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Most of us were shocked by the Enhanced Community Quarantine implemented by the government because of COVID-19. While I love how this will help us contain the virus, most Filipinos were not prepared financially. If you don’t have emergency funds, it’s kind of hard to endure a situation like this. Most Filipinos are on a “No Work, No Pay” status right now, and let’s be honest; the relief goods supplied by the government is just not enough to last a month-long quarantine.
Thanks to the Social Security System, we can easily take advantage of the salary loan and all those year’s monthly contributions will be beneficial.
I took advantage of my SSS Salary Loan for the first time since I started working 7 years ago. I never really thought of it before and I don’t really need it so why take a loan.
Now that I have a family already, I thought it can be useful to have a buffer so I can stop spending paycheck to paycheck.
It took 7 days before the SSS Salary Loan was credited to my Unionbank Account as I did not go with the “Cheque” method.
I will share with you how I applied for it very easily and give you a bit of a background if you wanted to avail.
What is an SSS salary loan?
This is a cash loan that is available to SSS members whether you’re employed, self-employed or a voluntary member. You have full discretion on how you will use your SSS Salary Loan. In our current quarantine situation, you may find it very helpful to take advantage of the SSS Salary Loan.
Who are qualified for the SSS Salary loan?
When I started working, I wasn’t qualified for the salary loan right away. Your eligibility would vary on how long you’ve been paying your monthly contribution, and the amount that you’re paying.
You also have an option to take advantage of a one-month salary loan, or two-month salary loan.
For a one-month salary loan, you need to have a total of 36 posted monthly contributions, 6 of which are posted in the last 12 months.
On the other hand, with the two-month salary loan, you need to have a total of 72 posted monthly contributions, 6 of which are posted in the last 12 months.
How much can I loan with SSS Salary Loan?
It really depends on your contribution. A one-month salary loan is equivalent to an average of 12 months salary credits (MSC) posted. While a two-month salary loan is twice the average MSC but not exceeding PHP 24,000
How do I apply for SSS Salary Loan?
Now, salary loans are being applied online. I never went through the hassle of going to an SSS office. Waiting in the queue is one of my pet peeves so I am so thankful for this easy application.
Okay, so here’s how you do it.
- Log on to https://www.sss.gov.ph/ (If you don’t have an online account yet, register first). In the same login page, you will see a text that says “Not yet registered in My.SSS? CLICK HERE”
- Once you’re logged in, go to E-Services which is located in your dashboard.
- In the dropdown, click on “Apply for Salary Loan”
- Fill in the loan application form
You can have the cheque sent to your employer or to your home address if you are self-employed or voluntary. You can also have the proceeds be sent to a Unionbank Account if you have one, or avail of their Unionbank Quick Card.
How to Pay for Your SSS Salary loan?
You can make your payment for your SSS loan through any SSS branch with tellering facility, SSS-accredited bank or SSS-authorized payment center.
If you are employed, your employer takes care of the payment every month and it will be deducted on your pay. But if you’re paying it yourself, there are several payment options according to the SSS Facebook Page.
For Employers (Regular and Household)
- Internet Banking
- Non-Bank Partners
- For Voluntary/Individual Payers/Self-Employed
Tee and I use Moneygment to make our payments. It is more convenient for us because we don’t have to go outside (because I hate going out to run errands) just to make our payments.
Here is also a chart for the payment deadlines:
You can check more details about the SSS Salary Loan through this link.
I applied for my SSS Salary Loan last week, March 24th, got approved on the 25th and I got the funds in my Unionbank Account on March 31st. So I calculated the waiting time and it was 6 business days.
Nevertheless, It’s not bad. It usually takes longer if through cheque because it is outside SSS’s control once the cheque is with the courier which is Philpost. They say an estimated time frame for a cheque delivery is two weeks but sometimes it takes more.
So there you go, a run-through of the SSS Salary Loan, and you might want to take advantage of it. A great help in times of need.