Monday, February 17, 2014

10 Things to Consider in Applying for Maritime Seaman Loan in the Philippines

In the Philippines, seaman loan is probably one of the first types of non secured high risk loans promoted to become a 1 day release loan making it the unbeatable fastest type of loan to apply for. The problem is that not everybody may apply for this cash credit for sailors so currently, there are works being done by different lending companies like Asialink Finance and Global Dominion, 2 of the current biggest lending companies offering the said loan to offer the car loan without taking car using only the original OR CR of a vehicle. Anyway, these 2 mecca providers are just a start and I am sure that many other companies will follow the new system.

Getting back to the original discussion, I would like to make sure that maritime workers immediately know and understand about the different loan application requirements for a seafarer loan. That not all applications may yield the same result of getting the fast approval due to different cases and situation not met by a particular case of a sailor. While many would think that the 1 day release low interest loan applies to all, I would like to make it clear that everything else is a case to case basis.

Upon study being a loan consultant for multiple lending companies all over the Philippines, I learned that you must meet certain pre qualifying requirements in order to achieve fast loan application approval and release of cash. If you want to know more about this, you can visit here -

In the meantime, for a more relevant understanding of how everything works from processing of the maritime loan to the loan interest rates and how to avail of the lowest add on charges to how to go over with knowing if you can immediately qualify for a 1 day release, please stand by for more updates we will be posting here soon. Good luck to your loan application and may you all get what you need to with the help of a professional and qualified loan consultant in the Philippines. You may also see the list of documentary requiremetns below.

Seaman Loan Requirements

  • Completely filled up loan application form
  • POEA-validated LATEST seaman agency contract
  • OEC (latest and valid)
  • seaman book or SIRB
  • Allotment slip or allotment certificate
  • Marriage contract (if married) (3 months latest payslip of co-borrower or allottee if not married)
  • Original proof of billing (only electric or water bill is accepted)
  • Those who are married and have joint checking account have the edge and will take less processing time plus release of loan will be faster (less the application time to banks for a checking account when referred by the lending company)
  • 2 valid IDs
  • SRC or seaman's registration certificate ID
  • Latest and valid passport
  • 4 pcs 2x2 photos (both allottee and seaman)
10 Things to Consider

  1. Interest rate
  2. Loan consultant assistance (it's free)
  3. 1 day release possibility
  4. other charges
  5. hidden charges
  6. loan calculator and computation
  7. loan payment terms
  8. bank to apply for a checking account
  9. payment amortization choices
  10. penalties and other charges