Guide on What Will Happen If Borrower Transfers To Another Workplace While SSS Salary Loan Continues
SSS SALARY LOAN – Here is a guide on what will happen in case the borrower will move to another workplace while the salary loan is active.
Undeniably, one of the most beneficial and applied-for offer of the Social Security System is its salary loan offer for members. This multi-purpose loan offer can aid the member in several things including:
- coping up with the monthly budget
- paying for the utility bills
- paying for the school fees
- coping up with medical expenses
This SSS loan offer is open for members who have posted at least twelve (12) monthly credits or contributions. Also, the member must:
- be an active member of the SSS
- be not more than 65 years old
- have not been disqualified due to fraud committed against the social insurance institution
- have not availed a final benefit
The amount that you can borrow will depend on the number of your contributions to the social insurance institution. Do you want to know how much you can borrow? Feel free to visit this page – SSS LOANABLE AMOUNT: How Much Is Loanable Under Salary Loan.
The maximum loan term under this offer is two (2) years or twenty-four (24) months. It is the employer of the borrower who will be responsible for the collection and the remittance of the monthly payment.
What will happen if the borrower will move to another workplace while the SSS Salary Loan has yet to end?
According to the Social Security System, it is the duty of the borrower who moved to another workplace to submit to his or her new employer the updated statement of account. The new employer will be the one to deduct the monthly payment from the borrower’s salary and remit it to SSS.
Are you planning to apply for this loan offer? You may visit – SSS SALARY LOAN: How To Apply For Salary Loan To SSS.
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