What are the requirements when applying for SSS salary loan online?
Budgeting your finances can be tricky at times. Just when you thought you had covered everything for the month, something comes up that turns the tables and forces you to take up a loan.
Regardless of the reason, employees who are in need of quick financial backing generally turn to salary loans to compensate. One option is to apply for an SSS salary loan.
SSS salary loan is a type of cash loan granted to a self-employed, employed, or voluntary member whose contributions are up-to-date. These loans are meant to aid members in need of short-term credit.
Related: What are the penalties for SSS non-registration and payment
Who is eligible for SSS salary loans?
The SSS Salary Loan is available to all Social Security System contributors, including all currently employed, self-employed, and voluntary members.
Other eligibility requirements are as follows:
- Borrowers whose employers are up to date on paying their SSS contributions.
- Members who have not received their final SSS benefits, such as retirement, total permanent disability, or death benefits.
- The member-borrower must be under sixty-five (65) years old at the time of application.
- Member-borrower who has not been disqualified from applying due to any form of fraud committed against the Social Security System.
How much can I loan from SSS?
A month’s worth of salary loan: The member-borrower should have at least thirty-six (36) posted monthly contributions.
Two-month salary loan: The member-borrower should have at least seventy-two (72) posted monthly contributions.
However, note that six (6) of these posted contributions should have been made within twelve (12) months before the date or month of filing the salary loan application.
SSS salary loan requirements in 2024
Member-borrower
A member-borrower needs to submit the following documents and IDs when processing a salary loan:
- Member Loan Application Form
- SSS ID or E-6 (acknowledgment stub)
- Valid IDs
For the valid ID requirement, both must have a signature, and at least one must have a photo.
Authorized representative
If your authorized representative is filing the loan application on your behalf, the following requirements apply:
- Member-borrower’s duly accomplished Member Loan Application
- Authorized Representative’s SSS card or any two valid IDs (both with signatures and at least one with a photo)
- Letter of Authority (LOA) signed by the member borrower and their authorized representative
- Member borrowing’s SS card or any two valid IDs (both with the member’s signature and at least one with a photo)
Member borrower’s employer or the company’s authorized representative
If the salary loan application is filed by the employer or the company’s authorized representative on behalf of the member borrower, the following documents must be submitted:
- Member borrower’s completed Member Loan Application
- An authorized Company Representative (ACR) card from SSS
- Employer’s Letter of Authority (LOA) and any two (2) valid IDs
- Member borrower’s SSS card or (if the SSS card is unavailable) Application for SSS card (SSS Form E-6) acknowledgment stub and any two valid IDs.
How to file your SSS salary loan
There are many ways for an individual to file an SSS loan.
- Personal appearance: The member-borrower can file their salary loan application at the nearest SSS office branch within their place of residence or business.
- Online application: A member borrower with an online SSS account can log in to the My.SSS website to submit their application.
- Through the employer: If the employer processes the loan application on behalf of the member borrower, it will be directed to the employer’s My.SSS accounts for certification and validation.
- Overseas application: Members who are Overseas Filipino Workers (OFW) can file their salary loan applications at the SSS Foreign Representative Offices.
For employers filing loan applications on behalf of employees
For this purpose, the employer must have an active SSS web account.
Moreover, you, as an employer, must also submit an updated Specimen Signature Card (SSS Form L-501) bearing the member’s signature.
You need to update this card annually to prevent delays or potential rejection when processing the salary loan.
For overseas applications
Since these officers are limited to Foreign Representative Offices in other countries, OFW member-borrowers may opt for an alternative channel. For instance, they can send the application requirements to their relatives in the Philippines.
Moreover, these authorized representatives may file the loan application at the local SSS offices. However, all documents issued by foreign countries need the authentication of the Philippine Consulate Embassy.
Related: Manage your loans through Virtual Pag-IBIG
Steps in filing your SSS Loan online application
To get an SSS salary loan, members can process their application online through the SSS website by following these steps:
- First, log in to My.SSS with your User ID and password.
- Click the Electronic Services or e-Services, tab.
- Choose “Loans” from the E-Services dropdown, then click “Apply for Salary Loan.”
- Select your preferred loan disbursement channel.
- Carefully read the SSS Disbursement Account Enrollment. Also, don’t forget to agree and certify once you have finished reading the document.
- Enroll your personal bank or financial account or mobile phone number using the DAEM. (The enrollment process is provided below.)
- Wait for the approval of your enrollment for the SSS disbursement account. Once approved, you may proceed with processing your SSS salary loan online.
Be sure to indicate your desired loan amount and read through and agree to the terms and conditions, including the loan disclosure statement, before proceeding with the rest of the steps for your SSS salary loan online application.
The loan disclosure statement provides information regarding the monthly amortization schedule and the loan interest rate.
Once submitted, you can check the status of your SSS salary loan by logging back into your My.SSS account.
It usually takes 3–5 working days for an SSS salary loan to get approved.
After that, the funds will then be credited to your enrolled bank account through the Disbursement Account Enrollment Module (DAEM).
What is the SSS Disbursement Account Enrollment Module (DAEM)?
The DAEM is a component of the My.SSS online portal that lets employers and members enroll their bank accounts to receive loan disbursements.
In other words, the SSS will credit the benefits and loan proceeds to the wallet or bank account that you register here.
Moreover, this is a secure and convenient option for members securing salary loans and the like, as it removes the need to go to the nearest SSS branch or office physically. This way, members simply have to link their registered financial account or e-wallet with their My.SSS profiles.
Once approved, the funds will go directly to their pre-registered bank accounts.
How to enroll and set up your SSS DAEM
- Log into your account
- Go to the e-Services section
- Choose from the enrollment options
- Provide supporting documents
- Submit the requirements for disbursement
- Complete the application and wait for the results
1. Log in to your SSS online account
Go to the My.SSS website. Log in with your User ID and password.
Tick the “I’m not a robot” option, then click “Submit.”
2. Go to the e-Services tab
- After logging in, go to the E-Services tab.
- Click “Disbursement Modules,” then choose “Disbursement Account Enrollment Module.”
- Carefully read through the Disbursement Account application’s fine print.
- Place a tick on the portion stating, “I certify that I have read and understood the foregoing reminders on account enrollment.”
- Click “Proceed.”
3. Select from the enrollment options
You will see these two options under the Enrollment tab:
- Bank
- E-Wallet/RTC/CPO
Bank option
If you select the “Bank” option, a box will pop up stating that the Bank Account Name should be the same as the name registered in your SSS account. It also states that you will need to provide your correct Bank Account Number, not the card number on your ATM.
- Click the “X” button once you read the notice.
- Choose your correct bank from the dropdown menu.
- Provide the required information, including your Bank Account Name, Account Number, etc.
Wallet/RTC/CPO
SSS also allows the disbursement of funds through digital wallets that are PESO participants. To enroll your digital wallet, you would only need to provide the mobile number connected to your account and follow the confirmation process.
Supported e-Wallets
The following e-Wallets are also supported as appropriate disbursing modules:
- GCash
- PayMaya
- Coins.ph via DCPay
- CBP Cash Padala via MLhuillier
4. Provide SSS supporting documents
Attach the following required SSS supporting documents:
- Proof of Account
- Valid ID
- Selfie with your ID and Proof of Account
Note that clear and readable colored JPEG images or PDF documents are recommended.
5. Submit requirements for the Disbursement Account Enrollment Module (DAEM)
Proof of account
Depending on your selection, the actual proof of account may vary.
If you selected “Bank,” you will need to upload the following documents as proof of account:
- ATM card showing the Account Number and Account Holder’s Name
- Bank Certificate that must be issued within the current year
- Foreign remittance receipt
- Passbook
- Screenshot of an online or mobile banking account
- Validated deposit slip
Take a picture or scan any of the aforementioned documents and upload. The file(s) should either be in JPG or PDF formats only and must not exceed 3 MB in size.
If you selected “E-Wallet,” you will need to upload a screenshot of your e-wallet mobile app account. Your name and mobile number must be clearly visible in the image.
Valid IDs accepted in SSS
You can use any of the following as valid IDs:
- Unified Multi-Purpose Identification (UMID) Card
- Social Security (SS) Card
- Philippine Identification (PhilID) Card
- Alien Certificate of Registration
- Driver’s License
- Firearm Registration
- License to Own and Possess Firearms
- NBI Clearance
- Passport
- Permit to Carry Firearms Outside of Residence
- Postal ID Card
- Seafarer’s Identification Book (Seaman’s Book)
- Voter’s ID Card
- Senior Citizen ID Card
- ID Cards issued by Local Government Units (LGUs) (e.g., barangay, municipality, or city)
- PhilHealth ID Card
- Pag-IBIG ID Card
- Police Clearance
- Persons with Disabilities (PWD) ID Card
- Solo Parent ID
- Professional ID Card
- ID Card issued by the PNP Supervisory Office for Security and Investigation Agencies (SOSIA)
Selfie
When taking a selfie for your SSS Salary Loan application, make sure to hold up your valid ID and proof of account. The image must clearly show the necessary information.
Wear appropriate attire and remove intrusive accessories such as earrings and necklaces.
6. Final Steps
Once you have uploaded the final attachments, check the box certifying that all the information provided is true and that you are allowing them to be used in SSS transactions.
Click on “Enroll” to proceed with the transaction. Then, click “Ok” to continue with the rest of the process. You will then see the Enrollment Confirmation on display.
An email notification regarding the Disbursement Account Enrollment will be sent to your registered email address. It states that your application has been submitted and subject to evaluation.
After evaluation, you will receive another email indicating whether your DAEM application has been approved or rejected.
If the disbursement account is rejected, the mail will provide the reasons for it. You will need to re-enroll using a valid disbursement account or provide supporting attachments that are more readable and clear.
Related: How to get your UMID in the Philippines?
FAQs
How to process SSS loan?
A borrower may file the salary loan application at the nearest branch. However, if you don’t want to visit an SSS branch, you can apply online via the My.SSS portal. To do it, log in to your My.SSS account and select E-Services > Loans > Apply for Salary Loan. Your loan amount and local mailing address will be displayed immediately.
How much is the First SSS salary loan amount?
Members of the Social Security System with at least thirty-six (36) months’ worth of posted contributions are eligible to apply for the SSS salary loan. Six (6) out of the total posted contributions should have been made within the last twelve (12) months before the month of the application. The maximum loanable amount is equivalent to one (1) month’s worth of the member borrower’s salary.
How will I get the loan proceeds?
The SSS only disburses salary loan proceeds to the member’s chosen disbursement bank account.
How long before an SSS salary loan gets approved?
The SSS Salary Loan proceeds shall be credited to the registered bank account of the member borrower within three (3) to five (5) working days from the date of approval. You can access your SSS Salary Loan through any Megalink, Bancnet, or Expressnet Automated Machines.
What is the SSS salary loan interest rate in the Philippines in 2024?
The current SSS Salary Loan interest rate for 2024 is 10% per year. Moreover, the computation applies a diminishing principal balance, where the interest rate will continue to be charged against the outstanding principal balance until it is fully paid.
What is the two-month salary loan?
A one-month loan is the average of your last 12 monthly salary credits (MSCs), or the amount applied for, whichever is lower. On the other hand, the two-month loan is twice the average of your last 12 MSCs. In some cases, this is rounded to the next higher monthly salary credit, or the amount you applied for, whichever is lower.
How do I check my SSS loan status?
You may check your salary loan status by logging into your My.SSS account online. Aside from your loan status, you will also see other details about your loan here. Take note of the payment deadline and remit your payments through an SSS-authorized payment center.
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