SSS Loan

Just got my loan check from the SSS, which I applied for around 3 weeks ago.  It arrived sooner than I expected and I haven't really thought about what I'd use it for, so I just deposited it in the bank at the start of business today. 

I don't really need a loan right now, but I was told that there's this well-connected syndicate in the SSS whose modus operandi is using inactive SSS members' accounts in order to secure a loan and abscond with the money.  This leaves the member with a record of an unpaid debt.  Worse, since the member never applied for such a loan, his/her current employer might not be aware of it as well - and so, the interest might accrue for years before the loan is detected.

A similar thing was alleged to take place in GSIS, but I already took care of that by also taking out a loan from GSIS years ago, when I was still with the DFA.

Anyway, another advantage in taking out a basic salary loan (i.e. a loan in an amount roughly equivalent to one's salary for 1 month) from the SSS is that it makes you eligible for bigger loans that are offered by the same institution.  I have yet to confirm this, but I do have some friends who swear to the truthfulness of this particular rule.

So for those of you who are concerned about your own loan status, you might want to check the information in the SSS website.  Should you be interested in actually taking out a loan, inquire with your respective employers' H.R. Personnel.  They're legally mandated to assist you in that regard (and also Philhealth and Pag-Ibig matters).




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P.S.  I was supposed to include a website link here where you could view your SSS contributions, but apparently the SSS site is not working.  Oh well...

P.S. 2  Bugger... I've completely forgotten the fact that my own sister worked in the SSS for years.