Digido offers between ₱1,000 and ₱25,000
. The personal loan amount varies depending on your status. If it is your first applying, you will get a small maximum loanable amount.
If you are a good borrower, which means you are paying your loans on time, you will be able to borrow more money from Digido.
Advantages of a Loan for Seamans with no Collateral
Here are the advantages of a Seamen’s Loan:
- Easy to get approved – you are backed up by the fact that you have an employer. Your contract is proof of how much money you earn and this makes it easy or financial institutions to give you a personal loan, knowing that you have a secured job.
- Low interest rates – since seafaring people bring US dollars to the country, and since they are considered as OFW, they can take OFW loan in the Philippines and enjoy low interest rates. They have special treatment because OFW is the top industry in the country.
- Big amount – individuals can get up to half a million pesos on a Seamen loan 1 day release in Manila. This value depends on which financial institution you choose.
As a seafarer, the country owes its economy to you. You have several advantages that you can enjoy as a seamen, but you think carefully how much you really need so as not to bury yourself in debt.
Seaman’s Loan Online Application
The procedures for applying for a seafarer personal loan in the Philippines vary depending on the policies and requirements of the lending company. We will give you an average seafarers loan procedure for your application.
- Apply for the loan. To do this, come in person to a bank or lending company branch or fill out an application online.
- Fill out complete information in the your application form as instructed. Only disclose correct, accurate and complete information.
- Provide all required documents. Don’t forget the seaman’s contract.
- Choose the term and amount and find out the interest rate per month.
- Wait for approval and sign the contract.
Quick approval depends mostly on whether the seafarer has his or her own checking account, real estate. Applicants should make sure they have a complete list of document requirements.
Fast Loan in 15 Minutes
How to apply seaman loan in the Philippines?
Here are the places where you can get a credit as a seafarer:
- Banks – all banks have this personal loan for seaman no collateral. The interest rates per month vary, but banks also charge a bigger interest rate rate compared to others. Some banks will even ask for as much as 20% interest rate per year.
- Private Lending companies – these are financial institutions, but they are not banks. They can either be cooperative or private corporations that offer all types of personal loans. These companies may charge higher interest rates per month than banks, but they also offer fast approval rates. Many private lending companies also ask for collateral.
- Online lending companies – these are also private institutions, but the entire process of applying is automated. You can apply no matter where you are located in the country. These institutions offer the smallest amount, and they also have the fastest turn-around time for approval.
Choose the best financial institution based on how much you want to seafarer loan. If you need only a small amount of money, and if you want it quickly, your best option is to apply for a personal loan online.
Seaman Loan Requirements
If you apply a personal loan for Seafarer, you need to provide the following documents:
- Contract with POEA Stamp
- 2 Government IDs
- Seaman’s book
Where can I get a seaman loan?
Look at the offer of major banks, such as BPI, GDFI. Also look at government loan programs.
Who are Philippine seafarers?
Seafarers refer to Filipino workers who work at sea and engage in international trade. They are often absent for 6 to 9 months. During this time, they and their families may need financial assistance.
Are loans for seafarers legal?
Yes, many companies in the Philippines issue loans legally and have a registration number in the government registry.
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