What is a Salary Loan
A salary Loan is cash loan granted to an employed, self employed, or voluntary member of the Social Security System.
Salary Loan Application Qualifications
1. Must be an employed member or a currently paying self employed or voluntary member of SSS.
2. For a 1 month Loan, the member loan applicant must have paid at least 36 monthly contributions wherein 6 of which must have been made in the last 12 months before the month of loan application.
3. For a 2 month loan, the member loan applicant must have contributed at least 72 monthly contributions wherein 6 of which must have been made in the last 12 months before the month of loan application.
4. If the member loan applicant is currently employed, the member’s employer must be up to date with the payment of contributions and loans.
5. The member loan applicant must also be up to date with the payment loan with SSS. Continue reading →