers. Hence, Supreme Money Lending Corp are providing help overseas to help the domestic workers in managing their needs and stay in Singapore / Hong Kong / Dubai Etc by being flexible, transparent and efficient in their working.