Seafarer Loan FAQ


Below are the frequently asked questions on Seafarer Loan product

Q. What is Seafarer Loan?
A. Seafarer loan is an installment consumer loan that allows you to borrow a fixed amount. This can be availed by almost any active Seafarer.
Q. Why should I choose Loan Star’s Seafarer Loan?
A. Our Seafarer loan product has a minimal documentation requirement, Flexibility of purpose and quick releasing of the loan. No cash out needed. You will get the whole amount that you applied for.
Q. How much loan can I borrow on Seafarer Loan?
A. For a qualified applicant, Loan Star's Seafarer Loan can lend from 20,000.00 up to 300,000.00 and even more.
Q. How long will it take for my application to be approved?
A. Your seafarer loan application may be approved within half working day, given that you pass the complete requirements and there is no problem with credit verification.
Q. How long can I pay the loan?
A. Term of seafarer loan will depend on your employment contract duration.
Q. Do I need to pay my monthly amortization immediately next month after the release of loan?
A. No. You will be given a grace period of about (2) two months from the date of loan release for your first monthly amortization due on your Seafarer loan.
Q. How do I pay for my monthly amortization?
A. You may pay your 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, and ECPay authorized Merchants.
Q. Do I need a guarantor or co-maker?
A. No, Guarantor or co-maker is not required in our Seafarer loan product.
Q. Do I need 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.

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