How to Apply for an SSS Salary Loan: Everything You Must Know

Rouselle Isla

Rouselle Isla

Last updated October 19, 2022

Sometimes life makes it necessary to get a loan—you might lose your job unexpectedly, need to work on home repairs after a typhoon, or secure hospitalization for medical emergencies in the family. Or you might want to set up a small business for additional income.

Fortunately, it's easy to get an SSS salary loan. Thanks to a developed online system, active members can enjoy a hassle-free and convenient SSS online registration process and a quicker salary loan processing time.

If you’re planning to apply for an SSS salary loan, this article will tell you everything you need to know.

What is SSS Salary Loan?

The salary loan is a cash loan that the Social Security System (SSS) provides to qualified employed members and currently-paying voluntary members to help them meet their short-term financial needs.

How Much is the SSS Salary Loan Interest Rate?

The SSS salary loan interest rate as of 2022 is 10% per annum, making it one of the loans with the lowest rates in the Philippines. It's computed based on diminishing principal balance, which means the interest will continue to be charged on the outstanding balance until the latter is fully paid.

Who Can Apply and How Much Can You Borrow?

sss salary loan - who can apply

Members who have at least 36 months of total contributions and six months of contributions in the last 12 months can apply for a loan in SSS. The salary loan amount is equivalent to one month’s worth of salary.

You can also apply for a two-month salary loan if you have at least 72 months of posted contributions and six months of contributions in the last 12 months.

Not sure how many months of contributions you have? 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 maintain up-to-date loan remittances and monthly contributions. You must also have up-to-date payments on other loans you've acquired. This includes housing loans from the government's Unified Home Lending Program (UHLP).

Furthermore, you should be under 65 years of age and not have received the SSS final benefits as well, like total permanent disability, 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 Member-Borrowers 

  • Member Loan Application Form
  • An SSS digitized ID or E-6
  • Two valid IDs,[1] one with a recent photo

SSS Loan Requirements for Member-Borrower's Authorized Representative

  • Member Loan Application Form
  • Authorized Representative's SS card or any two valid IDs (both with signature and at least one with photo)
  • Letter of Authority (LOA) signed by both the member-borrower and member-borrower's authorized representative
  • Member-borrower's SS card or any two valid IDs (both with signature and at least one with photo)

SSS Loan Requirements for Employer/Company's Authorized Representative

  • Member Loan Application Form
  • Authorized Company Representative (ACR) card issued by SSS
  • Letter of Authority (LOA) from employer and any two (2) valid IDs (both with signature and at least one with photo)
  • Member-borrower's SS card or in its absence, E-6 acknowledgment stub and any two valid IDs (both with signature and at least one with photo)

SSS Salary 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 in the Philippines to submit their application and the required documents above.

Apply for a personal loan through Moneymax

SSS Salary Loan Application Guide: How to Get a Loan in SSS

Employed members should apply online via the SSS website. Your application must be certified by your employer.

Self-employed and voluntary members can either apply online or head to an SSS branch near their place of residence or business.

How to Apply for an SSS Loan Online in 3 Easy Steps

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 portal.[2] Check out this SSS online registration guide if you haven’t 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.

Once you've successfully registered, follow these simple steps.

  1. Log in to your My.SSS account and click E-Services.
  2. Click on "Apply For Salary Loan." Your loanable amount will be automatically displayed. You can also choose to borrow a lower amount.
  3. Once approved, you’ll receive the loan proceeds through PESONet banks, E-Wallet, Remittance Transfer Companies (RTC), or Cash Payout Outlets (CPO) accredited by the SSS for the Disbursement Account Enrollment Module or DAEM, depending on which method you selected. 

To learn how to enroll your bank account, check out this Disbursement Account Enrollment Module tutorial on YouTube.

  1. Make sure to read the terms and conditions carefully. Tick the box for I agree to the Terms of Service before clicking Proceed.
  2. You’ll see the loan disclosure statement. Take time to read it by either downloading or printing it out.
  3. After viewing the statement, click on "Submit."
  4. 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.

Proof of Account Ownership for Disbursement Account Enrollment Module (DAEM) 

The SSS now requires members applying for a loan to upload proof of account ownership when enrolling a disbursement account. This is to protect the My.SSS account from unauthorized transactions and to ensure that the loan proceeds will go to the SSS member who applied for the loan.

For SSS salary loan disbursements through bank accounts, you can upload any of the following: 

  • ATM card that shows the full account number, account holder’s name, and the issuing bank 
  • Bank certificate/statement issued after 2019
  • Foreign remittance receipt
  • Passbook
  • Screenshot of the online/mobile banking account
  • Validated deposit slip

For disbursements through e-wallets: Screenshot of the mobile app account

Note: For disbursements through UMID-ATMs, bank accounts transferred from Sickness and Maternity Benefits Payment Module (SMBPB) to DAEM, and DBP Cash Padala thru M Lhuillier, you don’t need to submit proof of account ownership. 

Read more:

What is the SSS Salary Loan Processing Time in 2022?

sss salary loan - sss salary loan processing time in 2022

According to the SSS, self-employed, voluntary, and overseas Filipino worker members' salary loan applications will be approved within "60 seconds + 5 clicks."[3]

For employees, however, the employer must first certify the loan application.

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 SSS salary loan status, you can log in to your My.SSS account. Click on "Inquiry" and then "Loan Info."

Here, you’ll see your SSS loan status and other loan details. You’ll also receive another notification via SMS if the loan proceeds have already been credited to your disbursement account.

Read more: SSS Disability Pension in the Philippines Explained

How to Pay for SSS Salary Loan

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

Loan Payment Deadlines for Regular and Household Employers

If the 10th digit of the 13-digit ER/HR number ends in Payment Deadline (following the applicable month)
1 or 2 10th day of the month

3 or 4

15th day of the month

5 or 6

20th day of the month

7 or 8

25th day of the month

9 or 0 Last day of the month

Loan Payment Deadlines for Self-Employed and Voluntary Members (Except OFW Members)

If the 10th (last) digit of the the SS number ends in Payment Deadline (following the applicable month or quarter for SE/VM only), as the case may be
1 or 2 10th day of the month

3 or 4

15th day of the month

5 or 6

20th day of the month

7 or 8

25th day of the month

9 or 0 Last day of the month

In cases where the loan defaults, the unpaid amount will be deducted from the 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 Online

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.

Your SSS loan payments using PRN will be accepted at the following: 

  • SSS branches with Automated Tellering Systems
  • RTPL-compliant SSS Collecting Partners (banks and non-banks)
  • Local banks (for employers through Bancnet’s e-Gov facility)
    • Asia United Bank
    • Bank of Commerce
    • China Bank Corporation 
    • CTBC Bank 
    • EastWest Bank
    • Metrobank 
    • MUFG Bank
    • PBCOM
    • PNB
    • Philippine Trust Company
    • Philippine Veterans Bank
    • Robinsons Bank 
    • Standard Chartered Bank
    • United Coconut Planters Bank 
  • You can also make short-term loan payments at the following: 
    • Security Bank
    • UnionBank
    • RCBC
    • Bayad Center
    • CashPinas
    • SM Mart Inc.

Final Thoughts

Providing a salary loan program is one of the ways SSS gives back to members who contribute regularly. Consider using your SSS salary loan to provide for your family’s immediate needs.

You can also use this low-interest loan to grow your savings again, fund a small business, or pay your bills. It’s easier to apply for one now, anyway. The SSS salary loan processing time in 2022 is a lot shorter, too.

Not sure if a salary loan in SSS 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!

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Rouselle has over eight years of writing experience in the personal finance niche. She has written feature stories, articles, and how-to guides on various personal finance and trending lifestyle topics. And when not writing or editing articles, Rouselle likes binge-watching Netflix shows and fixing herself a nice, tall glass of iced coffee. Follow Rouselle on Linkedin.