Sometimes life makes it necessary to take out a loan - you may unexpectedly lose your job, need to repair your house after a typhoon, or need to cover a hospital stay for family medical emergencies. Or you may want to start a small business to earn extra income.
Fortunately, getting an SSS salary loan is easy. Thanks to a developed online system, active members can easily and conveniently enroll in SSS online and reduce the time it takes to process salary loans.
If you are planning to apply for an SSS salary loan, this article will tell you everything you need to know.
What is an SSS salary loan?
The Salary Loan is a cash loan provided by the Social Security System (SSS) to qualified working members and currently paying voluntary members to help them meet their short-term financial needs.
What is the interest rate on the SSS salary loan?
The interest rate for the SSS Salary Loan is 10% per annum starting 2022, making it one of the lowest interest rate loans in the Philippines. It is calculated based on the declining principal balance, which means that interest will continue to be charged on the outstanding balance until it is paid in full.
Who can apply and how much can you borrow?
Members who have paid dues for at least 36 months and have paid dues for six months in the last 12 months may apply for a loan from SSS. The amount of the salary loan is equal to the value of one month's salary.
You can also apply for a salary loan for two months if you can prove at least 72 months of contributions and six months of contributions in the last 12 months.
Not sure how many months of contributions you have? You can access all of your SSS contributions on the My.SSS portal. Simply log in to your account and click Query. Select Contributions to see the total number of contributions you have made.
If you are employed, your employer must keep loan and monthly contribution transfers up to date. You must also keep up to date payments for other loans you have taken out. This includes home loans from the government's Unified Home Lending Program (UHLP).
In addition, you must be under the age of 65 and must not have received recent SSS benefits, such as permanent total disability, retirement, and death benefits.
What does "SSS Loan Application Has Been Granted" mean?
If you see this message, it means your salary loan has been approved. To check the status of your SSS Salary Loan, you can log into your My.SSS account. Click on "Query" and then click on "Loan Info."
Here you will see your SSS loan status and other loan details. You will also receive another notification via SMS if the loan amount has already been credited to your disbursement account.
Where you can pay your SSS salary loan online.
If you want to know how to pay your SSS salary loan online, it is just like paying your SSS dues. You will need the Payment Reference Number (PRN) for your loan so your payments can be submitted and confirmed immediately.
As an individual member, you will receive your PRN for the SSS loan via email, text message or through your My SSS account. You can also obtain your PRN over the counter at SSS branches or e-Service Centers.
Final Words
Providing a salary loan is one of the ways SSS gives back to its members who contribute regularly. Consider using your SSS salary loan to help meet your family's immediate needs.
You can also use this low-interest loan to rebuild your savings, start a small business or pay your bills. It's easier to apply now anyway. The processing time for the SSS salary loan is also much shorter in 2022.
The current cash advance app allows users to access a portion of their paycheck in advance, providing immediate financial relief without waiting for payday. It integrates with your bank account to offer fee-free overdrafts and quick cash advances, making it ideal for managing short-term expenses.
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