I have assisted so many times in so many cases a seafarer whose type of salary is called pay on board looking to apply for seaman loan. If you are of this case and you wanted to borrow money from any lending company in the Philippines, chances are, you will have to pass pre-qualifying status of residency requirements. I have written an article like this so many times too and I am not so sure why to this date, 2014, very few seafarers still acknowledge the fact that a non collateral loan such as the seaman loan will always have more strict policies for compliance in order to qualify to borrow cash advance from any financing firm.
High risk types of loans is what the lending industry calls it because first and foremost, there is no collateral to hold on to by the lending company, be it a bank or private financing firm. Furthermore, companies would usually find ways to make sure that the seafarer will be obliged to pay for his or her loan amortization on a monthly regular basis. To be able to do this, they have to implement certain policies that many if not most of the seafarers will fail to pass like an owned house or a family house residence where the valid IDs and seaman documents and requirements must point to. Meaning, the address declared in the documents of the seafarer must coincide with an owned house or a family house.
Failing to reside in an owned house will not necessarily mean a declined or disapproved seaman loan application. There are other ways to come up with an approval without a loan calculator for a desired loanable amount. Please note that same procedures and policies apply to those who are self-allottee type of salary in their shipping company. That is to opt in for a C.I. or credit investigation wherein liaison officers of the lending company will have to see if the residence declared is certified true and correct by virtue of coming over in the address stated in for application form of the borrower. Otherwise, the seafarer will have to provide a simple sketch on how to get there so it would be easier for the liaison officer to visit the place of residency as declared in the loan requirements & documents and in the application form. All 3 must coincide and must be proven correct and consistent upon C.I.
Basically, this is how you avoid disapproval if you are in a case where you want to apply for a maritime loan and you are a pay on board type of salary seaman. Summing it all up in one easy term. Pay on board seafarers can only qualify to apply for the seaman loan if and only if he or she is residing in an owned house. That further proof must be presented in the form of other auxiliary documents required to be submitted like the TCT or transfer certificate of title original or certified true copy. Otherwise, a proof of residency or billing under the name of the borrower with the stated address will do.