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Guide on How to Apply for SSS Salary Loan

Need cash?
It is not surprising that most of us experience a financial gap, especially when the salary is just a week or a few days more ahead. When you thought everything would go according to the budget, something will come up to ruin it.
Or perhaps you were unable to save enough cash for your child’s christening, tuition fee, or back-to-school supplies. There are various reasons why we go on short-term financial difficulties. That’s why we turn to salary loans.
There are government loans that might help you out. If you are an active member of the Social Security System, you might be familiar with the SSS Salary Loan. How do you apply for it?

SSS Salary Loan Philippines

SSS Salary Loan Eligibility

Are you planning to apply for SSS Salary Loan? Then, you must have the following qualifications to ensure a quick loan approval. 

  • You must be an active member of SSS who may be employed, self-employed, or voluntary. 
  • Also, you have to be younger than 65 years old. 
  • In addition, you have never had any fraud-related issues against the SSS.
  • Most importantly, you are not granted final SSS benefits. For example, benefits for retirement, permanent disability, and death. 

Take Note: For employed members, your company must be updated with their employees’ SSS contributions. You may review your monthly payroll contributions. Or you may ask your HR payroll staff politely. 

If you need a one-month loan, make sure you have at least 36 monthly contributions. You must have at least contributed for the last 12 months. The two-month loan requires 72 monthly contributions. If you are a new member and haven’t reached the required monthly contributions, you are not eligible for the famous SSS loan.

If you see that you’re fit to apply for an SSS Salary Loan, you need to check their list of requirements. 

SSS Salary Loan Requirements

Nowadays, eligible borrowers can avail of the SSS Loan through online application. Before you proceed, you need the following. 

A stable internet connection. 

So you can avoid unnecessary interruption when filing your SSS loan. 

My.SSS account. 

You must have registered and created an account.

Preferred electronic loan disbursement. 

Choose a channel where you will receive your loan proceeds. 

SSS digitized ID 

Your E-6 plays an essential role in completing the requirements.

Identifications

Be ready to present the acceptable two valid photo IDs for verification of your SSS online loan application. 

Check disbursement for SSS Salary Loan is no longer available. But you can still choose from the following disbursement methods.

SSS-issued UBP Quick Card

You can avail of the UBP quick card for free from selected SSS branches. Your Quick Card starts with the digit “10” and consists of only 13 digits. Also, UBP accounts linked to other government agencies are unacceptable. For example, Pag-IBIG Loyalty Card is different from UBP Quick Card. 

PESONet-participating bank

With your My.SSS account, you can enroll in the Disbursement Account Enrollment Module. But you need to be a PESONet-accredited account holder. Also, joint bank accounts are unacceptable. You must be the sole bank account holder. 

e-wallet/CPO/RTC

You can use this loan disbursement method if you don’t own a PESONet-accredited account. Your loan proceeds will be sent through your GCash, PayMaya, DBP Cash Padala thru MLhuillier, or DCPay Philippines. 

If you have all these requirements, you can now proceed with your SSS Salary Loan application. 

How to Apply for SSS Salary Loan

You can apply it in various ways. Here’s our guide on how to apply Salary Loan. 

  1. Fill out a Member Loan Application form and submit it together with two valid IDs to the nearest SSS branch.
  2. If an authorized representative will file for you, make sure to have a Letter of Authority (LOA) apart from two valid IDs.
  3. Your employer can also file for you. Your employer must have a Letter of Authority (LOA).
  4. OFW members can also apply for a salary loan through the SSS Foreign Representative Offices in selected countries. Suppose there is no SSS Foreign Representative Offices in the country you are working in. In that case, your relatives can file for you given that they have your proper documents certified by the Philippine Consulate Embassy.

SSS Loan Computation 

You can borrow a maximum SSS Salary Loan amount of P15,000 for a one-month loan. The highest amount you can borrow for a two-month salary is P30,000. However, the actual loanable amount will depend on the average amount you have been paying as your monthly contribution for the last 12 months.

SSS Salary Loan Online

If you want to know how to apply for loan in SSS online, follow these steps. 

  1. Make sure you have signed up online. Remember your username and password.
  2. After the registration confirmation, log in to your SSS online account.
  3. On the “Main Menu” tab, move the mouse to “Transaction.” Select Salary Loan Application.
  4. Choose the amount you want to borrow.
  5. Click “Proceed.”
  6. Click “View Loan Disclosure Statement” to see the loan details. Check the details if all are correct. If it does, click the “Submit” button.
  7. Wait for approval. The process will take two to three weeks.

SSS Loan Calculator

A loan calculator has always been essential when applying for a loan. However, you must remember that an SSS Loan Calculator is only for illustrative purposes only. It does not reflect the exact loan amount you will receive from SSS. Instead, it provides you with an estimation of the maximum loanable amount based on the given information. 

When you use a Salary Loan Calculator, you need to identify your monthly paid contributions. You have options of at least 36 months and at least 72 months. Also, you have to enter the Last 12 Months’ Average Monthly Salary Credit. Once you have provided these details, you can click Calculate. Then, you will see the estimated total loanable amount. 

SSS Salary Loan Calculator

Credit: https://alexanbilog.github.io/finance_tool/sss_loan_calculator.html

Salary Loan Renewal

You will be allowed for a Salary Loan Renewal only if you can pay 50% of the principal loan amount and at least 50% of the loan term has passed by. You can request any amount. But if you have the remaining loan amount from your first or current loan, it will be deducted from it.

Salary Loan Payment Inquiry

If you’re an employee, make sure you check your loan balance. This way, you’ll know if your employer remits your SSS loan payment every month. Remember that there are late payment charges for the unpaid monthly amortization. Delayed loan repayments lead to the accumulation of penalties and interest.

Frequently Asked Questions

Where can I Get the SSS Salary Loan application form?

Get your Social Security System Salary Loan application form from this website https://www.sss.gov.ph/sss/appmanager/sss_downloads.jsp?type=forms. Or you may visit any SSS branch or office near you. 

How Long Is SSS Salary Loan Processing Time?

SSS loan proceeds will be available to your account (member-borrower) within three to five working days from the loan approval date. 

How To Compute SSS Loan?

Your SSS Salary Loan computation depends on your monthly income. If you earn P15,000 monthly, your income falls within the salary range of P14,750 – P15,249.99. As a result, your Monthly Salary Credit (MSC) is P15,000.  You may check the SSS Salary Loan table or contribution table.

In computing your SSS loanable amount, get the average of the latest 12 MSCs. If you consistently paid your contributions for the last 12 months, you can borrow an SSS cash loan of P15,000 for a one-month salary loan. For a two-month salary loan, you can get as much as P30,000. You just have to make sure you are qualified for it. 

How Much Is The Maximum Salary Loan In SSS?

Based on the maximum Month Salary Credit, you can borrow up to P25,000 for a one-month SSS Salary Loan. Meanwhile, you can take up to P50,000 for a two-month SSS salary loan. 

How Much Is The Interest Of SSS Salary Loan?

Your SSS Salary Loan interest rate is 10% per annum. 

What are other fees that comes along with SSS Salary Loans?

On top of the interest rate, there are additional fees you need to be prepared for. 

Failure to pay on time. A penalty of 1% monthly until you fully pay the loan. 

Service fee. A fee of 1% of the loan amount will be charged and deducted from the loan proceeds. 

How To Loan In SSS With Existing Loan?

You can still apply for an SSS Salary Loan even if you have an existing loan. However, you can only do this if you have paid at least 50% of your principal amount. Or you have lapsed at least half of the term. 

For example, you have a salary loan amounting to P15,000 approved on May 30, 2020. You can apply for another SSS Salary Loan if the principal loan balance is less than P7,500 (50% of P15,000). Or after you have paid for one year. In addition, your renewal date will be after June 2021. 

Alternative for SSS Salary Loan

If you are not eligible for the SSS Salary Loan, you can apply for an online salary loan in Cash Mart. Cash Mart only requires documents such as a company ID, government-issued ID (preferably Driver’s License), proof of billing, and income proof (payslip/ bank statement).
There is no need to wait. It only takes a day, and the whole process is online. Call Cash Mart at (02)829-0000 to find out more or visit www.cashmart.ph.