SSS Salary Loan How To Apply | A Step-by-Step Guide

SSS Salary Loan

SSS Salary Loan: Sometimes a difficult time comes in a person’s life due to which it becomes necessary to take a loan in life. It often happens that you may lose your job unexpectedly. Home maintenance and repairs need to be done after a rainstorm. Secure hospitalization for a family medical emergency, or start a small business for that much-needed extra income to make ends meet.

Fortunately, getting an SSS payday loan is very easy. Now active members can avail hassle-free and easy SSS online registration process thanks to an online system developed by the Social Security System. And can enjoy fast payday loan processing time. Are you needy? If you are thinking of applying for an SSS salary loan online, this article will tell you everything you need to know. To take SSS Payday Loan, read this entire article carefully. This article will provide all information related to the SSS Salary Loan.

Also Read: Check Out The Tonik Flex Loan | Have A Need Cash ASAP

What Is The Salary SSS Loan?

A payday loan is cash that you can get to meet all your needs. A payday loan that helps eligible employed members of the Social Security System SSS and currently salaried volunteer members meet their short-term financial needs.

What Can Be the Interest Rate of the SSS Salary Loan in 2024?

The interest rate of an SSS payday loan in 2024 is 10% per annum, which is very beneficial for deserving individuals. A salary Loan is one of the lowest interest-rate loans in the Philippines. It is calculated on a decreasing principal balance basis, which means interest will continue to be charged on the outstanding balance until the loan is paid off in full.

Now You Can Apply For SSS Salary Loan | and How Much Can You Get Loan?

Can I apply for a wage loan from SSS? What is the maximum amount can borrow? And what is the SSS first loan amount?

Find the answers to these queries along with the prerequisites for eligibility below.

☑️ Latest News Monthly SSS Contributions and Payments

A member may request a loan up to one month’s income if they have made contributions for at least 36 months in total, six of which must have been posted in the 12 months of the application month.

If you have made contributions for at least 72 months, six of which have been posted in the 12 months before the application month, you are also eligible to apply for a two-month wage loan.

If you work, your employer is responsible for keeping monthly contributions and loan remittances current. You must also fulfill an extra condition if you’re an individually paying member (self-employed, land-based OFW, voluntary member, or non-working spouse): at least six posted monthly contributions under your current coverage or membership type before your month of utilization.[1]

Last but not least, you also require current payments if you have taken out additional loans, such as home loans through the government’s Unified Home Lending Program (UHLP).

☑️ Still Awaiting a Final Perk

As long as you have not yet received any of the following final SSS benefits—retirement, permanent disability, or death benefits—you are eligible to apply for a salary loan.

☑️ Fulfills the Age Criteria

For eligible member-borrowers who are under 65 at the time of application, the wage loan is accessible.

☑️ Not Disqualified for Fraud by the SSS

To qualify for the loan, you must have a spotless record and have yet to be disqualified by the SSS. 

Requirements for SSS Salary Loan Documents

📋 Member-borrowers’ requirements for SSS loans

1. Application for Member Loan
2. An E-6 or digital SSS ID
3. Two legitimate IDs, one of which has a current photo 

📋Salary  SSS Loan Requirements for Members and Borrowers

• Authorized Representative’s Social Security card or any two legitimate forms of identification (at least one with a photo and a signature) Authorized Representative Member Loan Application Form
• A signed Letter of Authority (LOA) bearing the signatures of the member-borrower and their designated representative
• The SS card of the member-borrower or any two legitimate IDs (at least one with a photo and both with a signature) 

📋 SSS Loan Eligibility for the Authorized Representative of the Employer/Company

• Authorized Company Representatives (ACR) card provided by SSS Authorized Loan
• Application Form
• Employer’s Letter of Authority (LOA) and any two (2) legitimate IDs (at least one with a photo and both with a signature)
• E-6 acknowledgment stub, member-borrower’s Social Security card, or in its absence, any two legitimate IDs (at least one with a photo and both with a signature) 

How to Apply Online in 2024 for an SSS Loan

Can I apply for an SSS loan online? This is a question you may have.

You certainly can! Members who are employed can apply online at the SSS website. The employer has to certify the application. Members who are self-employed or volunteer work can apply online or visit an SSS branch close to their home or place of business.

First, register for a My.SSS account.

You can use the My.SSS portal to apply for a salary loan online if you’d rather not go to an SSS branch.[3]

If you haven’t registered for SSS online yet, see our instructions on the process. Discover how to complete the SSS loan application and register for an account, to mention a few.

Step 2: Open a Bank Account to Receive the Disbursement of Your SSS Salary Loan

Watch this YouTube instructional on the Disbursement Account Enrollment Module to discover how to enroll your bank account.

📌Registration Module (DAEM) Verification of Account Ownership for Disbursement Account

According to the SSS, members requesting loans must now upload proof of account ownership to join a disbursement account. This is to guarantee that the SSS member who applied for the loan would get the loan profits and to safeguard the My.SSS account against fraudulent activity.[4]

To enable the delivery of an SSS salary loan through a bank account, you may upload any of the following files:

• An ATM card that displays the issuing bank, the account holder’s name, and the entire account number
• Bank statement or certificate
• Receipt for a foreign remittance
• Passbook photo or scanned copy
• An image of the mobile or Internet banking account
• verified deposit slip 

Note: You do not need to provide proof of account ownership for disbursements made using UMID-ATMs, bank accounts moved from the Sickness and Maternity Benefits Payment Module (SMBPB) to DAEM, or DBP Cash Padala through M Lhuillier.

Step 3: File Your SSS Salary Loan Online Application

You can apply for a salary loan after setting up your disbursement bank account and completing your online SSS registration. How to do it is as follows:

• After logging in, select E-Services > Loans > Apply For Salary Loan from your My.SSS account. Your local mailing address and the loanable amount will appear immediately.
• Decide how much you want to borrow. You have the option to borrow less than what is displayed on the screen.
• Choose the account that will be used to receive the loan proceeds for disbursement.
• Carefully read the terms and conditions. Before clicking Proceed, check the box indicating that you agree to the terms and conditions.
• View the Loan Disclosure Statement online, download it, or print it. Your loan interest and monthly amortization plan are included in this paper. Click Proceed after viewing the statement.
• A notification message including the information of your SSS salary loan application will appear on the screen. A copy of your transaction number should be kept. As an alternative, view the email that was received to the address you registered with or the notification inbox found in your My.SSS account.

OFW members can, in the interim, seek a salary loan at their existing location’s SSS Foreign Representative Offices. OFWs may assign a representative to submit their application and the aforementioned documents on their behalf if they are unable to do so themselves.

FAQs for SSS Salary Loans

1. How can I find out how much of my SSS salary is loanable?

You must first ascertain how many SSS contributions you have deposited to determine the loan amount you are eligible for. All of your contributions are available on the My.SSS site. Simply sign into your account and select “Inquiry.” To view the total amount of contributions you have made, select Contributions.

2. How long will it take to process an SSS wage loan in 2024?

The SSS states that salary loan applications for self-employed, volunteer, and overseas Filipino worker members will be accepted in “60 seconds + 5 clicks.”[5]

3. How can I find out the status of my SSS wage loan application?

Regarding the status of your loan application with the SSS, you will receive a notice message by email or notification inbox on your My.SSS account.

Your wage loan will be authorized, and the SSS will text you to let you know.

4. What Does It Mean It Says “SSS Loan Application Has Been Granted”?

This notification indicates that your wage loan has been approved if you are seeing it. You can access your My.SSS account to see the status of your SSS salary loan. Select Loan Info after selecting Inquiry.

You can view your SSS loan status and additional loan information here. If the loan funds have already been credited to your disbursement account, you will also receive a second SMS message.

5. How do I get the money from the loan?

Salary loan proceeds are only paid out by the SSS to the member’s designated bank account for disbursement.

SSS Salary Loan

6. How can I make my SSS loan payment?

The wage loan must be repaid by the borrower in 24 equal monthly payments. The second month after the loan’s inception marks the start of the monthly amortization. It must be paid before the deadline listed below for SSS wage loan payments, if not earlier. 

Conclusion

Offering a salary loan scheme is one of the ways SSS rewards members who make consistent contributions. Think about funding a small business, paying bills, or meeting your family’s immediate needs with your SSS paycheck loan money. Thankfully, the processing period for an SSS salary loan in 2024 has significantly decreased.

Uncertain if an SSS salary loan is the best option for you? Are you trying to find loans that have a quicker approval process and a simpler application process? Examine these choices for a personal loan and apply Moneymax!