Seaman Loan 101: What You Need to Apply for a Seafarer Loan

Jul 1, 2019

A common misconception among Filipinos is that seafarers or “seaman,” as they are commonly called, have deep pockets and are swimming in unlimited amounts of cash. This is a myth that needs to be debunked, as some of our sea-based brothers and sisters tend to experience financial challenges and difficulties just like any other Overseas Filipino Worker (OFW).

Despite having comparably higher salaries than, say, when they were locally employed, these seafarers are often breadwinners whose responsibilities extend beyond their immediate families. As such, some of them tend to develop a propensity for using up all their savings before they even realize it, particularly when work’s out or while they’re on vacation.

If this sounds like a familiar situation to you, then you might be one of those seafaring Filipinos who need additional funds for specific purposes. If you’re thinking of approaching a traditional lending institution that caters to your particular demographic, maybe you’d reconsider your game plan when you learn about what Blend PH has to offer.

What you need to know about seafarer loans

Seafarer loans are a special type of loan specifically designed for seagoing personnel. The seafarer loan that Blend PH offers is “multi-purpose,” meaning it can be used for various purposes, such as when obtaining additional funds for personal expenses, for starting a small business, for funding your child’s education, or for emergency and medical expenses (among others).

Listed below are the details you need to know when you apply for this type of loan:

  1. Loanable Amount

You can borrow anywhere from PHP 50,000 to PHP 500,000 depending on your eligibility and circumstances.

  1. Interest Rate

There is a 2.5% interest rate per month that you need to pay on top of the loan amount once your loan gets approved and disbursed.

  1. Loan Term

Loan terms usually last for four to eight (4-8) months, or at least 2/3 of your contract period.

  1. Processing Time

It will take us from 24 to 48 hours or one to two days to process and verify your seafarer loan application provided that we don’t encounter any problems and for as long as the requirements you provided are sufficient.

Requirements in applying for a seafarer loan

There are certain requirements for you to be qualify for this type of loan. These documents will be different from applying for a personal loan, because seafarers have unique documents and proofs that only they can produce.

Below are the requirements needed to apply for a seafarer loan on Blend PH:

  1. Contract with POEA Stamp

This is our way of verifying that you have an existing and active contract – a bilateral agreement between you and your employer or principal (usually represented by a manning agency). It has to be duly stamped by the POEA when you submit it.

  1. Allottee Form

Every seaman is required to make an allotment, which is a percentage of your monthly salary, to your designated allottee here in the Philippines. We ask for this document during your loan application because this is another indicator that you will be able to remit money to someone in the Philippines who can pay your obligations on your behalf.

  1. Two (2) Government IDs

As with any legal transaction, you will be asked to provide valid IDs as proof of your identity. This should be easy when you already have the rest of the requirements. Presenting your government IDs will enable us to verify the information you have submitted, including the validity of other documents, your residential address, and other pertinent information.

  1. Seaman’s Book

Perhaps the easiest way for us to verify if you’re eligible to apply for a seafarer loan is the possession of a Seaman’s Book. This document issued by the Maritime Industry Authority (MARINA) is a major requirement before you can even be considered eligible to board a shipping vessel as a worker or an employee.

Note that while these requirements may sound complicated on paper, they’re actually pretty simple to procure because you’ll most likely need them for your employment, too. We just want to cover all possible bases to make sure you have all the information you can possibly think of when you apply for a seaman’s loan.

How to apply for a seafarer loan

Now that you have understood the details and have prepared the requirements for this type of loan on Blend PH, you’re now ready to apply. Follow these procedures:

  1. Create an account

Sign up as a borrower on our website and prepare to upload the requirements.

  1. Wait for us to process your application

We will validate the requirements and information you submitted. You can expect us to complete this step based on the given processing time above. Once again, you need to make sure that you have completed the requirements properly to avoid any delays.

  1. Funding and disbursement

Upon approval of your application, it will be put up on our marketplace so that our lenders may start funding them. You’ll get a notification once an investor decides to fund your loan application. It will be disbursed to you via your Blend wallet.

Fairly easy, right?

At Blend PH, we firmly believe that Pinoy seafarers should get easy access to financial options. They deserve to enjoy a high level of financial inclusion, because after all, they work well and hard to provide for their families while continually and valiantly contributing to the country’s overall economy through their remittances and local spending.

If you’re a sea-based OFW looking to extend your funds for any specific purpose, don’t limit yourself to traditional institutions when it comes to financial matters. Alternative lending platforms like Blend PH can be your best yes simplest bet in realizing your financial goals.

To get started, visit or call us at (02) 503 6611.