Quick Guide to Applying for an SSS Salary Loan Online

Published: March 25, 2020 | Updated: April 1, 2020 | Posted by: Ricky Publico | Government Services


SSS Salary Loan Guide for Filipinos | Moneymax

The enhanced quarantine currently placed over the entire Luzon area will certainly affect everyone’s finances for a while. Good thing applying for an SSS salary loan got a lot easier than it used to be. Thanks to a more developed online system, SSS members can easily apply for loans from the comfort of their homes.

SSS members can apply for an SSS salary loan equivalent to one month’s worth of salary. You just need to make at least 36 months total contributions and 6 months of contributions in the last twelve months.

You can also apply for a two-month salary loan, but you should have at least 72 months of posted contributions and 6 months of contributions in the last twelve months.

SSS Salary Loan Requirements

SSS Salary Loan Requirements - Form E6

As far as document requirements are needed, employed SSS members need to prepare the following:

  • An SSS digitized ID or E-6
  • 2 valid photo IDs[1]
  • An SSS online membership

SSS Salary Loan for OFWs

OFW members can apply for salary loans at SSS Foreign Representative Offices within their current area. If unavailable, the OFW member can designate a representative to submit their application and documents in the Philippines. Note that original copies of supporting documents must be provided on the application.

  • Authorized representative’s SSS card or two valid photo IDs with signature
  • A Letter of Authority signed by both the OFW borrower and authorized representative
  • OFW’s SSS card or two valid photo IDs with signature

SSS Salary Loan Online Application

SSS Salary Loan Online Application - My.SSS Portal

Because of the Luzon lockdown, you can’t apply for a loan at SSS branches. You can instead apply for an SSS salary loan online via the My.SSS[2] portal. If you haven’t registered to the online SSS system, check out this SSS online registration guide. Once registered, follow these simple steps.

  1. Log on to your My.SSS account and click Electronic Services.
  2. Click “Apply For Salary Loan”. Your loanable amount will be automatically displayed. You can choose to borrow a lower amount.
  3. Once approved, the loan proceeds will be deposited to your UMID-ATM Savings Account/Unionbank of the Philippines (UBP) Quick Card. Currently, only UBP accounts are accredited for electronic loan disbursement. If you don’t have any, a check will be sent to your employer.
  4. Read the terms and conditions carefully and tick the box for “I agree to the Terms of Service” before clicking Proceed.
  5. The loan disclosure statement will then appear. Take time to read it as well by either downloading it or printing it out.
  6. After viewing the statement, click Submit.
  7. After submitting, a confirmation message will be displayed. Copy the transaction number or refer to the email notification sent to your registered email address for future reference.

Note that once your SSS salary loan application is submitted, your employer is given three (3) working days to certify your application. You will be notified through email about your SSS salary loan application’s status. You will also receive a text message after your loan has been approved. Otherwise, it will expire and you will need to repeat the process.

Read more: 5 Salary Loans to Consider for Financial Emergencies

How to Pay for Your SSS Salary Loan

Salary loans are  payable within 24 monthly installments. The monthly amortization begins on the second month following the date of the loan, due on or before the SSS salary loan payment deadline detailed below:

SSS Salary Loan - Loan Payments

Photo from the SSS official website

Interest rates on the loan are 10% per annum based on diminishing principal balance, and this will continue to be charged on the outstanding balance until fully paid.

In cases where the loan defaults, the unpaid amount will be deducted from benefits claimed by the member.

  • Self-employed and voluntary members will have the amount deducted from short-term benefits (Sickness/Maternity/Partial Disability)
  • In the case of death, total disability, or retirement under the Social Security Act, the amount, interest, and penalties will be deducted from the corresponding benefits.

Members with outstanding loans must also inform the agency via mail/email/over-the-counter at the nearest SSS branch of any changes to address or employer. The notice should include the SS number along with the member’s name and signature.

Final Thoughts

Providing a salary loan program is one of the ways SSS gives back to members who contribute regularly. In today’s COVID-19 reality, consider using your SSS salary loan to provide for your family’s immediate needs. You can also use it once the enhanced quarantine is over. Start growing your savings again, fund a small business, or pay the bills you left unattended.

And in addition to applying for financial aid, you should also prioritize proper hygiene. Remember to wash your hands for at least 20 seconds to remove all traces of viruses. Practice social distancing, improve your immune system, eat healthy food items, and drink water religiously. For more COVID-19 tips, check out these articles below.

Read more COVID-19 Tips

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