Worried about immediate financial needs? The Social Security System (SSS) has your back, retiree-pensioners! Ditch the high-interest traps of Sangla-ATM lenders and embrace the SSS Pension Loan Program (PLP) – your affordable and secure solution.
Here's why PLP is a sweet deal:
- Low-interest rate: Say goodbye to sky-high rates! PLP offers a mere 10% per annum, calculated on a diminishing balance, much lower than loan sharks' exorbitant fees.
- No collateral hassles: Unlike some lenders who snatch your ATM cards, SSS doesn't require any collateral. Breathe easy knowing your assets are safe.
- No hidden fees: What you see is what you get. No processing or service fees to drain your wallet further.
- Flexible loan amounts: Borrow up to 3, 6, 9, or 12 times your basic monthly pension (plus the P1,000 additional benefit), with a maximum of P200,000. Choose what suits your needs.
- Guaranteed minimum income: SSS ensures your net take-home pension remains at least 47.25% even after loan repayments start. You won't be left financially stranded.
- Convenient repayment terms: Relax, you've got time! Enjoy repayment periods of 6, 12, or 24 months, depending on your loan amount.
- Fast and convenient access: Apply online through My.SSS or visit your nearest branch. Once approved, funds hit your nominated bank account or UnionBank quick card within 3 to 5 working days.
Who's eligible?
- Age 85 or below at the loan term's end.
- No outstanding deductions from your pension.
- No existing Calamity Assistance Package advance pension.
- Receiving regular monthly pension for at least one month with an "Active" status.
- Updated mailing address and mobile number.
Ready to ditch the loan sharks and embrace the PLP advantage? Head over to your nearest SSS branch or My.SSS account – your financial security awaits!
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