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Avail of SSS loans, not loan sharks: SSS official

MICHAEL Keith Sacay of the Social Security System (SSS) has urged all pensioners to avail their needed loans from their agency instead of from loan sharks and other usurers. Sacay said the SSS has Pension Loan Program.

They had conducted the third virtual pension loan program last August 25, 2021 and several pensioners have attended.

This program, Sacay said, is one of the SSS programs for retiree pensioners to be deducted from their monthly pension.

“So, there’s no need to give their ATM to the loan sharks in order to get loan because the SSS now has pension loan program which has very low interest rate,” Sacay said.

Sacay said that a retiree pensioner can secure loan from SSS up to P200,000 depending on his monthly pension. If he has the maximum pension, he can avail the P200,000 loan.

He added that a retiree pensioner can avail of times three of his monthly pension which shall be paid in six months. There is also times six of the monthly pension payable in one year. There are also times nine of the monthly pension and times 12 which can be paid in two years.

Sacay said that if a retiree pensioner will die and has not fully paid his loan, his family will not anymore pay the remaining balance because it is insured under the Credit Life Insurance which will pay the SSS. ELIAS O. BAQUERO