Visiting the official corporate website of the SSS, you can see only 3 types of SSS loans but beneath each program is an integrated set of loans. These 3 types of loans include member loans, business loans and housing loans. I have included some of the most popular types below even if they are not part of the program just for information purposes and for the knowledge of those who didn’t know.
Educational Loan
Applying and qualifying for a SSS loan are two different issues. If you still didn’t know, there are quite a few choices today compared to a couple of years ago when there were other emergency loan for quick cash offers by the Social Security System in the Philippines. For example, the Study Now Pay Later plan is no longer being offered to qualified student beneficiaries and I am not sure if there is an educational loan of some sort by the SSS today. On the other hand, some other types of loans still do exist in the SSS member programs like the housing loan, salary loan and so on. There is also a new type of loan being introduced to the members called as business loan which is divided into 3 integral parts according to the official website which I visited online today.
SSS Pension Loan
Today as well as back a few years ago, there is this very interesting cash credit offer to pensioners of the social security and that type of loan is only being offered by private lending institutions. It is called as the SSS pension loan. In this system, the only requirement to qualify is that the member should be a qualified receiving pensioner of the said government agency. Meaning, the beneficiary of this type of loan must be a senior citizen or a retiree of the private sector. If the benefactor is already deceased, the beneficiary will be the one to qualify to apply for it.
Housing Loan
The housing loan program of the SSS had 9 types broken down according to the website. These are pari passu, house improvement, corporate housing, individual housing, housing development, apartment and dormitory, OFW housing loan, housing loan for workers organization members and the assumption of mortgage. Each of these types of loans have a corresponding set of requirements and procedures to apply and how to avail and if you want to know more about it, you can always visit here.
Member Loan
This type of loan offer by the social security is exclusive to all qualified paying members. This is also the most popular and most availed and easy to process type of loan in the SSS. It is based in a scale of salary bracket wherein the designated loanable amount depends on the qualification of the paying member’s salary which in turn is being categorized based from a SSS table of contribution and salary bracket table.
Business Loan
This one is literally something new to me. I have been a paying member of the SSS since 1989 and this is the first time I have seen through the official site that there is now a new type of loan being offered to qualified members and this is called as business loan. It is divided into 3 categories more and these are – Social Development Loan Facility, Business Development Loan Facility and the SULONG Program. To know more about this new SSS loan, please visit here.
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