Hearing from my peers that it will only take about 2 weeks for the loan to be processed, and that any SSS member can apply even without the ID, I filled up the SSS loan's application form. I was planning to cover all the bills and credits before the third quarter of the year to keep myself from paying from interest and give my brother some money for his school obligations.
As what their official website says, SSS loan is intended to meet SSS member's short-term financial needs, which is perfect, as I don't want to compromise my monthly budget.
There are three types of SSS loans, the Salary loan, Housing loan, and Business loan. I didn't really need tons of money to cover my financial obligations, so I opt for a smaller amount to loan through the salary loan. It says I only have to pay 10% interest per annum, where the first year of interest is directly deducted in advance right in the proceeds of the loan and the second year would be deducted in my monthly amortization. That deal was perfect, as I'm not really big amount of cash.
So I scheduled a meeting with our company's finance department officer to talk about my salary loan. I filled up the necessary info (SSS Form ISL-101 (Member Loan Application Revised March 2004), presented my digitized SSS ID, E-6 acknowledgement stub with two IDs that includes date of birth and recent photo and submitted the required papers and documents. Some important documents written in the form are:
Professional Regulation Commission (PRC) ID Card
Unexpired Driver's License
Passport
Postal ID
School or Company ID
Tax Identification Number Card (TIN)
I waited for a couple of weeks, as it's what our HR said. After almost 3 weeks, I received an update from our HR officer. She gave me a claim stub which means the SSS has received my request and are on their way to processing it.
I checked my SSS online after a couple of weeks, and I saw details about my loan request under the “Loan tab.” Then after a few days, I received my money.
It wasn't just my first time to apply for an SSS loan; it was actually my first time to apply for any type of loan, and so I was very excited to try it out myself.
There's also another option for faster loan application and approval - and that's through SSS salary loan online. Since it was my first time, I opted for the traditional/manual process just to try it out. Maybe next time I'll try online.
