The SSS Salary Loan Online Application is a very convenient service of Social Security System that allows its members to apply for a salary loan online. Through their My.SSS Account, an employed, currently-paying self-employed and voluntary members can have a direct access to SSS services and perform fast online transactions.
So how does this work? As a quick overview of the process, what you are going to do is to visit the SSS website, check if you are eligible to apply for a salary loan then if you are, apply for it. If you get approved, you shall be issued a check with the amount you have specified in your application.
However, there are other important things you need to know first. You may want to know beforehand if you are eligible to apply a salary loan, what are the things to prepare before you apply online and other related information. This guide contains these useful general information you may need to know about SSS salary loan online application.
Table of Contents:
Eligibility to Apply For A Salary Loan
You may apply for a one-month or two-month salary loan depending on several factors.
To be eligible to apply for a 1-month salary loan from SSS, you need to have made at least 36 monthly contributions and the last 6 of those contributions should have been made in the past 12 months. Generally, the one month salary you can loan at SSS is equivalent the average of your latest posted 12 Monthly Salary Credits.
On the other hand, you are eligible to apply for a 2-month salary loan if you have posted at least 72 monthly contributions and the recent 6 of those should have been made in the last 12 months. The maximum loan amount is twice (2x) the average of the past 12 Monthly Salary Credits.
Brief Example: If you are consistently posting ₱1,760 monthly contribution for the past 36 months, this means that your Monthly Salary Credit is equivalent to ₱16,000. This is the maximum amount you may apply for a salary loan. On the other hand, if you are paying that same amount on the past 72 months, your maximum salary loan shall be ₱32,000. In this case, you should be familiar about the SSS Contribution Table.
Interest and Payment
The salary loan is payable within 2 years that is spread into 24 monthly installments. It comes with an interest rate of 10% per year based on principal diminishing balance. Your employer shall deduct from your salary the amount needed to pay for your loan as well as your regular share of SSS monthly contribution.
Requirements
To apply for an SSS salary loan online, these are the things you need to prepare:
- You must have a My.SSS Account.
- You are eligible to apply for a salary loan.
SSS Salary Loan Online Application
1. Register to SSS Online
Proceed to Step 2 if you already have an SSS Online Account.
The first very first thing you have to do is to register to SSS Online or commonly known as My.SSS provided that you are already a member of Social Security System. It serves as your SSS Online Account wherein all your SSS details are linked. You can perform plenty of online transactions through My.SSS that can save you from the hassle of going to the nearest SSS branch.
It is actually pretty easy to create an account. Just visit their website at https://www.sss.gov.ph/. There you’ll find a log-in form wherein below it says “Not yet registered in My.SSS?” with a Click Here button. Click that button to start creating your My.SSS account.
It’s user-friendly which can easily be understood. You just need to fill up the application form, check your email for confirmation and create your password. Actually, there is another separate step by step guide with screenshots regarding this, check out How to Register to SSS Online (My.SSS Account).
2. Log-In to My.SSS Account
Go to the official website of SSS and log-in with your My.SSS Account. If you have created your account several months ago, the system might ask you to reset your password. Just follow the instruction on the website and you are good to proceed.
3. Apply for SSS Salary Loan
So after you have logged in, you are now ready to apply for a salary loan. To do that, go to the E-Services menu and choose Apply for Salary Loan.
In most cases, it displays nothing after you have clicked the Apply for Salary Loan option. It is because Google Chrome browser detects unsafe scripts on this page but it should have no issues if you are using Internet Explorer browser. To address this, on the left side of the URL bar (https://www.sss.gov.ph/…) there is a shield icon with x mark. Click that icon and click the “load unsafe scripts” link for the SSS page to load properly.
Automatically, the system lets you know if you are eligible or not to apply for a salary loan. If you are not, the reasons shall be displayed on your screen like this one:
Loan Application will be rejected due to the following reason(s):
- You have no six contributions for the last 12 months. Last contribution considered is xx-xxxx (month-year).
- Your posted contributions is only 19. Therefore, you lack the required number of contributions of 36 months for you to qualify for the one month salary loan.
However, if you are eligible, you should see the application form which includes your Employer ID, Employer Name, Branch Office and Loanable Amount. Evaluate these information correctly, especially your desired loan amount. Then mark check the “I agree to the Terms and Conditions” and click the Proceed button.
Then another page should load which includes the button that let’s you View Loan Disclosure Statement. You may click that one, read or print it. Then, click the Submit button to send your application to SSS.
Loan Disclosure Statement
4. Wait for Approval of Application
Your salary loan application shall expire if your employer fails to certify it on or before the given date.
After you have submitted your application, your employer or HR shall be notified with their Employer’s My.SSS Account. Your employer needs to certify it before SSS may process your loan.
This may also signify that you need to inform your employer or HR personally about your loan application in SSS just to make sure.
5. Wait for Check
When your employer certified it, the SSS shall now process your Salary Loan Check. You are to wait about 2 weeks before you are going to be notified that your check is available for pick-up at the SSS Office.
How to Check if Salary Loan Application is Approved
To check the status of your SSS Salary loan application, you can log-in again to your My.SSS Account. Then, click the E-Services menu and choose the Inquiry option.
There’s nothing there right? Well, this is a common case if you are using Google Chrome. What you are going to do is to unblock the content, Google Chrome always found this content not secure but works well with Internet Explorer as mentioned above.
Here’s what you need to do. Beside the URL (https://www.sss.gov.ph/….) there you’ll find a shield icon with a x mark. Click that icon then click the “Load unsafe scripts” link. Your employee’s static information should load and displayed right after. Hover your mouse to Loans menu and click on the Loan Status/Loan Info option. Then, the status of your SSS salary loan application should be displayed.
How to Encash the Check
After about 2 or 3 weeks, you may claim your check at the SSS Branch if you are self-employed or voluntary member or at your company HR if you are employed. Usually you do get it on your own at the SSS office. Then proceed to the nearest Land Bank of the Philippines (Landbank) for check encashment. Make sure to bring at least 2 acceptable IDs.
Related SSS Guides:
That was the general guide for SSS salary loan online application. For concerns and inquiries regarding your SSS-transaction, please call SSS at 920-6446 to 55 or send an email to member_relations@sss.gov.ph.
