If you are self-employed or employed Philippine citizen, and you are a member of the social security system; therefore, you are eligible to apply for an SSS loan. The Social Security System provides plenty of benefits to its members, including various types of loans.
These benefits are available for all members, including 1.3 Filipinos working overseas. Now, you must be wondering why do you need a SSS loan. Well, maybe you have some cash emergency, or you need to cover some medical expenses, or even pay your bill.
For that reason, we are going to guide you through this process and help you apply for an SSS loan.
Check your eligibility
If you are currently employed and contributing to social security, then you are probably eligible to receive this type of loan. However, you must be under 65 at the time of application.
People who want to apply for a one-month salary loan, then they must have at least 36 monthly contributions to social security, while six must be made in the last 12 months. On the other hand, for a loan equivalent to two month’s salary, you must make 72 monthly contributions, six of them in the last 12 months.
Make an account
Go to the SSS registration page and select the option, to begin with, this process. You should fill out an online form to finalize registration. Next comes the salary loan application. For that, you need an account because you will use it to apply for an SSS loan.
In the application form, you will have to enter your personal, as well as employment information. On top of that, you must state the amount of loan you are applying for, but also how you want to receive it.
For people who are employed in companies, your employer will have to fill out one section as well.Submitting your application is the final step in this process. If you are employed, make sure your employee has the account to verify your employment.
Alternatively, go to an SSS branch
Research the nearest branch at the SSS page to find the most convenient locations. Keep in mind that SSS loans are also available for people working overseas. However, make sure to contact the nearest Philippine embassy for additional information.
On the other hand, if you are an OFW member, and you can’t locate an SSS branch in the country where you work and live, then you can authorize a family member in the Philippines to submit an application instead of you.
Receiving the loan
If you meet all the terms and conditions of the SSS loan, then you will be approved immediately. People who live in the Philippines will have funds directly deposited into their bank account. Others can choose either to get a check or credit card via mail.
In most cases, the loan is payable in 24 monthly installments, therefore, make sure to follow specific terms of the loan. Keep in mind that your due date depends on whether you are self-employed or employed.