Filipino culture seems to have it that anyone who is a seafarer or seaman is someone who is well off. There could be truth to this since the compensation for seafarers is bigger compared to local standards, but such truth isn’t exactly cut and dry. There is indeed more than what is on the surface.
For one, seafarers are always working on a contractual basis. Even the Labor Code of the Philippines is particularly specific in stating that a seaman’s job is just as long as the contract, hence there could be no security of tenure. Adding more to this, a seaman has to brave all the perils of the sea in the performance of his work, not to mention the emotional toll of being in a far-flung place mostly surrounded by water, away from friends and loved ones.
Fortunately, there are financial institutions in the country that are ready to assist seafarers with their finances, whether for the expenses until the next on-boarding or for the expenses of those who will be left behind. There is in fact a type of loan designed for seafarers: the seaman loan.
The type of loan for seaman is a form of migrant loan that has no collateral requirement. Usually, basic qualifications include being within the range of 21-60 years old, a Filipino citizen and having a stable source of income. Staple requirements usually include valid IDs, birth certificate and/or marriage certificate, proof of billing and some photos for identification. For the loan type-specific requirements, one must present his seaman’s book, seafarer registration certificate, allotment certificate, flight details and his latest POEA-validated standard contract.
The thing with a loan for seaman is that it somehow gives the seafarer some peace of mind especially for his family. With no collateral, he is likewise assured that his properties remain intact. Whenever someone in the family has limited options but to leave in order to earn a living, the feeling of security for one’s loved ones can do a lot to alleviate the emotional void brought about by the separation.
Thankfully, a loan for seaman with no collateral may help in doing just that.
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