SSS Salary Loan Interest Rate Is Not As Low As You Think

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  1. Hi anne, since sinabi ng SSS na ico-consolidate pa ang iyong contributions, enroll first in SSS online, so you can check your SSS contributions if they’re all already posted. You need to know your current employer’s SSS no. because you need it when enrolling. Kung posted na lahat, then you can file your loan application through your employer. Your loan amount will be the average of your past 12 monthly salary credits.

  2. Hi Mam Nora. Sorry, Ive tried reading comments of this article but cant seem to understand numbers very well.

    I had my loan the first time for 15,000 back in January 2014, then I resigned a month after. I’ve had 2 companies since then but didnt declare SSS loan until December 2015.

    I checked today, January 15, as per SSS website..
    Total Amount Obligation: 11,944.
    Total Amount of Payments for 1 year: 7,960.
    Monthly Amortization: 693.

    I just did basic Math.
    1. Does it mean interest + penalty fees gone up to 4904 (11994 + 7960 – 15,000)

    2. Does it mean I need to pay for 2 more years, as opposed to a supposedly 2-year term? (Company pays)

    3. Also, when I checked SOA last month, Total Amount Obligation was 12,220, last payment considered was November 16. And when I checked it today, Total Amount Obligation is 11,944 being Dec 16 as last payment considered. Does it mean na 256 lang ang nadeduct from the principal, and 434 were the fees and interest?

    Thanks in advance.

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