GUIDE: SSS Salary Loan Online Application
You can do it in a few clicks.
(SPOT.ph) Unforeseen expenses can hurt pockets and ruin budgets. For those who are strapped for cash, the SSS salary loan is one source of emergency funds for immediate financial needs.
The good news is SSS has made its salary loan application more convenient with just a few clicks online.
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Here's what you need to know about applying for an SSS salary loan online:
Who is eligible for an SSS Salary Loan?
Here are the criteria for eligibility:
1. An SSS member must be actively paying monthly contributions
- For a one-month salary loan, the member-borrower must have at least 36 posted monthly contributions of which six are posted within the last 12 months before the loan application.
- For a two-month salary loan, the member-borrower must have at least 72 posted monthly contributions of which six are posted within the last 12 months before the loan application.
- Individually-paying members or self-employed individuals must have at least six monthly contributions under their current membership type before the filing of application.
2. The employer of the member-borrower must be updated in paying contributions and loan remittances.
3. The member-borrower has not received a final benefit from SSS like retirement or death benefits.
4. The member-borrower is younger than 65 years old at the time of loan application.
5. The member-borrower has not been disqualified from eligibility to take out an SSS loan.
How will I receive my loan proceeds?
SSS members need to have a My.SSS account and enroll their disbursement bank account where they will receive the proceeds of their loan.
SSS reminded its member-borrowers that salary loan proceeds are only released to the SSS-issued Union Bank of the Philippines Quick Card of the member.
Loan proceeds cannot be released to mobile wallets, cash payout outlets, and remittance transfer companies even if member-borrowers have enrolled accounts in such platforms.
How do I apply for an SSS Salary Loan online?
1. Go to the SSS website.
2. Log in to your My.SSS account as a member and click “I am not a Robot”.
3. Click E-Services> Loans> Apply for Salary Loan.
4. If eligible for a salary loan, the loanable amount and local mailing address of the member-borrower will appear on the screen. Choose the desired loan amount and the disbursement account where the loan proceeds will be received.
5. You will see the “Terms and Conditions for Salary Loan” once you click “I agree to the Terms and Conditions”. Read it carefully and click “Proceed”.
6. View, download or print the Loan Disclosure Statement which contains the schedule of monthly amortization and interest rate. Click “Proceed” if you agree with the schedule of payments and wish to continue the loan application.
7. You will see a notification message on your screen that contains the details of the loan application.
Member-borrowers will receive a notification message via email or in their notification inbox regarding the status of their loan application. A text message meanwhile will be sent to the member-borrower once the SSS loan application has been approved.
How do I pay for the SSS Salary Loan?
To avoid penalties, SSS reminded its member-borrowers to pay the correct monthly amortization on time.
Member-borrowers can pay for their SSS Salary Loans at SSS branches with payment facilities, SSS-accredited banks, or at SSS-authorized payment centers using their Payment Reference Number for the loan.
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