Home How to apply for SSS Salary Loan Online

How to apply for SSS Salary Loan Online

How to apply for SSS Salary Loan Online

Need immediate extra cash? If you’re an SSS member and a consistent contributor, then you are in luck! You can now process your loan in the safety of your home through the My.SSS portal. Just provide the necessary documents and make sure to meet the requirements, and you will receive your loan funds in no time.

One of the services the Philippine Social Security System (SSS) offers is the SSS salary loan, which has low-interest rates unlike any other. The amount you can loan will also be based on your existing contributions, which means the funds loaned are partly yours.

SSS Salary loan details

Eligibility requirements

SSS members eligible for the salary loan are the following:

  • At least 36 months consistent contribution;
  • Currently employed with the employer for at least a year;
  • Monthly contributions must be up-to-date;
  • Has not been granted the final benefit such as total permanent disability, retirement, or death;
  • Must be under the age of sixty-five (65) at the time of the application;
  • Has not been disqualified due to fraud committed against SSS

Note: The amount of the loan will be based on the SSS member’s total contribution.

A one-month salary loan is equivalent to the average of the borrower’s latest posted 12 Monthly Salary Credits (MSCs), or the amount applied for, whichever is lower. Meanwhile, a two-month salary loan is equivalent to twice the average of the borrower’s latest poster 12 MSCs, rounded to the next higher monthly salary credit, or amount applied for, which is lower. The net amount of the loan shall then be the difference between the approved loan amount and all outstanding balance short-term member loans.

Schedule of Payment

According to SSS, the loan shall be payable within two (2) years in 24 monthly installments. Monthly amortizations will then start on the 2nd month following the date of the loan, which is due on or before the payment deadline. See the image below for example.

Image source: SSS

Payment shall be made at any nearby SSS branch, SSS-accredited bank, or SSS-authorized payment center.

Service Fee

A service fee of one (1) percent of the loan amount shall be charged and deducted from the proceeds of the loan.

Loan Renewal

SSS member-borrower is eligible to renew loan after payment of at least 50 percent of the original principal amount and at least 50 percent of the term has lapsed. Accordingly, proceeds of the renewal loan is any amount greater than or equal to zero, as long as the outstanding balance on the previous loan is deducted.

In case the member-borrower transfers employment, he/she must submit to his/her new employer an updated statement of account of any outstanding loan balance with SSS and allow his employer to deduct from his/her salary the corresponding amortization due, including any interest/or penalty for late remittance. (Source)

Continue reading below to learn the step-by-step process on how to apply for SSS salary loan.

SSS Salary loan online process

Step 1: Got to My.SSS Portal via browser

Go to https://www.sss.gov.ph/ and tick the box under the “I’m not a robot” pop-up. 

Step 2: Select Member’s Log in

Select the ‘Member’ button to access the member’s login page. Once directed, type in your My.SSS User ID and password. Don’t forget to tick the “I’m not a robot” box before hitting the ‘Submit’ button.

In case you forgot your user ID and/or password, simply select the “Forgot User ID or Password?” link under the ‘Submit’ button. Once clicked, you will be directed to a page where you’ll have to enter your user ID (if you forgot only your password) or your email address (if you forgot both your user ID and password). Click ‘Submit’ and check your email for instructions from SSS about the retrieval or reset of your My.SSS account login details.

Step 3: Select E-Services

In the menu bar, hover over the E-Services and click the ‘Disbursement Account Enrollment Module’ for those who haven’t submitted any supporting documents and-or bank details. Read and take note of the reminders before proceeding.

Screencap by WhatALife!

Important Reminders!

A. Bank account details and mobile numbers should be valid, active, and should not be among the following:

  • closed account
  • dormat account
  • account name differs from member name
  • dollar account
  • frozen account
  • incorrect bank account
  • invalid mobile number
  • joint/and-or account
  • not an existing account
  • different disbursing bank
  • prepaid account
  • time deposit accound
  • with restrictions
  • Duplicate accounts/numbers will be rejected

B. Make sure that you triple-check the information you submit and that you have filled out all fields required with the correct information;

C. Disbursement of loan proceeds shall be through PESONet participating banks;

D. In case of errors in encoded/provided details or invalid or closed disbursement accounts, the re-disbursement or re-crediting of your benefit may take at least thirty (30) days of the process;

E. Last but not least, upload proof of disbursement account is required. Only verified/approved accounts shall be used for disbursement of loan/benefit proceeds by the SSS.

Step 4: Provide Bank Details

Provide the bank account details and-or mobile number for the E-wallet where you want to receive your money. Note: Attached documents must not exceed 1MB, so make sure to compress documents and resize images using apps found on mobile app stores or desktop software (.zip)

Screencap by WhatALife!
Screencap by WhatALife!

Step 5: Wait for SSS approval

Wait for a couple of days for the SSS approval of your preferred bank and-or E-wallet. Once approved, you may now proceed with your SSS salary loan application.

Step 6: Select Apply for Salary Loan

Screencap by WhatALife!

On your menu bar, hover over E-Services and select Apply for Salary Loan (or other types of loan of your choice) to get started.

You will see your Loanable amount available, under which select your preferred bank. Scroll down and read the member’s reminders before ticking the “I agree to the Terms and Conditions box”. Click ‘Proceed’. Take note of the monthly payment terms and due date.

Step 7: Review your Application

Review your application before hitting the Submit button. Take note of your transaction number for future inquiries.

After 2-3 days, you will receive your Salary Loan funds via your preferred bank.

For any concerns and inquiries contact the SSS hotline 1455 / Toll-Free No. 1-800-10-2255777 / SSS email at member_relations@sss.gov.ph – WhatALife.ph

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