Salary advance loans is a short-term loan that is extended to salaried professionals. It can be used for any purpose such as medical expenses, covering huge expenditures, or any other emergency. A loan is an amount borrowed for long-term financial needs – a form of debt that is repaid over a long period of time.
What is salary loan in SSS?
SALARY LOAN. OVERVIEW. A cash loan granted to an employed member or a currently-paying self-employed or voluntary member. It is intended to meet the member’s short-term credit needs.
What is the difference between salary loan and personal loan?
In short, salary loan is a type of unsecured personal loan – meaning you can avail of it even though you don’t put up a valuable property for collateral.
What is monthly salary loan?
LOAN DETAILS. LOAN AMOUNT. A one-month salary loan is equivalent to the average of the member-borrower’s latest posted 12 Monthly Salary Credits (MSCs), or amount applied for, whichever is lower.
What is meant by salary loan? – Related Questions
How much is the maximum loan in SSS?
The maximum loanable amount is P2,000,000 but should not exceed the updated loan balance of the account assumed. Actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS.
How many days does SSS salary loan release?
Member-borrowers who have opted for electronic loan disbursement should receive the loan proceeds within 8-10 working days.
How much is the first salary loan in SSS?
With a salary loan from Blend, you can borrow as much as PHP 25,000 on your first application. And because they’re loans with shorter terms, you can be fully paid anywhere between one to six months.
How do I know my SSS loanable amount?
Step 1: Go to www.sss.gov.ph , then member login to view check your loans info. Type in your membership login details. Then, submit. The login process is needed whenever you want to view your personal records such as your SSS contributions, loan balance, and benefits eligibility online.
How many months before you can loan in SSS?
Who Can Apply for SSS Salary Loan? SSS members who have at least 36 months total contributions and six months of contributions in the last 12 months can apply. The salary loan amount is equivalent to one month’s worth of salary. You can also apply for a two-month salary loan.
How can I get my SSS PRN loan payment?
Social Security System (SSS) members may now get their Personal Reference Number (PRN) by calling the SSS PRN Helpline at 920-6446 to 55 or local Toll-free Hotline 1-800-10-2255-777 anytime from Mondays to Fridays.
Can I use GCash for SSS salary loan?
With the growing popularity of online banking and electronic wallet (e-wallet) apps like GCash, there’s no reason why you can’t pay your SSS loan on time. It’s so easy to pay your SSS loan using GCash; you simply open the GCash app on your smartphone, add money to your wallet, and enter your payment details.
Can I pay my SSS loan in full?
Can I pay my SSS loan in full? Yes. To pay your remaining loan balance in full, log in to the SSS member portal and click “RTPL PRN” on the main menu.
Can I pay my SSS loan in GCash?
Can I pay my SSS loan amortization in GCash? No. The SSS PRN (Payment Reference Number) payment feature only accepts payments for individual contributions.
How much is SSS voluntary?
If you are self-employed (SE) or a voluntary member (VM), you must pay the full 12%, based on the monthly earnings that you declared at the time of registration (for SE), or the MSC that you set for yourself (for VM, such as members separated from employment).
Can I pay my SSS loan in installment?
Outstanding loan principal and interest may be settled either through one-time full payment or installment term while the accumulated penalties will be waived upon full payment of the restructured loan.
How many days does SSS salary loan release thru GCash?
3. When can I expect the funds to be credited to my GCash account? Upon approval of your benefit application, kindly expect the funds to be disbursed within 5-7 banking days.
How do I apply for SSS disbursement?
1 Go to SSS website and click the Member button or go directly to SSS Portal Member Login link. Enter your User ID and password. Then, click the Submit button to go to your account. 2 On the home page menu, select the E-SERVICES tab and click the Disbursement Account Enrollment Module option.
How long is the approval of disbursement account SSS?
In case of errors or encoded/provided details or invalid or closed disbursement accounts, the disbursement or re-crediting of your benefit may take at least thirty (30) days to process. Uploading of proof of disbursement account is required.
How do I register my GCash account to SSS disbursement?
Disbursement Account Enrollment – E-Wallet Accounts
- (1) PESO Participant Name. Select GCash from the list.
- (2) E-Wallet Mobile Number – Enter GCash account number or mobile number.
- (3) Confirm E-Wallet Account Number – Re-enter GCash account number or mobile number.
What is SSS loan RTPL in GCash?
SSS users can now simply cash in using their GCash account and pay their SSS Loans RTPL (Real-Time Processing of Loans) without any hassles thanks to the SSS RPTL (Real-Time Processing of Loans) feature.