If you’re in the Philippines and you’re employed or self-employed, it may be important to know how to loan SSS, whether at a branch or online.
In this article, we outline a step-by-step guide on how to apply for salary loan in the Social Security System (SSS), including the application requirements and the interest rate.
How to loan SSS
To loan SSS, you must submit your application at an SSS branch that is nearest to your residence or business. You can also submit it online at My.SSS if you have registered an account (make sure your employer also has an SSS Web Account, because your application will be sent to the employer for certification).
If you’re in a foreign country (overseas Filipino worker – OFW), you can file your SSS loan application at the SSS Foreign Representative Offices. If there is no representative office in the country you’re in, you should send your application and required documents to a relative in the Philippines and authorise them to file it on your behalf at an SSS office. Remember to certify or authenticate your documents at a Philippine embassy or consulate.
SSS loan requirements
To apply for an SSS loan, you must meet the following eligibility requirements:
- Be an employed member or a currently paying self-employed or voluntary member.
- For a one-month loan, you should have made 36 monthly contributions, six of which should have been posted in the last 12 months before the month of application.
- For a two-month loan, you should have made 72 monthly contributions, six of which should have been posted in the last 12 months before the month of application.
- If you’re employed, your employer must be updated in the payment of contributions and loans. You must also be updated in the payment of other loans with SSS.
- You must not have been granted a final benefit, such as total permanent disability, retirement or death.
- You must be below 65 years old at the time of application.
- You must not have been disqualified because of fraud committed against SSS.
Additionally, you also need to fill and sign the SSS Member Loan Application Form and attach your SSS digitised ID or E-6 (acknowledgement stub) and any two valid IDs, one of which must have your recent photo.
If an authorised representative is filing your application, the following documents are required:
- Your filled and signed Member Loan Application.
- Authorised Representative’s SS card or any two valid IDs, both of which must have your signature and at least one must have a photo.
- Letter of Authority (LOA), which both you and your authorised representative must sign.
- Your SS card or any two valid IDs, both of which must have your signature and at least one must have a photo.
In case your employer or company registered representative is filing your application, the following documents are required:
- Your filled and signed Member Loan Application.
- Authorised Company Representative (ACR) card issued by SSS.
- Letter of Authority (LOA) from employer and any two valid IDs, both of which must have your signature and at least one must have a photo.
- Your SS card. If you don’t have one, you can use an Application for SS card (SS Form E-6) acknowledgment stub and any two valid IDs both of which must have your signature and at least one must have a photo.
Remember – you must provide either original or certified true copies of your supporting documents when you submit your application.
How to apply for salary loan in SSS online
You can apply for a salary loan in SSS online by logging into your member account on My.SSS. If you do not have an account yet, you have to register one. The Philippines government has provided a step-by-step guide on My.SSS registration procedure here.
Once you have logged into your account, the next step is to enrol your bank account by uploading proof of account ownership such as your ATM card or bank certificate/statement.
Next, follow the steps below to file your application:
- Click on “E-Services” followed by “Loans” and “Apply For Salary Loan.” The screen will then display how much you can loan and your local mailing address.
- Choose loan amount you wish to apply for.
- Choose the disbursement account where you wish to receive your funds once the loan is approved.
- Read the terms and conditions and tick the box to accept. Next, click “Proceed.”
- The screen will now display your Loan Disclosure Statement, which you can read or download. It contains your monthly amortisation schedule and loan interest. Once you have read or downloaded it, click “Proceed.”
- The screen will now display a message showing your SSS salary loan application details. Write your transaction number somewhere safe. You can also find the transaction number in the email you receive or in the notification inbox of your My.SSS account.
SSS loan interest rate
According to SSS, there is a 10% interest rate per annum on its loans based on diminishing principal balance, amortised over a period of 24 months.