How to Get a Seaman Loan in the Philippines
Many Filipino men work on the seaside. Sailors who work abroad need special conditions of registration and repayment of the loan. Therefore, finance institutions have created special loan schemes called seaman loans. Get a loan for any consumer needs, including expenses related to the execution of a seafarer’s employment contract, or other expenses associated with leaving on a seaside. You need to provide the necessary package of documents, lenders give you the key to your voyage without thinking about money and with the possibility of stitching up to 3 months.
Why sailors prefer this type of loan:
- Seaman loans are provided for a longer term. Repayment lasts from 30 days to several years, which is very convenient for people of this profession.
- The loan interest is low (most often lower than 3%).
- Diligent borrowers are approved very quickly. If you collect all the required documents beforehand and submit everything at once, processing takes not more than a couple of days.
Requirements for Seaman Loan 1 Day Processing in the Philippines
Different financial institutions provide opportunity for sailors to get a specially created personal cash loan with sure approval. Basic requirements are standard for most of them. However, there can be additional requests in specific situations.
- Citizenship of the Philippines (valid passport),
- Appropriate age (between 18 and 65 y.o.),
- Confirmation of salary not less than 15,000 pesos,
- Valid ID of any kind except passport,
- Valid signed contact for a period of not less than 6 months with POEA Validation,
- Experience of sailor’s work of not less than two years,
- Sailor’s valid documents.
If the borrower does not comply with some of the requirements, he might be asked for additional proof of his solvency.
Overview of Seaman Loan Lenders in the Philippines
Entrepreneur Company for Profitable Seaman Loan
Entrepreneur company has gained trust among sailors for issuing profitable seamen loans. What are the main advantages?
- attractive processing conditions,
- low interest rate is only 2% per month,
- flexible loan repayment terms from 6, 12, 18, 24 to 36 months,
- maximum loan amount equals PHP 500,000.
The company’s service is especially useful for sailors who are just beginning their careers. They have a possibility of registration of a loan under an employment contract from only 6 months, which is not possible in most financial institutions. The terms of repayment are very flexible and largely depend on the sailor’s work contract, his employment and credit history.
How to Get a Loan From the Company Entrepreneur?
The applicant must start with formalizing of an OFW/Seaman. The applicant needs to have a signed contact for not less than 1 year. He must have an experience of working abroad for at least two years. The applicant must be from 21 to 65 y.o. He must provide contact information in the Philippines and abroad (working telephone number and address). Borrower’s monthly salary must exceed PHP 25,000. In order to facilitate transactions, the applicant must be a resident of Manila area.
The list of document to provide:
- Completed application form.
- Signed and confirmed current employment contract.
- Passport of the citizen of the Philippines.
- Valid ID (not passport), which complies with the data stated in the application form. Possible ID:
driver’s license / company identifier / PRC identifier / SSS identifier / postal identifier.
- Seaman’s Book.
- Seaman’s registration.
- Certification (SRC).
- Bank statements, or other equivalent proof of finances movement on the account for the last half a year.
Seaman Easy Loan in the Philippines From Ofw Cash Load
Another popular provider of seamans loans is OFW Cash Load. It is a serious financial organization with a good organization of work. What are their advantages?
- Good customer support 24/7,
- Professional counselors,
- Quick approval of loans (in most cases – within one day since completing the application),
- No additional or hidden commissions,
- Loans below PHP 300,000 do not require PDS,
- Possibility of issuing loan for an authorized person,
- Possibility of starting paying off the loan after the second month,
- Flexible repayment terms up to 12 months.
The list of required documents is pretty much the same. The applicant needs to provide passport, work contract, SRC Book and Seaman’s Book, ID, documents confirming marital status, OEC (confirmed by POEA).
How to Repay the Seaman Loan?
The loan amount is calculated in accordance with the category of the client and the amount of income that he receives. The maximum loan amount depends on the lender, borrower and his credit history. You can make payments in any convenient way:
- through the remote customer service system for individuals;
- money transfer;
- transfer from card to account;
- in person at a bank branch.
The main thing is to repay on time. Repayment of the loan is carried out in accordance with the schedule. In any case, this must be done before the last business day of the month.