Potential Investors usually have many questions about the business model and here we try to answer some of those questions:
OFW loans are not very large and are typically about P60,000 ($1,500).
OFW’s are charged 4% monthly on their loans
As unsecured loans are considered high risk, there are few companies willing to offer OFW’s finance. However, those that do will typically charge 5-10% per month, so we consider our rate to be fair.
There are over 1,000 recruitment agencies specialising in OFW placement in the Philippines, although we work closely with about 50 establieshed reputable agencies, at present.
As with any investment, there is always a possibility that you could lose some, or all of your investment should things go wrong! However, that being stated, your funds are much safer than investing in stocks, options and other alternative Investments which are volatile and require specialist knowledge!
Zazu Lending Investor Corporation have fixed percentage return agreement with our investors based upon the amount and duration of the investment. Your investment in protected by a company cheque. Philippines law protects all investors as we issue a ‘notorise’ promissory note and a cheque for the full value of your investment to you (dated at the end of your chosen contracted period) failure to pay the cheque is a criminal offence in the Philippines and will result in imprisonment of the signee until the full amount is repaid.
No, the OFW would borrow from a bank at lower interest, if they could offer security.
Most investors would be surprised to know that our deliquency rate is very low (less than 1%) because of the procedures we impose prior to issuing any loan.
Our clients undergo a full credit check, as well as their guarantor for the loan agreement, who are liable for payment. They also sign a declaration agreeing to a salary deduction (in the event of default) directly from their employer.
Successful applicants issue 12 repayment cheques, as surety. In the Philippines it is a crime to issue a cheque that cannot be cleared and it is actually an imprisonable offence.
In extreme circumstances the OFW loanee will have their jobs terminated, visa’s revoked, deported, detained on arrival and blacklisted for future employment abroad.
The majority of Overseas Filipino Workers lack the funds to pay for expenses involved in obtaining a position overseas. These expenses includes Job Placement fees and other miscellaneous expenses, not to mention having some money to leave with their families and travel with and help them through their first month of employment.
Zazu Lending Investor Corporation can provide workers with financial assistance of up to three (3) times of their basic salary. Guaranteed no cash-out required upon processing and no advance interest.
Zazu Lending Investor Corporation offers easy payment schemes to Overseas Filipino Workers.
OFW’s can choose flexible payment terms from 6 months up to 12 months. They can process their repayments using PDC (post-dated check), by Cash, Door-to-door remittances or to any affiliated banks and accredited remittance centers.
Additionally, they are given enough time to process their payment within 60 days (interest free) from the date of the loan release.
We will approve loan applications within 24 hours, upon full submission of requirements.
Zazu welcomes potential investors to visit the office, during normal business hours, however we do advise you to make an appointment (as the office is very busy) to make sure one of the Directors is on call to answer all your questions.