Requirements

Different lending companies have different set of requirements. Without us needing to disclose the names of our different providers for reasons of avoiding conflict of interest, we decided to reveal the complete list of seaman loan requirements. It is of utmost important for us here at SeamanLoan.Com to be transparent to all our clients so apart from full disclosure of “NO AGENT’S FEE”, NO BROKER’S FEE, “NO ADVANCE INTEREST”, “NO HIDDEN CHARGES” policy, list of documents needed with specific loan interest rates are fully disclosed as follows.

Please do not question us or argue about these documents that you will need in order to qualify to apply for seaman loan with any of our providers. It is NOT our requirements list in the first place, it is our lending company provider’s. We have helped you skip pre-qualification process already and helped you save a lot of time by disclosing these pre-qualification requirements. Furthermore, alternative documents are already listed so as to avoid wasting your precious time only to find out you don’t qualify for what you intend to apply for.

Provider #1 Requirements – 2.75% Interest Rate – 6 Branches Nationwide

POEA-validated Latest Contract – Departure date will be verified with the crewing manager or agency. It is also where your salary and position is stated which is essential for determining possible loanable amount.

Latest Allotment Slip – It is where allottee is verified as well as the amount of monthly allotment which is necessary for determining possible loanable amount. In case self-allottee or pay on board, please refer to factor #3.

OEC – The overseas employment certificate also determines the departure date which is essential to know if you qualify for 1 day release. This provider requires at least 15 days before departure to qualify.

SRC – Seaman’s registration certificate must be updated and valid.

Seaman Book – Must also be updated and valid.

Passport – Must be currently validated upon or during loan term. If expiration falls under loan term, you will be required to renew first.

Allotment ATM – This will be collected but a replacement ATM will be issued on your behalf where you or your allottee can widthraw excess fund from allotment minus loan payment. You don’t need to worry about lost money because a statement of account may be requested anytime from the lending company to see and confirm how much extra money you have left after paying your loan proceeds.

Manning Agency Accreditation – Your manning agency must be duly accredited by the POEA as listed in the updated sea-based recruitment firms allowed to pool manpower for sea-based jobs in the Philippines. Ask us if your agency is accredited now by visiting our Contact Us page.

Own House – If the seafarer lives in his own house / relative house / ancestral house / mortgaged house, this helps him or her (seawoman) qualify for the 1 day release loan.

Rented House – This includes boarding house and other residence not considered owned by the borrower. This entitles the borrower to qualify for 2.75% lowest interest rate seaman loan but the process will take 3-5 days due to C.I. requirement.

First Timer or Second Timer – First time to embark on sea voyage as a seaman will have lower approval rate compared to what the table of loanable amount states (ask us regarding this).

Years of Tenure with Manning Agency – Sailors who have been working for a manning agency for more than 3 years may be qualified for the 1 day release loan even if living in a rented house or residing in a place other than owned.

1 Co-Borrower – A co-borrower / co-maker may be your allottee or any immediate relative. In case single or separated or widow or living in without kids the same rule applies. In case living in but with kids, common law husband or wife qualifies but must provide birth certificate of any child or else, same rule applies.

Checking Account – A joint checking account is required for the seaman and his allottee or co-borrower. If you already have one, it is a plus factor for you for faster approval. If you do not have one or haven’t applied for any in the past, DON’T WORRY, our lending company provider will refer you to any of our affiliated banks. Referral is free but initial deposit is deductible to loan proceeds (less to proceeds) so you won’t have to shell out money upon application. Those with existing single account may be subject for approval.

2 Valid Primary IDs – These IDs will also be used when our lending provider refers you to the bank to apply for a checking account so please be sure to have it as well as for your co-borrower or allottee. Both the seaman and his co-borrower or allottee is required to provide this.

Original and Latest Electric or Water Bill – May not be under borrower’s name but must have same address as the valid IDs. Required for both co-borrower and seaman. In case co-borrower lives with seafarer, only 1 electric bill will do. If co-borrower lives in another house, must provide own electric or water bill. For those who have own house in province, must provide original bill through LBC or any courier service and name of the receiving end must be under borrower’s name on his rented or current residence in Manila.

2×2 Picture – 4 pcs each for the seaman and his co-borrower. This will also be used in applying for bank checking account.

Provider #2 Requirements – 3% Interest Rate – More Than 120 Branches Nationwide

For our 3% low interest provider, it is very different. This lending company doesn’t require you to submit or surrender your allotment ATM.

They also don’t require you to have an allotment to achieve 1 day release loan and same day cash which means you can be self allottee or pay on board but would still qualify for 1 day release.

Rented house is also allowed but must have electric or water bill with same address as valid IDs and may be subject for C.I. on a case to case basis. Those with own house will always have the advantage for faster approval.

Requirements include – POEA-validated latest contract, OEC, SRC, seaman book, last 2 embarkation data or embarkation and disembarkation proof, allotment slip, latest electric or water bill, 2 primary valid IDs for both seaman and co-borrower, checking account and 1 co-borrower spouse or any immediate relative. Same rules apply for these requirements as stated in our provider #1 list.

Provider #3 Requirements – 3% Interest Rate – Only 1 Branch in Manila – Allows Bad Credit Seaman

This provider offers seaman loan to those who have bad credit, delinquent account, declined application with other lending companies like Global Dominion, Macondray, Westwind, Aladdin, CVFC, Easycash, GSK and Asialink closed checking account with bank, re structured loan payment account with other lending companies and seafarers having problems with co-borrower or co-maker. Manning agency must be of good credit standing on their list so do make an inquiry first before applying.

The only problem with this provider to be transparent to all future applicants and borrowers is that they have the highest charges among all lending companies in the Philippines. They also collect your allotment ATM which is a major requirement. Reason enough why they allow delinquent borrowers. We have disclosed this so you won’t question us anymore, knowing you are the kind of borrower who had no choice and no other qualification, it’s up to you.

We really don’t encourage borrowers to go for this provider but for those who have no other way to regain good credit standing but would still like to consolidate their previous loans, this provider is the best choice. Just make sure to use your loan proceeds the wisest and do make sure to pay out your existing loans to regain good credit status. If you waste this one last chance, it’s up to you.

For more information and other lending guides and tips for borrowers who don’t have co-borrower, please do visit our affiliated page here – http://seamanloans.com/.