Fast Loan Philippines - Borrower's Choices (Car Loan or Seaman Loan)

Fast Loan 1 Day Release Facts

So what are your choices for fast loan offers in the Philippines, particularly in Manila and surrounding provinces? As a professional loan consultant for more than 2 years now, by experience, if you are looking forward to get approved of a cash loan application the same day, your choices will narrow down to 2. The first choice will be a seaman loan and the second choices is a car loan. So far, since I have decided to go full time in the lending industry, these 2 types of loans in the collateral and non-collateral category are the only ones that you can achieve fast approval.

The Seaman Loan

The seaman loan is fastest most popular non-collateral loan offer in the country today. The reason is obvious - due to the fact that seafarers usually get handed over of their complete documents ether 2 days before departure or 1 day before embarking on a trip to the port of their joining vessel. Because of this set up, manning agencies have been aloof of handing over to the maritime worker, their documents and therefore, the only choice for lending companies is to offer same day processing and release of loan proceeds. This of course involves all process including bank checking account application.

The mode of payment for all types of loans in the Philippines is via issuing a post-dated cheque (PDC) so it has become a requirement to apply for a checking account to an accredited bank. Let me remind you though that if you want to apply for the seaman loan that different lending companies have their own accredited banks or authorized banks where it with these banks that you are allowed to apply for a checking account. On the other hand, for those couples with a joint account will be sufficient.

Let me remind all seafarer though that 1 day release of loan proceeds will depend on the completeness and correctness of the documents to be submitted. Some maritime workers I have handled assisting expect so much on this 1 day loan without asking what it takes to get fast approval of such an application.

Again, there are 4 keys to getting fast loan

1. complete and correct requirements
2. patience
3. pass pre-qualification
4. pass the credit committee of the lending company

With any of the above factors missing, chance of getting the loan in 1 day will diminish.

The Auto Loan

Car loan in the Philippines has lately been gaining the interest of lending companies to be able to offer a type of collateral loan where the approval is fast. Auto loan is just the perfect candidate and little by little, lending companies have improved their system of offering this loan to borrowers looking to get quick cash out of using a collateral such as a vehicle.

Let me remind you though that the 1 day release loan will and can only be achieved if the borrower constantly communicates with his or her loan agent. Apart from this, patience is necessary as well as willingness to provide all the necessary and correct documents only.

A pre-approval process through a short interview is what I offer in this case to determine if a client will be able to achieve 1 day loan for his vehicle. Again, only those with complete and right documents and requirements can and will be able to achieve fast processing of the car loan. Without complete and correct document, don't expect to be processed fast of your loan application. Just FYI and to make it clear to all parties both agent and borrower.