SSS LATE PAYMENT PENALTY – Below is a guide on the penalty set by the Social Security System for delayed monthly amortization payments for the Salary Loan.
Delayed payments for loans, regardless of the type of lender, usually incur penalties or late payments fees. The Social Security System has also set an SSS late payment
In the case of the Salary Loan offer of the Social Security System, there is an SSS Cash Loan late payment penalty set by the state insurance institution in case the borrowers missed to pay on time. Please refer below.
SSS Salary Loan Late Payment — Here’s how much your loan will earn as penalty
Guide on SSS Salary Loan Late Payment Penalty Implemented by Gov’t Agency
SSS SALARY LOAN LATE PAYMENT – Here is a guide on how much your cash loan will earn as penalty if you missed to pay on your due date.
The main benefits of being a member of the Social Security System (SSS) is not only the possibility that you will have a monthly pension when old age comes. Along the way towards the Retirement Benefit, you also have several other loans and benefits that you may avail.
The SSS loans are undeniably helpful as they were crafted based on the common needs of people. One of these loan offers is the SSS Salary Loan, a loan offer designed to help address the short-term financial needs of members.
The SSS Salary Loan is a multi-purpose loan offer. It is open for members who have posted a total of at least 36 monthly contributions and have no bad loan records.
How much is loanable under the said loan offer? For a guide on the allowed borrowing amounts, you may visit — SSS Salary Cash Loan – Here’s How Much the Loanable Amounts Are.
The SSS implements a 10% interest to the borrowed amount annually. How about the SSS Salary Loan late payment fee?
In case you missed to pay your monthly due on time, the SSS Salary Loan late payment fee is 1% monthly until the loan is fully paid.
Do you want to apply for the loan offer? For a simple and comprehensive guide, feel free to visit — SSS Salary Loan Application – Steps in Applying & the Requirements
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