Loan application

SSS offers faster loan application for beginners

Members of the Social Security System (SSS) busy themselves in an office in San Pedro, Laguna. The SSS has announced that retirees who are borrowing for the first time can apply for a loan starting May 30, 2022. PHOTO BY AARON RONQUILLO

Social Security System (SSS) President and CEO Michael Regino said Wednesday that retirees who are first-time borrowers under the SSS Pension Loan Program (PLP) can deposit their online applications from May 30, 2022.

In a statement, Regino said the application can be filed on the My.SSS portal.

Previously, new pension loan borrowers had to visit the nearest SSS branch to file their initial applications, as online filing is only available for renewal loan applications.

“We recognize the challenges faced by our retired retirees in traveling to the SSS branch to avail of the pension loan scheme. With the pandemic still present, retirees prefer to have their transactions done online in their respective homes” , Regino said.

“This online facility makes it easier for them to avail the said program as it also ensures a faster approval process,” he added.

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Regino urged retirees to take advantage of SSS’s low-interest loan offer.

He said SSS would not require them to pledge their ATM cards as collateral, unlike some private lending institutions.

The PLP was launched to help retirees meet their short-term financial needs by offering them a loan at a low interest rate of 10% per annum.

Qualified pensioners can apply for a loan equivalent to 3, 6, 9 or 12 times their basic monthly pension plus the additional benefit of P1,000, but not exceeding the maximum amount of P200,000.