Monetary setbacks are unavoidable now and again and applying for an individual credit to assist you with getting past such difficult occasions isn't generally worth the difficulty. In case you really want a few assets to assist you with a trip in your monetary battles however don't have any desire to be trapped in exorbitant interest obligations, you'll be enchanted to realize that the Social Security System (SSS) can really stretch out monetary assistance to their dynamic individuals.
Probably the most ideal choice is the SSS Salary Loan. It's in fact an advance however you don't need to manage exorbitant financing costs normally presented by predatory lenders and some monetary foundations. Party, it's likewise your cash – the sum you can credit depends on the measure of cash you've effectively added to your SSS account.
WHO ARE QUALIFIED TO APPLY
Being a paying SSS part doesn't consequently qualify you for a salary loan, there are conditions that you should meet first to qualify to apply.
- At least 36 months of continuous contribution.
- Currently employed with the employer for at least a year (for employed individuals).
- Monthly contributions must be up-to-date.
- The member-borrower has not been granted the final benefit, i.e., total permanent disability, retirement, and death.
- The member-borrower must be under sixty-five (65) years of age at the time of application.
- The member-borrower has not been disqualified due to fraud committed against the SSS.
The Social Security System provides salary loans to members who have at least 36 months of continuous monthly contribution. The amount of the loan will be derived from the member’s total contribution.
- A one-month salary loan is equivalent to the average of the member borrowers’ latest posted 12 Monthly Salary Credits (MSCs), or amount applied for, whichever is lower.
- A two-month salary loan is equivalent to twice the average of the member borrowers’ latest posted 12 MSCs, rounded to the next higher monthly salary credit, or amount applied for, whichever is lower.
- The net amount of the loan shall be the difference between the approved loan amount and all outstanding balance of short-term member loans
What are the application requirements?
The documents or paperwork needed to apply for the loan are not too extensive. Depending on who’s applying for who, the documents you may need are as follows:
Member-Borrower
- Member Loan Application Form
- SSS digitized ID or E-6 (acknowledgment stub) with two valid IDs, one of which has a recent photo.
If filed by the Member- Borrowers Authorized Representative
- Member-borrower’s duly accomplished Member Loan Application
- 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 borrowers’ authorized representative.
- Member-borrower’s SS card or any two valid IDs both with signature and at least one with photo.
If filed by Employer/Company’s Authorized Representative
- Member-borrower’s duly accomplished Member Loan Application
- Authorized Company Representative (ACR) card issued by SSS
- Letter of Authority (LOA) from the 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, application for SS card (SS Form E-6) acknowledgment stub and any two valid Ids both with signature and at least one with photo.
- Original or certified true copies of the supporting documents should be presented during the filing of the claim.
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