SSS Cash Loan Late Payment Penalty for Delayed Payments of Dues

Guide on SSS Cash Loan Late Payment Penalty for Payments not Posted on Time

SSS CASH LOAN LATE PAYMENT PENALTY – Here is a guide for the penalty set by the Social Security System for delayed payments of loan.

The Social Security System (SSS) Salary Loan offer is open for members of the state-run social insurance agency who have posted a total of at least 36 monthly contributions. Both employed and self-employed members of the agency may apply for the loan offer.

SSS Cash Loan Late Payment Penalty
Photo Credit: The Filipino News

There are requirements in applying for the loan offer. Here are the documents that you must prepare and submit for the application to the Salary Loan offer:

  • duly-accomplished Member Loan Application Form
  • SSS digitized ID or E-6 with any two (2) valid IDs (one of which with a recent photo)
    • School ID
    • Senior Citizens Card
    • Company ID
    • Professional Regulation Commission (PRC) ID
    • Tax Identification Number (TIN) Card
    • Seaman’s Book
    • LTO Driver’s License
    • Overseas Worker Welfare Administration card
    • Police Clearance
    • Voter’s Identification card/affidavit/Certificate of Registration
    • Postal ID
    • GSIS Card
    • Pag-IBIG Member’s Data Form
    • Baptismal Certificate
    • Seafarer’s Registration Certificate issued by POEA
    • ATM card with cardholder’s name or with certification from bank
    • Health or Medical Card
    • Credit Card
    • Transcript of Records
    • Marriage Contract
    • NBI Clearance
    • Bank Account Passbook
    • Certificate from:
      • Office of Muslim Affairs
      • Life Insurance Policy
      • Office of Southern/Northern Cultural Communities
      • Birth/Baptismal certificate of child/ren
      • Certificate of Licensure/Qualification Documents/Seafarer’s ID and Record Book from Maritime Industry
      • Certificate of Naturalization from the Bureau of Immigration

How much you may borrow under the offer? Kindly visit — Borrow SSS Cash Loan: Here’s Guide on the Minimum & Maximum Loanable Amounts.

There is a fee set as SSS Cash Loan late payment penalty for payments not made on time. According to SSS, the penalty is set at 1% per month until the loan is fully paid.

The SSS cash loan late payment penalty of 1% is along with the interest rate that is based on a diminishing principal balance of the loan.

You may also visit — Renew SSS Cash Loan? Here’s How Much You will Get from Renewing your Loan

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