THE Department of Foreign Affairs (DFA) cautions overseas Filipino workers (OFWs) in the United Arab Emirates on taking out loans and using credit cards.
The advisory is being issued in view of the alarming increase in the number of Filipinos detained due to unpaid loans.
Many people are tempted to apply for loans in the UAE due to various reasons. They are lured by low interest rates, without paying much attention to the other charges which appear in the fine print, and the prospect of taking as much as 18 months of one’s salary. Usually, banks require only a certificate of employment to approve a loan application. (MORE)