SSS Member Loans 2024 — Full List of Offers by the Social Security System

Guide on SSS Member Loans 2024 Features & Requirements

SSS MEMBER LOANS 2024 – Detailed in this article are the loans that members of the Social Security System may apply for.

One of the biggest member populace across the Philippines is the member populace of the Social Security System. More popularly called SSS, it is one of the giants in the country when it comes to social insurance.

SSS - Social Security System
Photo Credit: MattsCradle

Most of the members of the Social Security System are locally-employed individuals in the private sector. Maintaining an active membership to the SSS is required by most companies and businesses in the Philippines.

Meanwhile, the SSS membership is also open for self-employed individuals, overseas Filipino workers, and those individuals who want to make voluntary memberships to the state-run social insurance institution like the non-working spouses of SSS members.

SSS Member Loans 2024
Photo Credit: Adobo Magazine

If you are an SSS member, to keep your account active, you must regularly post an SSS contribution based on your income. In the cases of most employees of private companies and businesses, the monthly premium is automatically deducted from the salary and remitted by the employer to the state-run social insurance agency.

Members of the Social Security System with updated accounts have huge chances of qualifying to the SSS member loan as well as the benefit offers of the state-run social insurance entity.

Most of the SSS offers were crafted as financial solutions for members in times of calamity, disability, unemployment, sickness, and even death. An updated SSS account may give a member the peace of mind that his/her family will never be left with nothing at all when he/she dies.

There are three (3) main SSS member loans that the Social Security System offers. They are the Salary Loan, the Housing Loan, and the Calamity Loan and here are the eligibility criteria set under each of the loan offers:

Among the three (3) SSS member loans, the multi-purpose loan offer is the Salary Loan. It is also called as the cash loan and was designed to help address the short-term financial needs of the qualified members. The SSS Salary Loan loanable amounts vary depending on a member’s account. Here are the qualifications:

  • has posted at least 36 monthly contributions in the SSS account
  • updated in the payment of the SSS contributions
  • 65 years old and below at the time of the loan application
  • currently employed, self-employed, or voluntary member of the Social Security System
  • has not received any final benefit from the SSS
  • has not been disqualified due to fraud committed against the SSS

The Social Security System also has the SSS Housing Loan offer that is ready to finance house construction and home improvement projects. The borrowing amount under the SSS Housing Loan may also vary depending on the project and the capacity of the member-borrower. Here are the qualifications for application:

  • at least 36 months contributions with 24 continuous contributions in the period prior to application posted
  • at least 60 years old at the time of application
  • not a recipient of a repair and/or improvement loan by the SSS or NHMFC
  • not a recipient of any final SSS benefits
  • updated in the payment of their other SSS loan(s), if any

The Social Security System has also designed a loan offer that its members can turn to when a natural disaster has left their area under a State of Calamity. The loanable amount under the SSS Calamity Loan offer depends whether or not the borrower has an existing loan of the same type. Here are the eligibility requirements set by the SSS:

  • a minimum of 24 monthly contributions posted and three (3) of which must have been posted within the last 12-month period before the month of filing of loan application
  • at least 60 years old upon the filing of the loan application
  • not a recipient of any final SSS benefit nor was refunded SSS contributions
  • has updated payments in case of existing loans with the SSS

Leave a Comment