Just to inform what specific pre-qualification requirements can turn into an advantage for a sailor looking to apply for loan? I will be enumerating the 6 major factors that can help influence the speedy approval of the seaman loan application process and expedite the release of the cash / cheque or cash card.
- Owned House – for seafarers who have an owned house (family owned / wife owned / seaman owned / parent owned), it is an advantage for fast approval of a sailor loan application. An owned house adds up to security for lending companies that there is assurance of payment. Owned houses don’t just get abandoned if a seaman will not be able to pay for monthly loan amortization. An owned house also lessen the risk for such non collateral loan.
- Own Checking Account – all loans in the Philippines would require payment via issuance of post-dated checks through a checking account under the borrower’s name. Best if the checking account is under a joint account by the sailor and the allottee. Another option is if the lending company will allow a change of a single account into a joint account. This can be done by requesting to the bank provider a possible change of account from single to joint under the name of the seaman and his or her allottee. Make sure to tell your loan agent if you have bounced check case of BP 22 case.
- Provide Right Co-Borrower – seafarers with a self allottee / pay on board salary or offshore contract usually get paid without the need for an allotment. They usually don’t have an allottee and an allotment certificate. Still, these types of seafarers are allowed to get an approval for a loan application. To achieve a faster approval, the seafarer must provide the righ co-borrower. To make it short, it has to be either somebody who had a regular source of income or somebody who had a stable income source. Apart from this characteristic, a co-borrower is most likely to be approved and qualified to become a co-borrower if he or she lives in an owned house.
- No Delinquent Loan Payments from Other Lending Companies – for seafarers who have previous loan, it is a must not to have delinquent, unpaid and unsettled penalty charges and payments. Lending companies have their own way of knowing this through a statement of credit. If you want assistance from us or any agent or loan broker, it is highly recommended to tell the truth and nothing but the truth. This way, options are given the right term, otherwise, all effort will be useless.
- Apply Only with Complete Requirements – the key here is to ask your loan consultant / agent or broker about the requirements. Pre-qualify if necessary. Make sure to list down and produce only the right and complete documentary requirements. Only a professional agent can do this for you so make sure to listen and coordinate with him or her.
- Communicate with Your Agent – a constant communication is very important. In fact, it is the key for a faster loan application approval. Do communicate with your agent all the time. This is why I say you really need to get assistance from a qualified professional loan consultant.