Is the SSS Loan Statement the Same as the SSS Statement of Account?

When you apply for an SSS Salary Loan, you’ll encounter several documents — the Loan Statement, Statement of Account, and even a Loan Voucher. Many SSS members, especially first-time borrowers, get confused and wonder: “Pareho lang ba ‘yan?”

Let’s clear that up. These two documents may look similar, but they serve different purposes. Understanding the difference helps you track your loan properly, know your balance, and avoid penalties or confusion later on.

🔍 What Is an SSS Loan Statement?

An SSS Loan Statement is an official document that summarizes the details of your loan after it’s approved and released.
It includes the amount you borrowed, deductions, interest rate, and repayment schedule. Think of it as your loan summary or receipt of your approved SSS loan.

📋 Key Details Found in an SSS Loan Statement:

Loan type (e.g., Salary Loan, Calamity Loan, etc.)
Loan approval date and release date
Principal amount approved
Deductions such as:
- 1% service charge
- Pro-rated interest (for the first 1.5 months)
Net proceeds (the actual amount credited to your account)
Start of amortization and monthly due amount
Total number of months to pay (12 or 24 months)

🟢 Purpose:
To show how your loan amount was computed and what deductions were made before release.
It’s issued right after approval — usually visible in your My.SSS account or via email confirmation.

💡 What Is an SSS Statement of Account (SOA)?

Meanwhile, an SSS Statement of Account (SOA) is your ongoing record of loan payments and remaining balance.
It’s like your monthly report card — showing how much you’ve paid, how much is left, and if there are penalties or arrears.

📄 What You’ll See in an SSS Statement of Account:

Outstanding principal balance
Accrued interest
Any penalties due to late payments
Payment history (monthly amortizations)
Next due date
Total remaining term of your loan

🟡 Purpose:
To help you track your payments and check if your employer is remitting your monthly amortizations properly.

🧭 Difference Between SSS Loan Statement and Statement of Account

Feature	SSS Loan Statement	SSS Statement of Account (SOA)
When Issued	After loan approval and release	Regularly (after payments begin)
Purpose	Shows loan computation and deductions	Tracks ongoing balance and payment history
Main Focus	Loan summary	Remaining balance
Access	Upon approval (My.SSS or email)	Anytime via My.SSS > Inquiry > Loans
Updates	Fixed at approval date	Updates monthly or quarterly

✅ In short:

Loan Statement = Before you start paying (loan release summary)
Statement of Account = While you are paying (loan tracking)

💰 How the SSS Salary Loan Works (Quick Refresher)

If this is your first time applying, here’s how the SSS Salary Loan operates:

Eligibility:
- At least 36 posted contributions (6 within the last 12 months) for a 1-year loan
- At least 72 posted contributions (6 within the last 12 months) for a 2-year loan
- Member must be currently employed or self-employed
- No existing overdue SSS loans
Loan Amount:
- 1-year loan: Up to 1 month of your Average Monthly Salary Credit (AMSC)
- 2-year loan: Up to 2 times your AMSC
- Subject to a ₱25,000 / ₱50,000 cap, whichever is lower
Interest Rate:
- 8% per annum, computed on a diminishing balance
Service Charge:
- 1% of the approved amount, deducted upfront
Loan Term:
- 12 months (1-year loan) or 24 months (2-year loan)
Repayment:
- Through salary deduction by your employer, or self-remittance if voluntary

🧮 Try the SSS Salary Loan Calculator

Before applying, it’s helpful to estimate your monthly amortization using this free tool:
👉 SSS Salary Loan Calculator

This calculator helps you:

Compute your loanable amount based on your Monthly Salary Credit (MSC)
Estimate monthly payment and total interest
See if you can afford the amortization before applying

🔹 Example:
If your MSC is ₱20,000, a 2-year loan might give you ₱40,000 payable in 24 months.
At 8% interest, your estimated amortization is around ₱1,810 per month.

⚖️ Why the Two Documents Matter

Both the Loan Statement and the Statement of Account are essential for proper loan management.

🔸 The Loan Statement helps you:

Confirm the amount received and deductions made
Understand how pro-rated interest was computed
Verify if the credited amount matches the SSS record

🔸 The Statement of Account helps you:

Check if your employer is remitting payments correctly
Track remaining balance
Identify penalties or unpaid months early

🧩 Example: How They Work Together

Let’s say you applied for a ₱20,000 loan approved on March 12, 2025.

Your Loan Statement shows:
- Loan: ₱20,000
- Less 1% service charge: ₱200
- Less pro-rated interest: ₱219.18
- Net proceeds credited: ₱19,580.82
A few months later, your Statement of Account shows:
- Monthly amortization: ₱875.00
- Paid: 3 months (₱2,625 total)
- Remaining balance: ₱17,375
- Interest accrued: ₱350

From this, you can confirm that payments are on time and your balance is accurate.

💡 Common Issues Members Encounter

1. Missing Payments

Some employees discover that their employer failed to remit amortizations.
👉 Tip: Check your Statement of Account regularly in My.SSS > Inquiry > Loans.

2. Wrong Loan Amount Credited

Always verify your Loan Statement right after approval. If deductions or credited amount look wrong, contact SSS immediately.

3. Delayed Posting

Payments can take time to reflect. Allow at least 3–5 working days before assuming a missed payment.

4. Overdue or Default Loans

If unpaid for several months, penalties of 1% per month apply.
SSS may also deduct unpaid balances from future benefits like maternity, sickness, or retirement.

📘 TL;DR — Quick Summary

Document	Purpose	When to Use
Loan Statement	Summarizes your loan release, amount, and deductions	Right after approval
Statement of Account (SOA)	Tracks your payments and remaining balance	While repaying your loan
Loan Voucher	Shows the net proceeds credited to your bank account	Upon loan release

💡 Always check both documents to ensure your payments are accurate and up-to-date.

❓ FAQs About SSS Loan Statement vs Statement of Account

1. Is the SSS Loan Statement and Statement of Account the same?

No. The Loan Statement shows your loan computation and release details, while the Statement of Account tracks your ongoing loan payments and balance.

2. Where can I view my SSS Statement of Account?

3. When is the SSS Loan Statement issued?

It’s generated automatically once your loan is approved and released. You can download or print it from your My.SSS dashboard.

4. Can I get a printed copy?

Yes. You can print both the Loan Statement and Statement of Account directly from your My.SSS account for your records.

5. What if my employer didn’t remit my payments?

File a report to SSS immediately. Non-remittance can lead to penalties for the employer, and SSS can help correct your loan record.

🏁 Final Thoughts

The SSS Loan Statement and SSS Statement of Account may seem similar but serve different roles in your loan journey.

The Loan Statement explains what you got and how it was computed.
The Statement of Account shows how you’re paying it back.

By checking both regularly, you can manage your SSS Salary Loan smoothly, avoid surprises, and stay financially confident.

👉 Before applying, don’t forget to try the SSS Salary Loan Calculator to know your estimated loan amount and monthly amortization.

Is the SSS Loan Statement the Same as the SSS Statement of Account?