Seaman’s Loan

Things To Consider Before Applying For A Seaman’s Loan

The Philippines provides the largest number of seaman in the world. With this work comes the promise of a better life for the seaman’s family which can happen faster than any other job may promise. But the new seaman will have to patiently wait years before his compensation can be more substantial. For this reason, many apply for what is known as the seaman’s loan.

Lending institutes have prepared the special seaman’s loan with terms and conditions most facilitative for the seaman. When evaluating a seaman for loan worthiness, the lender already knows that the seaman has work for usually nine months, and waits another seven to nine months before he is called back to work. In fact, this timing situation is the major reason a starting seaman applies for the seaman’s loan. In the meantime that he is not on-board and does not have a salary, the loan is used to support the family’s needs.

This situation is only until such time that the seaman receives an increase in his salary. This is something which can only happen with promotion on the job.

But a promotion is not easy to come by. A seaman seeking promotion will have to study, receive certification, and do practical training. All these will again require funding, and so a seaman’s loan is seen as an answer.

Seaman’s Loan Is A Blessing

In view of this, there is a ripe opportunity for the lender to be able to help the new seaman get his feet off the ground. The seaman’s loan is a blessing to be considered, for as long as the seaman is obtaining the loan with a reliable and considerate lender.

Life can’t wait! So while a seaman is waiting for his turn aboard the ship, seeking a seaman’s loan for continuous education and for providing the necessities of life is not something the family will do in vain. After all, the loan is for the real needs, and not for personal items wants.