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Seaman’s and Seawoman Loan for Filipinos
It’s a bit hard to think that despite a big salary bracket for many of our Pinoy seaman, some of them would still go for a loan to support immediate needs. I have a cousin myself who asked me if there is someone I know who could offer him fast cash loan for workers in the maritime industry like him. This type of loan is called as the seaman or seawoman loan.
He’s been to a bank and he told me that it’s not a good idea to to banks to file for a loan especially if you need something big. Based from his experience, there is one loan he filed for as a seaman for his mom allotee (alote in Tagalog) or beneficiary where he is supposed to get Php 30k but he ended up with almost 25% of the loan already deducted to him before having it handed down to his pocket.
That made me think to want to find out if there are loan companies in the Philippines that gives a chance for Pinoy seaman who are in dire need for emergency cash such as for tuition fee, medical and treatment or hospitalization of a loved one, fast cash loan to pay the house bills, land amortization, business purpose and more. As soon as I found a lending institution that offers some of the types I’ve mentioned above, I immediately hurried to call their hotline and customer service.
I did not ask for possibilities of applying for a loan but instead, I asked what’s in it for me if I become a loan agent or a loan consultant. That is where it all started. I took the chance to attend seminars, meetups and orientation and bought the loan agent’s kit and studied very well all possibilities of getting myself some clients to apply for a loan and that is when my cousin became my first customer.
He applied for a seaman’s loan to my company with me as the loan consultant. I earned a bit of the percentage out of being the agent and I was able to help my cousin get the cash he needs without so much of the hidden charges and deductions from the principal loanable amount of money that he wants to get.
The Loanable Amount Sample Computation
How much is the loanable amount for a seaman’s loan? Based from a research I conducted myself via online resources from bank loan offers for seaman, to shipping and manning agency loans to private lending institutions out there, a common converging point for the loanable amount for a seaman or seawoman is at least 200% of the total amount of monthly salary computed in peso equivalent.
The highest however reaches up to 250% of the same data. Meaning, if a seaman or seawoman who wants to apply for a loan receives a salary based from the contract signed an amount to $1,350.00, computing this amount equivalent to peso under conversion rate. If you have $1 = Php 42.00, then the total amount of salary in peso will be equal to – Php 56,700.00. In reality, the total loanable amount would then be equivalent to at least Php 113.400 based from the 200% computation as stated above.
How Much is the Interest Rate Add On
Relying once more in my skills to find more information regarding seaman and seawoman loan, I tried this time to find out more information regarding the question of how much is the interest rate for this type of credit.
What I found was a bit astonishing. It was right after all as featured in the news that some (if not all) banks and private lending institutions don’t disclose to their clients first hand before any application was made pertaining to a loan the full details of the interest rate computations. So here it is. If you file for a loan and you get say Php 100,000.00, the interest rate (not saying add on) will be about 3% equivalent but the problem is how this is being computed. You’ll be surprised to find out that at this low interest rate, the fast loan you got will also have a fast-growing interest rate.
Be careful to ask your loan consultant or agent or the bank or private lending company about the word “add-on“. This means a lot, believe me. Have them or authorities explain about this specific work and what it means via an actual computation sample. I can’t disclose it here but believe me, you’ll thank afterwards upon asking regarding what the word above means.