Seamans loan in the Philippines

Seamans loan in the PhilippinesThe people who have dedicated their lives to sailing, didn’t use to have problems with the financial situation. Because it is considered that this profession is rather gainful. The reason is that the marine labor is very hard, the person suffers different inconveniences, related to bad weather conditions. The conditions of life, nutrition are not so good too. Besides, not everyone is able to hold up such a long separation from their relatives. The salary, visiting other countries and regions, romances of the sea and much more are undeniable advantages of the work. However, no matter what the big salary would be, still sometimes you need more money (to buy an apartment or a car). Or before leaving for the voyage, is necessary to leave money for the family to live. Not all banks issue loans to people who spend most of their time away from land. How to make loans for the seamen, what is required, and where to do it, let’s review further in this article.

The advantages of crediting

Seamans loan in the PhilippinesThere are credit lines that are aimed at giving money to seamen and their family members. The credit conditions are developed for the Philippine workers in the maritime industry. The advantage of loans for the seamen are:

  • extradition of money in a certain currency;
  • small interest rates on loans;
  • fast loan processing;
  • possibility of repayment after returning from a long-term business trip;
  • the credit can be issued to any member of the seaman’s family.



interest rate
for per day
PHP 5000 - 10000
from 30 to 60 days
(4,1/5) 181 voice



interest rate
for 1% per day
PHP 2000 - 20000
from 65 to 90 days
(5/5) 498 voice
Receiving money in any way 24/7!

Robocash PH

Receiving money in any way 24/7!

interest rate
for 0 % per day
PHP 1000 - 10000
from 7 to 180 days
(4.98/5) 2509 voice
Guarantee of a loan on a card!


Guarantee of a loan on a card!

interest rate
for 2% per day
PHP 2000 - 20000
from 10 to 30 days
(4.11/5) 398 voice
The most convenient loan!
Cash Mart

Cash Mart

The most convenient loan!

interest rate
for 0,8% - 3,5% per day
PHP 5000 - 30000
from 7 to 30 days
(4.33/5) 489 voice

Where is it better to take a seaman loan bank?

As a rule, all requirements are similar, regardless of the purposes of the loan. Some banks offer loans on their own terms, slightly different from standard ones.


Seamans loan in the PhilippinesIf you are OFW (Overseas Filipino Worker), you can take a personal loan at an interest rate from 25.98% to 27.76%. The repayment term is not less than 6 and not more than 36 months. The seaman loan in BDO can be paid both through the application and through the guarantor.

The amounts from 10 thousand to one million pesos are available. The total amount depends on your income level and opportunities. You can find out your own maximum threshold from financial institution consultants.

Pag-IBIG Fund

Seamans loan in the PhilippinesThe company Pag-IBIG Fund has created a special program for people who are often in departures. Sailors can save money on real estate or cars. To participate in the program, you must have a valid visa. Participating in the program, make monthly contributions.

Personal loans are available in the amount of 20 to 250 thousand pesos. The monthly loan rate varies from 1.75% to 2.5%. The minimum repayment period is 24 months, the maximum is 36 months. Payment of such a loan is carried out through the guarantor.


Seamans loan in the PhilippinesSuitable option for those who want to quickly get a loan. Fast cash up to 300 thousand pesos are available for sailors. Requirements are minimal: you need to provide proof of identity and confirm your income.

No pre-payment is required. The minimum repayment period is 12 months. The average loan rate is 1.20% per month. This is an affordable solution for everyone who belongs to the OFW category.


Metrobank does not have a separate category of seaman loans. Only target loans are available (for the purchase of transport or housing, business development). The average interest rate on them is from 5.0% to 10.50%. The indicator depends on the maturity (from 1 year to 15 years). This option is not quite suitable for seamen.

Security Bank

Seamans loan in the PhilippinesThis financial institution also has no special loans for sailors. The usual multipurpose loan will be suitable for your purposes, which can also be repaid through the guarantor. In addition, you can use auto payments from a bank card.

Monthly rate – from 1.39% to 1.69% depending on the period. You can take a personal loan for 12, 18, 24 and 36 months. Available from 30 thousand to one million pesos. The application will be considered during the working week.


Consumer loans are paid by the guarantors. There is no partial deposit feature. You can get from 20 to 250 thousand Philippine pesos for 24 or 36 months. In case of late payment, you will have to pay a duty.

Money will be automatically transferred to the card. Fixed rate on the loan – 1.75% monthly. A certificate of income is required for loan processing. The application is considered within 5-7 working days.


Seamans loan in the PhilippinesLoans are available to borrowers in the amount of 50 thousand to one million pesos. The repayment period is from 6 to 36 months. Please note: the interest rate is not fixed. It is determined by the bank itself based on your income, credit history, loan amount and maturity.

The financial institution requires a certificate of income and property, so prepare them in advance.


Salary loans from SSS are available to all sailors. You can choose a monthly or two-month option. Leave the application and receive funds for a prepaid card or cheque. The total annual rate is 10%. As the loan is repaid, interest will gradually decrease. If you do not repay the loan within the specified time, every month of delay will be subject to 1% of the amount.

Savings Bank RCBC (RCBC)

This organization offers quick seaman loans, regardless of whether they need funds to buy housing, a car, or for personal needs. The bank also provides flexible terms to simplify the payment process. Credit rates here are set individually.

Requirements for loans for seamen

Seamans loan in the PhilippinesThe main requirements are a passport, a work contract (valid at the moment of issuance of the loan), a book of the seaman, marriage certificate (in case the seaman is married) and birth certificates of his kids (if he has any). Almost always, a confirmation of his wages is necessary too, so the creditor understands the real possibility of repayment of the amount stated by you.

How to make loans for the seamen to be approved

After submitting your documents, the company, where you have applied for the loan, checks the authenticity of all documentation, makes all the necessary verifications and makes a decision of an easy approval of the loan or its refusal. To avoid the latter, try to present all the declared documents, and to convince the organization of fairness and exact terms of repayment.

The term of loan

The length of time for loan repayment may vary from 30 days to several years.

One-time commission and conditions

It is sometimes called a loan issuance fee. This is a small fee that can be deducted from the total loan amount or added to the amount you have to pay monthly. Its size can range from 1 500 to 5 000 pesos.

Conditions for obtaining a loan

Seamans loan in the PhilippinesAs it was mentioned before, the basic conditions include a set of documents and a contract with the crewing company, because it confirms that you will go to a voyage. A loan can be arranged both for the seaman and his close relatives.

How can you return a loan

Given the conditions of the contract of providing money for a loan for the seamen, there are several ways to pay it off. Depending on the type of loan, if it’s long-term or not, you can pay it off in installments, using transfers in an electronic bank or pay off the entire amount immediately after arriving from a voyage. You can also issue an authorization to a co-signer who will take care about the liquidation of the loan.

Anyway, a loan for the seamen is a convenient option, which allows to provide the family with money immediately and ahead, before receiving the money for the voyage. Or to buy expensive things or real state, without waiting for accumulation of the necessary amount. The main thing, what you should pay attention to is to make a deal with a verified organization.
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