Availing of a Seafarer Loan Through Peer-to-Peer Platform, Blend.ph

Written by Judy Cordova of blend.ph

Seafarers’ remittances contribute to the Philippine economy. The pandemic has created real struggles for many Filipino migrant workers. They faced indefinite furloughs or job losses. Come to think about it, seafarer life remains fraught with challenges, even before the seafarer joins the action on the high seas.

The International Seafarers’ Welfare & Assistance Network recently tweeted top concerns seafarers. Including those from the Philippines. A global maritime charity conducted a study. According to this, providing food for extended family members became the most urgent need. Other top seafarer concerns also include paying household bills and loans and ensuring job security.

Availing of a Seafarer Loan Through Peer-to-Peer Platform, Blend.ph

Sometimes, the seafarer remains the sole family breadwinner, and funds run out or an overseas Filipino worker goes in between overseas deployments. A loan that an applicant can repay in a span of three to eight months can become very useful. Leading peer-to-peer funding platform Blend.ph strives to provide financial inclusion to more Filipinos. They offer a seafarer loan with such terms as part of its product array.

At a time when international organizations like the World Economic Forum have cited that well-being and rebuilding ought to become the primary focus of employers in 2021 and beyond. Filipinos helping each other remains a good thing. A pioneer in the peer-to-peer industry, Blend.ph not only promotes the use of flexible, low-interest loans. But, also encourages empathy and camaraderie through people investing and financially assisting each other.

Loan Assistance for Cash-Strapped Seafarers

Getting approved for a seafarer loan can become quick and hassle-free using an online platform like Blend.ph. Best suited for ready-to-board Filipino seafarers, a low-interest loan can help in sustaining families still reeling from the impact of the pandemic.

As for returning OFWs, the Overseas Workers Welfare Administration has a reintegration program for mainstreaming them back into Philippine society. Financial literacy and entrepreneurial development training remain a part of this. Individuals borrowers availing of the loan facility, as with traditional loans, need to complete the training and requirements. Enterprise owners should generate cash flow sufficient to pay the projected loan amortization.

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Using a trusted peer-to-peer platform to ease financial worries remains fuss-free and convenient.

Elmer Paredez, a repeat customer, experienced ease using the P2P platform to avail of a loan. He shared,

“Second time to apply for a loan under blend.ph… I will definitely recommend blend.ph especially sa mga kapwa seafarer.”

The Blend.ph seafarer loan availment starts with the creation of an account from this link. Follow these steps:

Click the loan calculator to check eligibility. Do not forget to check the box: “Are you a seafarer?”
With valid IDs ready, fill out the application form. Then, submit the necessary requirements for the loan application not to be tagged as incomplete.
The application will also be processed and validated along with the submitted requirements.
Then, the loan application will be endorsed to partner lenders for funding.
They will also send a notification to the loan applicant when a Lender decides to fund the loan. And, if funds become ready for disbursement.

Processing time for a seafarer loan availed from Blend. ph takes a few days if all requirements become complete. The collateral-free loan has a low interest rate of 3.5 percent per month. And, the loan term remains two-thirds of the contract period. Loanable amounts range from 50,000 to 500,000 pesos for officer level and 50,000 to 150,000 pesos for ratings/regular. Whether for basic necessities, children’s education or to fund a dream home or business venture, Blend.ph has the right loan product to help meet Filipinos’ short-term or long-term financial goals.

COVID-19 still looms. But, people can turn things around financially. Also, the importance of saving and having multiple income streams cannot be stressed enough. As the proverb goes, “the best time to start was yesterday, the second-best is right now!”