How Does A SSS https://bestloanonline.com/cash-loan Salary Loan Work?
If you’re employed or self-employed and you’re not yet covered by a regular salary deduction, an SSS Salary Loan could be the answer to your problem. This is also called a guaranteed income loan. A. If you’re a Filipino national and you’re employed or self-employed, then you instantly become a member of SSS, an agency offering various financial services. This agency also offers a kind of salary advance, which active, non-dependent members can avail of, paid monthly.
In order for you to be entitled to the said loan, you must be employed and working in a position wherein you’re guaranteed to earn a certain amount of money every month | https://bestloanonline.com/cash-loan
Like in the case of any regular salary deduction, you need to work for the same employer for a minimum of a year before https://bestloanonline.com/cash-loan you’re declared eligible for the loan. During the first two months of employment, you can apply for an SSS loan and see how much money you can have saved through the service fee and the interest charged. After the second month, you must be declared fit by the insurer, health inspection, and by the Philippine Health Insurance (PHIA).
SSS Salary Loans is different from regular salary deductions because during this time frame, your employer would not be liable to pay any expenses. This means you won’t have to pay for insurance premiums, taxes, deductibleibles, and any other miscellaneous charges. It only involves paying your first and last month’s rent and mortgage, plus the outstanding balance on your loan after the first and second months of employment are completed. The amount of loan you can get depends on your employer’s policies.
Aside from this, there are many requirements needed to be fulfilled by an applicant for SSS Salary Loan. These include completion of the application forms, disbursement statement, credit appraisal report, and medical examination. If you’re unable to meet these requirements, it’s not advisable for you to apply for a loan. Instead, ask your employer to complete these documents for you so you will have a chance to pay for them later.
One common requirement is an income proof. Aside from being employed, a valid bank account that has been dormant for six months is also required as part of the income proof. You can’t submit incomplete forms or disbursements since this may disqualify you from getting a loan. As long as you have a steady source of income or your existing employer will cover the monthly obligation for you, your SSS salary loan can be granted.
Most applicants who apply for SSS loan online don’t have much time to submit their loan applications since they usually need to submit the documents right after their interviews.
Your lender will check your records and then compute for the loan amount. Assuming you’re employed, your lender will require you to provide the employment contract or a letter that states the length of your employment. Otherwise, it’s possible that you won’t be granted with the salary loan applications since the lender needs proof of your continuous employment. If you’re self-employed and still engaged in your daily job, there are instances when your lenders may grant you the loan applications but there’s no guarantee that you’ll receive the cash loan.
If you’re employed, your employer might offer you some assistance with the loan payments while you’re submitting your application. But if you’re self-employed and do not have any regular income from an employer, you’ll have to submit your loan application requirements through the internet.
Your next step is to choose the repayment method. In cases where there are more than one options, you can select the repayment channel that will be convenient for you. For most loan disbursement channels, you’ll be required to pay back your loan proceeds once you’ve met your loan agreement requirements. You may also have the option to pay back your loan using a monthly installment or in full at the beginning of every month.