• Government Services
• Quick Guide to Applying for SSS Salary Loan Online

Quick Guide to Applying for SSS Salary Loan Online

The COVID-19 pandemic has certainly affected everyone’s finances. Good thing, applying for an SSS salary loan is a lot easier now. Thanks to a more developed online system, members can enjoy a smoother SSS online registration process and quicker salary loan processing time.

Keep reading if you’re planning on applying for an SSS salary loan soon.

Who Can Apply for SSS Salary Loan?

SSS members who have at least 36 months total contributions and 6 months of contributions in the last twelve months can apply. The salary loan amount is equivalent to one month’s worth of salary.

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.

Not sure how many months of contributions you have to loan from SSS? You can find all your SSS contributions on the My.SSS portal. Just log in to your account and click on Inquiry. Select Contributions to see your total number of contributions.

If you‘re employed, your employer must have up-to-date loan remittances and monthly contributions. You must also have up-to-date payments of other loans acquired. This includes housing loans from the Unified Home Lending Program (UHLP) of the government. Furthermore, you should not have received the SSS final benefits as well, like retirement and death benefits.

Read more: SSS Pension Computation: How Much Will You Receive When You Retire?

SSS Salary Loan Requirements

SSS Loan Requirements for Employees

Curious to know how to get a loan from the SSS online? Employed SSS members need to prepare the following:

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

SSS Loan Requirements for OFWs

OFW-members can apply for a salary loan at SSS Foreign Representative Offices within their current area. If unavailable, OFWs 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 ID/UMID card or two valid photo IDs with signature
• Letter of authority signed by both the OFW-borrower and authorized representative
• OFW’s SSS ID/UMID card or two valid photo IDs with signature

Read more:

• SSS Salary Loan and Housing Loan: A Guide for OFWs
• What SSS Benefits are Exclusive to OFWs?

SSS Salary Loan Online Application

If you don’t want to visit an SSS branch, you can apply for a salary loan online via the My.SSS^[2] portal. Check out this SSS online registration guide if you have not registered yet. It will teach you the steps to register for an account and how to fill out the SSS loan form, just to name a few.

How to Apply for SSS Loan Online

Once you have successfully registered, follow these simple steps.

1. Log in to your My.SSS account and click Electronic Services.
2. Click Apply For Salary Loan. Your loanable amount will be automatically displayed (Note: You can choose to borrow a lower amount).
3. Once approved, you’ll receive the loan proceeds through your UMID-ATM Savings Account/UnionBank of the Philippines (UBP) Quick Card, or through the PESONet-participating bank you enrolled in your My.SSS account. To learn how to enroll your bank account, check out this Disbursement Account Enrollment Module tutorial on YouTube^[3]. If you don’t have any bank account to enroll, just wait for the SSS salary loan check release through your employer.
4. Read the terms and conditions carefully. Tick the box for “I agree to the Terms of Service” before clicking Proceed.
5. You’ll see the loan disclosure statement. Take time to read it by either downloading or printing it out.
6. After viewing the statement, click Submit.
7. After submitting, you’ll see a confirmation message. Copy the transaction number or refer to the email notification sent to your registered email address for future reference.

Note: On December 21, 2020, the SSS issued an advisory regarding its salary loan disbursement. Employers and members should upload proof of ownership of the bank/e-wallet account enrolled in the Disbursement Account Enrollment Module (DAEM) of the SSS website.^[4]

Read more:

• SSS Retirement Benefits: An Easy Guide to Claim Your Pension
• 3 Simple Ways to Check Your SSS Contributions Online
• SSS Online Employer Registration: A Guide for Companies and Employers

How Many Days Does It Take for SSS to Release Salary Loan?

Once your SSS salary loan application is submitted, your employer has three working days to certify your application. You’ll be notified through email about your SSS salary loan application status. There will also be a text message to notify you if your loan has been approved.

What Does “SSS Loan Application Has Been Granted” Mean?

If you see this message, it means that your salary loan has been approved. To check your loan status, you can log in to your My.SSS account. Click “Inquiry” and then “Loan Info.” Here, you’ll see your loan status and other loan details. You’ll also receive another notification via SMS or email if your check is ready to be delivered or credited to your bank account.

Read more:

• 5 Salary Loans to Consider for Financial Emergencies
• SSS Disability Pension in the Philippines Explained

How to Pay for Your SSS Salary Loan

Borrowers need to pay their salary loan in 24 monthly installments. The monthly amortization begins on the second month following the date of the loan. It’s due on or before the SSS salary loan payment deadline detailed below:

Photo from the official SSS website

The interest rate on the loan is 10% per annum based on diminishing principal balance. 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 their 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, or over-the-counter at the nearest SSS branch of any changes to address or employer. The notice should include the SSS number along with the member’s name and signature.

Related Article: 10 Helpful SSS Benefits You Might Not Know Of

Where to Pay for SSS Salary Loan

If you want to know how to pay your SSS salary loan online, it’s just like paying for your SSS contributions. You’ll need the Payment Reference Number (PRN) for your loan so that your payments will be instantly transmitted and validated.

For individual members, you’ll receive your SSS loan PRN by email, SMS, or through your My.SSS account. You can also make a PRN loan inquiry over the counter at SSS branches or through e-Service Centers. Once you receive your PRN, you can pay through the different accredited payment channels listed below.

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 to grow your savings again, fund a small business, or pay your bills. It’s easier to apply for one now, anyway. The SSS loan processing time is a lot shorter, too.

Not sure if an SSS salary loan is right for you? Looking for other loans with an easier application process and faster approval time? Check out these options and apply through Moneymax!

Personal Loan Provider	Features
Citibank Personal Loan	Fast approval time in as fast as 24 hours Loan amount of up to P2 million Flexible payment terms of up to five (5) years
EasyRFC Multi-Purpose Loan	Fast approval time in as fast as 24 hours High loan amount of up to P150,000 Payment term of up to 12 months
SB Finance Personal Loan	Get approved within five banking days High loan amount of up to P2 million Flexible payment terms of up to 36 months
TALA Personal Loan	Fast approval time in as fast as 24 hours Quick cash loan up to P15,000 24/7 application using an Android phone

Sources:

• ^[1] List of accepted valid IDs by SSS
• ^[2] My.SSS Login page
• ^[3] Disbursement Account Enrolment Module
• ^[4] SSS Advisory on Proof of Ownership of Bank/E-Wallet Account (SSS Facebook Page, 2020)

Moneymax

With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.