Maria Tengzon
Oftentimes, we find ourselves in a situation that requires necessary assistance, getting financial support via loan products is one. Although we all have different livelihood or jobs from each other, there are specific loan products that are tailor fit to our needs.
In this article we will tackle all about Seaman’s Loan.
One of the most common misconceptions among Filipinos is that seafarers, or “Seaman” as they are called, have deep pockets and are constantly swimming in cash.
This is a fallacy that needs to be debunked, as some of our sea-based brothers and sisters, just like any other Overseas Filipino Worker (OFW), face financial problems and issues.
Now the question is why do I need to apply for a Seaman’s Loan and when? Although it’s still a good idea to think about your financial condition before taking out a loan, a Seamans loan can be a good way to fund a big investment or project that you can’t afford up front.
Here are some reasons to apply for a Seaman’s Loan.
- Debt Consolidation – Organizing your payables makes it possible to come up with a plan to pay down your debts without being frustrated. It is better to pay your financial obligations in a controlled manner rather than being behind payments in multiple mortgages.
- Business Capital – If you need to jumpstart your dream business or additional funding to expand your enterprise, then a seamans loan can help you a lot.
- Emergency Expenses – Surprise medical bills, A death in the family, or even an unwanted accident, these are things that might and can happen to you or your loved ones. Through seamans loan, and its quick approval and disbursement, you can get the funds you need to cover an unexpected expense right away.
- House Wear and Tear/Upgrade – When you leave your family or loved ones, you also leave the responsibility of keeping and maintaining your home to be in good condition. So, if there is a sudden need to fix a broker lavatory, leaking roof or even remodeling the master’s bedroom, you can do your part and help financially by taking out a Seaman’s Loan.
Should I take a Seaman’s Loan now?
Of necessity, you can really balance the advantages and disadvantages. After all, taking out a Seaman’s Loan, just like any other type of loan entails taking on interest, and you’ll have to be ready to pay it off over the course of several years. If you don’t have enough money per month to cover principal and interest costs, think about how much you need to borrow.
When not to take out a Seaman’s Loan?
Of course do not take out a loan if you don’t have a need for it yet. The same goes if you have already taken out other loan products. Make sure to also consider your credit score before applying.
Get Pre-qualified for a Seaman’s Loan:
If you want to check if you are eligible for a seamans loan, then LOANSOLUTIONS.PH can help you get assessed. Click here to get started.