How can you speed up the approval of a seafarer’s loan?
- Complete All Essential Requirements
- Prove Capacity To Pay
- Be Familiarized With The Dates
- Provide Clear Evidence of Residency
- Apply With a Co-borrower
Owning your own home, establishing a business, and supporting your child’s education are within reach with plenty of loans specifically tailored for seafarers. From completing the necessary requirements to applying with a reliable co-borrow for backup, here are some fail-proof tips to speed up your seafarer loan approval.
Complete All Essential Requirements
Lending institutions allow Filipino seafarers to obtain non-collateral loans under certain qualifications. Once qualified, you will be given a set of requirements to complete. As a loaner, you have to understand that lending institutions deal with plenty of applications every day. With that, you must submit a complete set of requirements to your lender in order to have your application prioritized.
To have your loan approved faster, check out the major requirements that you should bring on the first day of your application. There can be other requirements to be asked from you but it is best to be ready with the standard documents on hand. For Filipino seafarers, here are some of the major documents that need to be approved for a loan:
- Valid Passport
- POEA Validated Contract
- Seafarer’s Identification and Records Book (Seaman’s Book)
- History of Embarkation and Disembarkation or Sea Service record
- Allotment Certificate and Bank statement
Prove Capacity To Pay
Lending institutions will need to get to know an applicant before lending or extending credit. With that, make sure to provide proof of your capacity to pay by submitting your salary status. Most lending companies, like Asialink Finance Corporation, require loan applicants to have a salary of at least PHP 20,000 for non-collateral loans. Whether your salary type is Pay on Board or given to you while on the job, with allotment or self-allottee, lenders will check if you have the capacity to pay your loans on time.
For some lending institutions, it is best if the salary is through an Allotment Certificate and bank statement. An allotment certificate is a detailed document that determines the amount or number of securities an applicant may obtain.
Be Familiarized With The Dates
Lenders need to know the status of your employment and when you are coming back. This is why you are required to submit the certificate of employment or overseas employment contract. Through a certificate of employment, a seafarer’s book, and Sea Service Record, you ensure to your lender that you will be back in the Philippines to pay.
Your allotment certificate works alongside your seafarer’s book and certificate of employment. Once you have these up-to-date requirements prepared, there is a higher chance your loan will get approved.
Provide Clear Evidence of Residency
To avail of a seafarer’s loan, you must be at least 21 years old and a Filipino citizen. Lending institutions are only after your plans and intentions of coming back home once your contract expires. You can increase your chances and speed up the approval of your loan application by presenting your residence status through homeownership. Otherwise, you can apply for a loan with collateral required for better chances of obtaining it.
If you are still living with your parents or renting a home, you can use your parent’s house as proof of residency status. Otherwise, you can opt to apply for a loan with a co-borrower. Which should lead you to the next tip.
Apply With a Co-borrower
The role of a co-borrower is to pay for the monthly amortization of the loan you applied for in case you failed to pay. It is a common practice on non-collateral loan applications. Lending institutions understand a seafarer’s need and not all have properties that can be used as collateral to secure a loan. Having a co-borrower as a backup serves as an assurance to lenders. To put it simply, a co-borrower is the point person for cases when you miss a payment.
Regardless of whether it is your negligence or you did not have the capacity to pay for the monthly amortization of your loan, having a co-borrower guarantees a speedy approval. Lenders will be confident that your loan will be paid by the co-borrower in case you were not able to.
Some seafarers develop the propensity to use up all their savings before realizing it. If this is something that has happened to you, then the additional funding is all you need to support you and your family. Regardless of how and where you spend your income, having extra cash in your pocket should provide a roof above your family’s head and food on their table. Speed up your seafarer loan approval and be able to immediately support your family with their needs.
Asialink Finance Corporation offers Seafarer’s Loan at 1.3% interest rate per month only. Submit your complete requirements and get your loan right away. Send us a message today to inquire.