What Is the Purpose of the SSS Loan Statement? Complete Guide for Members
When you take out a salary loan from the Social Security System (SSS), you’ll receive several important documents — like the Loan Voucher, Disclosure Statement, and the Loan Statement of Account. Among these, one of the most useful but often misunderstood is the SSS Loan Statement.
So, what exactly is it for? And why should every SSS member — especially first-time borrowers — pay close attention to it?
Let’s break it down clearly and simply.
🧾 What Is an SSS Loan Statement?
An SSS Loan Statement (also known as the Statement of Account) is an official document that shows your loan status — how much you borrowed, how much you’ve already paid, and how much you still owe.
It’s basically your loan “report card” from SSS.
This statement gives a complete snapshot of your loan details, including:
Loan approval date
Loanable amount and deductions
Interest rate and outstanding balance
Monthly amortization schedule
Penalties (if any)
Total amount paid so far
In short, it helps you track every peso related to your SSS Salary Loan.
🎯 The Main Purpose of the SSS Loan Statement
The purpose of the SSS Loan Statement is to provide transparency and accountability between SSS and its members.
Here are the five key functions it serves:
1. ✅ To Show Loan Details Clearly
Your loan statement provides the full breakdown — how much was approved, released, and deducted for service fees or interest. This helps you verify that the amount credited to your account is correct.
2. 💰 To Monitor Your Remaining Balance
Each month, the SSS updates your statement to show:
Total amortizations paid
Remaining principal balance
Any unpaid interest or penalties
This allows you to track how much longer you’ll be paying your loan.
3. 🧮 To Verify Employer Remittances
For employed members, the statement confirms whether your employer is remitting your payments correctly. If your salary deductions are not appearing in the statement, it’s a red flag — and you can report it immediately to SSS.
4. 📊 To Help with Financial Planning
By reviewing your statement, you’ll know:
When your loan will be fully paid
How much you can still borrow when renewing
Whether you’re eligible for another SSS Salary Loan
5. 🧍♀️ To Serve as Official Record
It’s also a legal document that serves as proof of your payment history, which SSS may use for verification when applying for future loans or benefits (like Maternity, Calamity, or Retirement).
🧮 Quick Refresher: How the SSS Salary Loan Works
Before you can fully appreciate the purpose of the loan statement, let’s review how the SSS Salary Loan system operates.
📋 Who Can Apply?
Loan Type
Minimum Contributions
Must Be
Active Contributions
1-Year Loan
36 posted contributions
Employed or self-employed
6 within last 12 months
2-Year Loan
72 posted contributions
Employed or self-employed
6 within last 12 months
You must also:
Have no existing overdue loan
Be below 65 years old
Have your employer updated with SSS
💰 How Much Can You Borrow?
The SSS bases your salary loan on your Average Monthly Salary Credit (AMSC):
Loan Type
Computation
Maximum
1-Year Loan
1 × AMSC
₱25,000
2-Year Loan
2 × AMSC
₱50,000
Note: Even if your AMSC is higher, your loan cannot exceed SSS’s maximum loan cap.
Example Computation
If your AMSC = ₱15,000, then:
1-Year Loan = ₱15,000
2-Year Loan = ₱30,000
After deducting a 1% service fee, you’ll receive ₱29,700 (for a ₱30,000 loan).
💸 Interest Rate and Repayment Rules
Interest Rate: 8% per year (diminishing balance basis)
Loan Term: 24 months for a 2-year loan (12 months for a 1-year loan)
Service Fee: 1% of the approved amount (deducted upfront)
Penalty: 1% per month on overdue amortizations
Early Payment: Allowed anytime with no penalty
📅 How Payments Are Deducted
Employed members: Salary deductions are remitted by your employer directly to SSS.
Self-Employed/Voluntary members: You pay monthly through SSS branches, the mobile app, GCash, or accredited partners.
Your Loan Statement reflects these remittances — serving as a cross-check that payments are properly posted.
🧾 Understanding What Appears in Your Loan Statement
Your SSS Loan Statement of Account (SOA) typically contains these details:
Section
Description
Loan Control Number
Unique identifier for your salary loan
Loan Approval Date
When SSS granted your loan
Loan Amount Approved
Total amount before deductions
Service Charge (1%)
Deducted at loan release
Pro-rated Interest
Interest charged from approval date to next amortization period
Amortization Start Date
When your first payment is due
Amortization Amount
Monthly payment deducted from salary
Balance
Remaining principal after payments
Penalty (if any)
1% per month for late payments
🧮 Example: Pro-Rated Interest Computation
Let’s say your ₱20,000 loan was approved on March 12, 2025. SSS will charge interest for the remaining days of March plus the full month of April before regular payments begin in May.
Step-by-step:
Total days covered = 20 (March) + 30 (April) = 50 days
Annual interest = 8% × ₱20,000 = ₱1,600
Daily interest = ₱1,600 ÷ 365 = ₱4.38/day
₱4.38 × 50 days = ₱219.18
So ₱219.18 is deducted as pro-rated interest upfront.
🧾 Where to Access Your SSS Loan Statement
You can easily view or download your Loan Statement of Account (SOA) through these methods:
It’s your official loan record, showing your total payments, outstanding balance, and penalties. It helps ensure transparency and accuracy between you, your employer, and SSS.
2. How often is the SSS Loan Statement updated?
Usually monthly, after your employer’s remittance or your voluntary payment is posted.
3. Can I check my loan balance online?
Yes. Log in to your My.SSS Portal or use the SSS Mobile App to view your current balance and payment history.
4. What should I do if my payment isn’t showing?
Ask your employer to verify their SSS remittance. If you’re self-employed, provide proof of payment and contact SSS for posting.
5. Can I still renew my salary loan if I have an unpaid balance?
Yes — but only after 12 months have passed since approval and at least 50% of your loan has been paid.
🏁 Final Thoughts
The SSS Loan Statement is more than just a document — it’s your financial mirror at SSS. It ensures every payment, deduction, and interest charge is clear and transparent.
By checking it regularly, you can:
Avoid penalties
Confirm correct employer remittances
Plan for loan renewal or new benefits confidently
Whether you’re a first-time borrower or renewing your loan, always keep your Loan Statement in check — it’s your key to staying in control of your SSS finances.
