What if I Applied for the Wrong SSS Salary Loan Amount?

What if I Applied for the Wrong SSS Salary Loan Amount?

Mistakes happen—especially when dealing with online forms and numbers. If you’ve accidentally applied for the wrong SSS Salary Loan amount, don’t panic. There are steps you can take to correct your application or decide whether to proceed based on the approved amount.

Can You Cancel or Edit the Loan Amount After Submission?

Once you’ve submitted your SSS Salary Loan application through your My.SSS account and your employer has certified it, you generally cannot edit the loan amount. The system will process your application based on the chosen or system-generated amount.

However, if the employer hasn’t certified the loan yet, you might still have time to cancel or modify your application.

Step-by-Step: What to Do If You Chose the Wrong Loan Amount

1. Check Application Status
   • Log in to your My.SSS account.
   • Navigate to E-Services > Disbursement Account Enrollment Module or Loan Application.
   • See if your loan is still pending employer certification.
2. Contact Your HR Department
   • Inform your HR or payroll department right away.
   • Ask them not to certify the loan if you plan to cancel and reapply.
3. Cancel the Loan
   • If the loan hasn’t been approved yet, request cancellation via:
     • SSS hotline: 1455 (within Metro Manila)
     • Email
     • A personal visit to an SSS branch.
4. Reapply After Cancellation
   • Once confirmed canceled, you may reapply with the correct loan amount.
     

What If It’s Already Approved?

If your loan was already approved and disbursed:

• You cannot cancel or reduce the amount.
• The full loan terms will apply (24-month repayment, 10% interest per annum).
• You may pay it off earlier if you prefer a shorter term.

FAQs: Mistaken SSS Salary Loan Amount

1. Can I cancel my salary loan if I submitted the wrong amount?
   ➤ Yes, only if it hasn’t been certified by your employer yet.
2. Will SSS notify me of the loan approval?
   ➤ Yes, you will receive a notification through email or SMS when approved.
3. Can I reapply immediately after cancelling a loan?
   ➤ Once the loan is officially cancelled, you can reapply with the correct amount.
4. What happens if I borrow more than I need?
   ➤ You’ll still be responsible for full repayment. Consider early repayment options.
5. Can I update the loan amount via My.SSS?
   ➤ No, editing the loan amount is not allowed after submission. You must cancel and reapply.

Use the SSS Salary Loan Calculator First

To avoid future mistakes, try estimating your loan amount using the SSS Salary Loan Calculator. It helps determine how much you may be eligible for and shows potential monthly amortizations—before you submit your request.