SSS salary loans now online

Mary Grace Padin (The Philippine Star) - December 15, 2019 - 12:00am

MANILA, Philippines — State-run Social Security System (SSS) is now requiring its members to use its online facility to apply for salary loans as part of efforts to ease transactions.

In a statement, SSS president and chief executive officer Aurora Ignacio said members who wish to avail of salary loans  must register and apply through the agency’s online facility, My.SSS.

“In line with our commitment to make our services readily available to our members anytime and anywhere right at their fingertips, we are reminding our members that the salary loan is now available via online application through the My.SSS facility,” Ignacio said.

“Our members need not visit the physical branch just to file their loan application. All they have to do is register on the My.SSS facility if they are not registered yet and select the salary loan application,” she said.

Ignacio said once their loan applications are approved, members will immediately receive a confirmation text and email from SSS notifying them of the status of his application.

At present, salary loan proceeds from the SSS are released through check.

Ignacio said the agency plans to put in place a new system by the middle of December, which will allow members to receive their loan proceeds through their UMID cards with EMV capability or their savings accounts.

“The salary loan is one of our most popular programs in SSS that is why we have decided to enhance its features, allowing our members to maximize their time doing other things while waiting for their loan approval without the hassle of queuing in SSS branches,” Ignacio said.

Based on the latest data from the SSS, more than 1.46 million members availed of the salary loan from January to September with P29.98 billion worth of loans released.

Under the program, members may borrow up to twice the average of their 12 latest posted monthly salary credits.

The loan is payable in 24 monthly installments with an interest rate of 10 percent per annum based on its diminishing principal balance.

To qualify for a salary loan, members must be under 65 years old at the time of application; have not been granted any final benefit, such as permanent disability, retirement or death; and have not been disqualified due to fraud committed against the SSS.

In addition, the employer of an employed member-borrower must be updated in the payment of contribution and loan remittances.

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