Seaman Loan

If You Are A Filipino Seaman Needing Extra Cash, Worry No More As You Can Avail Of Loans In The Philippines

If you are a seaman and you are from the Philippines, you might be heartened to know that your kind is in such great demand abroad.

Thus, it is safe to say that you can find employment in foreign shores, so long as you have the necessary documents and appropriate qualifications.

And if you are already a Filipino seafarer working abroad, you will be happy to know that during your financial difficulties, financial companies that offer a seaman loan can be your lifesaver.

Seafarers Encounter Rough Waters At Home While Deployed Abroad

Unfortunately though, despite sending money to the family back home in the Philippines on a regular basis, there will always be instances when financial difficulties will hit.

A loved one can get seriously sick, or the family’s only means of transport will need substantial repairs, or the family home needs to be renovated. All these, and other unforeseen problems, will require immediate cash.

Whatever the cause or reason, the bottomline is money is needed – right away.

During such trying times, it is good to know you can avail of a Seaman Loan.

Basics In Securing A Seaman Loan

To avail of a Seaman Loan, you need the following:

1. valid IDs
2. 2×2 photo
3. original Proof of Billing
4. Proof of Remittance/Allotment Slip
5. Latest Contract of Deployment
6. Passport/Seaman’s Book/Seafarer’s Registration Certificate
7. Allotment Slip/Certification of Allotment

If you are married, you will be asked to present your Marriage Contract.

Also, a Visa may be required, depending on your location of deployment.

When securing a this type of financial aid, you will be asked to provide post-dated checks as collateral.

Depending on the loan package you avail of, interest rates could range from 3% to 5%. Processing fees also vary, from 5.5% to 8%.

Often, the maximum loan amount is PhP250,000.

The good news is that a Seaman Loan is usually processed in one day. Thus, you or your family can already benefit from the cash at the soonest time possible.

There are financial institutions that offer terms of 3-6 months for a Seaman Loan. This can be extended to 9 months, depending on the duration of your contract of service with your employer.