SSS Loan: A Quick Guide On What You Need To Know And How To Apply

SSS Loan: A Quick Guide On What You Need To Know And How To Apply

Are you strapped for cash? Tide things over by applying for a SSS loan equivalent to 1 to 2 months of your salary. See the steps and list of requirements below.

One of the benefits that the Philippine Social Security System offers its members is the Salary Loan. This SSS loan is a privilege that the agency gives to its active members who require assistance with short-term financial needs.

What Are the Benefits of a SSS Salary Loan?

sss loan

SSS members who need help with their short-term finances can opt to avail a Salary Loan.

Under this type of SSS loan, members are entitled to borrow an amount equivalent to their 1- or 2-month salary. The actual loan value shall be computed based on the average monthly salary of the member over the last 12 months of employment. This amount is subject to a 10% interest rate.

A service charge for SSS loan processing amounting to 1% of the total amount will also be collected. The borrowing member shall then begin making payments on the second month following loan approval, with the total amount amortized over a period of 24 months.

Payments for this SSS loan may be made directly to the SSS or to any of its accredited banks. If the member is presently employed, payment remittances shall be made through the employer.

SSS Loan

Payment deadline for loans | Image: SSS

Who May Avail of the Salary Loan?

In order to avail of the Salary Loan, there are certain requirements listed by the SSS. Briefly, these are the requirements for a member to qualify for this type of SSS loan.

  • The SSS member bust be presently employed, self-employed or a voluntary member who is updated in his or her contributions, with the corresponding total number of payments varying based on the duration of the loan.
    • For a 1-month SSS loan – Minimum of 36 monthly contributions, with at least 6 contributions made within the last 12 months prior to the loan application
    • For a 2-month SSS loan – Minimum of 72 monthly contributions, with at least 6 contributions made within the last 12 months prior to the loan application
  • In the case of borrowers who are employed, their employers must also be updated in their contribution payments.
  • Members must be 64 years old and below in order to qualify for this SSS loan.
  • The borrowing member should not have collected any permanent disability, retirement or death benefits from the SSS.
  • The member should not have a record of disqualification due to fraud committed against the agency.
sss loan

Do you qualify for a SSS loan? Read this to find out.

How to Apply for a SSS Loan

In order to avail of a salary loan from SSS, members must completely fill out a Member Loan Application form. They can submit this form to the SSS branch closest to their place of work or residence.

This can also be done online, provided that the member is registered for a My.SSS account. For online applications, members should also make sure that their employers are enrolled for an SSS web account, so that employers can issue the necessary certification via the web portal.

Together with the form, members must present their SSS IDs or E-6 Forms. Finally, members must also be able to present at least two valid IDs. Both identification cards must contain a specimen signature, and at least one of the two should have a photo. For a list of accepted IDs, you may visit the SSS website here.

SSS loan processing takes around 2-3 weeks from the date of application provided that all information and attachments are complete. Self-employed or voluntary members will be advised when they can pick up their checks from the SSS branch. Employed members’ checks will be given through their employers.

There also are several other SSS loan types available, and you can learn more about these on their website.



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