Guide on SSS Cash Loan for Self-Employed Members Features & Application
SSS CASH LOAN FOR SELF-EMPLOYED MEMBERS – Here is a complete guide on the personal loan offer of the Social Security System (SSS).
Even if you are self-employed, you may qualify to the SSS Salary Loan offer of the Social Security System. It is a multi-purpose loan crafted to help address the short-term financial needs of the members of the insurance institution.
For the SSS members who are self-employed, to be eligible to apply for the SSS Cash Loan offer, the member must bear the following qualities:
- has posted a total monthly contribution of at least 36 monthly contributions
- not a recipient of a final benefit like the SSS Retirement Benefits
- under 65 years old at the time of the loan application
- have not been disqualified due to fraud committed against the SSS
In applying for the loan offer, there are documents that the Social Security System requires from the member-borrowers. For self-employed individuals, you needs to submit the following:
- Member Loan Application Form
- SSS digitized ID or E-6 (acknowledgement stub) with any two valid IDs, one of which with recent photo:
- Unexpired Driver’s License
- Professional Regulation Commission (PRC) ID card
- Passport
- Postal ID
- School or Company ID
- Tax Identification Number (TIN) card
- Seaman’s Book Membership card issued by private companies Overseas Worker Welfare Administration card
- Senior Citizens card Voter’s Identification card/Affidavit/Certificate of Registration ATM card
- with cardholder’s name; or
- with certification from bank, if without name
- Credit card Fisherman’s card issued by BFAR GSIS card/Member’s Record/Certificate of Membership Health or Medical card ID card issued by LGUs (e.g. Barangay/Municipal/City)
- ID card issued by professional association recognized by PRC
- Birth Certificate
- Baptismal Certificate
- Marriage Contract
- NBI Clearance
The borrowing amounts depend on the total monthly contributions posted by the member-borrower. If you want to get an estimate of how much you may get under the loan offer, feel free to visit — Borrow from SSS Cash Loan? Here’s How Much You May Get under this Offer…..
The Social Security System (SSS) charges a 10% annual interest rate on the amount borrowed by the member. You can pay for your loan for up to 24 months. For a guide on the online application process, you may visit — SSS Online Loan Application: Here’s How To Apply & the Requirements.
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You may also read – SSS Late Payment Penalty for Delayed Payments under Salary Loan