Been scouring the internet today trying to find ways on how to speed up the approval of seaman loan in the Philippines. So far, this type of loan is only offered here in the country so it isn’t any hard for me to try to see information that might lead to add up to what I already know as a top loan consultant to multiple top lending companies.
Being Awarded Top 2 for Seaman Loan and Regular Product in 2014
This year, 2014, I have just been awarded as #1 collateral loan agent and top overall countrywide for combined non collateral and collateral loans plus an awesome top #4 in the regular loans category. 3 awards in just 2 years of serving in the micro financing industry and I am still learning a lot as I go along assisting clients. Come 2015, I will be looking forward to take all awards under one roof and I feel so very excited achieving this never before done in the history of Philippine loans and lending for micro financing in the country.
Combining Tools, Skills and Knowhow to Attain Sure 1 Day Release Seaman Loan
I have the tools and and I have what it takes so why not aim high? Somewhere along this online research, I feel that I’m going to need to find out more about speed processing and assist client as fast as 1 day release of their loan. I want to be the best in all categories so I am trying to find out what else it will take to attain this goal in 2015. For now, it’s all going to be about seaman loan. Combining all my research about loan, loan calculators for different products, procedures of different lending companies, system of approval and charges and especially the list of requirements which I strongly believe will play one of the biggest role in a super fast seaman loan approval. With this in mind, I have to share it somewhere online so other agents might take advantage of my work, my dedication and my system as well as for me to have somewhere to look back in to whenever I need it. I wanted to help because I know the returns will be awesome this year so here they are:
- Pre-Qualification – Right after asking about the departure date, I make sure to ask my clients if they will allow me to have them subject to a 2-3 minute pre-qualifying interview. Here, I ask questions pertaining to qualification for same day release of cash proceeds and to know if they can qualify to a specific lending company provider. This is my priority step.
- Knowing the Right Requirements – It’s always been a big factor in determining if a seafarer will be able to get same day cash loan proceeds release. If an agent knows the requirements well and whatever alternative can be used in case of lack of sufficient document, a faster processing is surely on the way.
- Disclosure of Joining Date or Embarkation from Crewing Manager – I have written an article here – https://seamanloan.wordpress.com/2014/01/03/importance-of-crewing-or-fleet-manager-disclosure-of-joining-date-with-approval-of-seaman-loan/. After reading from the link, you will find it pretty much self explanatory.
- Seaman Salary Status – There are basically 3 types of salary for a maritime worker: 1.)Pay On Board 2.) Self Allottee 3.)With Allotment. Among these 3, the most adviseable is the third one for the simple reason that most seaman loan lending companies will allow allottee as the first priority co-borrower. It is a requirement that a loan applicant cannot escape in almost all lenders except for 1 that I know of. While some would take allotment ATM as part of the requirement, others won’t. Hence, it will work for all if you have an allotment. I have also written my thoughts about this before and you can read it here.
- Seaman Residence Status – An own house residence status or even an under mortgage house is the best qualification for seafarers when we speak of fast approval. Secondary to this is if the maritime worker lives in an ancestral home or house of immediate family member or nearest relative. Those who rent may not get as much advantage when we speak of fast processing. There may even be times that if a seafarer is just renting and don’t have any relative in Manila that he could get disapproved or declined of his or her loan application. But of course there are alternatives and if you want to know more about that, I may discuss it in my next article or call me now to inquire.
- Place of Residence – A very important part of pre-qualifying is to know where exactly is the place of residence of the maritime worker. In case you didn’t know, all lending companies have their list of what is called as negative areas. If a loan applicant lives in any of the stated areas, he or she cannot qualify to apply unless a collection remarks is passed. To know more regarding collection remark option, please contact me ASAP.
- Departure Date – I sometimes make a mistake overlooking and not asking this one too often than none, I end up wasting my client’s time trying to pre-qualify him or her without even asking when is the departure date. It’s a very important factor in determining if a loan applicant can qualify for the simple reason that 30 days is the allowable number of days before a seafarer can claim his or her loan after approval. There are rare cases (but it does happen) when a maritime worker already had complete requirements but the departure date is more than 1 month away. This can’t qualify him for the 1 day release seaman loan in this case so make sure to ask this first before subjecting to a pre-qualifying interview.
- Co-Borrower Availability – Almost all lending companies in the Philippines will require seaman loan applicants to provide 1 co-borrower. The first priority is the spouse or declared allottee. Second in line is an immediate family member and third will be an immediate relative (but will be subject for approval). In 50% of cases of my clients, half of them cannot provide the right co-borrower. As a result, they either get declined or will be transferred to another lending company with higher charges and interest rates. Yes, there is still an option but they will have to shoulder the consequences.
- Co-Borrower Requirements – There are a few cases I find so inevitable and one of which is when there is an available co-borrower but he or she doesn’t have the right requirements. There are alternatives of course and this is where the skill and knowhow of the loan agent comes in. Ask your agent first before you find out you’re already in a tight situation.
- Seaman Availability – Although basically, a seafarer must be present to apply for the seaman loan, there are cases where he or she is still in the process of training or PDOS or dispatch. In this case, it is sometimes unavoidable to extend the processing time to a time when the maritime worker is available to take charge for the whole processing step by step to take place. In this case, to avoid such problems with availability, ask your client. If he or she discloses availability, inform them outright the possibilities of a 1 day release loan or not.
Here is where this article ends but rest assured that as I find other important factors that might affect fast loan approval, I will be updating this page. In the meantime, we urge you to read more about the list of seaman loan requirements here – http://www.mypilipinas.com/seaman-loan-requirements.html.
An alternative read for very useful tips on how to get your loan approved faster than you can imagine can also be found here – https://analiecasuncad.wordpress.com/2014/12/29/10-important-things-a-car-loan-borrower-must-know-about-agents-and-lending-companies-in-the-philippines/.