Jefanie Genilla
Are you a seafarer looking for money to fund your next trip? Or are you planning to start a company on your own, purchase a home or buy a car? Whether you’re planning for a home or car purchase or a business startup, a seaman’s loan is a good financing option you might like to consider. Here are the seven important aspects you should consider to ensure your application gets approved fast:
Joining Date Disclosure
Seamen can greatly speed up their loan approval by securing their joining or flight date from their fleet manager. Disclosing their flight and joining schedule gives the lender an assurance that the borrower has a secure job and that he or she can pay the monthly amortization.
Seaman’s Residence Status
Lenders consider home ownership is a plus factor because this can be a collateral property, unless the borrower opted to have a non-collateral loan. So compared with those who’re renting, seafarers who own their home or even have it under a mortgage get more chance at fast approval. Those who are living in their ancestral home or with their parents or relatives also have a higher chance to get their money fast.
Pre-qualifying Evaluation
Seamen may also be required to undergo a pre-qualifying interview. The discussion may touch certain points crucial to the approval such as the borrower’s credentials, qualifications and income range.
Requirements
Applicants with complete requirements are always prioritized. It’s good to prepare the generic requirements (e.g., residence status, income details, birth certificate, valid, government-issued IDs). But if you want to get approved faster, you can bring in more documents that will prove your capacity to pay and identity. Specifically, it’s highly recommended to bring along your Joining Date Disclosure, Fleet Manager’s Recommendation and Salary Status or Type.
Co-Borrower
Seafarers who apply with a co-borrower also have a high chance at fast money release. With a co-borrower, lenders are given a guarantee that they’d have someone to go to should the principal borrower misses a payment.
Applicant’s Salary Status
Whether your salary type is Pay On Board, With Allotment or Self Allottee, lenders always have a keen eye in evaluating your capacity to pay. So increase your chances at getting your loan approved fast, it would help to present credentials and documents showing your salary status.
Departure Date
Applicants may also need to present their departure date along with their complete requirements. This gives the lender an assurance that you have a secure job and income to pay for the loan.
As a specialized type of loan, seaman’s loan is only available to seafarers and their families. If you’re planning to apply for this credit type, make sure to get the seven factors mentioned above covered. However, if you want a hassle-free application process, you can follow our 3-Step Online Application Scheme here at Loansolutions PH. Once you’ve submitted your requirements, all you need to do next is to wait for the confirmation notification. Or better yet, visit our site, loansolutions.ph, regularly and use to Check Loan Status tool for real-time monitoring.
