SSS was mandated primarily to give social security protection to its members. However, it has also provided its members with short term loan programs from which they can borrow for personal purposes.
Salary Loan – it is a loan intended to meet the member’s short term credit needs.
WHO MAY QUALIFY FOR SALARY LOAN?
- An employed, currently paying self-employed or voluntary member (SE/VM) who has 6 posted monthly contributions for the last 12 months prior to the month of filing the application.
– For a one-month loan, the member-borrower must have 36 posted monthly contributions prior to the filing of application.
– For a two-month loan, the member-borrower must have 72 posted monthly contributions prior to the month of filing of the application. - If the member-borrower is employed, the employer must be updated in contributions and loan remittances.
- The member-borrower must be updated/current in the payment of other member loans, which include educational, stock investment, MADE & housing loans granted under the Unified Housing Loan program (UHLP) or direct from SSS.
- The member-borrower has not been granted final benefit (total permanent disability, retirement and death)
- The member-borrower must not be more than sixty (60) years of age at the time of application
- The member-borrower has not been disqualified due to fraud committed against the SSS
