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Overseas Filipino Workers (OFWs) who want a better future decide to leave their families temporarily and work abroad. Most of them dream of starting their own business that will serve as an additional income-generating source. One way to fast-track this dream is to secure an OFW loan for Filipinos. This type of loan is able to assist numerous families of OFWs in putting up their business ventures.
Popular Food Business Ideas for OFWs
- Sari-Sari Store or Mini- Grocery
This is the simplest and easiest business to set up. A simple Sari-Sari store requires a minimal amount of investment especially if you use an unused area of your home and the family members are working together. The capital investment will be higher if you are going to rent a space or construct your own store. Projected starting capital is between P50k to P100k.
- Food Cart Business
Filipinos love food especially all-time favorite fishball, kwek-kwek, fries, burgers, pizza, siomai and a lot more. These foods are found in almost every corner of the neighborhood, malls, parking lots, university belt areas, MRT stations and other crowded places. The capital investment to franchise a food cart business starts at P25k up to P300k. If you do not have enough money, get help from borrowing an OFW loan thru a fast cash loan provider in the Philippines.
- Franchise a Restaurant
A restaurant franchise of a known brand assures the potential return of investment and profit. The money you invest will grow fast because you are not on your own.
You are guided by an established food brand, business concept, fixed system and expertise of people handling the business. The cost of investment for a restaurant franchise is from P300k above.
- Open your own restaurant, café or bar
Opening your own food joint is another option. This is the best if you want people to patronize your specialty dish or beverage. Although the risk is higher, the prospect of offering something new to people is a great motivator to venture in this type of business. The investment capital starts as low as P100k to P300k.
Investing your hard-earned money in the food business industry is a step towards more financial independence. You can start it while you are abroad and become your main source of income when you decide to come home. Start saving for your dream business and when you need financial assistance to make it come true, allow OFW loan to help you achieve it.
Money is a tool to live life with comfort. This is why people work hard. They want to have a roof over their heads, foods, education and other material needs. Lack of money directly affects living conditions and lifestyles.
Without an emergency fund or savings when unforeseen events happen, chances are, you resort to borrowing cash. Cash loans have become popular due to life’s necessities.
So, where do you borrow cash?
- Family, Relatives & Friends
They are the closest to you and will not hesitate to help you. They do not require documents or background check, only your assurance to return their money within a specific period.
However, there are times that they will deny your request which can cause resentment and disappointment. Like you, they also have bills to pay and other monetary concerns.
Refrain from borrowing often to save harmonious relationships. Money matters can damage good ones.
- Private Lending Companies
This could be a reliable private legal money lender who offers non-collateral or collateral loans to individuals who need quick cash. They have simpler requirements which make borrowing not very stressful. They even tolerate not submitting certain documents that you do not have in your possession. Their approval time is faster compared to banks so you can get your money quickly.
Be sure to pay the monthly installment on time to avoid penalty. Missed payments will affect your good credit standing and credit history.
Banks offer different types of a loan if you need cash, however, you need to submit lots of documents to qualify. They need proof that you have the capacity to pay and worthy of credit. There is always a possibility of being rejected.
- Online Cash Lenders
They offer instant cash for borrowers. Online This type of fast yet easy cash loan is making a rapid stride in the lending industry all over the world. Best reviewed licensed moneylenders online are similar to private lenders but do transactions using the internet.
Getting information is easy because their websites contain all essential details and steps to apply for a cash loan.
Once approved, you get your money within the day or the next banking day. It is convenient too, especially for busy individuals who do not have time to go to the lending office to sign documents.
Before applying for an online cash loan, make sure that the lender is legitimate and has a good track record. Beware of some lenders who take advantage of people who are in dire need of money.
Borrowing is an easy way out from immediate needs, but the best way to prepare for emergencies is to save. If there is no other option, then choose the least stressful type of lender to finance your needs.