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SSS Salary Loan in the Philippines

SSS salary loan is a form of unsecured loan that can help you finance your short-term needs. This type of loan is a great way to get access to funds when you need them, and it’s one of the most affordable loans in the Philippines.

If you’re an SSS member, you can apply for a salary loan through the SSS online portal or through your local SSS office. The application process involves entering personal information, employment details, and the amount of loan you want to apply for.

How to apply for an SSS salary loan

If you’re a Filipino who is an active member of the Social Security System (SSS), then you’re probably aware of its salary loan philippines program. This type of loan is available to employed and self-employed members who wish to meet their short-term credit or financial needs, and the interest rates are comparatively lower compared to those offered by private lenders.

The application process is relatively easy and can be done online via the SSS website:

  1. You’ll need to create an account and log in using your SSS ID and password. You should also make sure that you have an updated SSS contact number and email address.

    Alternatively, you can visit an SSS branch and apply in person for your loan. The entire application process may take up to two weeks, though it’s usually faster if you do it online.

  2. You will need to choose how you want your loan to be disbursed. Several options are available, including online banking via PESONet with your preferred bank, e-wallets, and remittance transfer companies. You can also use the Disbursement Account Enrollment Module (DAEM) to enroll your preferred method of disbursement.
  3. Calculate your loan amount. You’ll need to provide SSS with your Monthly Paid Contributions (MPCs) and the Last 12 Months’ Average Monthly Salary Credit. The calculator will then show you an estimated loan amount based on the provided information.

As a general rule, the maximum loanable amount is P25,000 for a one-month loan, and P50,000 for a two-month loan. However, the actual loanable amount will depend on the average monthly contribution you’re paying as an SSS member for the past 12 months.

SSS salary loans are only available to members who are currently employed or self-employed and who are actively contributing to the group. You can also apply for these loans if you’re changing employers, but the process is slower and will require that you notify both your new employer and the SSS.

Requirements for an SSS salary loan application

If you’re a member of the Social Security System (SSS), you may be eligible for a salary loan. The amount that you can borrow will depend on the number of contributions that you have made within the last twelve months.

If you want to apply for a SSS salary loan, you must first register online. This will speed up your application process. Once you have registered, you can use your username and password to log in to the SSS website.

During your registration, you’ll need to submit:

  • two valid IDs with recent photos and birthdates. This will help SSS identify your identity.
  • UMID certificate.

You can also choose to enroll for a Disbursement Account Enrollment Module (DAEM), which will allow you to receive your loan proceeds through online banking, e-wallets, or other means. SSS has several DAEM options available, so you can choose which one works best for you.

Once you have chosen your preferred method of receiving your loan proceeds, you can then fill out a short form. The SSS will verify your details and then send you an email and SMS message to notify you that your application has been approved.

The loan proceeds will be available in your SSS account within three to five business days. You can then use them to buy a car, pay for education expenses, or purchase a new home.

SSS also offers a direct housing loan, which is an option for members who own their own homes or land. This type of mortgage allows you to borrow up to 80% of the value of your home, and then pay it back over time through monthly installments.

To qualify for this type of loan, you must be under the age of 64 and have no existing SSS loans. You should also not have collected any permanent disability, retirement, or death benefits from the SSS.

Alternatively, you can also apply for a Salary Loan With Existing Loan. This is a good choice for people who are in need of extra cash and can’t afford to wait for an SSS loan to be approved. However, you’ll have to pay a service fee of 1% of the amount you borrow each month until it is fully paid.

SSS salary loan interest rates

The SSS salary loan is a great way to get money quickly, especially if you need it to pay for a one-time expense. It can be used for travel, buying a car, paying for special events, and more.

However, it’s important to remember that there are interest rates and fees that come with these loans. These include a 10% interest rate and 1% service fee. You will also be required to pay a minimum amount each month until the loan is paid in full.

If you’re interested in getting a salary loan from the SSS, it’s a good idea to check their website to see what kinds of loans are available. You can use their calculator to determine how much you can borrow and the interest rate you’ll be charged.

You’ll need to provide your SSS account number and your personal information. You’ll also need to identify your monthly paid contributions and your last 12 months’ average monthly salary credit.

Once you’ve completed these steps, your application will be reviewed and approved. Then, you’ll receive a loan release online or in the mail. This release should arrive 3 to 5 days after you apply.

Then, you can go to an SSS branch with tellering facilities or an SSS-accredited bank and make your payment. If you want to avoid penalties, make sure that you’re able to repay the amount in 24 months or less.

Unlike a personal loan, you can’t renew your SSS salary loan without paying at least 50% of the original principal amount and completing the entire term. If you’re unable to do this, the remaining amount will be deducted from your future benefit claims and a penalty will be applied.

SSS salary loan interest rates vary depending on how long you’ve been a member of the organization. They can be as high as 10 percent per year, but you can also get a one-month salary credit with a low interest rate.

In addition to these interest rates, you will be required to pay a 1% service fee and a minimum amount each month until the loan has been paid in full. If you’re late on your payments, the SSS will deduct a 1% penalty each month until you’ve fully paid your loan.

SSS salary loan fees

One of the benefits of being a member of the SSS is access to salary loan programs that can help you meet your short-term financial needs. This is particularly useful for emergencies like a car repair, medical bill, or sudden home renovations.

But before you apply for a salary loan, you should know how much it costs. There are several fees that you will need to pay when acquiring this type of loan. For example, you will have to pay a service fee of 1% of the loan amount.

Besides this, you will have to pay a penalty if you fail to pay your loan amortization on time. The penalty will be 1% per month for every month you have not settled your loan installments. This will be added to your total loan balance, so you should try to settle it as early as possible.

In the Philippines, you can make payment for your SSS salary loan through the Union Bank online portal. This is a convenient way to make your monthly payments. All you have to do is log in with your SSS PRN, check your loan balance, and click “Pay”.

Another way to pay your salary loan is through the Moneygment app. You will need to download this application on your phone, which will then allow you to pay your SSS loan and other government contributions through a mobile account. However, you will need to pay an app fee of Php 25 to process your payment.

The SSS salary loan is a cash loan that the social security system offers to both employed and currently-paying voluntary members who need assistance with their short-term financial needs. These loans can be used to buy a new home, pay for your child’s education, or cover unexpected expenses.

To apply for this loan, you will need to complete an application form and submit the required documents. You can also request for a PRN (payment reference number) from your local SSS office or e-service center.

Once you have these, you can then pay your loan amortization online using the Moneygment app. You will need the SSS loan Payment Reference Number (PRN) and a bank account number.

SSS salary loan not right for you? Explore our options and apply online through the best lenders with faster approval times.

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TOP 7 SSS Salary Loan in the Philippines April 2024
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