PUBLISHED: November 19, 2021
With the recent events happening around the globe, more and more people struggle to find ways in earning money. Some take side line works while some borrows money to make ends meet. As a member of the SSS, you are entitled to apply for SSS salary loan online depending on the amount of the contributions you made so far. But before we go to the process of applying SSS Salary Loan Online, let’s first have a look on who are qualified and what are the requirements needed.
WHO CAN APPLY FOR SSS SALARY LOAN ONLINE?
In order to borrow money from SSS, one must be:
- Under 65 years old at the time of the application;
- A regular paying SSS member may it be employed, currently contributing self-employed, or voluntary.
- Payment of contributions and loan remittances must up-to-date it employed.
- Has not been granted any of the final benefits which include death, retirement, and total permanent disability benefit
- Has not been disqualified by SSS on any means.
REQUIREMENTS FOR APPLYING SSS SALARY LOAN ONLINE
There are 3 important things you need in order to apply for an SSS salary loan online, and these are:
- Internet Connection
- SSS Account
- Bank Account or e-wallet
STEPS IN APPLYING SSS SALARY LOAN ONLINE
- Go to the new SSS Website and access the SSS Member portal. Then login using your username and password or create a new one if you have made an account yet.
- On the top menu, click the E-SERVICES tab and choose ‘Apply for Salary Loan’.
- Choose your preferred electronic loan disbursement channel (Bank account or e-wallet).
- Read carefully the Disbursement Account Enrollment Module (DAEM) Reminder.
- Enroll your bank account or mobile number using the Disbursement Account Enrollment Module. And wait for your chosen Disbursement Account Enrollment to be approved.
- Apply for a salary loan.
- Read or print the Loan Disclosure Statement.
- Wait for SSS to approve your application
- Collect the Loan Proceeds.
The advantage of loaning cash on SSS is that you are technically just borrowing your own money and the approval most of the time is easy and the interest are significantly lower than other institutions.
You can also ask for your employer for any help or concern that you may need before applying for an SSS loan. Make sure that they have a reliable payroll software to help guide them in keeping not just your payslip up-to-date but so as your government contributions.
