SSS Salary Loan Requirements and Application Process

There may be times when you need an emergency source of cash, and the money you have in your bank account may not hold the answer to your problems at the moment, so you need something more to take from at the moment when you are in a time of great need.

That is where SSS Salary Loan can come in so that you can get things sorted in your life, household, and/or elsewhere.

The thing about salary loans is that it is tied to how much a member earns every month, thus the name.

This ensures that the individual who makes the loan has the ability to pay it back in due time. Otherwise, when not paid in time, the interest may make things a bit harder.

Taking out a salary loan has a set of qualifications that must be met before application for a salary loan is approved.

You can then receive a check of the money being loaned to you, which you can then deposit into your bank account.

Upon taking out the loan, monthly payments can be deducted directly from your salary, meaning that you should have an easier time with the math involved with budgeting your money for each month.

Otherwise, you may pay through either any SSS branch with tellering service, SSS-accredited bank, or SSS-authorized payment center.

How much can you loan from SSS? 

The amount you can loan depends on your Monthly Salary Credits (MSC).

For instance, borrowing an amount equal to your one-month salary is equal to either your latest average MSC or the amount you apply for, whichever is lower.

A two-month salary loan is twice the average MSC (rounded to the next higher monthly salary credit) or the amount you apply for, whichever is lower.

That means you can only loan up to as much as what your Monthly Salary Credits will allow you for.

SSS Loan Payment

The salary loan shall be payable in 24 monthly installments so you can pay it all off in a span of 2 years. Monthly amortization starts on the second month following the date when the loan was taken out, due on or before

Monthly amortization starts on the second month following the date when the loan was taken out, due on or before the payment deadline.

Take note that the loan is charged an interest rate of 10% per annum based on diminishing principal balance and it will be amortized over 24 months, and it will be charged on the outstanding balance until fully paid.


What to do if you transfer work or employment? 

When a member takes out a loan, then moves to work for a different employer, it is his/her responsibility to submit an updated statement of account on outstanding loan balance with SSS.

This should allow the employer to deduct from the salary the amortization and whatever penalty or interest it entails accordingly.

Meanwhile, the employer shall be responsible for the collection and report to SSS the date of separation and remaining unpaid balance if the employee transfers to a different company.

How to Apply for SSS Salary Loan

To apply for an SSS salary loan, bring your SSS ID or E-6 with any two valid IDs (at least one with recent photo) and a filled Member Loan Application Form to a nearby SSS office.

If you are registered at My.SSS, then you may submit your application online. If done so online, then the application will then go through the employer’s My.SSS account for certification, which means that the employer should have a My.SSS account.

Otherwise, if it can’t be paid by having your salary deducted, then you will have to make the payments yourself.

In any case, by being able to avail of a salary loan whenever you need it, that gives you an additional option just in case something happens.

It is always a good idea to have a backup plan for when things may go awry due to unforeseen circumstances.

Click here for more info about SSS Salary Loan Application.

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  1. Florencio s. Oliveros says

    Good afternoon maam/sir 3 weeks n po yng loan k pero d p po nading s compony namen yng loan ako po maam/sir

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