I have explained so many times why I don’t want to be called a loan agent. I am a qualified professional loan consultant. If you still didn’t get it, this is the time, as a borrower for you to understand why.
Why Borrowers Think They Don’t Need An Agent
There are so many reasons that a loan borrower for seaman loan in the Philippines does not want to get assisted by a loan agent?
First, borrowers think that their loan gets deducted with charges that go to the agent’s pocket in the form of broker’s fee or agent’s commission. This is wrong belief, unless your agent wasn’t able to inform you if there will be or will not be any charges depending upon the loan provider or lending company. Common mistakes is what I want to call all of this for the simple reason that I have been in the lending industry for quite some time now. 3 years to be exact and from all the experiences I have undergone and been through, so far, they all taught me positive lessons. That it is always best to explain terms, conditions, charges, requirements, fees, interest rates, basic policies and lending company procedures to borrowers before a loan process takes place. I even pre-qualify them first. I wanted to share this to all my future clients as well as loan renewal clients I have assisted previously so everything goes smoothly as I wanted it to be, with their help. I’m sure you would want the same on your end so let’s work on it, together.
Communication and Producing Only the RIGHT Requirements
While most borrowers today think one way. I offer you a faster loan processing choice. Communicate and get assisted or don’t apply at all. Through constant communication and cooperation we both get what we need to achieve – fast loan. I cannot achieve to get fast rate service without the borrower willing to do as the system of lending dictates. That is, to produce all the right requirements and do as told by the marketing assistants of the lending company and eventually, as I say. It’s also all about understanding and trust on both ends.
Today, if you are on the verge of borrowing money from any lending institution, private firm or banks, I hope to be able to help you realize the importance of getting assistance from a qualified professional loan consultant. A professional in the field who doesn’t just know how it works with respect to processing a loan but also knows how to wisely use that experience and knowledge to help clients achieve a hassle-free and stress-free loan application overall. To be able to do this and help you understand it easier, I will be enumerating pros and cons / advantages and disadvantages of availing the service of a professional loan consultant more than just your regular fly-by-night type of loan agent.
Advantages of Hiring a Professional Qualified Loan Consultant vs a Loan Agent
First, let me differentiate a loan consultant from a loan agent. By experience in the cash advance assistance and consulting industry for 3 years now, I have learned that there are 2 types of agents. Those who play it cool assisting clients they were able to market from nearby manning agencies outside of their offices (loan agents) and those who make the market available by offering services of assistance and consultation altogether (these people may be called loan consultants).
Both, however, offer FREE service except in some cases where a broker’s fee or agent’s fee is charged as part of the loan processing. Still, the service per se is free. It’s the prerogative of the lending company to charge broker’s fee. In this case, it’s all about the lending company policies and the agent should be able to explain it to the borrower. An agent has nothing to do with it except that he or she should know first hand if a provider has such surcharges on their list and be able to make the borrowers understand the case beforehand and make them realize that they have a unique case wherein they don’t have a choice but to go for these types of policies. If you don’t know it yet, yes, there are seafarers whose current salary type can only qualify to lending providers that charge broker’s fee or agent’s fee for a loan process. These maritime workers are usually those whose salary type is either pay on board or self allottee. This is also true especially those sea-based workers who have bad credit score or pending civil or legal court cases or to be specific, the BP 22 bounced check case. or those who already have existing loans with Global Dominion, Asialink or Macondray who all have strict policy and clear C-Map (credit map) as part of a pre-qualifying requirement.
2 Types of Loan Agent
The Loan Agent
There are 2 types of loan agent. They are the agent and the loan consultant. The difference between the these two is that your regular loan agent may know how it works, the requirements and the processes that a borrower must undergo but he or she usually doesn’t want or need to let the borrower know about it. They use that knowledge not to help clients understand but to go get a loan approval as fast as they can. This way, the commission is on the way quicker if a faster loan approval is achieved. The downside here is that the client won’t know for any reason why charges are incurred and where they come from ending up with so many questions when the loan contract is in front of the client having them end up feeling like they’ve been had and not told about surcharges. I’ve seen so many colleagues get complained for not disclosing fees to pay by the borrower and they usually end up backing out with the application, wasting precious time for both him and his client.
The Loan Consultant
With a loan consultant on the other hand, it is much safer to have a loan application processed. Why? Simple! It is best to get the service of a loan consultant because like me, before I refer or assist a client, I always make sure to pre-qualify them. I always believe in – “The right provider for the right loan applicant” principle and it always works for both of us by experience. This is my own way to make sure that a loan approval is on hand much faster than the loan applicant thinks. I make sure to explain lending company choices and policies and yes, even charges and I make sure that my explanation is as easy to understand as possible. This way, I help make sure that the client won’t ask too much questions while filling up an application form in the front desk or when the loan contract signing is on the way. I also make sure that all requirements are CORRECT according to what is stated in the list of documents needed by the specific provider. In short, I make sure to have a constant communication with my client. This is a major key to success. Without a 2-way communication, there can never be fast service and success in the most stress-free loan processing ever.
A loan consultant always knows what he or she does and uses that skill and knowledge in helping explain to a loan applicant to help coordinate and communicate well for fast loan approval. What’s good with this set up is that the client or borrower, before applying for a loan will have initial knowledge of how it works from processing of the loan to requirements and why they are asked by the lending company to pay for a processing fee and interest rates in exchange and end up thinking they were really served well… and FOR FREE! After all, we can’t always avoid letting the client know about these charges because at the end of the process when the loan contract signing is on the way, it will all be revealed and presented. I do not want to waste and spend time processing an application only to end up with a discontented and complaining client who will back out in the end simply because he or she was not informed about surcharges.
Educate the Borrower
Help educate the borrower so that at the end of the loan application process, he or she knows what to do to overcome problems. You’ll be surprised at the end of the process how big it will help both of you. Bottom line is, the loan consultant and the borrower will be working hand in hand together to achieve a loan approval at a much quicker time possible while educating each other from the experience and the whole process of the loan application to the approval and releasing of the proceeds. I always take my assistance service as a learning process be it that it resulted to an approval or declined loan application. Perhaps, this is the biggest difference from being a professional and qualified loan consultant than just your regular loan agent for the 1 day release loan.
Good luck to all and God bless you.
Sam Casuncad – Pinoy Loan Consultant