Applying for SSS Salary Loan?
For the last two years, the COVID-19 pandemic has taken its toll on many Filipinos, especially their finances. A lot of Filipinos lost their jobs and now struggling to make ends meet. You are probably one of those who experienced the negative effect of the pandemic. And you might be wondering how you can earn more despite this situation.
Looking for another job is one of your options. But of course, it’s not easy as many employers are laying off their staff. Starting a small business has probably crossed your mind as well. But how can you do it if you don’t have enough capital? Fortunately, you have a lot of choices now to get a loan – like the SSS Salary Loan.
How to Apply for Salary Loan in SSS?
When applying for SSS Salary Loan, you must be an SSS member, and you pay contributions as an/a:
· employee
· self-employed
· voluntary member
If you’re one of those mentioned above, the next thing you need to know is your total months of contributions. The total number of months you have contributed will determine the term of the loan you can apply for.
You can check your SSS contributions online via SSS website in your My.SSS account. The website might not be working with browsers like Google Chrome or Mozilla Firefox. But you can use your Internet Explorer for easy access.
For the loan that qualifies for your contributions, you can get a:
· One-month Loan
o for members who have at least 36 months of contributions
o has 6 months of posted contributions for the last 12 months before the application
o The loanable amount is equal to:
§ the average of your last 12 MSC (Monthly Salary Credits) posted, or
§ the amount you are applying for, whichever is lower
· Two-month Loan
o for members who have at least 72 months of contributions
o has 6 months of posted contributions for the last 12 months before the application
o The loanable amount is equal to:
§ 2x the average of your last 12 MSC (Monthly Salary Credits) posted, rounded to your next higher MSC, or
§ the amount you are applying for, whichever is lower
You can go to the nearest SSS branch in your area to apply for Salary Loan, submitting all requirements. But with the pandemic we are experiencing now, it is advisable to apply for SSS Salary Loan Online. It is easier and more convenient. Furthermore, you don’t need to travel and go to crowded places.
SSS Salary Loan Online Application
1. Go to the SSS website, then log in to your My.SSS account.
2. Click E-Services, then select Apply for Salary Loan.
3. Fill out the application form. The SSS website has developed its online system for the members’ convenience. You can now automatically view the loanable amount applicable for you. Additionally, you can easily choose your preferred disbursement method.
4. Read and understand Terms and Conditions. If you agree, click proceed.
5. Review the details of your loan, then read the Certification, Agreement and Promissory Note that will flash on your screen. Click submit, then OK.
6. A message will appear that you have submitted your application successfully.
7. Note for employed members: Wait for the certification of your employer within 3 days before expiration.
8. You will also receive an email confirmation from SSS.
9. When approved, you will receive your loan through your enrolled bank account or accredited disbursement outlets.
10. Typically, the SSS releases the salary loan within 3-5 days after the approval of the application.
SSS Salary Loan Requirements
For SSS members applying for the salary loan, you need to prepare:
· your E-6 acknowledgment stub or your SSS digitized ID
· 2 valid IDs with signature on both, and your current photo on at least one of them
· SSS online membership
But for OFW members who wish to apply for a salary loan with an authorized representative:
· your authorized representative’s SSS ID or UMID, or
o 2 valid IDs with signature on both, and a current photo on at least one of them
· Letter of Authority (LOA) signed by you and your authorized representative
· your SSS ID or UMID, or
o 2 valid IDs with signature on both, and a current photo on at least one of them
SSS Salary Loan Interest
The SSS Salary Loan interest rate is 10% per annum until you fully pay your loan. Moreover, your loan amortizes over 24 months in a diminishing principal balance method.
But if you have excess in your amortization payments, it will apply to your outstanding principal balance. Also, you will incur a penalty of 1% per month if you miss your payment on due.
Note that SSS will charge you a service fee of 1% of your loan amount. SSS will directly deduct it from your loan proceeds.
How to Pay Salary Loan in SSS?
Your salary loan is payable in 24 monthly installments. It will start in the second month that follows the date of your loan.
For individual members, paying your SSS Salary Loan is the same as paying your contributions. You will need your PRN or the Payment Reference Number. You can get your PRN:
· via email
· over the counter to the SSS branch office
· via SMS
· via SSS member portal
For employers, the same applies to you when obtaining your employees’ PRN. You can log in to your My.SSS account, then RTPL PRN to view the active loans due for payment.
The next step is paying your loan by walk-in or online.
If you choose walk-in payment, you can go to the accredited SSS Payment Channels:
· SSS Branches with ATS (Automated Tellering System)
· Union Bank of the Philippines
· Security Bank Corpoartion
· SM Mart Inc.
· Bayad Center
· PNB
But for online payments, you can choose among the payment channels below:
· Moneygment
· GCash
· AUB
· Bank of Commerce
· China Bank Corporation
· Security Bank Corporation
· Union Bank of the Philippines
· CTBC Bank
· Metrobank
· MUFG Bank
· Philippine Bank of Communication
· PNB
· Philippine Trust Company
· RCBC
· Robinsons Bank
· Philippine Veterans Bank
· Standard Chartered Bank
· United Coconut Planters Bank
After payment, wait for SSS to post it and update your account. Then, they will send you payment confirmation via SMS or email.
Looking for a quick and easy way to apply for SSS Salary Loan?
The SSS website is constantly growing to serve its members online. But often, users still struggle to apply for the SSS Salary Loan. If you are looking for another way to get SSS Salary Loan, Upfinance is your best option.
On Upfinance, you can find different organizations that provide SSS Salary Loan. Plus, you can easily find our partners’ contact information and loan details. We always commit to serving you and providing you conveniencewhen applying for a loan.
And the best part is that the process is 100% online and free! We will always help and assist you until you meet your financing needs.
Author Maria Torres from Upfinance
