How To Use A Sea Man Loan
The sea man loan is a special loan package prepared for seafarers. Seafarers, especially those who are just beginners, are a regular loan customer because of the wait-time they have, usually lasting up to nine months, before they get summoned for another job contract on-board. Although seafarers are highly paid workers, they also start with a reasonable salary that may not be able to cover for the nine months. This is why a sea man loan is needed.
As with any loan, management is important. Some people who get loan approvals think that money has been added to them. While there is a physical availability of funds, you should not forget that this is borrowed money which will be returned with interest. Therefore, when you pay back the loan, some amount will be lost in interest.
Using The Sea Man Loan Wisely Is Important
Using the sea man loan wisely is important. Most seafarers use it for their continuous education, home improvement, for sending the children to school, and for the family’s living needs during the wait-time. It is very important to secure a contract before applying for the loan, this way, you know for sure that you will be back to work in just a matter of time.
You can also use the sea man loan for businesses which you want to invest in. The earnings from the business can pay out the loan itself. This way, paying back the loan including the interest does not necessarily have to mean a significant loss from your savings.
Do not use the sea man loan for luxury spending, for vacations, and for other things which are not planned for. Remember, you will use your salary to replace the loan and so this is like taking your salary in advance.
Seafarers break their backs over work, risk their lives out in the ocean, and sacrifice not spending time with their family for the work they do. Because of this, every penny earned is important and must be given value.