If you’re a currently employed, self-employed or voluntary member of SSS and you’re short of cash, you can apply for an SSS salary loan. This is an easy, affordable way to get extra money.
You can borrow up to Php 18,000 for a one-month salary loan or as much as Php 36,000 for a two-month loan. The loan is based on your SSS contributions and salary credit.
An SSS Salary Loan is a short-term salary loans Philippines that members can apply for as long as they are employed or paying as self-employed or voluntary members of the Social Security System (SSS). These loans are designed to help borrowers meet their immediate financial needs.
The amount of a salary loan depends on the member’s income and how much they pay to SSS. The maximum loanable amount is P18,000 for a one-month salary loan and as much as P36,000 for a two-month loan.
To get an SSS Salary Loan, members need to submit a loan application through the SSS member portal. This requires the member’s identification and employment details, as well as their income proof such as payslips or bank statements.
Once approved, the salary loan will be credited to the member’s disbursement account within a few days. They can then use the proceeds to purchase things such as food, clothing, and other essentials.
However, the repayment terms are quite strict. To avoid a default, members need to pay their salary loan in 24 monthly installments. If the repayments are late, the SSS will deduct the unpaid loan amount from the member’s benefits. In addition, the SSS will also charge a service fee amounting to 1% of the loan proceeds.
To qualify for an SSS Salary Loan, a member must:
Once you’ve completed the online loan application, your loan is compared to your SSS records and the result will be a final approval or rejection. SSS will then send you a text message or email informing you of the decision.
Once you’ve received the SMS or email informing you of your SSS loan approval, you can now receive your loan proceeds through PESONet banks, e-wallets, or remittance transfer companies accredited by the SSS for the Disbursement Account Enrollment Module (DAEM) or via your preferred payment method. It’s important to triple-check the information you provide before enrolling your disbursement account, as incorrect information can result in a longer processing time for your loan proceeds.
Salary loan programs are one of SSS’s ways of giving back to members who contribute regularly. They allow members to borrow money and pay their bills or invest for a business or other purposes.
To apply for a salary loan, first, you need to become a member of SSS and fulfill the obligations of paying monthly contributions. If you’re employed, you need to submit a copy of your SSS ID, payslips and bank statements as proof of income.
Then, you need to fill up the SSS salary loan application form online. The system will then check your data against its database and give you a loan approval or rejection.
If your application is approved, you will receive a notification that will tell you the amount you’ll be loaned. It will also include a Loan Disclosure Statement that will help you understand how your salary loan works and how it will be paid back over time.
After that, you’ll need to choose how you want to receive your salary loan proceeds. You can choose to have them disbursed through your SSS account or UBP Quick Card. You can also choose to have your salary loan proceeds credited to an e-wallet account linked to your SSS membership.
Alternatively, you can have your salary loan proceeds directly deposited to a bank account or a UBP Quick Card that’s not linked to SSS. This is a faster way to receive your salary loan proceeds, but you’ll need an E-6 and two valid photo IDs for verification.
You’ll also need to sign a consent form before you’re allowed to withdraw the loan proceeds. This is important for your own protection and to prevent fraud.
Once you’re done with your loan application, it’s important to notify SSS and your new employer about your change of employment. This will ensure that your SSS salary loan payments are automatically deducted from your employer’s payroll.
If you’re looking for a quick, easy and hassle-free loan to finance your next project, SSS salary loans are the way to go! You can even get them at an interest rate that’s much lower than most other loans in the country.
Salary loan applicants are required to be members of the Social Security System (SSS) who have been paying their contributions for at least 12 months. Those who are not members, however, may still apply for a salary loan, provided that they qualify for it.
The first step to applying for a salary loan is to sign up online through the SSS website. You will need to create a user ID and password as well as choose a personal email address and phone number for verification purposes. Once you are logged in, you will have access to the E-SERVICES and Loans portals.
Next, you can fill out the SSS Loan application form. The loan form is available online, as well as in paper form at an SSS office. You can also download the form and edit it with a free online editor.
After you’ve completed the loan application form, it will need to be signed by both you and your employer. This is because it will be used as a form of proof of your employment and SSS membership.
Upon submission, your SSS salary loan application will be reviewed and approved within three business days. If it is approved, you will receive an SMS or an email notification.
You will be given a transaction number and a reference that you can use to track your loan status. The amount that you can borrow depends on your average monthly paid contributions as well as the last 12 months’ average salary credit.
For a one-month loan, you can borrow up to PHP 15,000, if you have posted 36 monthly payments and six were made within the past 12 months. A two-month loan, meanwhile, can be as much as PHP 36,000, if you’ve been posting 72 monthly payments and six were made within the past 12-month period.
Once you’re approved, you can enroll for your preferred disbursement method through the Disbursement Account Enrollment Module (DAEM). The DAEM is an online portal that allows you to register a bank account or mobile number and select the mode of receipt for your loan proceeds. Once you’ve done this, the amount you can borrow will be transferred to your bank account or e-wallet.
The benefits of applying for an SSS Salary Loan include lower interest rates and easier repayments. Because it is a government-owned organization, SSS offers salary loans that are cheaper than other private lenders. In addition, it offers a number of other services, such as disability, maternity, and retirement benefits.
The amount of a loan is determined by the amount of SSS contributions a member has made in the past. It is calculated by using the member’s last 12-monthly salary credits, rounded to the next higher monthly salary credit. For example, if you pay the minimum amount of monthly contributions and have an average of twelve MSCs, your loanable amount is P1,000; whereas, if you’re regularly paying the maximum monthly contribution and have an average of eighteen MSCs, your loanable amount is Php 25,000.
Generally, the loan will be amortized over a period of 24 months, and payments are due on or before the second month after loan approval. However, it is possible to apply for a longer payment schedule if you can afford to make extra payments.
It is important to note that SSS will deduct money from your account if you do not make payments on time, so you should be sure that you can afford to make these payments. If you cannot, you should consider alternative options for getting a salary loan.
One option that you might want to consider is Blend, a lending institution that offers an online salary loan of up to 25,000 pesos. Blend also offers shorter terms than SSS, making it a great choice for borrowers who need to get cash quickly.
Aside from salary loans, SSS also provides other types of loans, such as housing, business, and education loans. You can find more information about these on SSS’s website.
SSS Salary Loans are a popular choice for many Filipino employees who need cash. However, it is important to understand the rules and requirements for these loans before you apply.
To qualify for an SSS salary loan, you must be an SSS member and have a stable job. You must also be 64 years old or younger and have no permanent disability, retirement or death benefits.
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