SSS Salary Loan: Requirements and Process Guide

Q: How Much is the SSS Salary Loan Interest Rate in 2023?

The SSS salary loan interest rate as of 2023 is 10% per annum, making it one of the loans with the lowest rates in the Philippines. It's computed based on diminishing principal balance, which means the interest will continue to be charged on the outstanding balance until the latter is fully paid.

Sometimes, life makes it necessary to get a loan—you might lose your job unexpectedly, need to work on home repairs after a typhoon, secure hospitalization for medical emergencies in the family, or set up a small business for much-needed additional income.

Fortunately, it's easy to get an SSS salary loan. Thanks to the Social Security System's developed online system, active members can enjoy a hassle-free and convenient SSS online registration process and a quicker salary loan processing time.

If you’re planning to apply for an SSS salary loan, this article will tell you everything you need to know.

What is the SSS Salary Loan?

The salary loan is a cash loan that the Social Security System (SSS) provides to qualified employed members and currently-paying voluntary members to help them meet their short-term financial needs.

💸 How Much is the SSS Salary Loan Interest Rate in 2024?

The SSS salary loan interest rate as of 2024 is 10% per annum, making it one of the loans with the lowest rates in the Philippines. It's computed based on diminishing principal balance, which means the interest will continue to be charged on the outstanding balance until the latter is fully paid.

Who Can Apply and How Much Can You Borrow?

Can I apply for an SSS salary loan? How much can I borrow? And how much is the first loan of SSS?

Find the answers to such questions, as well as the eligibility requirements below.

☑️ Up-to-date Monthly SSS Contributions and Payments

Members with at least 36 months of total contributions, six of which have been posted in the last 12 months (before the month of application) can apply for a loan amount equivalent to one month’s worth of salary.

You can also apply for a two-month salary loan if you have at least 72 months of posted contributions, six months of which have been posted in the last 12 months before the month of application.

If you‘re employed, your employer must maintain up-to-date loan remittances and monthly contributions. If you're an individually paying member (self-employed, land-based OFW, voluntary member, or non-working spouse), you need to meet an additional requirement: at least six posted monthly contributions under your present coverage or membership type before your month of application.^[1]

Lastly, if you've availed of other loans, including housing loans from the government's Unified Home Lending Program (UHLP), you also need up-to-date payments.

☑️ Not Yet Availed of a Final Benefit

You can get a salary loan as long as you have not been granted yet any of these final SSS benefits: retirement, permanent disability, or death benefits.

☑️ Meets the Age Requirement

The salary loan is available for qualified member-borrowers who are below 65 years old at the time of application.

☑️ Not Disqualified by the SSS due to Fraud

You need to have a clean record (no disqualification by the SSS) to become eligible for the loan.

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SSS Salary Loan Document Requirements

📋 SSS Loan Requirements for Member-Borrowers

Member Loan Application Form
An SSS digitized ID or E-6
Two valid IDs,^[2]one with a recent photo

📋 SSS Loan Requirements for Member-Borrower's Authorized Representative

Member Loan Application Form
Authorized Representative's SS card or any two valid IDs (both with signature and at least one with photo)
Letter of Authority (LOA) signed by both the member-borrower and member-borrower's authorized representative
Member-borrower's SS card or any two valid IDs (both with signature and at least one with photo)

📋 SSS Loan Requirements for Employer/Company's Authorized Representative

Member Loan Application Form
Authorized Company Representative (ACR) card issued by SSS
Letter of Authority (LOA) from employer and any two (2) valid IDs (both with signature and at least one with photo)
Member-borrower's SS card or in its absence, E-6 acknowledgment stub and any two valid IDs (both with signature and at least one with photo)

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How to Apply for an SSS Loan Online in 2024

You might be wondering: "Can I apply for an SSS salary loan online?"

Yes, you can! Employed members can apply online via the SSS website. The application must be certified by the employer. Self-employed and voluntary members can either apply online or head to an SSS branch near their place of residence or business.

Step 1: Create a My.SSS Account

If you don’t want to visit an SSS branch, you can apply for a salary loan online via the My.SSS portal.^[3]

Check out our guide on how to register in SSS online if you haven’t done so yet. Learn how to register for an account and how to fill out the SSS loan form, just to name a few.

Step 2: Enroll a Bank Account for Your SSS Salary Loan Disbursement

To learn how to enroll your bank account, check out this Disbursement Account Enrollment Module tutorial on YouTube.

📌 Proof of Account Ownership for Disbursement Account Enrollment Module (DAEM)

The SSS now requires members applying for a loan to upload proof of account ownership when enrolling a disbursement account. This is to protect the My.SSS account from unauthorized transactions and to ensure that the loan proceeds will go to the SSS member who applied for the loan.^[4]

For SSS salary loan disbursement through a bank account, you can upload any of the following:

ATM card that shows the full account number, account holder’s name, and the issuing bank
Bank certificate/statement
Foreign remittance receipt
Photo or scanned copy of passbook
Screenshot of the online/mobile banking account
Validated deposit slip

Note: For disbursements through UMID-ATMs, bank accounts transferred from Sickness and Maternity Benefits Payment Module (SMBPB) to DAEM, and DBP Cash Padala via M Lhuillier, you don’t need to submit proof of account ownership.

Step 3: File Your SSS Salary Loan Application Online

Once you've registered in SSS online and enrolled your disbursement bank account, you can apply for a salary loan. Here's how:

Log in to your My.SSS account and click on E-Services > Loans > Apply For Salary Loan. Your loanable amount and local mailing address will be automatically displayed.
Select your desired loan amount. You may choose to borrow an amount lower than what is shown on the screen.
Select the disbursement account where you want to receive the loan proceeds.
Read the terms and conditions carefully. Tick the box for I agree to the Terms and Conditions before clicking Proceed.
View, download, or print the Loan Disclosure Statement. This document contains your monthly amortization schedule and loan interest. After viewing the statement, click on Proceed.
On the screen, you’ll see a notification message with your SSS salary loan application details. Keep a copy of your transaction number. Alternatively, refer to the message sent to your registered email address or in the notification inbox of your My.SSS account.

Meanwhile, OFW members can apply for a salary loan at SSS Foreign Representative Offices within their current area. If unavailable, OFWs can designate a representative in the Philippines to submit their application and the required documents above.

1. How can I know my SSS salary loanable amount?

To know the loan amount you qualify for, you have to find out first your number of posted SSS contributions. You can find all your contributions on the My.SSS portal. Just log in to your account and click on Inquiry. Select Contributions to see your total number of contributions.

2. What is the SSS salary loan processing time in 2024?

sss salary loan - processing time

According to the SSS, self-employed, voluntary, and overseas Filipino worker members' salary loan applications will be approved within "60 seconds + 5 clicks."^[5]

3. How to check my SSS salary loan application status?

You'll receive a notification message via email or notification inbox on your My.SSS account on the status of your loan application with the SSS.

Once your salary loan is approved, you'll receive a text message from the SSS.

4. What Does "SSS Loan Application Has Been Granted" Mean?

If you see this message, it means that your salary loan has been approved. To check your SSS salary loan status, you can log in to your My.SSS account. Click on Inquiry and then Loan Info.

Here, you’ll see your SSS loan status and other loan details. You’ll also receive another notification via SMS if the loan proceeds have already been credited to your disbursement account.

5. How will I receive the loan proceeds?

The SSS disburses salary loan proceeds only to the member's enrolled disbursement bank account.

6. How to pay for my SSS loan?

Borrowers need to pay their salary loan in 24 monthly installments. The monthly amortization begins in the second month following the date of the loan. It’s due on or before the SSS salary loan payment deadline detailed below.

💸 Loan Payment Deadlines for Regular and Household Employers


If the 10th digit of the 13-digit ER/HR number ends in	Payment Deadline (following the applicable month)
1 or 2	10th day of the month
3 or 4	15th day of the month
5 or 6	20th day of the month
7 or 8	25th day of the month
9 or 0	Last day of the month

💸 Loan Payment Deadlines for Self-Employed and Voluntary Members (Except OFW Members)


If the 10th (last) digit of the SS number ends in	Payment Deadline (following the applicable month or quarter for SE/VM only), as the case may be
1 or 2	10th day of the month
3 or 4	15th day of the month
5 or 6	20th day of the month
7 or 8	25th day of the month
9 or 0	Last day of the month

In cases where the loan defaults, the unpaid amount will be deducted from the benefits claimed by the member:

Self-employed and voluntary members will have the amount deducted from their short-term benefits (Sickness/Maternity/Partial Disability).
In the case of member-borrower's death, total disability, or retirement under the Social Security Act, the amount, interest, and penalties will be deducted from the corresponding benefits.

Members with outstanding loans must also inform the agency via mail, email, or over the counter at the nearest SSS branch of any changes to address or employer. The notice should include the SSS number along with the member’s name and signature.

7. Where to pay for my SSS salary loan online?

If you want to know how to pay your SSS salary loan online, it’s just like paying for your SSS contributions. You’ll need the Payment Reference Number (PRN) for your loan so that your payments will be instantly transmitted and validated.

For individual members, you’ll receive your SSS loan PRN by email, SMS, or through your My.SSS account. You can also make a PRN loan inquiry over the counter at SSS branches or through e-Service Centers.

Once you receive your PRN, you can pay through the different accredited payment channels listed below:^[6]

SSS branches with a Tellering Facility
RTPL-compliant SSS Collecting Partners (banks and non-banks)
Local banks (for employers through Bancnet’s e-Gov facility)
- Asia United Bank
- Bank of Commerce
- China Bank Corporation
- CTBC Bank
- EastWest Bank
- Metrobank
- MUFG Bank
- PBCOM
- PNB
- Philippine Trust Company
- Philippine Veterans Bank
- Robinsons Bank
- Standard Chartered Bank

You can also make short-term loan payments at the following:

Security Bank
UnionBank
RCBC
Rural Bank of Lanuza, Inc.
Partner Rural Bank
Bayad Center
CashPinas
SM Mart Inc.

Final Thoughts

Providing a salary loan program is one of the ways SSS gives back to members who contribute regularly. Consider using your SSS salary loan to provide for your family’s immediate needs, fund a small business, or pay your bills. Fortunately, the SSS salary loan processing time in 2024 is a lot shorter now.

Not sure if a salary loan in SSS is right for you? Looking for other loans with an easier application process and faster approval time? Check out these personal loan options and apply through Moneymax!

Provider	Loan Amount	Monthly Add-on Rate	Loan Term	Minimum Annual Income	Approval Time
UnionBank Personal Loan	Up to ₱2 million	26.9% per annum	12 to 60 months	₱250,000	As fast as 5 minutes
UNO Digital Bank Personal Loan	₱10,000 to ₱500,000	1.79% per month (corresponds to annual contractual rates or annual percentage rates ranging from 35.78% to 37.54%)	Six to 36 months	₱240,000	Five to seven banking days
Metrobank Personal Loan	₱20,000 to ₱2 million	1.25% to 1.75%	36 months	₱350,000	Seven banking days
BPI Personal Loan	₱20,000 to ₱3 million	Maximum annual contractual rate of 28.67%	12 to 36 months	Inquire with BPI	Five to seven banking days
Tonik Credit Builder	₱5,000 to ₱20,000	4.84%	Six to 12 months	Inquire with Tonik	Two banking days
HSBC Personal Loan	₱30,000 to ₱500,000	0.65%	Six to 36 months	₱168,000	Five to seven banking days
CIMB Personal Loan	₱30,000 to ₱1 million	As low as 0.83%	12 to 60 months	₱180,000	One to two banking days
Maybank Personal Loan	Up to ₱1 million	1.3%	Up to 36 months	₱300,000	Inquire with Maybank
RCBC Bank Personal Loan	₱50,000 to ₱1 million	1.3%	Six to 36 months	₱360,000	5 to 7 banking days
PSBank Personal Loan	₱20,000 to ₱250,000	42.88% Effective Interest Rate per annum for a 24-month term (term loan) 41.29% Effective Interest Rate per annum for a 36-month term (Term Loan) 34.49% Effective Interest Rate per annum for 12 months (Revolving Loan	24 or 36 months	₱180,000	Five to nine banking days