The effects of being on bad credit status could be devastating for a seaman / seawoman when we speak about loan application. A cancelled credit card, a closed bank account or checking account due to unpaid balance or worse, a BP-22 court case could only offer no less than the previous case. Therefore, these 2 cases are supposedly the most avoided by any seafarer who had an existing loan with any lending company. But why is it that many sailors still end up with such bad credit status even if this is the case? The answer is “negligence”. Sad to say that it is because many seafarers fail to understand what they are doing and what they should do, come an instance.
So I’m here to explain why these things happen and how to avoid getting in to a situation that is as hard to get out of like you are in a cave, trapped by an explosion once your are in to it. My goal today is to help seafarers realize that reading, analyzing carefully and understanding about loan contract terms is the most important part of the seaman loan application process. As a professional and qualified Filipino loan consultant, I’m hoping to shed light to the ever growing population of bad credit status sailors as well as those with pending court cases of BP-22 and special restructured loan accounts with any lending company in the Philippines today.
For size, I’d like to help those who already have problems with lending companies such as Global Dominion or Asialink Finance or South Asialink or Finaswide or Macondray or CVFC Online or Alladin or Progress or Infinite or any other affiliated and non-affiliated private lending companies in the Philippines today. I mean, they are also my providers but granted that you are already having problems or had problems with payment of your amortized seaman loan, your only choice is to apply through my assistance service for seaman loan application. Since I have multiple top lending companies as my providers, including banks, chances are even if you have a bad credit or want to get approved of an application even without a co-borrower or co-maker, I am absolutely your perfect destination for help.
To apply and avail of my free services for your loan application assistance, please visit here. On the other hand, see my personal tips on how to avoid getting in to bad credit.
10 Tips To Avoid Getting in to Bad Credit with your Seaman Loan
- Apply only for loan amount that is practically on level with your capacity to pay.
- Canvass for the lowest interest rate and cheapest processing fees for your seaman loan.
- Hire only a professional loan consultant who truly knows about his loan products so your questions may be answered outright before application process starts.
- Make a list of the different choices for lending companies. You can do this either by hiring a loan agent who is affiliated with multiple top lending companies or source out from your canvassing online.
- Go for banks. They offer the lowest interest rates but be prepared to get in to a process that will take longer than what private lending companies can process your loan as fast as 1 day release or same day approval.
- Ask for a computation for at least 3 different amounts so you have choices on hand. Choose only that which you can afford and try to balance out interest rates from processing fees to other charges.
- Upon presentation of loan contract and charges for your loan application, listen carefully to the marketing officer. Ask questions or for a loan calculator whenever something is not clear to you. After this, you won’t be able to make any adjustments.
- Ask for choices of how to pay in case you can’t fund your checking account in the bank. Most lending companies offer a hold-check penalty and it is better to pay for a single penalty for holding your check than pay 3 times the penalty charges with lending company, bank and collecting officer.
- Always make sure to put fund to your account in advance. You best choice is to deposit funds to your account at least 3 days before due date.
- Get your loan only on the date that you are 100% surest to have money to fund or deposit for your checking account. Make necessary adjustments and don’t go for your outright release if necessary. Choose a date when you are expecting at least 5 days before due date to have enough money to fund your account.
You may read an interesting article about seaman loan in the Philippines here.