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Seaman Loan Requirements and How to Qualify for 1 Day Release Loan

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Seaman and OFW Loan PhilippinesPersonal loan in the Philippines today is taking a big leap. As an experienced professional loan consultant, I only know 2 loan products by far that offer 1 day release processing. These are the ofw seaman loan and car loan. Although the latter which is one of the most popular collateral loan offer by banks and private lending companies is the one that could give you the lowest interest rate it is also very tricky to have the loan approved within the day the loanable amount released that fast. You are surely going to need the help of a pro in the lending industry in the Philippines. Someone who knows the way around collateral loans using your auto. Loan for seafarers on the other hand is a breeze to assist on my end for as long as the borrower is cooperative, patient and willing to communicate.

In relation to this, I will be enlisting the both the list of requirements for seaman loan and car loan respectively so you know your option through comparison which documents are already on hand for faster processing. I will also be giving you tips on how to qualify and achieve fast loan release including some of my own experience secrets that help my clients get approved of their loan application the quickest possible time as a qualified and duly accredited loan broker (agent) for multiple lending companies all over the Philippines.

seaman loan requirementsSeaman Loan Requirements: (you can also find this list here)

  • Completely filled up application form
  • POEA-validated contract
  • Photocopy of latest passport
  • Seafarer’s Registration Certificate (SRC or SIRB)
  • Seaman Book
  • Allotment slip / allotment certificate
  • NSO marriage contract or Birth certificate of children if not married but have kids
  • Overseas Employment Certificate (OEC)
  • Electric or Water Bill (not necessarily under your name but must bear 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

car loanCar Loan Requirements: (original and photocopy of all documents)

  • Completely filled up application form
  • OR CR of vehicle
  • 2 valid primary IDs
  • Latest electric or water bill
  • TIN ID / Number
  • Any documented source of income
  • Car must be 1995 year model or newer

Although I have previously written an article that describes and gives loan borrowers and clients an idea on how to find the lowest interest rate seaman loan, I’ll add up some useful information on how to know if you qualify easily to avoid wasting your time as well as your chosen loan agent’s effort to assist you. Below is my own list.

how to qualify for lowest interest rateHow to Know if You Qualify for a Loan:

So without the help of an agent, as some of you might not be comfortable in having assisted, how do you really know if you can qualify for a loan. Here are a few tips to help you do it on your own although I would of course most likely suggest that you get the assistance of a knowledgeable consultant at any given time especially if you will apply for car loan in the Philippines. Sadly, there are absolutely times that you cannot avoid hiring the service of a professional and qualified loan broker to easily know if you qualify.

  1. Pre-qualify or undergo a short interview by a professional agent.
  2. Search the internet for a list of documentary requirements and make a comparison.
  3. Be sure that you have all the documents you have pre-listed above and bring photocopies before reporting to apply to any lending company.
  4. Maximize speed of loan application by making sure you have a set of reservations from documents to possible character references and other needs. Your gonna have to ask your agent with this matter.
  5. Know the causes of getting a loan application declined and prepare for the right answers with the interviewer.
  6. Lay out all your cards and information to your agent.
  7. Don’t submit conflicting documents and fake or falsified papers.
  8. Be sure you don’t have C-Map. If you have one, tell your agent ASAP so he can give you other options or possible solutions.
  9. Be sure you don’t reside in any negative areas. Lending companies today have a list of blocklisted places.

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