5 Factors That Can Speed Up The Approval Of Your Seaman’s Loan For OFW

Are you planning a trip overseas? Do you need money for setting your business overseas?

There are many banks and agents that offer Seaman’s Loan for the seafarers. Seaman is a financing option for seamen and their families. Like any other loan, Seaman’s Loan for OFW requires certain qualifying criteria.

Here are the five factors that help you to fasten up the process of approval.

  1. Complete all the Requirements

There are many applications with the lenders. They have to check each application individually. The completed application goes for approval. If you want to speed up your approval, then submit a complete list of documents.

Make sure that you have attached all the things required for the birth certificate or IDs. Also, don’t forget to submit documents like Fleet manager’s recommendation and joining date disclosure.

  1. Your Salary Status

Lenders will only be able to give you credit if you are capable of paying back. For the faster process of approval of your loan, prove that you can pay the loan. Submit your salary related documents to the lender. Lender speeds up your approval process if you can prove your salary status.

  1. Know Your Dates

Lenders want to know see your certificate of employment or employment contract. They want to know the date when you are coming back. Lenders are the private banks or government agencies that provide best personal loan products.

They want surety that you will pay their money back. These are the basic requirements to get the approval of your loan. If they see that your employment is not secure, they will not extend the credit.

You must provide joining date and departure day. The joining date can be easily obtained from your fleet manager. These documents will ensure your lender that you have a secured job and salary to pay back. Your Seaman’s loan application will be processed fast for approval.

  1. Your Residence Status

Lenders want assurance that you will return to the Philippines after the expiration of your contract. To fasten your application, disclose your residence status. You can show home ownership. You can also submit the documents of one of your property against the loan.

Don’t own the house? Are you living with parents or relatives? Do you have an ancestral home? If yes, then use that to prove your residence status. If you opt for a non-collateral loan, it can take the time to get approval on your loan application.

  1. Apply with Co-Borrower

You can also apply with co-borrower. You can increase your possibilities of getting a loan and chances of faster approval of your Seaman’s Loan. Lenders get assured that there is someone to pay the loan if you miss any installment. This an ideal option if you aren’t confident about your credit value.

To get a quick approval of your loan application, you must follow all these five points. I hope that this piece of information will be helpful for you.