What is the SSS Salary Cash Loan?
A salary cash loan granted to an employed member or a currently-paying self-employed or voluntary member. It is intended to meet the member's short-term credit needs. This loan is provided by the SSS or the Social Security System.
Here are the qualifying conditions on who can avail for the SSS salary cash loan:
- An employed member or a currently-paying self-employed or voluntary member.
- For one-month loan: 36 monthly contributions, six of which should have been posted in the last twelve months prior to the month of application.
- For two-month loan: 72 monthly contributions, six of which should have been posted in the last twelve months prior to the month of application.
- If employed, the member’s employer must be updated in the payment of contributions and loans. The member must also be updated in the payment of other loans with SSS.
It is important to note that if the loan is not fully paid at the end of the term, interest shall continue to be charged, as well as penalties, on the outstanding principal balance until fully paid.
The loan can be renewed after payment of at least fifty percent of the original loan amount and at least fifty percent of the loan term has lapsed.
What is the SSS Calamity Loan?
Offered by the SSS or Social Security System, the SSS Calamity Assistance Program (CLAP) is for calamity-stricken members who are in need of financial aid.
Below are the features and fees of this loan assistance program:
- Loan amount: Up to PHP 20,000 depending on your average monthly salary credit
- Interest rate: 10% but was recently reduced to 6% per annum
- Payment term: 24 months. The SSS, however, extended the SSS calamity loan payment term to 27 months. This means that loan payments will start on the fourth month after the date of loan approval.
- Service fee: 1% to be deducted from the total loan proceeds.
The company has also availed of providing these loans for the employees who wish to use them.
Here are the steps in how to apply for the salary loan and calamity loan in SSS Online:
1. In your browser, type in this link that will take you to the new SSS website and help you access the SSS member’s portal: https://www.sss.gov.ph/..
2. Upon landing on the page, you will be required to tick the box that says I’m not a robot. Follow through the instructions given. This is done for legitimacy of the person using the portal. After following the instructions, click submit.
3. After proving that you are indeed not a robot, log in your SSS account with your user ID and password. You will be prompted again to verify your identity by ticking another pop up message that says I’m not a robot. Follow the instructions given and if completed, click submit.
4. In the portal, click the e-services tab and select apply for salary loan or calamity loan, depending on the loan of your choosing.
5. Select your preferred electronic loan disbursement channel through any of the following:
- PESONet–participating bank
- e-wallet/RTC/CPO
- SSS-issued UBP Quick Card
If you want to get the loan proceeds using either of the first two options, you can enroll your account by clicking the link provided in the website.
On the other hand, if you want to avail of the free UBP Quick Card, you can proceed to one of the SSS offices where applications for this card are processed.
As of currently, disbursement thru check is no longer available.
6. After choosing your preferred disbursement channel, carefully read the Disbursement Account Enrollment Module (DAEM) reminder. This is given to remind the people of the terms and conditions in availing of their loan of choices.
Member-borrowers who opt to receive the loan proceeds through either a PESONet-accredited bank account or an e-wallet will be provided a link to the disbursement account enrollment page. After clicking this link, you will first be given a copy of the list of reminders related to the Disbursement Account Enrollment Module. You can give the document a quick read or download a PDF copy. After reading carefully the reminder, tick the box below that says I certify that I have read and understood the foregoing reminders on account enrollment then click proceed.
7. After reading the DAEM reminders, you will then be directed to the main Disbursement Account Enrollment Module where you can enroll either your bank account or mobile number, depending on your preferred loan disbursement channel.
8. After providing either your bank account details or mobile number, upload a supporting document containing your account name and account number. If you’re enrolling a bank account, you can provide a screenshot of your online banking account dashboard, provided that the name of your bank, your bank account number, and your account name is the same as the one present in your SSS account.
If you’re enrolling an e-wallet account like a GCash account, simply provide a screenshot of your mobile app account showing both your complete name and account number.
Once all the important details are provided, tick the box shown to give permission to SSS in using your personal information. Finally, click the enroll disbursement account button.
9. The next thing to do is to wait for your disbursement account enrollment to be approved. The servicing branch will receive the supporting documents you have submitted and will send you an update on the process within 1 to 2 working days.
10. If your disbursement account enrollment has been approved, you will receive an email and an SMS notification informing you that the submitted proof of account has been processed and approved.
11. Now is the time to fully apply for a salary loan. Once your disbursement account has been approved, maneuver back to your SSS member’s account and click the apply for salary loan button under the e-services menu on the upper corner of the window.
12. Double-check if your mailing address, mobile number, landline, and email address are all updated.
If they are outdated, follow the steps below:
- Go back to clicking the e-services button found on the main menu of the SSS portal to display the list of options. Select the request for member data change (simple correction) button from the list of options.
- Tick the box that says name from the list provided.
- Fill out the appropriate field under the to column corresponding to the specific part of your name you want to be changed. For example, if your last name on your SSS record is misspelled, fill out the to field directly across your misspelled surname under the from column with your correctly-spelled last name (See the photo above for reference).
- Upload the required supporting document/s listed on the prompt. You can upload a scanned copy or a clear image of your birth certificate. Otherwise, you will need to submit two supporting documents that clearly display your full name. A list of accepted documents will be provided. This is used as proof of legitimacy of the change you wanted. The file size must not exceed 2 MB.
- Once the document/s are uploaded, tick the box that says this is to certify that all information and documents presented are true. Finally, click submit after ticking the box.
- Keep a copy of the transaction number that will be displayed on your screen after submitting. You will present this should there be need to follow up on your request.
- Wait for the email from SSS informing you about the status of your request. Take note that you can only file one data change per member request at a time.
13. Disregard the previous steps if the required fields you have provided are all up to date. The next step to be taken is to select the amount of salary loan you need. Take note that the maximum loanable amount will be automatically displayed. In cases that you want to borrow a smaller amount, simply click the drop-down menu and then select the exact amount that meets your current needs.
14. After selecting the amount you want to borrow, choose how you want to claim the loan proceeds. Since you have already enrolled your disbursement account, simply select the exact bank account or e-wallet account you have enrolled using the drop-down menu box provided.
15. After reading a few reminders and understanding them fully, check the box that says I agree to the terms and conditions and then click proceed to move on to the next step.
16. Read fully and print a copy of the loan disclosure statement.
The loan disclosure statement contains a summary of all the essential information about your SSS salary loan including:
- Net loan proceeds (loanable amount less the deductions);
- Balance of your previous loan (if applicable);
- Monthly amortization (principal + interest);
- Schedule of payment/due dates.
17. After reviewing the content of the loan disclosure statement, click proceed and continue on to the next step.
18. Review the certification, agreement, and promissory note provided carefully and then click submit after reviewing.
19. Keep a copy of the transaction number to be used for future reference. A confirmation message will also be sent to your email address showing the same transaction number.
20. Wait for the notification that will inform you about the status of your SSS salary loan application.
21. The finance manager will be the one to approve the loan application within 3 working days. Once this step has been completed, the employee will then be notified either via email or SMS about the status of his/her application.
22. Claim the loan proceeds through your preferred mode of claiming 2 days after the email notification from the SSS saying that the application was approved. The claiming may take up to 1 month depending on the number of people handled by SSS.