The SSS salary loan is the most availed program of the Social Security System or SSS. A member can borrow up to twice the average of their 12 latest monthly salary credits. The loan will be payable in 24 monthly installments. It comes with an added interest rate of 10% per annum based on its diminishing principal balance.
Good thing is that SSS has a new convenient way for members to apply for a loan. They can already apply for a loan online, with just a phone and internet connection you can apply anytime anywhere.
Here are the steps on How to Apply for A Loan:
- Log in to your My.SSS portal account (Click here to log in My.SSS)
If you don’t have an account yet, you can create now. You can use this guide: How to create a SSS online account
- Once you already accessed the website, proceed to ‘Apply for Salary Loan’ under the Electronic Services drop-down menu
- Click ‘Proceed’
- Fill up all the information such as loan information and bank preference
- Once you submit the request for Salary Loan. Your employer will be notified and they have 3 working days to verify your request. Make sure to inform your HR about your loan request
- Once your employer certified your loan. SSS will notify you via SMS or Email regarding your loan. You can also check anytime your loan request in My.SSS portal
- Once you receive and used the money, make sure to settle it monthly so that you can apply for a loan again. A PRN generated number can be used to pay your loan. it can be used in any SSS payment channel. If you are employed, your employer can deduct the loan from your monthly salary
If you need money it is a great thing that you can easily apply for a loan now. Take advantage of the convenient way of applying for a loan but make sure to be responsible when paying your debt.