There are just those moments where money is tight. Aside from the bills that need paying, there are also groceries, emergencies, and preparations for holiday festivities. And it can be especially stressful if you’re a sea-faring breadwinner of the family. If you’re a seafarer who’s worrying about those rough patches, don’t worry. There are a lot of options out there that can ease the financial burden, one is getting a seaman’s loan. More than knowing what they are, however, it’s equally important to know how to use them correctly. And in this article, we’ll be talking about loans.

Loans can seem a little intimidating, but they’re more commonplace than you think. Think of the ₱3,000.00 you might have owed your neighbor. Or the time you asked some relatives for financial assistance. That’s usually how loans work. Seaman’s loans, in particular, are made to help seafarers in between contracts, which is why they have high loan values and short payment terms.

Getting a loan from other institutions is a far more reliable way to get the extra money. And it gets even easier if you know what you’re doing. Here are a few tips we can give you.

1. 1. Know what your financial priorities are. If you decide to take a seaman or seafarer’s loan, it’s important to be clear about what you are using it for. This helps in a number of ways: for one, you know how much money you’ll be needing when you choose your loan. For another, when you do need to pay the loan back, you’ll know where to focus your money.
      
      In this case, if you’re using a loan to help supplement your income for the expenses this upcoming holiday season, ask yourself: how much money will you potentially need? And which areas of your life need it the most?
   2. Understand what the terms of your loan are. Once you’ve settled on what your financial priorities are, it’s easier to know what type of loan you’re looking for. Our online seaman loan, for example, is a low-interest loan with some of the lowest rates and 100% payout. This means two things: one, you can get the money you need as soon as possible without having to wait for it in increments. Two, it’s easier to save up amounts when it’s time to pay the loan back.
      
      While knowing what the terms of your loan are can also save you from future stress and trouble, it’s not always the most fun thing. We recommend that you go through the terms with someone you trust before signing anything.
   3. Plan out your payback. Let’s say you chose a loan and already reviewed the terms. Now is a good time to see how you can pay back your loan.
      
      A more common way to do this is to put away a portion of your salary towards paying off your loan. Think of it like an additional bill to pay, where you set aside the money you need every month. It’s also here where knowing the terms of your loan come into play: you get to plan around how much you need to save and how long it will take to pay it off. Getting a fast loan with low-interest rates also makes it easier for you to budget the amounts in before you send over the money.
      
      
   4. Save consistently. Once you have an idea of how to pay back your loans, it’s important to save consistently. Normally, there’s a tendency to focus on how much to save. But even the smallest amounts make a difference, as long as you put it away on a regular basis.  

If you’d like to learn more about how to make the most of your loans or how to apply for our seaman’s loan, visit https://www.platinumcreditplus.com/loan-products/seaman-loan/ or or message us at @OfficialPCLC  to inquire. We’d love to help you with your finances this holiday season.