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Seafarer Loans. Apply for Personal Loans Online

For seafarers in the Philippines needing personal finance, our platform presents carefully selected online loan options. With a focus on competitive rates and a straightforward online application process, seafarers can quickly find and apply for loans suited to their financial situations without the typical hurdles of traditional banking.
Offers: 4
Updated:
10.02.2024
20:27
MoneyCat
Instant cash loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
₱20000
Rate
i

Effective interest rate on the product

11,9% per month
Term
i

Loan term for the financial product

6 months
DIGIDO
Instant online loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4
Recommended FinScore™
0
300
650
1000
10500.00 – 25000.00 ₱
Rate
i

Effective interest rate on the product

from 11.90 %
Term
i

Loan term for the financial product

3 days – 6 days
Kviku
Online Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
500.00 – 25000.00 ₱
Rate
i

Effective interest rate on the product

to 0.16 %
Term
i

Loan term for the financial product

2 months – 6 months
Get the money you need online
Get the money you need online

Use our quick loan matching system with a free credit check!

TALA
Tala Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

2.95
Recommended FinScore™
0
300
650
1000
1000.00 – 15000.00 ₱
Rate
i

Effective interest rate on the product

to 0.50 %
Term
i

Loan term for the financial product

21 days – 1 months
Seafarer Loans Calculator of February 2024 

Your ideal online loan with a free credit check in the Philippines, just a few clicks away.

Loan amount
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Enter the desired loan amount

PHP
PHP
10000 ₱
2000000 ₱
Loan term
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months
days
3
120
City
Reviews
Savii
1
No comment yet coz im not yet approved in my application
Review
DIGIDO
5
very fast
Review
Kviku
4
Please address my concerns regarding my loan application and its processing...
Review
Kviku
1.6
Warning: This lender is predatory and extremely dangerous. Do not use this app for loans as they will trap you with impossible and maliciously high interest rates...
Review
Kviku
1.4
I was charged an excessive amount by KVIKU. My last loan was approved on November 25th, 2022 for 5000 pesos...
Review
Kviku
1.8
High Interest Rate. They approved my auto loan without discussing repayment options in full. Instead, they sent me a contract with scheduled payments, which is nowhere near the advertised 0...
Review

What are Seafarer Loans?

Seafarer loans in the Philippines are specialized financial products designed to cater to the unique needs of seafarers or maritime workers. These loans are offered by various financial institutions, including banks like BPI, lending companies, and other reputable sources. Seafarer loans are crafted to address the specific financial requirements of individuals employed in the maritime industry.

Features

  1. Loan Types. Seaman loans can be in the form of short-term loans or multi-purpose loans, providing flexibility for various financial needs.

  2. Loan Amount. The loan amount may vary among lenders, but it typically ranges to meet the financial requirements of seafarers, with some institutions offering high-value loan options like PHP 500,000 or more.

  3. Interest Rates. Seafarer loans often come with competitive interest rates, ensuring that seamen can access funds at a reasonable cost.

  4. Loan Term. The loan term defines the duration within which the borrower needs to repay the loan. It varies among lenders, providing options for short-term cash loans or longer-term financing.

  5. Flexible Payment Terms. Lenders may offer flexible payment terms to accommodate the varying income schedules of seafarers, aligning repayment with their salary disbursement.

Pros and Cons

Pros

Access to Funds. Seafarer loans provide seamen with access to much-needed funds for various purposes, such as emergencies, family needs, or personal investments.

Tailored Loan Programs. Financial institutions offer specialized loan programs designed specifically for seafarers, considering their unique income streams and employment situations.

Flexible Repayment Options. Most lenders offer flexible repayment terms, allowing seafarers to align their loan payments with their salary disbursements or employment contracts.

Enhanced Financial Health. Responsible use of seafarer loans can contribute to the financial health of maritime workers by helping them manage their expenses effectively and plan for the future.

Cons

Collateral Requirements. Some lenders may require collateral for seafarer loans, which could pose a challenge for individuals who don't have valuable assets to pledge.

Limited Employment Stability. Seafaring jobs often involve contracts with fixed durations, leading to uncertainty about future income streams and potentially impacting the ability to repay loans.

Risk of Overborrowing. Without proper financial management, seafarers may fall into the trap of overborrowing, leading to excessive debt burdens and financial strain in the long run.

Payment Terms are Usually Short. Seafarer loans often come with shorter payment terms, requiring borrowers to repay the loan within a limited timeframe, which may pose challenges for some individuals.

How to Get a Seafarer Loan?

Apply for a loan

  1. Prepare Required Documents. Gather necessary documents such as a filled-out loan application form, employment contract, payslips, overseas employment certificate (OEC), employer's ID, driver's license and other relevant identification and financial documents.

  2. Choose a Lender. Research and choose a reputable lender offering seafarer loans. Consider factors such as interest rates, loan terms, and customer reviews to make an informed decision.

  3. Submit Application. Submit your completed application form along with the required documents to the chosen lender. Ensure that all information is accurate and up-to-date.

  4. Undergo Credit Evaluation. The lender will conduct a credit evaluation to assess your financial health and creditworthiness. This may include a review of your income, employment status, and credit history.

  5. Approval and Disbursement. Once approved, review the loan offers, including interest rates and repayment options. Upon agreement, the funds will be disbursed to your bank account, and you can start making monthly payments based on the agreed-upon terms.

Requirements and Conditions

Requirements

  1. Age Eligibility. Filipino seafarers aged between 21 to 60 years old are usually eligible to apply for seafarer loans.

  2. Employment Contract. Applicants should have at least one valid employment contract at the time of loan application, demonstrating their engagement in maritime employment.

  3. Minimum Gross Salary. A minimum gross salary is often required, commonly set at USD 800. This amount is equivalent to approximately PHP 38,000 to PHP 40,000, depending on the prevailing exchange rate.

  4. Documentary Requirements. Photocopy of the employment contract with a POEA stamp, Seafarers Registration Certificate (SRC), or Worker’s Information Sheet (WIS) to verify employment details.

Conditions

  1. Loan Amount. The maximum and minimum loan amounts that seafarers can apply for, which may vary among lenders.

  2. Interest Rates. The applicable interest rates, whether fixed or variable, which determine the cost of borrowing.

  3. Loan Term. The duration within which the borrower needs to repay the loan. This could range from a few months to several years.

  4. Repayment Options. Details on the frequency and structure of loan repayments, such as monthly, quarterly, or annually.

Best Places to Get a Seafarer Loan

  1. BPI (Bank of the Philippine Islands) is a major bank in the Philippines known for providing various financial products, including BPI seafarer loan products. The BPI Seafarer Personal Loan is designed to meet the specific needs of maritime workers.

  2. AUB (Asia United Bank) offers seafarer loans to help individuals in the maritime industry address their financial requirements. AUB seafarers' loan programs may come with competitive interest rates and flexible repayment terms.

  3. Sterling Bank of Asia is another financial institution that provides seafarer loans. They may offer tailored seaman loan programs with features catering to the unique circumstances of seafaring professionals.

  4. LoanChamp is a digital lending company that offers personal loans, including options that may cater to seafarers' financial needs.

Best Places to Get a Loan Today

Digido

Apply for a loan

Digido is an online loan company in the Philippines, offering non-collateral cash loan services. They provide a fully automated online portal for a seamless loan application process. Key features include:

  • Automated application process.
  • Loans for various purposes, including emergency and OFW loans.
  • No collateral required.
  • Online loan calculator.
  • Transparent interest rates, with a commitment to fair lending practices.
  • Loan accessibility for unbanked individuals.
  • Secured operations, fully licensed and registered under the SEC.

Digido

MoneyCat

Apply for a loan

MoneyCat is an online payday loan provider in the Philippines, offering efficient financial solutions with an easy-to-navigate online registration form. Their features include:

  • Swift approval process, usually within 24 hours.
  • Flexible loan amounts ranging from PHP 500 to PHP 20,000.
  • Convenient application methods via website or mobile app.
  • First loan free of charge for new users.
  • Licensed by the SEC, ensuring reliability and legitimacy.

MoneyCat

Finbro

Apply for a loan

Finbro is an online lending platform providing quick loans with durations of up to 12 months and amounts ranging from ₱1,000 to ₱50,000. Their service includes:

  • Online application process that can be completed in 15 minutes.
  • Transparent conditions with no extra costs.
  • 24/7 service availability.
  • Data protection for users.
  • Higher interest rates for repeat loans.
  • No mobile app for accessibility.

Finbro

Kviku

Apply for a loan

Kviku is an online lending institution known for providing short-term loans with a fully automated online service. Their main features are:

    • Simple and user-friendly loan procedures.
    • 24-hour approval process.
    • No hidden fees or charges.
    • 100% online lending experience.
    • Competitive interest rates at 0.16% daily.
    • Flexible repayment terms up to 180 days.
    • Registered and authorized by the SEC, ensuring reliability.

Kviku

Ways to Receive the Money

  1. Bank Transfer. The most common method is through bank transfer. Once the loan is approved, the lender transfers the funds directly to the borrower's designated bank account. Borrowers usually provide their bank details during the application process.

  2. Check or Manager's Check. Some lenders may issue a check or manager's check in the borrower's name. The borrower can then deposit or cash the check at their own bank.

  3. Cash Payout. In certain cases, especially for short-term cash loan amounts, lenders may provide a cash payout to the borrower. This can be done at the lender's office or through a designated payout center.

  4. Payment to Credit Card Account. If the borrower has a credit card with the lending institution, the loan amount may be credited directly to the credit card account.

Things to Pay Attention To

  1. Interest Rate. When exploring seafarer loans, carefully review the interest rate offered by lenders. A low-interest rate can significantly impact the overall cost of borrowing.

  2. Loan Maturity. Understand the loan maturity or the period within which you need to repay the seafarer loan. Different lenders may offer varying loan maturity periods, so choose one that aligns with your financial capabilities.

  3. Collateral Required. Check whether the seafarer's fast cash loan requires collateral. Some loans are unsecured, while others may necessitate collateral such as a land title or other valuable assets.

  4. Processing Fee. Be aware of any processing fees associated with the seafarer loan. This fee covers the costs of evaluating your loan application and processing the necessary paperwork.

  5. Repayment Terms. Examine the repayment terms, including the frequency of payments and the structure of monthly installments. Look for flexibility in repayment options that suit your financial situation.

  6. Additional Fees and Charges. Beyond the interest rate and processing fee, be attentive to any other fees and charges associated with the seafarer loan. This could include penalties for late payments or charges for specific services.

How to Repay a Seafarer Loan?

  1. Understand Repayment Terms. Familiarize yourself with the repayment terms outlined in your loan agreement, including the frequency of payments, due dates, and the total loan term.

  2. Set Up Automatic Payments. Consider setting up automatic payments through your bank account. This ensures timely and hassle-free repayments, reducing the risk of missed payments.

  3. Monitor Loan Account. Regularly monitor your loan account to track payments, outstanding balances, and any updates from the lender. This helps you stay informed about your loan status.

  4. Budget Accordingly. Plan your monthly budget to accommodate loan repayments. Ensure that you allocate sufficient funds to cover your loan installment without compromising other essential expenses.

  5. Contact Lender for Assistance. If you encounter financial challenges, promptly communicate with your lender. Some lenders may offer flexibility or alternative arrangements during challenging times, such as a temporary reduction in payments.

Reasons for Getting Rejected for a Seafarer Loan

  1. Low Monthly Income. If the applicant's gross monthly income falls below the minimum required for the specific loan program, it may lead to rejection.

  2. Incomplete Documentation. Failure to provide essential documents, such as a filled-out application form, signed photocopy of the employment contract, or the necessary IDs, can result in rejection.

  3. Unfavorable Credit Evaluation. Lenders assess the applicant's creditworthiness, considering factors such as income tax return, credit history, and employment stability. A negative evaluation may lead to rejection.

  4. Insufficient Employment Details. Inaccuracies or inconsistencies in the new employment contract or other details related to the seafarer's employment, such as the boarding date, can be grounds for rejection.

  5. Allotment Deduction Issues. Problems with the allotment deduction process or discrepancies in the provided information may contribute to rejection.

  6. Previous Loan Default. If the applicant has a history of defaulting on previous loans, it could negatively impact the credit evaluation, leading to rejection.

Alternatives

  1. Pag-IBIG Multi-Purpose Loan. Pag-IBIG Fund offers a Multi-Purpose Loan that caters to various financial needs. It is accessible to eligible members, providing an alternative source of funds for qualified applicants.

  2. OWWA OFW Enterprise Development and Loan Program. The Overseas Workers Welfare Administration (OWWA) offers an Enterprise Development and Loan Program to assist overseas Filipino workers (OFWs) in establishing their own businesses. This serves as an alternative for those seeking entrepreneurial opportunities.

  3. SSS Salary Loan. The Social Security System (SSS) provides a Salary Loan program for its members, including OFWs. Eligible members can apply for a loan to address immediate financial needs.

  4. Personal Cash Loan. Apart from specific seafarer loan programs, individuals can explore general personal cash loans offered by banks and financial institutions. These loans can be used for various purposes, and eligibility criteria may vary.

Editorial Opinion

In the Philippines, seafarer loans play a pivotal role in addressing the unique financial needs of maritime professionals. With features like low-interest rates, short-term cash availability, and options for additional funds, these loans serve as a valuable resource for seafarers navigating the challenges of working abroad. The availability of various loan programs caters to diverse financial requirements. However, prospective borrowers must exercise caution, ensuring a comprehensive understanding of the terms, including the minimum monthly income, to make informed decisions. As with any financial endeavor, collaboration with reputable lending companies and adherence to the entire process, from a filled-out application form to providing valid IDs, remains integral for a positive borrowing experience for seafarers in the Philippines.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender in the Philippines

  1. Ensure that the lender is registered with the Securities and Exchange Commission (SEC) of the Philippines.

  2. Investigate if the lender is a member of recognized industry associations in the Philippines, such as the Chamber of Thrift Banks or the Philippines Finance Association.

  3. Carefully examine all terms and conditions of your loan contract. This includes understanding the repayment schedule, fees, and any penalties for late or missed payments.

  4. Payday loans can have high-interest rates. Make sure the contract clearly outlines the interest rate and total cost of the loan, including any processing fees or additional charges.

  5. Familiarize yourself with your rights regarding cancellation. In the Philippines, consumers may have the right to rescind the loan within a specific period after signing the agreement.

  6. Research the lender's reputation through customer reviews, complaints, and feedback available online.

Methodology

In Finanso, we've carried out a comprehensive analysis of over 50 lenders in the Philippines, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

FAQ

How can I loan in SSS if I am a seafarer?

Seafarers can apply for a loan with the Social Security System (SSS) by meeting the eligibility criteria, including having at least 36 monthly contributions, with six posted within the last 12 months before the month of application. Seafarers can apply for various SSS loans, such as salary loans, calamity loans, or housing loans, depending on their needs.

What is the seaman's loan in Pag-IBIG?

Pag-IBIG Fund offers housing loans for Overseas Filipino Workers (OFWs), including seafarers. The seaman's loan, officially known as the "Pag-IBIG Housing Loan for OFWs," allows eligible borrowers to finance the purchase or construction of a residential property. To qualify, applicants must be Pag-IBIG Fund members, have a stable source of income, and meet other specified requirements.

What are the key eligibility criteria for seafarers applying for loans?

Eligibility criteria typically include a valid employment contract, a minimum monthly income requirement, and compliance with specific terms outlined by lending institutions. Additionally, borrowers may need to provide documents such as a POEA Overseas Employment Certificate and a Seafarers Information Sheet.