Tuesday, July 10, 2012

GSIS Conso Loan (consolidated loan) Vs Seaman Loan

Seaman Loan in the Philippines
There are basically just 6 types of GSIS loans that a member can get out of being an active and paying citizen of the Philippines. These types of loans include conso loan or consolidated loan, policy loan, emergency loan, 10,000 cash advance and the housing loan.

Unlike any other loans, the GSIS loan offers low interest rates to its members plus requirements are easy to come up with and provide but did you know that there is this one type of loan where you can literally get it within 1 day processing only.

Yes, it will be rewarded to you within 1 day after your application provided that you possess or have the necessary requirements when you apply. These requirements however are all easy to get for the borrower. This is the seaman loan. To apply, please call this telephone numbers - 366 36 45 and look for Sam.
Now, to explain further, I would like to compare which is which but it is actually all up to you which one to go for. On the other hand, if you are a government employee and an active paying member of the GSIS, I would like to suggest that you get the GSIS loan instead of the seaman loan.

Why? It's because even if the processing of this types of loan is very long, you can still come up with a very considerable interest rate with your loan whilst with private lending companies in the Philippines, you will only have the difficulty of paying for the interest especially if you opt in for a long term of payment.

Remember that the more you prolong your terms, the bigger you will be paying the lending company unlike with the GSIS, there is a specific term of payment as well as the fixed rate of payment or remittance may be set.

A seaman loan on the other hand only takes 1 day to process as long as you have all the necessary requirements compared to the Government Service Insurance System which takes weeks and sometimes even months before the awarding of the cheque. Also with the GSIS, the loanable amount is set depending upon the salary bracket of the member wherein with the seaman loan via a private lending company, the amount that you can get out of filing for a loan application as a seaman will depend upon the salary credits you receive.

If you get $1,000.00, when you convert it to peso X 42, = Php 42, 000. The totale loanable amount for you having this salary bracket will range from Php 80,000.00 up to approximately php 105,000.00 which is equivalent to a 200% up to 250% loanable amount based from your monthly salary received for being a seaman. This is 10-20 times bigger compared to a local GSIS loan from the government agency.


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