The SSS or the Social Security System is a social insurance program designed to promote the welfare of its members and their families against economic hardships caused by life’s contingencies such as sickness, maternity, disability, old age, and death. It is important, however, that you regularly and actively pay your contributions so that you can be assured of the benefits being offered by the SSS one of which is the salary loan.

A salary loan is a cash loan granted to an employed, currently- paying self-employed or voluntary member. Seafarers who are actively sailing are also actively paying their SSS contribution. But to verify if your company is really paying for your contributions, you can check online in their website or you can proceed to the nearest SSS Branch. I suggest consulting with the nearest branch so if anything doesn’t seem right with your contributions, you can ask them what the best things to do about it. But if everything is fine, you can proceed directly with applying the salary loan.

But before going to any SSS Branch, follow these steps so your loan application will be fast and stress free.

1. Eligibility Requirements

The SSS member-borrower…

  • must be updated in the payment of contributions.
  • has not been granted final benefit, i.e., total permanent disability, retirement and death
  • must be under sixty-five (65) years of age at the time of application
  • has not been disqualified due to fraud committed against the SSS.

If you are qualified with the requirements above, then you can proceed. Anyway, if you haven’t checked those things out, the SSS assistance personnel will inform you when you visit their branch.

2. Filling up the Form

You can download and print the SSS Application form directly from their website. You can click it here! Once you have it in print, fill out all the applicable details. Don’t worry if you are in doubt on some of its fields since it will be reviewed by an SSS personnel.

The most important part is PART II which is to be filled out by the employer. Drop by to your employer first before going to an SSS Branch and have them fill up that part. This will save you a ton amount of time and effort.sss loan application form


3.IDs Accepted

Primary – only one of these is enough for processing your loan

Unexpired Driver’s License
Professional Regulation Commission (PRC) ID card
Seaman’s Book (SIRB)
Unified Multi-Purpose ID (UMID) Card
Social Security (SS) Card

Secondary – at least two of these are required

Postal ID
School or Company ID
Tax Identification Number (TIN) card
Membership card issued by private companies
Overseas Worker Welfare Administration card
Senior Citizens card
Voter’s Identification card/Affidavit/Certificate of Registration
ATM card

There are a lot more secondary IDs listed but I will only post the common ones since seafarers have the primary IDs already (SIRB and Passport).

4. Physical Appearance.

Proceed to any SSS Branch. They will check your application form and other requirements if you are qualified. This will take about five to ten minutes. Once approved, proceed to photocopy section and Mode of Loan Release.

5. Loan Release Options.

The SSS personnel will give you two options for the releasing of your loan. First is through check and second is cash card through UnionBank ePaycard. I suggest you get the UnionBank ePaycard since this is the most comfortable and hassle-free option.

UnionBank Cash Card

If through check, they will send it to your employer’s office address, not into your home address. Cash card is like your regular ATM card. If you use this option, the money will be directly sent to your cash card (ATM) account. You just have to wait and check your balance if the loan is credited. It usually take 15 working days to one month for your loan to arrive especially in check. But in my experience with cash card, it only took 6 working days.

6. You are Almost Done.

After you decide which payment option you prefer, return to the SSS personnel and give them the photocopy they asked you. You have to sign some papers to finalize your loan. You will also be given a copy of Disclosure Statement for your loan. After this, proceed to the last step.

7. Final Touches

Go to your shipping agency and give them a copy of your Disclosure Statement. This will be the basis for your loan payment. Your company will also be the one paying for your loan in your behalf when you are on board . It will be deducted together with your monthly SSS contribution.

Other Notes.

  • Your maximum loanable amount will depend on your total contribution. SSS will tell you this.
  • A service charge of 1% will be deducted from your loan which will be reflected once the money goes in your cash card or check.
  • Aside from your shipping agency, you can pay your loan thru any SSS branch with tellering facility, SSS-accredited bank or SSS-authorized payment center.
  • The loan shall be charged an interest rate of 10% per annum based on diminishing principal balance, and shall be amortized over a period of 24 months
  • Interest of 10% shall continue to be charged on the outstanding principal balance until fully paid
  • Any excess in the amortization payment shall be applied to the outstanding principal balance
  • Loan amortization not remitted on due date shall bear a penalty of 1% per month until the loan is fully paid.

It’s good to apply for an SSS salary loan since its interest is very low (10% annually) compared to any other financial institutions. You can use the money for any reasons you want but I suggest you make a business or investment out of it. Just make sure that the return will exceed its annual interest rate.

Have you applied for your SSS salary loan?

May the winds be on your favor.

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