Seaman's most frequently asked questions we compiled.
We have been listening to our Seaman borrowers and we have gathered their most important questions.
Q. Seafarer Loan, what is it?
A. It is an installment consumer loan that allows you to borrow a fixed amount. This can be availed by almost any active Seaman.
Q. Why should I choose Loan Star’s Seafarer Loan against other lending?
A. We have a minimal documentation requirement, Flexibility of purpose and quick releasing of loan. No cash out needed. Seaman borrower will get the full amount that they applied for.
Q. How much loan can a Seaman borrow for a Seafarer Loan?
A. For a qualified Seaman applicant, Loan Star can lend from 20,000.00 up to 300,000.00.
Q. How long will it take for my Seafarer Loan application to be approved?
A. Your Seafarer Loan application may be approved within half working day, given that you pass the complete requirements and that there is no problem with our credit verification.
Q. How long can I pay the Seafarer Loan?
A. Term of loan will depends on your employment contract.
Q. Do I need to pay my amortization immediately next month after the release of loan?
A. No. Seaman borrower will be given a grace period to pay of about two (2) months from the date of loan release for their first monthly amortization due.
Q. How do I pay for my monthly amortization?
A. You may pay your Seafarer Loan monthly amortization thru post-dated checks (PDCs), or you may use the facilities of our affiliated banks such as BDO, BPI, EastWest Bank, PBB, UCPB, Metrobank, ECPay Merchants, and in any MLhuillier branches nationwide.
Q. Do Seafarer Loan for Seaman needs a guarantor or co-maker?
A. No, We designed our Seafarer Loan for Seaman that Guarantor or co-maker is not required.
Q. Do Seaman needs to pay the agent’s fee or broker’s fee?
A. No. It's our responsibility to pay our accredited marketing sales agent. If there is any incident for solicitation of any value from the sales agent, immediately inform us.More Info