Disclosure of Exact Departure Date for Seaman is Critical for Loan Approval

I have been assisting seafarers for more than 2 years now and from my own experience although small case as it seems, the exact date of departure of a seaman is something that should not be neglected by the loan applicant in the process of seaman loan application. The reason is quite obvious - lending companies will not approve any loan application if the crewing manager or fleet manager will not disclose an exact date of departure of the seaman.


The reason is because lending companies in the Philippines will not allow borrowers to get approved of their application if there is no assurance of exact date of departure. The reason is because this will serve as assurance that the seafarer will have  a source of income to use to pay for the monthly loan amortization to the lending firm.

I'm not sure if this works the same with banks because there really is a big difference between a private lending company and a bank. So if you are a seaman or seawoman, before a loan application, you have to make sure that your crewing manager will disclose an exact date of your departure. In the case of the loan agent or loan consultant, have to make sure to ask the maritime worker

To apply for a seaman loan, please see list of requirements, click here.