SSS Salary Loan | Online Application Requirements and Procedures

The Philippine Social Security System (SSS) is continuously accepting applications for the SSS Salary Loan. Here are the procedures on how to apply online.

Why apply to SSS Salary Loan?

In the Philippine setting, one of the indications of becoming an adult is to be a registered contributor to the Social Security System (SSS), the country’s social insurance program trusted by most of the companies, business people, and workers.

SSS membership entitles an individual to the program’s various benefits tailor-fit to suit the needs of its members, from their first job up to their retirement. SSS allows its contributors to apply to several types of cash loans, short term or long term, as immediate as an emergency loan up to as huge as a housing loan. 

When an active paying SSS member needs an immediate financial fund which he/she shall pay for a short period, SSS Salary Loan saves the day. SSS Salary Loan is designed specifically to meet the short-term financial needs of the member borrower. From a minimum of one month to a maximum of the two-month loan plus a very convenient process, Salary Loan is the members’ best go-to cash loan.

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What are the eligibility requirements?

As mentioned, all active paying members of the SSS may avail of the salary loan. More specifically, the member must:

• Be a Currently employed or self-employed/voluntary contributors/overseas contract worker;
• For a one-month loan:
  • Have settled a minimum of thirty-six (36) posted monthly contributions;
  • With six (6) months contribution within the last twelve months before the loan application;
• For a two-month loan:
  • have settled a minimum of seventy-two (72) posted monthly contributions;
  • With six (6) months contribution within the last twelve (12) months before loan application;
• Have an updated payment contribution;
• Has not been granted final benefit (i.e., total permanent disability, retirement, and death);
• Be below 65 years old; and
• Has not committed fraud against the SSS.

What are the application requirements?

The SSS Salary Loan may be applied by the member-borrower, his/her authorized representative, or his/her employer or company representative. The following are the documents needed upon application:

1. Loan Application Form;
2. SSS digitized ID or E-6;
3. Two (2) valid IDs;
4. If the member borrower’s authorized representative files the loan:
   1. Authorization letter;
   2. Representative’s SS card or two (2) valid IDs;
5. If filed by employer/company’s authorized representative:
   1. Representative’s SSS-issued card; and
   2. Letter of Authority and any two (2) valid IDs.

How to apply for SSS Salary Loan?

There are two ways to apply for the Salary Loan. One is to go directly to the nearest SSS office along with necessary application requirements, fill out the loan application form, and submit. The other is to do the online loan application available at the sss web portal or SSS Mobile Application. Today, due to the pandemic, most of the members prefer the latter. Below is the step-by-step procedures for the online Salary Loan application.

1. Go to sss.gov.ph and click MEMBER or open the SSS Mobile App.
2. Enter your User ID & Password.
3. Under E-Services:
   • Click Disbursement Account Enrollment Module and type in your bank account where the loan will be disbursed.
   • Select Apply for Salary Loan.
4. The previous step will flash a prompt stating whether the member is eligible for Salary Loan or not.
5. For Employed Members, supply the needed information:
   • If the member has no UMID but has multiple UBP account and with multiple Employer, enter:
     1. preferred loan amount;
     2. preferred disbursing bank account; and
     3. a certifying employer with its branch office, if any;
   • If the member has no UMID and no UBP account: Enter the select loan amount, and certifying the employer with its branch office, if any.

For voluntary, self-employed, or overseas members: Select the preferred loan amount and choose the preferred bank account to which the loan will be disbursed.

1. Click “I agree to the Terms and Conditions” then click Proceed.
2. Click Submit at the end of the Disclosure Statement.
3. A confirmation page will be displayed. Click Proceed to confirm.
4. The Transaction Number will appear on the screen.
5. Salary Loan confirmation will be sent to the member’s registered email address.
6. For employed members, a notification will be sent to the employer’s registered email address

Either of the two applications takes two weeks to one month to process for approval provided that all submitted documents are complete.

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What are the loan features of SSS?

Loan Amount

• For a one-month loan, the amount is equivalent to the average of the borrower’s latest Monthly Salary Credits (MSCs) or around Php 15,000 pesos which is the allowable loan amount for first-time applicants for Salary Loan.
• For a two-month loan, it is twice the borrower’s MSCs or around Php30,000, which is the amount allowed for salary loan renewals.
• A 1% service fee of the loan amount shall be charged and deducted.

Repayment Term

• A salary loan is payable within two (2) years in a 24-month installment. The monthly amortization schedule is stated here.
• SSS accepts payments through:
  • Direct payment at any SSS branch with tellering facility;
  • SSS-accredited bank; or
  • SSS-authorized payment center.

Interest and Penalty

• A 10% per annum interest rate shall be charged with the salary loan payable for 24 months, and shall continue to be charged on the outstanding principal balance until fully paid.
• A 1% charge per month shall be enforced for late amortization.

Loan Renewal

• Once the borrower has settled 50% of the principal amount of the loan within a 50% lapse of the term, he/she becomes eligible for a loan renewal.
• The outstanding balance from the previous loan shall be deducted from the original principal amount of loan renewal.

For more information about the Salary Loan, contact:

• SSS Hotline: 1455
• SSS Trunkline No. (632) 8920-6401
• SSS Call Center: (632) 8920-6446 to 55
• Toll-Free No.: 1-800-10-2255777 
• SSS Email: [email protected]  
• SSS Facebook: https://www.facebook.com/SSSPh

Source: sss.gov.ph