Where and How to Apply for Seaman Loan in Manila?

Low Interest Rate Seaman Loan

Are you a sea-based worker and is currently looking for money to loan from a reputable and duly registered seaman lending company in Manila or surrounding provinces in the Philippines? Here is a comprehensive guide that will help you know where and how to apply for seaman loan in Manila. Depending on the latest update, you may apply these basic procedures anytime when you avail loan for maritime workers in the Philippines. I will be going in to the step by step simple to understand procedures but before that, you have to understand first what seaman loan is all about. Let me give you a brief introduction about this type of non collateral unsecured cash loan.

What is Seaman Loan?

Seaman loan is basically a type of credit offer extended to Filipinos who are working in the maritime industry. It offers a slightly higher interest rate compared to collateral loan due to its nature being an unsecured type of loan. Approval and release of loan proceeds will usually take as fast as 1 day or same day release.

Comparison: Where to Apply for Seaman Loan?

There are currently just 3 places and providers in the Philippines where you can apply for seaman loan. The first one is with a bank. The second one is with a private lending company and the last one is with a private financier. Among the 3 providers, banks offer the lowest interest rate but will take the longest processing time to get or come up with an approval and release of cash loan proceeds.

So basically, you have to decide if you want to go for a longer time to process your loan but with lower interest or if you need quick cash and would like to go for the 1 day release seaman loan but with a lightly higher interest rate. Interest rate with banks usually range from 1% to 1.5% interest while private lending companies would offer 3%-5% interest rate. Banks take up to 2 weeks to process while private lending companies and financiers will only take 1 full day to finish the whole process. Banks will also subject you to a C-Map or credit mapping while private lending companies would only usually do a basic credit checking.

Free Seaman Loan Application Assistance

This means that if you want to apply for bank services, you must be sure that you don't have bank credit problems in the past or else, you 'll end up getting disapproved. These problems can range from unpaid credit cards, unpaid loans, closed checking or bank accounts due to insufficient funds, some of money cases, replevin case, or any other financial related cases. There are also cases where banks will decline your loan application if and when you have other civil court cases under your name. With the information given above, you decide where to go. If you are still in doubt and would like further assistance, please don't hesitate to CONTACT ME NOW.

My services are absolutely 100% FREE!

Seaman Loan Requirements Checklist

What are the Requirements for Application?

Application requirements are usually the same with the 3 different types of seaman loan providers. I have them listed below and I must tell you it is really that easy to produce them if you already signed up with a contract in your manning agency and there is a current OEC or overseas employment certificate.

List of Requirements

1. Completely filled up application form
2. Latest and valid contract with POEA annotation
3. Updated and latest passport
4. Seaman's Registration Certificate (SRC) (SIRB)
5. Seaman Book
6. Last 2 embarkation and disembarkation (photocopied from stamped seamanbook)
7. Allotment slip or allotment certificate
8. 1 co borrower - immediate family member if single and wife or common law wife if living in with kids or wife if married. Coborrower will need 2 valid IDs and an electric bill if not living with seaman.
9. Marriage contract (if married) birth certificate of kids if living in with kids and if single - birth certificate + parent or sibblings as co borrower
10. OEC (overseas employment certificate) (e-receitp) from POEA
11. Original proof of billing (we only accept MERALCO or NAWASA bill) (may not be under borrower's name but must have same address as the 2 valid primary IDs)

See Our Own Set of Application Procedures Below

How to Apply for Seaman Loan?

Begin Pre-Qualification ASAP

In order to maximize the chances of super fast approval of your loan application, you must have basic knowledge about the type of loan you wanted to avail and where to apply. If you are not in a hurry to get your cash loan proceeds, I strongly suggest that you apply with a bank. They offer a much lower interest rate for seaman loan. Just be sure that you have all the necessary documents already present and on hand before lining up to apply. Furthermore, you must be aware that banks will process your application from 1-2 weeks depending on the bulk of applications and availability of their C.I. department and approving officer.

On the other hand, if you think you don't have time to wait for 1-2 weeks, it is strongly recommended to go for a private lending company or financier. This way, you can get the assurance of 1-3 days loan release. If you have no problem with documents and your co-borrower, chances are you are going to get your cash loan proceeds in just 1 full day. Be sure though that you have the patience to wait 1 full day in the lending company and bring extra money for your lunch and snacks.

In order to apply and maximize time of approval and release of loan, you must make sure to follow these steps in accordance. If you are applying with an agent other than me, I suggest you think and realize first before setting for a meetup to apply. At this point, I can tell you straight that no agent will ever be as good as I in terms of handling clients for faster loan processing. Here is my take:

How to Apply for Seaman Loan

1. Make sure to pre-qualify or undergo a possible master listing. Here, your name will be checked with your financing status to see if you already have a record in any affiliate lending company. If you have already applied to any lending company before, be sure to tell it to your agent. Also if you've had payment problems with that lending company. This will help your agent know outright if you can qualify to his providers or which lending company is perfect for you. I'm sure you won't like it applying for loan only to find out you can't qualify. In short, be true to your agent. In my case, I make sure to get the basic information of a seaman loan applicant and have him undergo a masterlist check first. Secondly, I make sure to pre-qualify him or her. This means that with me, you will be obliged to undergo a very short 1-3 minute interview.
2. Be sure to have all the documentary requirements as listed above.
3. Know qualification standards - residence status (owned or rented) / manning agency accreditation / type of salary (self allottee or pay on board and with allotment) / offshore (with very short contract of less than 3 months) or cruise ship or if more than 3 months contract / co borrower availability / with bad credit / living in negative areas (ask for a list) / no existing credit with other seaman lending companies / willing to wait 1 full day.

It is very important to know all of these and understand what is listed here. If at this point you think you are ready to apply and would like some assistance, I offer you my FREE ASSISTANCE SERVICE. Visit this page -  http://www.fastloanph.com/seaman-loan.html or CONTACT ME NOW!