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10 Ways in Finding Seaman Loan with Lowest Interest Rate and 1 Day Release

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Seaman and OFW Loan PhilippinesIt’s a sad development that even if efforts by the Aquino government to better the service to Filipino seafarers through MARINA the application of certificates and documents, the agency still failed to come up with a working practice or procedure to ease out the processing of acquisition of documents like seaman book (SIRB) and certification for SOLAS.

The same thing is happening today with respect to seaman loan and lending for Pinoy maritime workers. The lack of program by the Philippines government in terms of financial assistance to seafarers is making our sailors go for and apply for private lending companies and banks for credit programs that usually come with high interest rates.

how to qualify for lowest interest rateThat is why I wrote this post, being a professional Filipino loan consultant knowing how it works in the lending companies both private and banks, I would like to share what knowledge I have to help seafarers find ways to come up with lowest interest rate seaman loan that offers 1 day release. If lucky enough to qualify, they might even be allowed to apply and get a loan without the need to provide a co-borrower or co-maker. Below are some of the ways I know of for Pinoy sailors to come up and find credit providers with the lowest interest rate and less charges and fees.

seaman loan lowest interest rate10 Ways to Find Seaman Loan with Low Interest Rate and 1 Day Release

  1. Get the service of a professional and qualified loan consultant. Make sure there is no agent’s fee charge on you. This is a top key factor as agents know which lending provider offers the lowest interest rate
  2. Don’t walk in to a lending company. This is a common mistake by seamen and seawomen. Walking in won’t usually give you the best option. You only get 1 choice at a time and might end up wasting time applying for seaman loan only to find out there are other choices.
  3. Search online and make a list of websites and contact numbers of loan offers and lending companies. Keep a copy on hand for comparison later.
  4. Pre-qualify – Always let your agent pre-qualify you. Ask for it and make sure you can get in a loan program that is worth your qualification. This will help you avoid wasting time while knowing your chances outright. If you can’t qualify for the lowest interest rate, go on to the next best option.
  5. In terms of achieving 1 day release of your loan, prepare all necessary documents as your loan agent told you. Make sure before you report to apply to a lending company that you have complete seaman loan requirements. Try to allot a reserve for requirements like allottee documents needed.
  6. List down your co-borrower options. Most seaman loan will require you to have an immediate relative co-borrower. Be sure to have your reserve too. List down your choices.
  7. Communicate regularly with your loan agent before you report to apply to a loan provider. Be sure you have an agent who had the most comprehensive contact details the can cover all cell phone networks as well as land line contact numbers.
  8. When on the process of your application, be sure to bring everything needed. Usually, you will need all original documents on hand as much as possible. Ask your agent what you will need to bring too.
  9. During process of loan, be sure that you follow up with your agent while waiting in the lending office but be patient and considerate.
  10. Be sure to inform all your character references, crewing manager or fleet manager and co-borrower or allottee that somebody will be calling them to confirm details about your and your departure.

seaman loan requirementsBasic Requirements List

  • Completely filled up and signed application form
  • POEA validated contract
  • Photocopy of latest passport
  • Seafarer’s Registration Certificate (SRC or SIRB)
  • Seaman Book
  • Allotment slip / certificate
  • Marriage contract and Birth certificate of children if married
  • Overseas Employment Certificate (OEC)
  • Electric or Water Bill (not necessarily under your name but must have same address as your 2 valid IDs)
  • 1 Co-Borrower (wife, sister, brother, mother or father)
  • For self allottee or pay on board seaman (wife, mother, father or nearest relative with regular source of income)
  • 4 pcs of 2×2 picture for the seaman and co-borrower or allottee

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