Regardless of our profession, we all face situations when we need money here and now. It doesn’t matter for what purposes we need it, the question is how to get them maximally fast. In this article, we will consider how to get a seaman loan. Our five steps how to get it faster will help each seafarer to get needed cash.
Step #1: Fulfill all necessary requirements.
Prior to submitting the application form for the seaman’s loan, you should carefully check all the requirements. To get the approval of your loan as soon as it’s possible, try to complete all of the requirements. Also, make sure that you have all the necessary documents such as ID (government issued) and birth certificate. In addition to this, to get your loan in the shortest time period you should provide the lenders with the documents that prove your ability to pay. Among such documents can be the recommendation from your fleet manager.
Step #2: Prove your solvency.
We have already mentioned this in the previous step but here we will consider this aspect in details. It is not a surprise that the lenders don’t give and extend the seafarer loan to everyone. If you want to get the loan, and especially if you want to get its approval faster, you should provide lenders with the necessary documents. Documents about your salary status may serve as a proof of your ability to pay. With such proofs, your application will be prioritized and you get higher chances to get the loan.
Step #3: Prove the status of your residence.
When considering the application for the seaman loan bank, as a rule, check your residence status. When using your property as a mortgage for the loan you have higher chances to get it maximally fast and without any problems. In case if you don’t have your own home, note that you can also prove the status of your residence. Whether you live in the rented house or with your parents, you can also use it to your advantage. For the lenders, any of your property will be the additional proof that you are really going to return back after the expiration of your contract. Also, you can apply with the co-borrower who is another guarantee that your loan will be paid timely. How to do this? Read the next step!
Step #4: Ask the co-borrower for help.
As we have mentioned above, the co-borrower is a guarantee that your loan will be paid in a timely manner. How does it work?
- In a case if you will not be able to pay for the loan, your co-borrower takes the responsibility for it.
- This person must pay the necessary money amount instead of you until you will be able to pay it by yourself.
For the majority of lenders, the presence of the co-borrower is a decisive factor when applying for the seaman loan. So, if you want to be sure that you get the loan approved in the short time period, think about the help of a co-borrower. This may significantly increase your chances and speed up the whole process.
Step #5: Specify the dates of your contract.
To get the seaman loan in the Philippines you should provide the information about your contract. With the clearly specified dates of your coming back and the general status of your employment, you have much higher chances to get the easy loan. Documents about the departure date and the certificate of your employment serve as the proofs of your secured employment. Also, these documents will be as an additional proof of your solvency. Lenders usually give loans to seamen who are able to pay and whose employment is completely secured. You also shouldn’t think that the duration of your contract may be an obstacle to get the seaman loan with low interest. Regardless of the term of your being abroad (two, three, four years…), when providing the previously mentioned documents you shouldn’t worry about this.
To sum up all the mentioned above we want to say that there is nothing extremely difficult and time/efforts consuming to get a seaman loan. Right after you sort out what is seaman loan and understand all its conditions, start collecting the documents. Check twice whether you fit all the requirements and try not to skip anything important. A bit of you time and efforts, and you get the desired loan maximally fast.