While many seafarers have misunderstood and mistaken the phrase “seaman loan 1 day release” to be the “same day release type of cash advance offer“, as a professional loan consultant, I make sure to explain who may avail and how to qualify to this type of non collateral loan including the necessary pre-qualifying requirements to attain a fast approval of the application. I know that is my duty and responsibility to let the borrower know if he can qualify first for a quick loan approval of 1 day processing because believe it or not, I have seen many dissatisfied seafarers at the office simply because their loan agent failed to explain what makes up an approval as fast as what many lending companies say as fast release of the loan proceeds. My providers offer the same so I make it a point to know all aspects regarding it and also for a possibility of attaining the lowest possible interest rate for the applicant.
Now in order to help a borrower seaman and seawoman out there looking to understand first how to achieve a fast loan approval, here is my take.
What Makes Up the 1 Day Release Seaman Loan?
- Understand fully why you need the assistance of a loan consultant.
- Seaman loan is a non collateral high risk loan. You will definitely need a co-borrower to get approved of a loan application in most cases.
- Make sure to pre-qualify – As a loan consultant I ask questions to pre-qualify a loan applicant. These questions may range from type of salary (self allottee / pay on board / tipping / with allotment). Another thing is to know if the house of the seaman is an owned residence.
- Are you a self allottee or pay on board type salary seafarer?
- If you have allotment, is the allottee available to accompany and serve as your co-borrower?
- If you are pay on board, can you produce a first degree or immediate relative co-borrower with regular source of income?
- Do you live in a house you, your wife or your family owns?
- Did you already sign a new contract and have all documentary requirements from the manning agency?
- Do you have a previous loan with another lending provider?
- Do you have delinquent payments, unpaid balances, unpaid penalties or bounced check case with the provider?
- Can your fleet manager or crewing manager confirm your date of departure (for tentative date departure seafarer)? If not, can you arrange him or her to confirm your joining date?
- Do you have relatives or immediate family members working or serving in the media, television, Philippine newspapers, military, politics, law?
All of these pending questions must be met and answered with your loan agent. If he or she doesn’t know anything about these matters, chances are, you are on the wrong side. Go ahead and get yourself someone who can handle all these and give you the right options.
Or you can go get my free consultation and assistance service where there are no hidden charges. Contact me now!