SSS Loan is yet another kind of salary loan that is convenient to get. There are many aspects of life in which you face serious financial issues. Competition is becoming tougher each day and people are competing with each other for jobs and money. In this world where money is regarded as the basic necessity, Loans are big business.
The Philippine Government started giving out SSS Salary loan to working employees who are in need of money for the short term. This loan is given to working people only as it ensures that they will return the money back soon.
Anyone can have an emergency in their lives and not many people are lucky to have a financially stable family background. These sorts of loans protect our independence in the hour of need.
The Importance of Loans
What do you do when you suddenly run out of money and can’t even buy food or pay for the doctor? Shall you sell your house or Car? Or maybe sell some pricy jewelry? You should try and keep hold of your valuables, and when there’s no other way (no family or friends to lend a hand) – short term loans are there to save you. SSS Salary loans are a great help in times of need for working people.
Types of Loans
There are many types of loans available, such as home loans, educational loans, personal loans, business loans etc.
Home loans provide an opportunity for people to buy their own house or condo. These loans can be fulfilled through installments, usually for 5-10 years or more, but at least they will allow you to own a real estate property.
Personal Loans: Why are they needed?
Personal loans are when you are formally borrowing money to fund your personal expenditures. Like any other loan, you are obliged to pay back the loan plus interest and fees. These sorts of loans are also called unsecured loans, as they don’t require you to provide collateral. Filipinos usually get personal loans for home fixings, medical issues, business investments, weddings, etc.
Educational loans: Why are they important?
An Educational loan is extremely important for youngsters who want to study or parents who want to send their kids to school or college but cannot afford it. They can opt for educational loans to complete their education by paying back the money gradually.
Business loans: What are the benefits?
Business loans are also very beneficial. Many people don’t pursue their dream of starting their own business just because of the big investment that is usually required. A business loan (if approved!) can easily help eager entrepreneurs on their tough road to success.
How Can You apply for Social Security System Loan (SSS loan) in the Philippines?
To obtain an SSS loan, there are certain conditions put forward by the authorities, such as – the borrower must not have committed fraud in the Social security System. Moreover, he or she has to provide certain documents like Passport ID, marriage contract, birth certificate, Postal Id and more. All the documents submitted shall be original or true certified copies.
If you are registered to your My SSS already, you can submit the loan form online and the payment can be submitted through your account.
What do you require to opt for an SSS Salary Loan? How Do You Pay it back?
When you’re applying for it, your SSS loan should be the average of your 12 months posted Salary credits. The loan has to be paid within two years in 24 monthly installments. The monthly payment shall start on 2nd month of which the loan has been taken. Also note, that you should have life insurance.
Why is it advisable to pay back your loan as soon as possible. What are the benefits?
When you pay back your loans early – you will pay less interest, which can save you quite a lot of money. Secondly, it will give you some peace of mind as well. Having a loan can be quite a headache. Another reason is the Penalty that is sometimes imposed on late payments. With any loan you take – remember to ask the lender if there are any penalties for late payments and what exactly they are. Make a long list of other questions you have, and plan your loan to be as smooth and painless as possible.