If you think that all lending companies in the Philippines only allow seaman loan applications to get approved if they have a co-borrower, you are wrong!
Application of Joint Checking Account
There is this one provider that allows non-collateral unsecured personal loan for OFW seafarers even if you don’t have a co-borrower / co-maker to use as co-signatory for your checking account to be used for payment of the monthly loan amortization. Yes, all lending companies including private lenders and banks as well only allow payment through issuance of post-dated checks wherein the mariner or sailor is in a joint checking account with a bank. Provided of course that you are a sailor with no bad credit status from banks.
This joint account will then produce a joint checkbook signatory that is to be referred by the lending company. This means easy approval of the checking account application with easy requirements, usually IDs and the referral letter. This also means that the seaman cannot use the checkbook to issue it for any other payments except for the loan itself.
Remaining booklet pages will be surrendered to the lending company upon agreeing to get the approved cash and signing the loan contract to avoid delinquency with the account. The only time a delinquent checking account will result to one is if the seafarer fails to pay on time 2-3 days before the due date of the monthly loan amortization for the seaman loan.
The Provider for No Co-Borrower Seaman Loan
As i’ve already mentioned above, there is 1 provider for seaman loan that allows maritime workers to apply for a loan even if they don’t have a co-borrower as signatory. This lending company, sadly doesn’t offer any incentive for the loan agent. The very same reason why very rarely do agents refer their clients to this lending company even if they offer the lowest interest rate with same process of 1 day approval.
If you are a seafarer who is looking for a provider with this kind of offer for sailor’s loan with no co-borrower, then you are in the right place. Provided of course that you get to pay for our processing assistance fee of 3% of the full loan amount to assist you. For this specific concern, please do contact us immediately.
This loan offer is exclusively perfect for seafarers who live in the province and do not have the time and money to allow an allottee or immediate relative co-borrower to act as a co-signatory in applying for the seaman loan without the need for an allottee or co-borrower. Please make sure though to bring the complete list of requirements.