What People Think About SSS Salary Loans

When most people think of loans, they usually think of the bank. However, if you’re a member of the Social Security System (SSS), you may have heard about SSS Salary Loan and are wondering what it is.

An SSS Salary Loan is a loan for members of the SSS or those in other government institutions like GSIS and Pag-IBIG who are employed and currently receiving their monthly contributions. It allows members to borrow up to two months’ worth of their salary or Php20,000, whichever is higher. The loan should be used to finance short-term needs such as business capitalization, home improvements, medical expenses, educational needs, and other urgent financial obligations.

The good news is that interest rates for this kind of loan are very low – only 10% per annum – which makes it much more affordable than other loans available in the market. Additionally, repayment terms can be extended up to 36 months so you can easily manage your payments. And unlike traditional banking loans, this one does not require any form of collateral for approval so you don’t have to put any kind of asset at risk.

At SSS salary loan calculator you can enter the loan amount that you wish to borrow and calculate your estimated repayment amount. Once you have done this, click on the ‘Apply for SSS Salary Loan’ button located at the bottom of the screen. This will open up a form where you must enter your personal information such as name,

But before taking out an SSS Salary Loan, there are certain requirements you should take note of. You must be an active member with at least 36 months contribution history and must have paid your last 12 months contribution prior to filing for the loan. Additionally, you should also make sure that your contributions must not have been previously used in availing a previous salary loan from any institution or employer within the past year prior to application date. Lastly, a co-maker may be required if your current earnings aren’t sufficient enough to cover the total amount borrowed plus interest payments over 3 years while also maintaining full membership privileges with SSS during the same period of time.

Overall, taking out an SSS Salary Loan could help ease some financial burdens in times when extra cash is needed but there isn’t enough savings available yet or when traditional banks don’t offer favorable lending terms due to credit score requirements or security deposits needed as collateral. Just make sure to double check on all necessary qualifications prior to applying so that everything goes smoothly throughout the entire process.