You will need to go to the SSS office and fill out some forms in order to apply for a salary loan. The good news is that now you can apply online for an SSS salary loan. This means that you don't have to submit your loan application in person at the SSS branch that is closest to you. After submitting your loan application online, all you have to do is wait for it to be approved.
It is certainly preferable to apply for an SSS salary loan rather than taking a chance with loan sharks or any of the numerous online lending companies that have recently emerged. You don't have to put up any collateral because of the favorable payment terms and low interest rates. Your unpaid loan will be deducted from your social security benefits if you default on your loan payments or default on other debts. ,'_com-medrectangle-3','ezslot_5',191,,_('div-gpt-ad-_com-medrectangle-3-0');
Look no further if you want to learn how to apply online for an SSS salary loan. This comprehensive, step-by-step guide to SSS salary loan applications was created by me to assist you in applying for an SSS loan via smartphone or computer. There is no need to personally speak with loan officers at the SSS branch.
Table of ContentsSSS Salary Loan Qualifications and RequirementsSSS Online Loan Application Step One: Log in to My Account. Step 2 of SSS Account: Step 3 of Enrolling Your Bank Account: Step 4: Update Your Local Mailing Address Step 5: Complete the Application Form Step 6: Read the Disclosure Statement Step 7: Submit Your Application Step 8: Wait for Approval Final Thoughts SSS Salary Loan Requirements and Eligibility First things first, you need to know if you are eligible for an SSS salary loan. Check the Status of Your Loan. Schedule of Payments. Interest, Fees, and Penalties. Non-Payment of Loan. To be eligible for the SSS salary loan, you must meet all of the following requirements:
You must be employed, self-employed, or a voluntary member at the moment. To be eligible for a one-month loan, you must have made at least 36 monthly contributions, or 72 for a two-month loan. Prior to the application being submitted, six (6) of these contributions must have been made. The contribution payment information for your employer, if any, must be updated. At the time of application, you can't be older than 65. You cannot have received final benefits like retirement, death, or total and permanent disability. You must not have been disqualified as a result of SSS fraud.
You should bring two valid forms of identification to the SSS office when applying for a personal loan. However, you won't need to show an ID because you'll be applying for the SSS loan online. A list of valid IDs that SSS accepts can be found on this page: 300,250],'_com-medrectangle-4','ezslot_6',192,,_('div-gpt-ad-_com-medrectangle-4-0');
SSS Online Loan Application Procedure Previously, applying for a salary loan required visiting an SSS branch. You can now apply for an SSS salary loan from your computer or mobile device without providing SSS with any documents or identification.
Make sure you have a My account before filling out an online application for an SSS salary loan. SSS account, and you have contributed at least 36 times per month. unless you have a My. If you do not yet have a SSS account, you can sign up by clicking this link. My registration is restricted to current SSS members. SSS. Read this article to find out how to join the SSS if you are not already one.
Step 1: Log in to My Account. SSS Account Access your My account. account for SSS on the SSS website.
As can be seen in the image below, select ""Apply for Salary Loan"" from the E-Services menu. '_com-box-4','ezslot_7',193,,_('div-gpt-ad-_com-box-4-0');
Step 2: Enroll Your Bank Account If you see the message below, you must enroll your Unionbank savings account in order to receive loan payments electronically. Your SSS salary loan will be paid out by check if you do not have a Unionbank account.
Using the provided link, you may also need to update your local mailing address.
If this message does not appear in your My account. Proceed to Step 4 with your SSS account.
Select UNION BANK OF THE PHILIPPINES from the drop-down list to enroll in the bank. Double-enter your Unionbank account number: 300,250], ""_com-banner-1,"");
Click ""Enroll Savings Account"" after checking the box next to ""I agree that the information..."" When a pop-up message appears, select ""OK.""
Step 3: Change Your Local Mailing Address You may need to use the new SSS member portal to change your local mailing address. I have attempted to update my mailing address on My. SSS website, but I keep getting errors from it. On the SSS mobile app, the same thing took place.
Use the same user name and password as for your previous My account to access the SSS member portal. Account SSS.
At the bottom of the page, click ""My Information,"" followed by ""Update Information.""
Put in your street, barangay, city or municipality, province, and region, as well as your complete mailing address. Click ""Next"" when you're done.
Examine the information you've provided. Select ""Update.""
Step 4: Complete the Application Form Now, return to My. Go to E-Services > Apply for Salary Loan from your SSS account.
From the drop-down menu, select the loan amount.
Choose the bank from your list of enrolled banks (Union Bank of the Philippines in this instance). The number for the bank account will be filled in automatically.
Select ""I agree to the Terms and Conditions"" from the drop-down menu. The terms and conditions will be displayed in a new window that opens. Carefully read it. ,,'ezslot_16',196,,_;
To proceed to the subsequent step, select ""Proceed.""
Step 5: Take a look at the Disclosure Statement Take a look at the Disclosure Statement that is generated by the system. It contains financial information about your SSS salary loan, such as the amortization, interest rates, payment schedule, and other charges and deductions. It is available for download or printing for your records and reference.
Click ""Proceed"" if you accept the loan's terms.
Step 6: The final step before submitting your application is to submit it. If you believe that your application contains errors, read the certification, agreement, and promissory note on the page and click the ""Cancel"" button.
If not, submit your SSS salary loan application by clicking ""Submit."" '','ezslot_18',197,,_('div-gpt-ad--0');
Step 7: Congratulations while you wait for approval. Your application for a SSS salary loan has been approved. In the event that you require it, store or record your transaction number. The SSS will also send you an email with the transaction number as confirmation.
Step 8: Check the Status of Your Loan By going to E-SERVICES, clicking Inquiry, and then Loans > Loan Status/Loan Info, you can find out how your SSS loan is doing.
The approval of your SSS loan application will take between two and three weeks. Make sure to check the status of your loan in My. SSS account occasionally. My loan was approved in just two days in my case.
Verify that you have received the funds by checking your bank account. If you would prefer to receive the money by check, the check will take a few days to reach your mailing address. '_com-large-mobile-banner-2','ezslot_19',198,,_('-2-0');
You will be able to generate a statement of account and view information about your loan once your loan has been approved. A statement of account with your past and current dues, outstanding principal balance, and total payments can be generated by entering the date of computation.
Schedule of Payments The SSS salary loan is repaid in 24 equal installments over the course of two years. The Disclosure Statement provides a comprehensive breakdown of your payables.
The loan's amortization begins in the second month following the approval date. If your loan was approved on February 14, 2020, for instance, your amortization will begin in March 2020.
The last day of the month following the applicable month will serve as the payment due date or deadline. You can pay on the next business day if the deadline is on a Saturday, Sunday, or holiday. For instance, the payment due date for February 2020 is March 31, 2020. [250,250], ""_com-leader-4,"" ""ezslot_22,"" and ""705"";
Any SSS office, SSS-accredited bank, authorized payment center, or online payment service like GCash can be used to pay your amortizations. When making payments, members and borrowers are required to use their payment reference numbers (PRN). 580,400],'_com-leader-2','ezslot_20',199,,_('div-gpt-ad-_com-leader-2-0');
Penalties, Fees, and Interest SSS charges 10% interest per year (based on the decreasing principal balance) until you pay off your loan in full. A service fee of one percent will also be deducted from the loan amount.
You will be assessed a 1% monthly penalty until you pay your debts in full if you pay by the due date. You can pay off your loan in advance because any extra payments will be added to the remaining principal balance.
Nonpayment of Loan As a member-borrower, you are responsible for timely payment of your dues. However, life sometimes gets in the way, and you might not be able to pay back your loan. However, SSS has contingency plans in place in the event of loan default.
If you don't pay your loan's amortizations for more than six months, you're in default. Your defaulted loan's entire balance will be due in that case. The unpaid loan will be deducted from short-term benefits like sickness, maternity, or disability benefits for self-employed and voluntary members.
300,250],'_com-leader-3','ezslot_21',600,,_('div-gpt-ad-_com-leader-3-0'); The member-borrower's unpaid loan, including interest and penalties, will be deducted from the corresponding benefit (death, disability, or retirement).
Final Thoughts Applying for a loan from the SSS through the SSS website doesn't have to be a nerve-wracking experience. The loan can then be used to pay off debts or even start a new company. Even though it's not much, it sure helps in trying times. To avoid penalties and the possibility of defaulting on your loan, make sure to repay it on time.
Visit the SSS website to learn more about the salary loan. Alternately, you can call the SSS toll-free hotline at 1-800-10-2255777.
Tags: Social Security Administration [300,250], ""_com-mobile-leaderboard-1,"" ""ezslot_23,"" and ""722,"" respectively;""" - https://www.affordablecebu.com/
