SSS salary loan is a cash loan given to an SSS member who is employed, self-employed, or a voluntary member. The SSS salary loan helps its members with short-term credit needs. (e.g., emergency expenses, medical bills, funeral expenses, tuition fees, and the like). In addition, there are 8 benefits to the social security system.
It is considered one of the Philippines’ salaries loans wherein it has a low annual interest rate (10%), is more convenient, and indeed an affordable type of salary loan.
What are the qualifications to apply for an SSS salary loan?
The person who wishes to apply for an SSS salary loan must meet the conditions listed below.
- must not be more than 65 years of age at the time of filing the SSS salary loan application
- must be a regular paying SSS member whether employed, self-employed, or a voluntary member
- For one month, they must have at least 36 posted contributions, 6 of which should be within the last 12 months before the month of filing the loan application.
- For two months loan, the applicant must have 72 posted contributions, 6 of which should be within the last 12 months before the month of filing the loan application.
- must know the terms of payment of contributions and loan remittance
- must not have received any of the final benefits such as death, retirement, and total permanent disability benefits
- Must not have been disqualified by law precisely because of fraud committed against SSS.
What are the requirements needed to file an SSS salary loan online application?
SSS digitized ID or the E-6 (Acknowledgement stub) with an updated photo and two (2) valid IDs such as:
- Driver’s License
- Passport ID
- Postal ID
- Professional Regulation Commission (PRC) ID
- School or Company ID
- Senior Citizens Card etc.
- SSS online membership
- Must have a registered SSS account (if none, you can go to the SSS website at www.sss.gov.ph and create/register your account)
- The applicant may choose their preferred disbursement account among the following payment channels.ü PESOnet-participating bank
8. E-wallet/ RTC/ CPO (ex: GCash, Paymaya)
9. SSS-issued UBP Quick Card (ex: Pag-IBIG card)
How to Apply for an SSS Salary Loan Online?
Here are the steps in applying for the SSS Salary loan:
- First, go to the SSS website at www.sss.gov.ph and log in to your My.SSS account.
- Click “Apply for a salary loan” under the E-services tab.
- Select your preferred disbursement account as listed above.
- After reading the Disbursement Account Enrollment Module (DAEM), click “proceed” to continue.
- Then, through the Disbursement Account Enrollment Module (DAEM), enter your bank account or contact number and upload the supporting documents required.
- If an applicant prefers to use a bank account as a payment channel, they must upload a screenshot of their online banking account dashboard, including the bank account number, name of the bank, and the account name.
- On the other hand, if an applicant chooses an e-wallet account as a payment channel, they must upload a screenshot of their mobile app, including the complete name and account number.
6. After all the documents needed are attached, confirm the Data Protection act of 2012, intended to permit the SSS to keep your personal information.
7. Then, click the “Enroll Disbursement Account.”
8. After one (1) to two (2) working days, they will notify you thru your email address or via SMS if your Disbursement Account Enrollment was approved.
9. If your Disbursement Account Enrollment was approved, go to the SSS website and log in to your My.SSS account, then under the e-services tab, click the “Apply for Salary loan.”
10. Ensure that your mailing address, contact number, landline, and email address are all updated. After checking all the data, enter the amount of your salary loan and select your preferred disbursement account.
11. After reading the few reminders and providing the terms and conditions, click “proceed.”
12. Read thoroughly or make a hard copy of the Loan Disclosure Statement. It includes necessary information such as net loan proceeds, previous loan balance, the interest and principal, and the scheduled payment date and due dates. Then, click “Submit” to proceed.
13. They will notify you thru your given email address or via SMS regarding your SSS Salary loan online application and the means of claiming the salary loan.
Take note: Double check your attached bank account information and make sure that the details are updated. Create your disbursement account and contact number to avoid duplication. Nonetheless, they will reject it.
Modes of Payments of SSS Salary Loan
Here are the modes of payment of SSS Salary Loan:
- You must first obtain your Payment Reference Number (PRN) through your registered email address, text messages, SSS online account, or go to the nearest SSS office branch and ask the counter how you can get your PRN.
- After getting your PRN, the mode of payment is either online payment or walk-in payment. For online payment, you can pay in different BancNet’s eGov such as GCash, Union Bank, Robinsons Bank, Philippine National Bank, China Bank Corporations, and Metropolitan Bank. While for walk-in payment, you may go to the nearest SSS office branch and present your PRN to the counter along with your payment. They will send this to your registered email address or via text message regarding your payment confirmation.
What if an SSS member failed to pay their SSS salary loan on time? What are the corresponding penalties?
- Every month that you do not pay the loan on time, the SSS member will charge a 1% penalty fee. The SSS salary loan can be payable within two (2) years or monthly installment within 24 months.
You can follow, visit, or message the SSS social media accounts/pages, hotlines, and Emails provided below for more information and the latest updates.
Facebook and Youtube: Philippine Social Security System
Viber Community: MYSSSPH Updates
SSS Hotline: 1455
SSS Email: email@example.com