The salary loan is one of the less known SSS benefits that you can get if you pay your Social Security System dues. It is a cash loan granted to employed, self-employed, or voluntary members for your short-term credit needs.
To be eligible for the salary loan, you should have posted at least six monthly contributions within the last 12 months. The amount and payment terms of your loan also depend on how long you’ve been contributing to SSS and what your current salary is.
Tip: create a Coins.ph wallet and use it to pay your SSS salary loan. Get a 5 PHP rebate with every payment!
With just an interest rate of 10% per
annum and amortization of 24 months, the SSS salary loan is a huge help
for any member who needs a quick but low-cost loan.
How to Apply for an SSS Loan Online
You have two ways to apply for an SSS salary loan: through your nearest SSS branch and online. While the online method is more convenient, you first need to apply for a My.SSS account if you don’t have one. Your employer should also have an SSS web account if you’re a current employee.
Check out the following steps in applying for an SSS salary loan online:
Step 1: Log in to your My.SSS account.
Step 2: Go to the E-Services tab and click Apply for Salary Loan
Step 3: You will be redirected to the salary loan page, which will tell you if you’re eligible for the loan or not. If you’re qualified, fill out the blank fields and select the amount that you want to loan. Don’t forget to tick the checkbox indicating that you agree to the terms and conditions.
Step 4: Check the details you’ve entered, then submit your application.
Once approved, expect to receive your check around two to three weeks from the date of submission.
How to Pay for Your SSS Loan Online with Coins.ph
Now that you’ve received your loan, you must pay it every month. Fortunately, you can do that the effortless way through your Coins.ph wallet, which allows you to send your SSS loan payments straight from your phone.
Here are the steps on paying your SSS loan through Coins.ph.
Step 1: Open your Coins.ph wallet and click Pay Bills.
Step 2: When prompted for the bill type, scroll down and click SSS Contributions
Step 3: Under Choose Biller, select SSS – Salary Loan.
Step 4: Enter the amount that you would like to pay, then click Next.
Step 5: Fill in your payment details, and slide to pay!
And you’re done! Just wait for your reference number and email notification from Coins.ph to confirm the success of your transaction. No need to line up to pay your SSS salary loan!
Source: https://coins.ph/blog | Reblog..
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