Seaman Loans and OFW in Philippines - Philippines Loan

Top 5 places for OFW and Seamen loans

Seamen, like all ordinary citizens, have their own problems, goals and experience certain needs and difficulties. Taking into account the  specific work at sea, the lenders developed a separate type of financial product, the “Seamen loan”. Anyone from the sailor to the captain can use this loan type.

Lenders, who issue loans to seamen

eCompareMo

It offers a kind of OFW loan products. This loan is easy for seamen, since it requires a minimum package of documents; during the application the borrower must be located in the Philippines.

Approximate calculation of interest on a loan in Philippine pesos

Principal amount 50 000 100 000 300 000
Interest rate 1,99% 1,99% 1,99%
Loan term from 3 up to 12 months from 3 up to 12 months from 3 up to 12 months
Single time fee 5% 5% 5%
Payout after taxes 47 500 95 000 285 000
Total interest rate 11 940.04 23 879.96 71 640
Monthly fee 5 161.67 pesos 10 323.33 pesos 30 970 pesos
Total chargeable amount 61 940.04 for 12 months 123 879.96 for 12 months 371 640 for 12 months

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The interest rate is very low, and overpayment for 12 months is quite small.

Requirements for provided documents: A copy of two valid documents (any kindб issued by the government, for example, PRC ID, driver’s license, TIN, NBI, passport, seaman’s certificate of registration, etc. It must be a photo and a signature in the document). Evidence of the borrower’s residence at the address with the provision of the last utility bill for electricity or water. If, on behalf of the borrower, there are no payments for utility bills, the additional proof of residence can be provided, such as an extract from the police department.

Simplex Loan

It issues personal loans. The amount of the loan is from 15 000 up to 500 000 pesos, the loan term is from 3 up to 9 months, the interest rate is from 3 up to 5%.

Document requirements: a copy of the last labour contract with the POEA validation, a copy of the seaman’s passport and book, a copy of the passes, a copy of the seamen’s registration certificate (SRC), information on the co-borrower.

You can apply both online and at the company’s offices. The application processing is quick, as well as the loan issuance.

 

AFC

The company approves loans in amount of up to 500 000 pesos. The interest rate is only 1.75%. Quick decision making and instant money transfer within one day. The minimum package of documents during the application: a copy of the passport,  the seaman’s registration and the confirmation of the last disembarkation with a stamp, the labor contract with the maritime company, 2×2 photo, confirmation of marriage (if married), the payment of utility bills (only electricity or water). The company may, at its discretion or in case of a change in the regulations for documents provision during the loan formalization, request additional information on the borrower.

Loan Star Lending Group Corp

A credit company that provides financial assistance to Filipino workers around the world, the main activity of which is the issuance of loans to seamen. Fast approval and a very low interest rate, which is set individually, depending on the consumer’s income.

Application for participation in the program Seafarer Online Application is submitted online, specifying an e-mail. After submitting the application, it is necessary to check the email and to answer the received letter, in order to pass the verification and to allow the identity checking of the borrower. In case of the preliminary approval of the loan, the borrower must come to the office of the company to sign the agreement and to provide the necessary documents, as well as to receive consultation on the agreement.

After the Seafarer Loan application passes the final identity and purpose of the loan verification, the loan amount will be provided to the account specified by the applicant.

Documents requirements

Requirements for documents: the seaman’s passport, the last labour contract with the shipping company, photo (2×2) – 2pcs, if necessary, the provision of a government certificate, such as a driver’s license and so forth can be required.

As a rule, lenders require a minimum package of documents in case of loans approval to seamen, due to the fact that workers are socially protected in this area  and have a permanent and stable legal income, which is confirmed by all the necessary documents.