Where can you find a loan that doesn't need any collateral? Personal loans of course. You can get it both from private lending companies as well as for banks in the Philippines. But best of all, you can get the 1 day approval personal loan for seafarers called as the seaman loan.
Compared however to bank loan offers, the maritime loan if much faster in private lending companies. Banks would allow CI to sink in before anything else gets approved, moreso, the loan application itself.
With many bank institutions in the Philippines however, there is no need for a co-borrower or co-maker unlike in private lending companies, you will have to produce a nearest relative co-borrower with a regular source of income before you can qualify and get approved of your seaman loan application.
The purpose of a co-borrower or co-maker, however is for assurance that just in case the seafarer won't be able to pay for his loan amortizations, there is another source where the lending company can get the payment and that is the co-borrower / co-maker.
If you are a seaman or seawoman and you are looking for a place to apply for the maritime loan without co-borrower or co-maker loan in the Philippines, just contact me above.
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