Bank Seaman Loan Vs Private Lenders Vs In-House Agency Lending

Seaman On Board

In an article written back in 2014 of August about seaman loan, it mentioned that aggressive approach has recently been implemented by different bank providers for personal loan for seafarers. In-house financing companies within the manning agencies have done the same. As the competition between these two new players in the non collateral loan industry in the Philippines get stiff and tight, private lending companies in the likes of Global Dominion, Asialink Finance Corporation and South Asialink Financing Company, Macondray, Alladdin, Progress, Infinite, EasyCash, Vidalia, Medillo, Metro Credit and the rest, new incentives were sometimes given to loan agents, consultants and duly accredited loan brokers. This is in lieu of providing a good income to these agents in exchange of the possibility that they will have their seaman loan applicants and clients get processed with them.

Difference Between Banks, Private Lenders and In-House Financing

For the benefit of sailors / maritime workers who are looking for different reasons to apply for seaman loan, here is a simple comparison from out of 4 years of experience being a top loan consultant to almost all the lending companies in the Philippines I have mentioned above. I will be enumerating different categories so there is a base figure with which to base my comparison for easy assessment and to know which among these 3 types of lenders offers the best service in terms of monetary figures and convenience.

These categories may include:

1. Proximity of branches within a residential coverage available with which a maritime loan applicant may apply for this non collateral, unsecured loan.
2. Money and numeric figure issues in terms of interest rates and processing fees.
3. Convenience in loan processing and speed of loan approval and claim of money proceeds.

Bank Seaman Loan

• Banks probably have one of the most extensive availability of branches with which a seafarer may apply for seaman loan. This is second only to popular and big private lending companies in the likes of Global Dominion and Asialink Finance.
• Banks tend to approve smaller amount of loans during first time application but when you are a good paying client, your next loan amount may increase dramatically.
• Bank financing institutions tend to process loan applications for non collateral or unsecured credit at a fastest of 1 week approval and maybe even more if you are not an officer seafarer.
• Bank interest rate and processing fee is the lowest among all lending providers for seaman loan.

Seaman Loan Private Lenders

• While not all private lending companies have the capacity to put up more branches to cater to seaman loan, there are a few big players in the arena of credit providing - Global Dominion and Asialink Finance Corporation (ALFC). These two have the most extensive list of catering branches all over the Philippines. ALFC had at least 120 branches while GDFI had about 25 branches all over the Philippines.
• Bigger approval for loan amount awaits applicants who are willing to apply to these private lenders compared to banks and in house financing companies. In fact, as much as 200% of the basic salary may possibly be approved in the process.
• Private lending companies offer the fastest loan approval at 1 day release or same day loan.
• The highest interest rate and processing fee is incurred by these types of creditors but they are compensated by super fast processing time of same day release of loan.

In House Lenders for Seaman Loan

• One of the disadvantage of in-house manning agency financing is that these lenders can only offer you 1 branch where you can apply for seaman loan and that is within the manning agency office itself. The only advantage for this type of scarcity in branches is you do not need to go anywhere else to apply.
• Small loan amounts were only offered with these types of lenders.
• The awarding of loan money is only during or at least 2 days before departure of the seafarer. A big disadvantage to this very late awarding of loan is that if the seafarer or sailor wants to buy something to bring along with his sail, there very little to almost no time at all to do that in 2 days time which is usually spend preparing for departure.
• Second only to lowest charges for seaman loan, these types of credit offer providers literally get only a small portion of the population of applicants.

Now that I have revealed every bit of details I know of that might help you along the way in applying for seaman loan, if you are now ready to apply, please use my contact numbers below. MY SERVICES ARE 100% FREE!

Call me to apply for Seaman Loan – Sam Casuncad (Pinoy loan consultant)
Home office phone: 542 7015 / 366 3645
Sun Cellular No 0932 – 872 5532
Smart Cellular No 0939 – 9269335
Globe No 0917 – 5019245
Email application form at samcasuncad.ofwcashloan@gmail.com 

Resources:

• http://www.articlesbase.com/loans-articles/seaman-loan-in-the-philippines-1-day-release-lending-7063741.html
• http://www.seamanloan.com/
• http://www.mypilipinas.com/seaman-loan.html