SSS Cash Loan Renewal 2024 — Guide Whether or Not You May Renew

Details about the SSS Cash Loan Renewal 2024 for Qualified Members

SSS CASH LOAN RENEWAL 2024 – Here is a guide on whether or not a member may renew his/her salary loan to the Social Security System.

Are you one of the members of the Social Security System who have existing loans? You might be wondering if you apply for a loan renewal that is why you have landed in this article. According to the state-run social insurance giant, in the case of the Salary Loan or the cash loan offer, it is really allowed.

The SSS cash loan renewal is allowed provided that the existing loan account of the member-borrower meets the following conditions:

• at least 50% of the original principal amount and at least 50% of the term has lapsed
• “proceeds of renewal loan is any amount greater than or equal to zero as long as the outstanding balance on the previous loan is deducted”

With regards to the SSS cash loan loanable amounts under the case of renewal, according to the Social Security System, it will be the difference between the approved amount of the loan and all the outstanding balance of the existing short-term member loans.

The loan is payable for up to two (2) years or 24 monthly installments. To process for the loan renewal, the member must remain qualified to the eligibility criteria set by the state-run social insurance institution under the loan offer which is as follows:

• currently employed, self-employed, or voluntary member of the Social Security System
• must have posted at least 36 monthly contributions in the SSS account
• employer must be updated in the payment of the SSS contributions
• has not received any final benefit from the SSS
• 65 years old and below at the time of the loan application
• has not been disqualified due to fraud committed against the SSS

If you are interested for an SSS cash loan renewal, there are requirements for the SSS cash loan that you must submit to the state-run social insurance institution for application. All loan applications are subject to the approval of the SSS.