SSS offers faster loan application for first timers

SOCIAL Security System (SSS) President and Chief Executive Officer Michael Regino on Wednesday said that retirement pensioners who are first-time borrowers under the SSS Pension Loan Program (PLP) may file their applications online starting May 30, 2022.

In a statement, Regino said the application can be filed in the My.SSS Portal.

Previously, first-time pension loan borrowers needed to visit the nearest SSS branch to file their initial applications since online filing is available only for renewal of loan applications.

"We recognize the challenges faced by our retirement pensioners in going to SSS branch to avail of the Pension Loan Program. With the pandemic still around, pensioners prefer to have their transactions done online in their respective homes," Regino said.

"This online facility makes it easier for them to avail of said program as it also guarantees a faster approval process," he added.

Regino urged retirement pensioners to take advantage of the low-interest loan offering from the SSS.

He said SSS will not require them to surrender their ATM cards as pawn collateral, unlike some private loan institutions.

The PLP was launched to assist retirement pensioners in their short-term financial needs by offering a loan at a low-interest rate of 10 percent per annum.

Qualified retirement pensioners can apply for a loan equivalent to 3, 6, 9, or 12 times of their basic monthly pension plus the P1,000 additional benefit, but not exceeding the maximum amount of P200,000.

Source: TheManila Times