Do I Need to Sign the SSS Salary Loan Disclosure Statement?

If you’ve recently applied for an SSS Salary Loan, you might have noticed a document called the “SSS Salary Loan Disclosure Statement.” Many members get confused when they see this — should they sign it? Does it mean their loan is already approved? Or is it just a requirement before release?

Let’s break down everything you need to know — in plain English — so you can understand your disclosure statement and avoid delays in your loan release.

💡 What Is the SSS Salary Loan Disclosure Statement?

The SSS Salary Loan Disclosure Statement is a summary of your loan details. It shows:

The approved loan amount
The net amount you will receive after deductions
The interest rate and service charge
The loan term (12 or 24 months)
The monthly amortization amount
The schedule of deductions

In short, it’s your official summary of what you’re borrowing and how much you’ll pay back.

It’s part of the SSS’s commitment to transparency, required under the Truth in Lending Act (RA 3765), which protects borrowers from hidden charges.

🖊️ Do I Need to Sign the Disclosure Statement?

✅ Yes — but only digitally.

If you applied for your loan through the My.SSS portal, you don’t need to sign it manually.
SSS automatically records your digital consent once you click “Submit” or “Confirm” on your loan application.

If you applied through your employer (for example, your HR submitted it), they may need to print the form and have you sign it manually to complete the process. This ensures that you fully understand the terms before the loan is finalized.

👉 So, in most online cases — no physical signature is required.
But if your employer still processes loans manually, you’ll need to sign the disclosure statement before SSS disburses the funds.

📅 When Do You Receive the Disclosure Statement — Before or After Approval?

You receive the SSS Salary Loan Disclosure Statement after your loan is approved but before it’s credited to your account.

It means your loan has passed the verification stage — SSS already computed your approved amount and deductions.
However, the loan is not yet released until your employer certifies it or SSS completes the final disbursement.

🟢 In short:
Receiving the disclosure statement = Loan approved but not yet credited
Receiving the disbursement (via your bank or UMID-ATM) = Loan released

💰 How the Disclosure Statement Helps You

This document gives you a clear breakdown of how much you’re actually getting and how much you’ll pay back.

For example:

Item	Amount (₱)
Approved Loan	₱20,000.00
Less: Service Charge (1%)	₱200.00
Less: Pro-rated Interest	₱219.18
Net Amount Credited	₱19,580.82

You’ll see this computation right in your disclosure statement — so you’ll know why the amount credited to your account is less than your approved loan.

📊 Example: How Interest and Deductions Are Computed

Let’s say your loan is ₱20,000 approved on March 12, 2025.

Interest: 8% per annum
Pro-rated interest covers March 12–April 30 (50 days)
Daily interest = ₱1,600 ÷ 365 = ₱4.38/day
Pro-rated interest = ₱4.38 × 50 days = ₱219.18

So, ₱219.18 is deducted upfront from your approved amount, along with the 1% service charge (₱200).
That’s why your final credited amount is around ₱19,580.82.

🔢 Try the SSS Salary Loan Calculator

Before you even apply, it’s smart to estimate how much you can borrow and what your monthly amortization will look like.

You can use the SSS Salary Loan Calculator to check your possible loan amount, interest, and repayment schedule.

It’s especially helpful if you’re planning your budget or thinking of renewing your existing loan.

📋 Key Details in the Disclosure Statement

Section	Description
Loan Amount	The total amount SSS approved based on your average monthly salary credit (AMSC).
Service Fee (1%)	Deducted immediately before release.
Pro-rated Interest	Covers the period before the first amortization starts.
Term	12 months (1-year loan) or 24 months (2-year loan).
Amortization Schedule	Monthly deductions from your salary.
Interest Rate	8% per annum on the diminishing balance.

⚖️ Why Signing (or Acknowledging) the Disclosure Statement Matters

By acknowledging or signing the disclosure statement, you:

Confirm that you understand the loan terms.
Authorize SSS to deduct amortizations from your salary.
Acknowledge that you will pay interest and penalties if late.
Agree that unpaid balances may be deducted from future benefits.

This consent helps protect both the borrower and SSS in case of disputes.

🧾 TL;DR Summary

If you’re an SSS member applying for a Salary Loan, here’s the quick rundown:

✅ The disclosure statement is sent after loan approval, but before release.
✍️ You don’t need to manually sign it if you applied online — digital consent is enough.
💡 It shows your approved amount, interest, deductions, and net proceeds.
💸 Always check your SSS Salary Loan Calculator before applying to know what to expect.

💬 FAQs About the SSS Salary Loan Disclosure Statement

1. Do I need to sign the SSS Salary Loan Disclosure Statement?

If you applied online via My.SSS, no physical signature is needed. Your digital confirmation counts as your signature.

2. When will I receive the disclosure statement?

You’ll receive it after approval but before the funds are released to your account.

3. Does receiving it mean my loan is approved?

Yes, but it’s not yet released. The loan will only be credited after SSS completes its final verification and fund disbursement.

4. Can I still back out after receiving the disclosure statement?

Technically, no. Once you’ve confirmed and the employer has certified, the loan process proceeds automatically to release.

5. What if the details in my disclosure statement are wrong?

Contact SSS immediately via My.SSS inquiry or your branch before the funds are credited.

🧭 Final Thoughts

The SSS Salary Loan Disclosure Statement is not just a formality — it’s your proof of loan transparency.
It ensures you know every peso deducted, every interest charged, and every repayment due.

So whether you applied online or through your employer, always review your disclosure statement carefully before confirmation. It’s your protection as a borrower — and your key to understanding your loan clearly.