SSS Loan Application – The Best Way to Apply For a Salary Increase

What are the eligibility requirements for SSS salary loans? Anyone can apply for this loan that is approved without any credit check. SSS members who possess at least 36 monthly installments and 6 consecutive months of repayments in the past twelve months can apply for the loan. The loan amount offered to you is equal to one month’s worth of salary. You can also request for a two-month long salary advance.

How much amount of SSS salary loan shall I get? –

Usually, the loan shall be approved with the approval of an underwriting board after the submission of your proof that you meet the eligibility criteria. Your application will be judged by the prime lender based on your ability to repay, your credit history and the amount of advance you intend to borrow. The interest rate charged on the salary advance shall be based on the prime lender’s APR plus a marginal rate of interest.

Who are the borrowers eligible for SSS cash loan applications? Borrowers employed in all levels of the medical and health service organizations and public health agencies are eligible for this kind of financial assistance. The repayment period may vary depending on the type of loan applications offered to you. In addition to this, people who have a co-signer or who qualify for income tax rebate benefits can apply for this kind of loan. People who are retired and employed but on low wages can also take advantage of this scheme.

SSS Loan Application - The Best Way to Apply For a Salary Increase

Do I have to pay for the loan on the basis of my income? No, you don’t have to pay anything for the loan. You just have to fulfill the eligibility requirements and provide proof of employment. The amount of money you will avail depends on the annual salary you are getting. If you are getting a fixed annual salary, you can avail a bigger amount of loan.

Can I get a loan even if I am not employed?

I am employed but my monthly contributions are very low. Can I still avail of SSS salary loans? Yes, you can avail of the same. The amount of loan you will get is based on the percentage of your monthly contributions. However, you can also avail of larger amounts of loans if your monthly contributions are high.

SSS Loan Application - The Best Way to Apply For a Salary Increase

Yes, you can avail of this loan even if you are not employed. The amount of loan you will get is based on the maximum loan amount per annum allowed by the institution offering the same. If you are employed but have not received a salary for the past twelve months, you can opt for one-month salary loans. On the other hand, borrowers who have received their salaries for the past twelve months will be given smaller loans.

Is it easy to get a two-month salary advance when you are unemployed? It is quite easy. You will need to fulfill two conditions; you should be earning and you must have an income proof such as a payslip or utility bill. The second condition is quite simple to fulfill because the SSS website will ask you to provide the details of your last 12 months salary and the employer must have these documents at the time of applying.

SSS Loan Application - The Best Way to Apply For a Salary Increase

How much money can I borrow using the SSS loan application? The amount of loan proceeds you can borrow is based on your pay scale and the remaining loan period. You will also be required to give details about your savings and investments. Once your details are verified, you can choose between one-month and two-month loan period. There is no grace period for the first two-month period, so your next pay cannot be affected.