If you are employed and have at least met the qualifications for a Social Security System (SSS) Salary Loan then you should apply for it.  The loan will help you a lot in your immediate and emergency needs.  Plus, the best part is that the monthly amortization and interest rate is very low.  How do you apply for an SSS loan?

Eligibility Requirements for an SSS Loan

All currently employed, currently contributing self-employed or voluntary member with at least thirty-six (36) posted monthly contributions is eligible to apply.  For a two-month loan, the member-borrower must have seventy two (72) posted monthly contributions, six (6) of which should be within the last twelve (12) months prior to the month of filing of the application.

Here are the rest of the eligibility requirements for an SSS Loan:

• The member-borrower whose employer must be updated payment of contributions.
• The member-borrower has not been granted final benefit, i.e., total permanent disability, retirement and death
• The member-borrower must be under sixty-five (65) years of age at the time of application
• The member-borrower has not been disqualified due to fraud committed against the SSS.

How to Apply for an SSS Loan

Member-Borrower must submit a duly accomplished application form or he can also do it online via the SSS Portal  You should also submit an
SSS digitized ID or E-6 (acknowledgement stub) with any two valid IDs, one of which with a recent photo.  Here are the list of the valid IDs which you can submit:

• Unexpired Driver’s License
• Professional Regulation Commission (PRC) ID card
• Passport
• Postal ID
• School or Company ID
• Tax Identification Number (TIN) card
• Seaman’s Book
• Membership card issued by private companies
• Overseas Worker Welfare Administration card
• Senior Citizens card
• Voter’s Identification card/Affidavit/Certificate of Registration
• ATM card
  • with cardholder’s name; or
  • with certification from bank, if without name
• Credit card
• Fisherman’s card issued by BFAR
• GSIS card/Member’s Record/Certificate of Membership
• Health or Medical card
• ID card issued by LGUs (e.g. Barangay/Municipal/City)
• ID card issued by professional association recognized by PRC
• Birth Certificate
• Baptismal Certificate
• Marriage Contract
• NBI Clearance
• Pag-IBIG Member’s Data Form
• Permit to carry firearms issued by the Firearms and Explosive Unit of PNP
• PHIC Member’s Data Record
• Police Clearance
• Seafarer’s Registration Certificate issued by POEA
• Temporary Driver’s License issued by LTO
• Transcript of Records
• Alien Certificate of Registration
• Bank Account Passbook
• Certificate from:
  • Office of Southern/Northern Cultural Communities; or
  • Office of Muslim Affairs
  • Certificate of Licensure/Qualification Documents/Seafarer’s ID and Record Book from Maritime Industry
  • Certificate of Naturalization from the Bureau of Immigration
• Life Insurance Policy
• Birth/Baptismal certificate of child/ren

How to File for an SSS Loan

A borrower may file the salary loan application at the branch nearest the place of residence or business. A member who is registered at My.SSS can submit the salary loan application online. The salary loan submitted online by an employed member will be directed to the employer’s My.SSS account for certification, hence, the employer should also have an SSS Web account.

OFW members may also file their salary loan application at the SSS Foreign Representative Offices in selected countries. In case there is no SSS office in a particular country they may send their application and supporting documents to their relatives here in the Philippines and authorize them to file at the SSS branch. Documents issued in other country should be duly authenticated or certified by the Philippine Consulate Embassy.

Note: The employer shall submit an updated Specimen Signature Card (SS Form L-501) to be updated annually to avoid delay in the processing of salary loan applications.

For more details, you can visit the SSS Web Portal.