What is SSS Loan?

March 31, 2019 | By | 1 Reply More

What is SSS Loan? How to apply for an SSS salary loan in the Philippines? What is SSN (Social Security Number)?

What is SSS Loan?

What is SSS Loan?

Social security is very important for any country and citizen. The basis of social security is a social insurance program. This program provides protection for different situations in life: diseases, poverty, starts, etc. SSS is a Social Security System in the Philippines. With its help, you can apply for an SSS loan.

Social Security Number

The social security number (SSN) is unique and it is assigned to every resident for life. This number is required when applying for SSS payday loan too.

To register with SSS you first need to fill out the SS-E-1 form (for those who already work) and the SS-RS-1 form (for self-employed members).

Social Security Number Philippines

Also, there is still an option to fill out the SS NW-1 form, presenting it with the original/certified copy of any of the primary or secondary documents.

  • Primary documents are: birth certificate, passport, driver’s license, etc.
  • Secondary documents are: a credit card, an identity card, a certificate of alien registration, etc.

Don’t forget, that you can apply for the SSN online. Your social security benefit is calculated on the basis of the income provided by your employer to the social security number. Also, it can be provided by you. Your social security benefit is calculated on the basis of the income provided by your employer to the social security number.

  • Check that your name matches the name on the social security card itself, this is very important.
  • Because it can create some problems when applying for a loan before paycheck according to SSS requirements.
  • If you have changed or are planning to change their name or surname, then you must do so on the social security card.

Social Security Allowance

Social Security Allowance (benefits)

In the Philippines, social security benefits are a specific percentage of your average earnings throughout your life. Those who have a small salary, they get a higher percentage of average earnings and vice versa. And the poor can qualify for large sums by applying for a SSS loan. An employee who has an average salary can expect to receive a retirement benefit of 40% of his lifetime earnings.

When the social welfare system was created, it was not supposed that this would be the only source for the family after leaving the pension, through disability, in the event of death, etc.

The Social Security Benefit is an addition to the financial activities of Philippine citizens. Also, SSS credit is also a good addition and an opportunity with a non-strict requirement.

Social Security Taxes

Atome Credit Loan

When employed, an employer withholds social security taxes, which are transferred to the Internal Revenue Service (IRS).
The employer is obliged to transfer to the IRS a specific amount that is withheld from the salary and is obliged to inform the Social Security Service of the full amount of earnings of all employees.

If you are self-employed, you must pay social security taxes when you file your tax return. The IRS provides all income information to Social Security. The interest rate payment is equal to the sum of the employee’s and the employer’s share. Additionally, there are special tax deductions that are used to reduce the tax burden.

Who Can Apply for a SSS Loan

There are a number of requirements for obtaining an SSS loan:

  • You should be a member of the SSS that currently is active
  • You should not be employed or make at least 36 monthly payments; 6 payments must be made within the last 12 month before lone application
  • Age should be less than 65 years and a person have not yet received any financial benefits cause of exact reasons
  • Your employer should be aware of all the contributions you made
  • Also, the person should not be disqualified, a cause of some previous fraud activities against the SSS

How to Get SSS Loan

  • Visit official SSS website and register account with a personal information
  • Only after you will be able to apply for the SSS loan
  • Don’t forget about requirements the system show you in order you could understand all options about your rights to get a loan
  • After, you should agree all terms of the contract and only then user can enter the desired sum of money
  • To get final answer you need wait near one week or more
  • After you will have the 1st check and receive a call

If you have everything ok with the documents, then there are no difficulties in getting SSS loan quickly and effortlessly. There are 2 ways to pay for SSS loans: online banking (if the bank is an SSS partner) or Bancnet.

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  1. Jazel June 21, 2019

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